Navios Containers Appoints Tsironi CFO
Navios Maritime Containers L.P. (NASDAQ: NMCI) appointed Erifili Tsironi as Chief Financial Officer of Navios Containers. Tsironi previously served as Co-Chief Financial Officer of Navios Maritime Acquisition Corporation since December of 2018 and as Chief Financial Officer of Navios Maritime Midstream Partners L.P. from its inception in 2014 until December 2018.She has more than 17 years of experience in banking focusing on ship finance. Before joining Navios Maritime Midstream Partners L.P., she was Global Dry Bulk Sector Coordinator and Senior Vice President at DVB Bank SE. Mrs.
Polsteam Gets $175mln for 34 Bulkers
Bank syndicate led by DVB Bank SE completed a $175 million financing of a 34 Bulk Carrier portfolio for Polsteam Group.Polska Żegluga Morska known as Polsteam or PŻM, is a cargo ship operator based in Szczecin, Poland. It has one of the largest route networks in the world, offering services to around 60 countries.The syndicate consisted of DVB Bank, CIT Group, Société Générale, BNP Paribas, Siemens Bank, Crédit Agricole Corporate & Investment Bank and Crédit Agricole Bank Polsk.No further details on the transaction have been revealed.DVB Bank SE…
Hedge Funds Hunt for Shipping Debt
A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector.World economy worries and cost pressures are dampening prospects for a proper recovery in many segments of the shipping sector, which has struggled with tough markets for a decade.Meanwhile European banks, particularly German lenders, are trying to offload distressed and performing loans…
Sovcomflot completes USD 900 mln in Foreign Investment
Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks.The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million, said Nikolay Kolesnikov, Senior Executive Vice-President, Chief Financial Officer of PAO Sovcomflot."The fund allows us to fully address the Group’s mid-term financing requirements…
DZ Bank in Final Stage of Selling Parts of DVB
Germany's No.2 lender DZ Bank is finalizing the sale of parts of its troubled transport financing division DVB Bank months after struggling to sell the whole business, two sources familiar with the matter said.DZ Bank has had to make large provisions for bad loans in shipping finance, which is among the reasons for the sale process.The sources, who declined to be identified due to the sensitivity of the matter, said DZ Bank, which is also the umbrella organisation of German co-operative bank chain Raiffeisen-Volksbanken…
Viking Supply Ships Completes Restructuring
Swedish OSV owner Viking Supply Ships (VSS) has signed a final agreement to complete the restructuring of its finances as credit committees of all its senior lenders have approved the completed programme. According to the agreed and approved restructuring, VSS loan facilities will carry significant less cash interest and instalments until maturity on 31 March 2020. Limited cash interest and instalments will be paid until Q4 2018. Financial covenants on the loan facilities are amended to provide Viking Supply Ships A/S with ample room to operate under the present challenging market conditions.
DVB Bank Losses on Shipping
DVB, the specialist in international shipping finance, reported a consolidated net loss before taxes of EUR 506.3 million in the first six months of 2017 (previous year: net income of EUR 14.1 million). Given persistent oil price uncertainty, oil and gas companies have continued to reduce their exploration and production spending, which has further curtailed demand for offshore vessels and equipment. Shipowners remain under pressure from low charter rates and competition for employment.
DVB Warns on Shipping Woes
Reuters reported that Germany's DVB Bank warned its 2017 pretax return on equity would likely fall short of its expected range of minus 3 percent to plus 3 percent due to high risk costs in its shipping and offshore financing portfolios. It said on Friday it was also likely to miss its forecasts for cost-income ratio and Economic Value Added. Germany was one of the world's main centres of global ship financing before the 2008 financial crisis, and the five German banks with the closest links to the shipping industry still have around 80 billion euros ($91.4 billion) on loan to the sector.
