Fearnley Securities As News

01 Apr 2020

Oil Storage at Sea Approaching Record Levels

© aerial-drone / Adobe Stock

Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history.The last time floating storage reached similar levels was in 2009…

20 Mar 2020

Container Shipping Firms Brace for Coronavirus Hit

© Mariusz / Adobe Stock

Leading container shipping firm A.P. Moller-Maersk scrapped its 2020 earnings forecast on Friday, while rival Hapag-Lloyd warned of slowing growth until at least June, as the coronavirus pandemic takes a heavy toll on global tradeThe container shipping industry, a bellwether for international trade, has been blown off course by the new virus, which brought parts of China to a standstill before spreading around the world, leading container lines to re-route cargoes and reduce calls to Chinese ports.Despite lower volume growth…

24 May 2019

Trade Tension Hurts Shipping, Maersk Warns

CREDIT Maersk

A.P. Moller-Maersk, the world's largest container shipping company, warned on Friday that trade tensions and an economic slowdown are slowing growth in global freight.Maersk, which is seen as an indicator of global trade patterns, cut its forecast for global growth in container traffic this year due to the trade dispute between the United States and China."The recent escalation of the trade war induced by an increase in tariff rates and threats of implementing additional tariffs could take global container trade growth to the lower end of the 1-3% interval (range)…

12 Apr 2019

SeaBird to Buy BOA Offshore Vessels

BOA Thalassa. Pic: BOA Offshore

Norwegian seismic acquisition company SeaBird Exploration said  it is in an exclusive process to acquire the seismic vessels BOA Galatea and BOA Thalassa owned by BOA Offshore in a transaction which values the vessels at NOK 185 million ($22 million).The BOA Vessels are well suited for source and 2D operations, as well as EM seabed logging, for which BOA Thalassa is currently contracted with EMGS ASA until September 2019 with options for EMGS ASA to extend for three periods of six months each.In order to finance the acquisition of the BOA Vessels…

11 Oct 2018

Fredriksen's Flex Raises $300 Mln for LNG Newbuilds

© Anatoliy Matronyuk / MarineTraffic.com

Flex LNG, controlled by Norwegian-born billionaire John Fredriksen, has raised $300 million in a private placement of shares to help pay for five new vessels costing $918 million, it said on Thursday.Fredriksen's companies typically add high-yield bond issues and bank loans at a later time to pay the cost not covered by share sales.When the vessels are delivered from the yards of South Korea's Daewoo (DSME) and Hyundai (HHI) in 2020 and 2021, Flex LNG will have a fleet of 13 ships, Flex said.Fredriksen himself bought shares for $100 million, cutting his overall stake in the firm to 44.6 percen

18 Sep 2018

Diana Shipping Issues USD100mln Bond

File Photo: Diana Shipping Inc

Diana Shipping announced the pricing of a US$100 million private placement of senior unsecured bonds maturing in September 2023 and callable beginning three years after issuance.In addition, the global shipping company specializing in the ownership of dry bulk vessels may issue up to an additional US$25 million of the bonds on one or more occasions.The bond offering was priced with a U.S. dollar fixed-rate coupon of 9.50%. Interest will be payable semi-annually in arrears in March and September of each year.

07 Aug 2018

Shipping Executive Focus: Art Regan, Executive Chairman, Genco Shipping & Trading

Art Regan, Executive Chairman, Genco Shipping & Trading. (Photo: Genco)

Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.

11 Mar 2018

Navios Maritime Containers Raises USD 30mln

File Image: Navios Maritime Containers

Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced  that it has already completed a private placement of common shares, totaling $30.0 million, which is expected to close on March 13, 2018. Navios Containers will issue approximately 5,450,000 common shares at a subscription price of $5.50 per common share for an aggregate of $30.0 million of gross proceeds. The net proceeds will be used for general corporate purposes, including vessel acquisitions.

22 Feb 2018

Navios Maritime Closes $35M Offering

© Faraways / Adobe Stock

Owner and operator of container and dry bulk vessels Navios Maritime Partners L.P. has closed the previously announced offering of approximately 18.4 million common units at $1.90 per common unit, raising approximately $35.0 million of gross proceeds. Navios Partners will use the net proceeds of the offering for general working capital purposes, including vessel acquisitions. Following the closing, Navios Partners will have 167,589,764 common units and 3,420,203 general partner units outstanding.

