Debt Finance News

25 Nov 2019

GSL Acquires 2 Post-Panamax Containerships

Pic: Global Ship Lease

UK-based containership owner Global Ship Lease (GSL) has agreed to acquire two 2004-built, 6,080 TEU Post-Panamax containerships for an aggregate purchase price of $24.5 million and with charters in place to a leading liner operator for minimum 52 months to  maximum 60 months.The vessels, which have bows optimized for fuel efficiency at lower operating speeds, are scheduled for delivery by the end of this year.The vessels are expected to generate aggregate Adjusted EBITDA of approximately $21 million over the term of the contracted charters, assuming the median expiry dates.

26 Jul 2017

Costamare Adds Three Vessels

Image: Costamare Inc.

Costamare accepted delivery of three second hand vessels during the last quarter ended June 30, 2017, said Gregory Zikos, Chief Financial Officer of Costamare. In a press statement he said that the vessels have been chartered for periods ranging from 5 to 7 years. "During the quarter we entered into debt financing agreements for two of them and we are into discussions regarding the debt finance of the third ship. As of today all of our new building program is fully funded with remaining equity commitments amounting to only US $ 2 million, due in 2018," he added.

22 Dec 2015

Sovcomflot Group, Sberbank CIB Sign Credit Facility Agreement

Sovcomflot Group and Sberbank CIB  have signed a 14-year $340 million credit facility agreement to finance the construction of three Arctic shuttle tankers for the Novy Port project  (project operator: Gazprom eft). Novy Port is one of the largest oil and gas condensate deposits on the Yamal peninsula in Russia. The vessels will serve as part of project infrastructure designed to enable year-round shipment of crude oil from an offshore loading terminal in the Gulf of Ob. The commercial production from the field will start in 2016. The transaction involves Sberbank Europe AG, a subsidiary bank of PJSC Sberbank. Commenting on the transaction…

13 Jul 2015

Dublin Port Gets Approval for ABR Project

Photo Dublin Port

Dublin Port Company today welcomed the decision by An Bord Pleanála to grant permission for the Alexandra Basin Redevelopment (ABR) Project which will transform Dublin Port’s infrastructure and enable it to service the economy for decades ahead. The project will increase the port’s ability to handle large ships by deepening and lengthening three kilometres of the port’s seven kilometres of berths. It will also deepen the port to provide an entrance channel with a depth of at least 10m. The ABR Project is the largest single infrastructure development project in the history of Dublin Port.

16 Jan 2014

Global Clean Energy Investments Fall Again

Clean Energy Pipeline, the online daily financial news and data service dedicated to the clean energy sector, released its preliminary analysis of venture capital, private equity, project finance, mergers and acquisitions and public markets activity during 4Q13 and 2013. New investment in the global clean energy sector totalled $58.2 billion in 4Q13, a 15% increase on the $50.7 billion invested in 3Q13 but a 21% decrease on the $74.1 billion recorded in the corresponding period in 2012. Despite the quarterly increase, total investment throughout 2013 decreased 20% year-on-year to $212 billion. Total investment in the global clean energy sector has now fallen for two consecutive years.

17 Oct 2013

Major Latin America Energy Deal Handled by Milbank

Dan Bartfeld: Photo courtesy Milbank

In support of energy infrastructure in Latin America, Milbank, Tweed, Hadley & McCloy LLP represented Itaú BBA S.A. in providing a $370 million loan for construction of a new multipurpose port facility and terminal in Cartagena Bay, Colombia. The new Puerto Bahia terminal, located on Colombia’s northern Caribbean coast, is one of the most significant investments in the country’s energy infrastructure sector to date. When operational in early 2015, the crude oil and products terminal…

03 Jul 2012

Phil Cowan Returns to Moore Stephens

Phil Cowan, Head of Corporate Finance

Corporate finance specialist Phil Cowan has returned to shipping accountant and consultant Moore Stephens as Head of Corporate Finance. Formerly Group CFO of V.Group Limited and Chairman of V.Ships Capital, Cowan has first-hand experience of ship management, marine services, shipbroking and ship finance, and represented shipowners and investors in a number of shipping asset investments, structuring equity and debt finance. He was responsible for a number of V.Ships’ acquisitions and led the V.Ships’ team that managed the sale of V.Group to Omers Private Equity.

13 Jan 2011

Star Bulk: Financing for Cape Size Newbuild

Star Bulk Carriers Corp. (NASDAQ: SBLK), announced that debt finance had been agreed for a pair of  Capesize newbuildings.The Company signed commitment letters with a major European bank for senior debt financing of both capesize vessels, currently under construction, for up to 60% of the vessels' price at favorable financing cost and terms. The loans cover the entire remaining payments to the shipyard for both vessels, therefore the Company is not required to contribute any additional equity until their completion. Star Epsilon: One Year Time Charter: The company has entered into a time charter contract with Norden for the Star Epsilon for one year, plus an option for one additional year, at a gross daily rate of $16,100. The Star Epsilon is a Supramax vessel of 52,402 dwt built in 2001.

15 Aug 2006

Viking Supply Ships Acquires SBS Marine

Viking Supply Ships AS (VSS), a wholly owned subsidiary of Kistefos AS, has acquired a Scottish-based platform supply vessel company in a strategic move designed to augment its fleet portfolio and support its growth plans in international markets. It has acquired 100% of the share capital of SBS Aberdeen Ltd, the parent company of SBS Marine Ltd (SBS). SBS operates four platform supply vessels (PSVs) and has two additional PSVs under construction in Norway, to be delivered in November 2006 and February 2007.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News