Shipping Woes: DVB Bank Posts Loss
Shipping Financier DVB Bank reported a consolidated net loss before taxes of EUR 135.3 million ($142.4 miln) for 2016 (previous year: consolidated net income of EUR 46.1 million). Since DVB Bank SE, the parent company of the DVB Bank Group, did not generate a net retained profit during the financial year, regretfully no dividends will be paid. Due to the persistent downturn in numerous segments of the shipping industry and an ongoing challenging environment for the offshore industry caused by low oil prices…
German Banks Count Cost of Global Shipping Crisis
German banks are struggling to recoup tens of billions of dollars of loans as a global shipping industry slump hits them hard. The lenders - among the biggest backers of shipowners over the past 20 years - are behind up to a quarter of the world's $400 billion of outstanding shipping loans, three shipping financiers told Reuters. This would make them collectively more exposed than banks from any other single country in terms of outstanding debt to the sector. These institutions…
Sovcomflot $ 1.26 bln Debt Financing Complete
SCF Group completed a series of financing transactions in the total amount of USD 1.26 billion. The deals include USD 750 million of unsecured public debt and USD 512 million of bank loans raised for purposes of funding the fleet renewal and expansion programme and for the refinancing of maturing debt. The latest in this series were new long-term credit facilities for a total amount of USD 252 million signed in August 2016, with a number of international banks including: Citibank; DVB Bank; ING Bank; Nordea Bank and Unicredit Bank.
DVB Bank to Dispose GOL's Six Vessels
DVB Group Merchant Bank (Asia) Ltd, a unit of Germany’s DVB Bank SE, can now go ahead and seek bids for selling six ships of GOL Offshore, earlier known as Great Offshore Ltd, to recover their part of outstanding loans, says a report in the Livement. The Bombay high court has allowed DVB Group to start the process of undertaking valuations of six ships of Mumbai-based offshore services firm and seek potential bids. Bombay high court said six offshore vessels—Malaviya 23, Malaviya 24…
BIMCO’s Analyst at Singapore Ship Finance Forum
Chief Shipping Analyst at BIMCO, Peter Sand will be one of the speakers at the upcoming Marine Money Ship Finance Forum in Singapore. This is the 14th annual forum and it will take place at 22-23 September 2015. Peter Sand will deliver the introductory presentation to the panel discussion titled: “Quantifying the tanker market boom? What are the triggers for the extension or the curtailing of current rates?” scheduled for September 22nd. The other panellists are: Paddy Rodgers…
M&M Appoints Lunde to Directors Board
Maritime and Merchant AS (to be renamed Maritime & Merchant Bank ASA), which was granted a banking license by The Financial Supervisory of Norway (FSAN) on the 28th of January for establishing a global bank dedicated solely to the shipping and offshore industries, has announced the appointment of Dagfinn Lunde to its Board of Directors. Lunde brings more than 30 years experience gained from leadership roles at several leading shipping, banking and consulting companies. His international experience includes management positions within the Klaveness Group of Companies…
Baltic Trading Arrange Funding Buy Bulk Carriers
Baltic Trading Limited has taken delivery of the 2010-built 'Baltic Fox' and the 2009-built 'Baltic Hare', two Handysize vessels of approximately 32,000 dwt. Both vessels have entered into the Clipper Logger Pool, a spot market-related Handysize pool operated by Clipper Bulk. John C. Wobensmith, President and Chief Financial Officer, commented, "We are pleased to take delivery of the Baltic Fox and the Baltic Hare, as planned, and enter the vessels into a spot market-related vessel pool consistent with our fleet deployment strategy. The Company also has executed a $22 million credit agreement with DVB Bank SE, as previously announced on July 8, 2013. Under the terms of the six-year facility, amounts borrowed will bear interest at LIBOR plus a margin of 3.35%.
Deepwater Driller Ocean Rig 2012 Financial Reports
Ocean Rig UDW Inc international contractor of offshore deepwater drilling services reports unaudited losses in Q4 & year-end 2912 financial results. For the year ended 2012, the Company reported a net loss of $132.3 million, or $1.00 basic and diluted loss per share. ◦ Costs associated with the 10-year class survey for the Eirik Raude of $65.5 million, or $0.50 per share. Excluding the above items, the Company's net results would have amounted to a net loss of $66.8 million, or $0.50 per share. • The Company reported Adjusted EBITDA of $354.4 million for the year ended 2012, as compared to $387.9 million for the year ended 2011.
