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Monday, December 10, 2018

Exportimport Bank Of China News

International Seaways Completes Acquisition of Six Euronav VLCCs

Photo: Euronav NV

US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV. The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas announced in a press release that it has completed its previously announced acquisition of six 300,000 DWT VLCCs for a purchase price of $434 million, inclusive of assumed debt, from Euronav. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC…

Newcastlemax Duo Joins Diana Shipping’s Fleet

M/v San Francisco. Photo: Diana Shipping Inc

Diana Shipping has taken delivery of the m/v San Francisco (formerly Hull No. H2548)  and the m/v Newport News (formerly Hull No. H2549), two new building Newcastlemax dry bulk vessels that were contracted in May 2013. The m/v San Francisco has been time chartered to Koch Shipping Pte. Ltd. at a rate of $11,750 per day, for a period of minimum twelve (12) months to about sixteen (16) months. The charter is expected to commence on January 6, 2017. The employment is expected to generate approximate $4.2 million in gross revenues.

Newcastlemax Duo Joins Diana Shipping’s Fleet

Diana Shipping has taken delivery of the m/v San Francisco (formerly Hull No. H2548)  and the m/v Newport News (formerly Hull No. H2549), two new building Newcastlemax dry bulk vessels that were contracted in May 2013. The m/v San Francisco has been time chartered to Koch Shipping Pte. Ltd. at a rate of $11,750 per day, for a period of minimum twelve (12) months to about sixteen (16) months. The charter is expected to commence on January 6, 2017. The employment is expected to generate approximate $4.2 million in gross revenues. The m/v Newport News has been time chartered to SwissMarine Services with employment expected to commence on Jan. 9, for a period of minimum twenty-two (22) months to maximum twenty-six (26) months.

Diana Shipping Gets Refund Guarantee Payment

Courtesy Diana Shipping

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that in connection with the previously announced cancellation of a shipbuilding contract for a Kamsarmax dry bulk carrier, Hull No. DY6006, with an original delivery date of May 31, 2016, the Company received yesterday a refund payment of approximately US$9.4 million. The refund payment to the Company was made under the Refund Guarantee…

Diana Shipping Abandons Kamsarmax Order

Courtesy Diana Shipping

Diana Shipping Inc. today announced that, through a wholly-owned subsidiary, it provided a notice of cancellation of the shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Shanghai Sinopacific International Trade Co., Ltd., dated January 8, 2014 (the “Contract”), and Addendum No. 1 to the Contract dated April 21, 2014 with Sumec Marine Co., Ltd. with respect to a Kamsarmax dry bulk carrier, Hull No. DY6006, with an original delivery date of May 31, 2016. The…

A Shipyard Grows in Trinidad & Tobago

Spurred by Panama Canal Expansion and U.S. As Trinidad and Tobago seeks to diversify its economy, it is banking on a massive shipyard construction project as the centerpiece of a maritime industry and economic revival. A Trinidad and Tobago Parliamentary debate earlier this year centered on the Motion, ‘Increase of Loan Ceiling under The Development Loans Act.’ One diversification strategy involves the country’s thrust into the development and expansion of the maritime sectors, particularly Shipbuilding and Repair.

Yamal LNG Project Received €780 Mln in Chinese Loans in July

Photo: Novatek

The Novatek-led Yamal LNG project in Russia received financing in July worth about 780 million euros from China Development Bank and Export-Import Bank of China, according to Yamal's accounting report published on Tuesday. The 15-year loan deals, of 9.3 billion euros and 9.8 billion yuan ($1.48 billion), were signed by the two Chinese financial institutions in late April. The latest disbursement follows the first chunk of 450 million euros Yamal received in late July. Before receiving the financing from the Chinese banks…

TORM Secures Financing for LR2 Newbuilds

TORM said it has entered into a financing agreement for the four LR2 newbuildings to be delivered in 2017 and 2018. The vessels are all in the LR2 class, i.e. of a size of approximately 114,000 dwt.   The financing agreement for an amount of up to $115 million has been concluded with The Export-Import Bank of China and runs for 12 years. The main conditions of the agreement are in line with the Company's existing loan agreements. The financing agreement was signed at a ceremony today at TORM's premises in Hellerup.   As of June 30, 2016, the remaining investments in TORM's newbuilding program amounted to $168 million. With the recent agreement, TORM's unutilized loan facilities and cash amount to $307 million.