16 Feb 2018

Hafnia Tankers Inks Fresh Sale and Leaseback Deal

Photo: Hafnia Tankers

Denmark-based shipping company Hafnia Tankers has successfully completed a sale and leaseback in the Japanese market through the sale and leaseback of its 2010 built LR1 tanker, MT Hafnia Australia. The Vessel has been sold to a Japanese private ship owning company (the Lessor) with a 12-year bareboat charter back with annual purchase options from year four onwards. The Transaction entailed a sale of the 74,539 dwt ship at market value and a fully levered lease arrangement which gives rise to a positive liquidity effect of approx.

26 Nov 2017

MPC Container Ships Acquires Fleet Worth $130

Photo: MPC Container Ships AS

The Oslo, Norway-based MPC Container Ships AS has entered into a commitment to acquire a fleet of feeder container vessels with a total purchase price of USD 130 million. MPC Container Ships was formed in April 2017. Its main activity is to own and operate a portfolio of container ships with a focus on the feeder segment between 1,000 and 3,000 TEU. The company has also announced the successful completion of the private placement of 30.25 million new shares announced on 22 November 2017.

02 Nov 2017

Hafnia Tankers in Sale and Leaseback Deal

Image: Hafnia Tankers

Hafnia Tankers has successfully completed its first sale and leaseback in the Japanese market through the sale and leaseback of its 2010 built LR1 tanker, MT Hafnia Africa. The Vessel has been sold to a large Japanese private ship owning company with an 8-year bareboat charter back with annual purchase options from year four onwards. The Company has an option to extend the lease to 12 years. The Transaction entailed a sale of the Vessel at market value and a fully levered lease arrangement which gives rise to a positive liquidity effect of approx.

12 Sep 2017

Giaever to Take Over as CFO at NAT, NAO

Bjorn Giaever will take up his position as the new chief financial officer (CFO) at Nordic American Tankers Limited (NAT) and Nordic American Offshore Ltd. (NAO) from October 16, 2017.   Giaever joins NAT/NAO from maritime focused investment bank Fearnley Securities AS, where he served as a director and partner in the Corporate Finance division. Giaever has served as a corporate advisor in the John Fredriksen group in London, top rated Senior Shipping Analyst in DNB Markets and partner in Inge Steensland AS, specializing in gas related maritime matters.    Outgoing NAT/NAO CFO, Turid M. Sorensen, will leave her administrative duties before the end of 2017. She will be suggested as board member of NAT.

10 Sep 2017

MPC Containerships to Use USD 100mln Bond Proceeds for Fleet

Image: MPC Container Ships Invest B.V

MPC Container Ships Invest B.V., a wholly owned subsidiary of Oslo-listed MPC Container Ships AS, has successfully completed the issuance of a new senior secured bond issue of USD 100 million. The bond issue has a 5 year tenor, carries a floating interest rate of 3m LIBOR + 4.75% and has a borrowing limit of USD 200 million. The bond issue received strong demand and was oversubscribed. The net proceeds from the bond issue will be used to finance acquisitions of additional container vessels and for general corporate purposes.

01 Sep 2017

Nordic American Appoints New CFO

Photo: Nordic American Offshore Ltd

Nordic American Tankers (NAT) and Nordic American Offshore (NAO) has appointed Bjørn Giaever (50) as Chief Financial Officer (CFO). He is expected to join us later this year and as early as possible. Giaever joins NAT/NAO from the well reputed firm of Fearnley Securities AS with main office in Oslo, Norway. This is an investment bank with special focus on the maritime sectors, where he served as a director and partner in the Corporate Finance division. Giaever has more than 20 years of experience in the shipping industry, holding key roles in corporate finance and equity research.

12 May 2017

Navios Readies for Rickmers Vessel Acquisition

Photo: Rickmers Trust Management

Navios Maritime Containers announced that it has agreed with investors to sell approximately 15 million of its shares for an aggregate of approximately $75 million of gross proceeds at a subscription price of $5.00 per share. Navios Containers intends to use the proceeds to acquire the 14-vessel container fleet that Navios Maritime Partners previously agreed to purchase from Rickmers Maritime as well as for further vessel acquisitions, working capital and general corporate purposes. The offering is expected to close in full on or about June 1, 2017.