Korean Shipyard Delivers Vroon Asphalt-Chemical Tanker
Dutch shipowners, Vroon B.V. The vessel was constructed at the Hyundai Mipo Dockyard, Ulsan, South Korea to ice-class requirements. Her sister vessel, Iver Brilliant, scheduled for delivery in July will be the last of 19 vessels constructed for Vroon at the Dockyard since 2005. In a ceremony held in Korea on 22 May, Iver Bright was named by Mrs Metos Delgado-van de Bospoort, wife of Mr Frans van de Bospoort, Managing Director Chemical, LPG & Product Tanker Group, DVB Bank. The vessel will be operated by Iver Ships B.V.
Topaz Successfully Arranges Refinancing
Phase One of US$ 330 million loan agreement signed. UAE-based Topaz Energy and Marine Ltd. (Topaz), a leading oilfield services multinational and a subsidiary of Renaissance Services, announced that it has signed phase one of a US$ 330 million loan agreement with a syndicate of banks towards the refinancing of some of its existing loans. The deal paves the way for extra liquidity and new investments in Topaz’s Offshore Support Vessel (OSV) operations. The agreement completes phase one of Topaz’s previously announced refinancing initiative. The transaction refinances Topaz’s existing borrowings and releases trapped equity of US$ 60 million. The first phase of US$ 203 million refinancing was arranged and financed by DVB Bank, Standard Chartered Bank, and First Gulf Bank.
Dryships Announces Signing Of $800 Million Loan Facility
ATHENS, GREECE – April 18, 2011 - DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced the signing, by its majority-owned subsidiary Ocean Rig UDW Inc. (“Ocean Rig”), of the $800 million syndicated secured term loan facility to partially finance the construction costs of the Ocean Rig Corcovado and Olympia. This facility has a 5 year term and 12 year repayment profile, and bears interest at LIBOR plus a margin.
Malinowski Joins McQuilling Services
McQuilling Services announced the addition of Carol Ann Malinowski to the advisory team. Malinowski joins McQuilling Services as Senior Advisor, Finance with over 25 years of experience in financial management, international business, and operations. Most recently Malinowski has been an independent consultant, engaged in finance and strategy projects, including acting CFO for a telemedicine start up, and strategy and operations analysis for not-for-profit organizations. Malinowski was an Investment Manager with NFC Shipping Funds (a joint venture between NNI and DVB Bank) and Vice President of Finance for Northern Navigation International Ltd.
General Maritime Q3 & Nine Months Results
General Maritime Corporation (NYSE: GMR) reported its financial results for the three and nine months ended September 30, 2010. The Company recorded a net loss of $26.0 million or $0.30 basic and $0.30 diluted loss per share for the three months ended September 30, 2010 compared to net income of $14.8 million or $0.27 basic and $0.27 diluted earnings per share for the three months ended September 30, 2009. The decrease in net income was primarily the result of a 31.9% decrease in TCE to $19,109 per day for the three months ended September 30, 2010 compared to $28,077 per day for the prior year period, as well as a $13.6 million increase in net interest expense to $21.4 million for the three months ended September 30, 2010 compared to $7.7 million for the prior year period.
TOP Ships Q2 2010 Results
TOP Ships Inc. (NasdaqGS:TOPS) announced its financial results for the second quarter and first half of 2010. - Net loss of $1.8 million or $0.06 per share. - Operating income of $4.1 million. - Revenues of $21.8 million. - Net loss of $0.9 million or $0.03 per share. - Operating income of $9.5 million. - Revenues of $44.9 million. Evangelos J. We are pleased to report a positive operating income for the second quarter and the first six months of 2010, which is a result of our committed charter portfolio. Net profit would have been marginally positive for the second quarter and $1.8 million for the first six months of 2010, respectively, before drydocking costs.
Topaz Second Vessel for $225M BP Contract
Topaz Energy and Marine recently took delivery of the newest addition to its fleet, the Caspian Protector. The vessel will be deployed in Azerbaijan in support of a 10 year $225m BP contract won in 2008. The Caspian Protector is a state-of-the-art 200-ft vessel designed for emergency recovery and response (ERRV), standby duties and fire fighting operations. It is the first vessel in the Caspian region to be equipped with three daughter craft and two fast rescue craft. The vessel…