Diana Shipping Signs US$75.7 mln Term Loan Facility

Courtesy Diana Shipping

Diana Shipping Inc. announced that yesterday it signed, through three separate wholly-owned subsidiaries, a term loan facility for up to US$75,734,900 with The Export-Import Bank of China. The purpose of this facility is to partially finance, after delivery, the acquisition cost of two new-building Newcastlemax dry bulk vessels of approximately 208,500 dwt each and one new-building Kamsarmax dry bulk vessel of approximately 82,000 dwt. The signing of the relevant shipbuilding contracts was announced by the Company on May 21, 2013 and January 8, 2014, respectively.

Billion-dollar MoU for Shipping Finance

On October 26, 2015 in the presence of President Xi Jinping and King Willem-Alexander of the Netherlands, ING Bank NV and The Export-Import Bank of China signed a three year Memorandum of Understanding (MOU). The objective of the MOU is to further strengthen the cooperation between the two parties in the financing of Chinese built ships, both new and second hand, as well as selected offshore projects for a total amount of $1 billion, ING said. Stephen Fewster, Global Head of Shipping Finance ING Bank said, “We are very pleased with this next step in building a deeper relationship with The Eximbank of China. China is one of the leading nations in the shipbuilding industry and many of our clients own Chinese built ships.

Insights: Matthew Paxton, SCA President

Matthew Paxton

Matthew Paxton is President of the Shipbuilders Council of America (SCA), and a partner at the law firm of Adams and Reese. SCA is the national trade association representing 41 companies that own and operate more than 120 shipyard facilities on all three U.S. coasts, the Great Lakes, inland waterways system, Alaska and Hawaii. SCA also represents 97 partner members that provide goods and services to the shipyard industry. Paxton, who has been practicing law since 2001, focuses his practice on maritime law and policy…

Teekay Secures $1bln from Chinese Bank

Teekay Corporation announced today it has entered into a framework cooperation agreement with the Export-Import Bank of China (CEXIM) for up to $1 billion in new loan facilities. The loan facilities would be made available to Teekay and its subsidiaries, including Teekay LNG Partners L.P., Teekay Offshore Partners L.P. and Teekay Tankers Ltd., to finance the construction or conversion of vessels from shipyards in China over the next three years. “We are very pleased to announce the signing of this framework agreement in Beijing, China as it further strengthens our existing relationship with CEXIM and represents yet another source of capital for the Teekay group,” said Vince Lok, Teekay Corporation's Executive Vice President and Chief Financial Officer.

China Exim Bank Backs Seaspan

Image: Seaspan Corporation

Seaspan Corporation has lined-up a $1bn worth of export credit facilities with the Export-Import Bank of China (CEXIM). Seaspan has signed a Framework Cooperation Agreement with the Export-Import Bank of China (CEXIM) for a total of up to $1 billion in export credit facilities. The credit facilities would be made available to Seaspan for the purchase and construction of vessels from shipyards in China within the next three years. Gerry Wang, Chief Executive Officer, Co-Chairman and Co-Founder of Seaspan commented…

Chinese PM Inks 2 Agreements During CMA CGM Visit

Chinese Prime Minister LI Keqiang (left) with Jacques R. Saadé, Founder, Chairman and Chief Executive Officer of CMA CGM (Photo: CMA CGM)

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced. Chinese Prime Minister Li Keqiang was accompanied by France Minister of Foreign Affairs Laurent Fabius, the Minister of State for Foreign Trade Matthias Fekl and an important Chinese ministerial delegation during this visit. This delegation included the Chinese Foreign Affairs Minister Yi Wang…

CMA CGM, Chinese Bank in Finance Deal

French container shipping group CMA CGM said on Tuesday it will sign a $1 billion financing agreement with the Export-Import Bank of China. Marseilles-based CMA CGM said in a statement that the agreement, to be signed on Wednesday during a visit by Chinese Premier Li Keqiang to its headquarters, provided for loans and guarantees for ship and container orders from China as well as strategic investments. CMA CGM, the world's third-largest container shipping firm,  said it would also sign an agreement with China Merchants (CMHI) to look at joint investments in the country's so-called "One Belt, One Road" initiative to create a network of infrastructure to boost trade. Reporting by Leigh Thomas

China's $40b Maritime Silk Road Shaping Up

Artists perform during a Chinese Dance Drama entitled "The Dream of the Maritime Silk Road", at the United Nations headquarters in New York on Feb. 4, 2015 (Image: United Nations, Youtube)

China's $40 billion fund to finance its most ambitious global plan - the Silk Roads and Maritime Silk Road is moving forward steadily as its management team has taken shape. China has appointed top officials to manage the fund. A team headed by Wang Yanzhi, an official with China's foreign exchange regulator, has been formed to formally operate the fund. People's Bank of China (PBOC) assistant governor Jin Qi will be the fund's chief executive and Zhu Surong, governor of PBOC's Urumqi branch in Xinjiang, has been appointed board member of the fund.