12 Apr 2017

MPC Rolls Out New Box Ship Investment Firm

Photo: MPC Capital AG

MPC Capital AG, an international asset and investment manager, has initiated an investment company with a focus on small-size container ships between 1,000 and 3,000 TEU. The newly formed 'MPC Container Ships AS' raised USD 100 million in equity in a private placement towards international institutional investors and family offices in the Norwegian capital market. Following its corporate investment strategy, MPC Capital is a co-investor. Based on the current pipeline exceeding 100 vessels, capital proceeds are expected to be fully deployed within 2017.

28 Oct 2016

Concordia Maritime Sells Tanker Stena Supreme

Photo courtesy of Concordia Maritime

Concordia Maritim said is selling the Suezmax tanker Stena Supreme as part of a sale and leaseback transaction, which in this case means that Stena Supreme will be chartered back on a bareboat basis for 12 years, with annual purchase options from year three onwards. The counterpart is one of Japan’s largest ship owning companies and senior debt funding will be provided by one of Japan’s “Mega Banks”. The transaction is scheduled for late November, and the sale gives rise to an accounting profit of approx. $1.8 million and a positive liquidity effect of approx. $22 million.

04 Oct 2016

Concordia Maritime Sells IMOIIMAX Tanker

Stena Image (Photo: Concordia Maritime)

Concordia Maritime is selling the IMOIIMAX tanker Stena Image to a large Japanese financial institution. The transaction is a sale and leaseback agreement, which in this case means that the vessel will be chartered back to Concordia Maritime on a bareboat basis (i.e., without crew) for eight years, with annual purchase options from year four onwards. The sale price is $37.5 million and delivery to the buyer is scheduled for mid-October. “Through this transaction, we have simultaneously accomplished goals of strategic and financial importance to the company.

02 Sep 2016

Freight Rates Spike after Hanjin Collapse

File image (DP World)

The cost of transporting containers from ports in Asia to Northern Europe and the United States jumped this week after the collapse of South Korean Hanjin Shipping Co Ltd. Container spot freight rates on the world's busiest routes from Asia to Northern Europe jump 36.6 percent to $949 per twenty-foot equivalent units (TEU) this week. Rates increased by 51 percent to the U.S West Coast and 45 percent to the U.S. East Coast. Following the Hanjin default there has been a considerable rise in freight rates, brokerage firm Fearnley Securities wrote in a note to clients on Friday.

10 Jul 2014

Ezra to Consolidate EMAS Marine into EOC

Ezra Holdings Limited today announced plans to consolidate its Offshore Support Services division, EMAS Marine, into its associated company, EOC Limited, which is listed on the Oslo Børs, Norway. Upon completion of the transaction, the enlarged EOC Group will be one of the largest offshore support operators in Asia Pacific by asset value, managing an offshore services platform comprising over $1 billion in offshore support assets. Its diverse and versatile fleet of 50 offshore vessels is among the youngest in the region. The fleet has a combined bollard pull of almost 4,000 tons, more than 37,000 dwt and a total of almost 350,000 BHP, making it one of the strongest and most powerful in the region, with capabilities to operate globally at ultra-deep water depths.

14 Jun 2014

Havyard Group – Launch Of IPO & Prospectus Publication

Courtesy Havyard Group

Havyard Group ASA submitted an updated application for listing of its shares on Oslo Børs, alternatively Oslo Axess, on 6 June 2014. It is expected that the stock exchange will consider the application in a meeting of its board of directors on 18 June 2014. Subject to approval of the application and compliance with the listing criteria, the first day of trading is expected to be 26 June 2014. Havyard Group has gone through a significant growth and has established itself as one of the key providers of maritime technologies…

05 Nov 2013

Dorian LPG Gets Finance for Scorpio Tankers Deal

US-based Dorian LPG has successfully placed 80,405,405 shares to Norwegian and international institutional investors to raise approximately $250 million intended to part pay for Dorian's recent acquistion of Scorpio Tankers' fleet of 11 Very Large Gas Carrier ("VLGC") newbuildings and an option to build two additional VLGCs. The Private Placement is expected to close on November 14, 2013, subject to satisfaction of certain customary closing conditions and the completion of the Transaction. Upon closing of the Private Placement, the Company will have 213,579,150 shares issued and outstanding. The Company plans to use the proceeds from the Private Placement to part finance a series of VLGC newbuildings and for general corporate purposes.

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