China Exim Bank, SWS Sign $312m Financing Deal

Picture Courtesy: Shanghai Waigaoqiao Shipbuilding

Shanghai Waigaoqiao Shipbuilding  (SWS), a  yard owned by the industrial conglomerate China State Shipbuilding Corp (CSSC), has secured a US$312million loan from the Export-Import Bank of China to build three 18,000 teu containerships. The deal marks the first time that SWS will be building large containerships of 18,000 teu in capacity. The new buildings will be deployed on the main Asia-Europe trading lanes and the charterer is one of the world’s top three biggest lines, according to CSSC.

China's COSCO Group Returns to Profit

Logo

China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , had a profit of 5.04 billion yuan ($809.26 million) last year, said Ma Zehua, according to the official Xinhua news agency. Operating revenues were up 2 percent year-on-year, said Xinhua without providing a figure, while COSCO's asset to liability ratio fell 4.4 percentage points to 55.4 percent at the end of 2014.

COSCO Gets $1.75 bln Loan to Buy Ships

China Ocean Shipping (Group) Company has received a $1.75 billion loan from the Export-Import Bank of China to buy 53 new ships, which it plans to order from Chinese shipyards, the firm said on Monday. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , said the ships would include oil tankers, container ships and dry-bulk vessels, which would help replace 100 vessels the firm has scrapped in the last two years. It said the agreement with China Export-Import Bank was signed on Friday. Reporting by Brenda Goh

Pingtan Orders 25 Newbuild Fishing Vessels

Pingtan Marine Enterprise Ltd., a global fishing company based in the People's Republic of China (PRC), has announced that the company recently ordered 25 newly-built fishing vessels as a continuation of its fleet replacement plan. The vessels have received ratifications from the Ministry of Agriculture of the People's Republic of China (MOA), which ensures that the licenses to fish in foreign waters will be transferred to the new vessels. The company will retire 25 of its older existing fishing vessels…

Vale to Build 12 Very Large Ore Carriers

Vale announced that it has entered into agreements with The Export-Import Bank of China and the Bank of China Limited for the financing to build 12 very large ore carriers with 400,000 dwt (Chinamax vessels) at the Rongsheng Chinese shipyard. The two Chinese financial institutions will provide a credit line of up to $1.2b, which corresponds to 80% of the amount required to fund the construction of the vessels. The credit line has a 13-year total term to be repaid, and the funds will be disbursed during the next 3 years according to the construction schedule. This agreement is part of a broader financing package for our investment program involving official credit institutions from several countries.

Danaos Completes Comprehensive Financing Plan

Danaos Corporation (NYSE: DAC), international owner of containerships, announced the formal completion of its previously announced Comprehensive Financing Plan, which fully funds Danaos’s current newbuilding program, comprised of 13 additional containerships aggregating 129,250 TEUs with scheduled deliveries up to mid 2012. The Plan provides for new financing of $818 million including $203 million from an Export-Import Bank of China led consortium, $190 million of vendor finance and $425 million from a consortium comprising of 14 of its existing bank lenders. Repayment schedules, interest rate margin and covenants have been reset and harmonized with this new structure and provide a competitive and solid financing package until end of 2018.

Diana Shipping Receives Newcastlemax Bulk Carrier

On May 16 Diana Shipping Inc. (NYSE:DSX) took delivery of the newly-built m/v "Philadelphia", a Newcastlemax dry bulk carrier of 206,040 dwt that was contracted in April 2010. As previously announced, the m/v "Philadelphia" is chartered to EDF Trading Ltd., London, at a gross rate of $18,000 per day, minus a 5% commission paid to third parties, for a minimum forty-four (44) to a maximum fifty (50) month period. The charter commenced yesterday. This employment is anticipated to generate approximately $23.76 million of gross revenue for the minimum scheduled period of the charter. The Company also announced that through one of its wholly owned subsidiaries…

Maritime Reporter Magazine Cover Nov 2018 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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