DMCC, Maersk Team up on Shipping Solution
Dubai Multi Commodities Centre (DMCC), the world’s leading Free Zone for trade and enterprise in Dubai, has teamed up with Maersk Trade Finance to offer a ‘one-stop-shop’ solution that handles both the flow of goods and financing. The requirement was raised by DMCC’s Food Trade Group, set up in October 2016, an industry group aimed at growing the global food trade industry by connecting financiers and traders alike. As a result, DMCC and Maersk came together to provide the trade with a solution that meets both their shipping and financing needs including pre- and post-shipment finance.
YANMAR Launches New Training Initiatives
YANMAR America has announced the launch of the YANMAR//ACADEMY and POWER//TRAIN following the recent opening of the EVO//CENTER, YANMAR America’s training and customer experience center headquartered in Acworth, Ga. Both initiatives provide an enhanced training experience focused on YANMAR’s dealerships, employees and customers. The YANMAR//ACADEMY consists of eight schools; six focused on dealer training, one on employee training and one dedicated to customer training. POWER//TRAIN is the registration…
Port Corpus Christi to benefit from LNG partnership with China
Port Corpus Christi officials are confident that the agreement signed between Cheniere Energy of Houston and China National Petroleum Corporation (CNPC) will bring increased traffic to the port, according to the San Antonio Business Journal. Officials from Cheniere accompanies President Trump on his tour to China and signed a Memorandum of Understanding with the Chinese company. CNPC is the largest gas and oil supplier and producer in China and is also one of the largest providers of oilfied services.
CNPC, Cheniere Pact for LNG
China’s state-owned oil company, China National Petroleum Corporation (CNPC), and U.S. independent energy company Cheniere Energy have signed a Memorandum of Understanding (MoU) for long-term sales and purchases of liquefied natural gas (LNG), Reuters reported. The report quoted U.S. State Department saying that the deal between the two companies was signed during president Trump’s first state visit to China. Neither companies disclosed details of the transaction. According to CNPC…
Port Canaveral Names German as Director
Port Canaveral's Cruise Team is gaining a new dimension with the appointment of Dave German as Director, Cruise Business Development, effective Friday, November 10, 2017. German previously served as Port Canaveral's Senior Harbormaster. In his new role, he will be responsible for building the Port's alliances with cruise lines for both home ported and port-of-call vessels. Dave German holds a Bachelor of Science degree in marine transportation and logistics from the U.S. Merchant Marine Academy, and earned an MBA in finance from Ohio University.
Deal for Floating LNG Powerplant in China
As the proliferation of LNG use spreads rapidly in the maritime and energy sectors, word from China is that Wison Offshore & Marine has signed an MoU with Shanghai Electric Power Generation Group, on a joint effrot to develop medium to large-scale floating LNG power generation barges. Wison brings a wealth of experience and integration capability in floating LNG facilities, while Shanghai Electric is a leader in core gas power equipment and EPC services for international power projects. Based on the Floating LNG Storage Regasification and Power Generation (FSRP) solution developed by Wison earlier on, both parties will join forces to build up capabilities throughout FSRP project life cycle from product development…
Global Trade Set To Benefit From ICC Report
Released yesterday, the International Chamber of Commerce (ICC) Trade Register Report 2014 provides empirical evidence that, in all forms, trade and export finance is a low risk bank financing technique – further supporting ICC’s advocacy of trade finance as a strong contribution to economic recovery and growth. This evidence has the potential to alter attitudes towards trade finance, and therefore contribute to the growth of both global trade and the global economy. Based on data contributed by the major global commercial banks and reflecting more than 4.5 million transactions totalling an exposure in excess of US$2.4 trillion, the ICC Trade Register Report 2014 (“the Trade Register”) empirically demonstrates that trade finance is lower risk than many other types of financing and assets.
SMM Hamburg Ready for a New Beginning
At the SMM Ship Finance Forum just ahead of SMM, the leading international maritime trade fair hamburg, experts will discuss the potential and prospects for new ship financing models. In spite of low newbuilding prices, the total number of ship orders is declining around the world. Financing difficulties are part of the problem, and new concepts are in demand to revitalise the market. "In ship finance we have to address two separate issues: On the one hand, we need to put the fleet in service on a more solid financial basis. After a five-year double crisis – one affecting the financial, the other the shipping markets – that may be a tall order. On the other hand we need to finance new tonnage to be commissioned over the next few years.
Mercury Marine Launches Repower Financing
Mercury Marine launched a new repower finance program that aims to make it easier for consumers to get the engine performance they want with flexible financing for a broad range of buyers. The Mercury Repower Finance program is funded by Medallion Bank, a marine industry leader that specializes in accepting buyers with a wide range of credit histories. Program administration is handled by Brunswick Financial Services, a fully owned subsidiary of Brunswick Corporation, the worldwide marine manufacturing leader.
Financing Structure for Canal Expansion Program
Panamanian President Martín Torrijos announced the final financing structure for the historic Panama Canal Expansion Program. Five major multilateral agencies from Europe, Asia and offered to finance the Canal expansion project. The Panama Canal Authority, after months of extensive negotiations, has accepted the banks’ offers. The $2.3 billion financing package will cover a portion of the $5.25 billion total cost of the project. Financing agencies are the European Investment Bank (EIB)…
Golar Receives Financing Commitment for GoFLNG Hilli
Golar LNG Limited has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd (CSSCL) in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli, the company announced today. The financing structure will fund up to 80 percent of the project cost and will be split into two phases. The first phase enables Golar to drawdown up to $700 million from the facility to fund the ongoing conversion cost, once Golar has spent $400 million of the estimated $1.2 billion conversion cost and the tolling contract with Perenco and SNH have been ratified by the Cameroon government, expected during the third quarter of 2015.
Golar Acquires Financing for GoFLNG
Golar LNG Limited announced today that it has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd ("CSSCL") in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli. The financing structure will fund up to 80% of the project cost and will be split into two phases. The first phase enables Golar to drawdown up to $700m from the facility to fund the ongoing conversion cost, once Golar…
Signet Closes $209m Financing Facility
Wells Fargo Equipment Finance, through its Energy and Marine and Capital Markets Groups, acting in the capacity of lead arranger, closed a $209 million financing facility today for Signet Maritime Corporation, a global marine transportation company based in Houston. The new facility refinances Signet’s existing bank debt and provides acquisition financing for the purchase of Harvey Gulf International Marine’s ocean towing vessel (OTV) fleet, which includes eight OTVs. Signet will also use proceeds of the financing facility to complete the construction and purchase of three newbuild escort ASD reverse tractor tugs, and the purchase of three existing bareboat chartered vessels.
Maersk Wants Trade Finance Role
Maersk Line, the world's biggest container shipper, is venturing into trade finance, as it seeks to fill a lending gap left by indebted banks pulling out of the crisis-hit shipping industry. Moving into traditional bank territory and further down the shipping value chain, Maersk Line, part of A.P. Moller-Maersk, is offering to finance shipments and remove the paper trail from financing deals. Maersk says it has no need to ask for collateral - one of the biggest headaches for banks and customers in trade finance deals - because it is carrying the goods on its vessels.
SMM Finance Forum: ‘Banks are Lending Again’
For Dr. Carsten Wiebers, Global Head of Maritime Industries at KfW IPEX-Bank, and member of the SMM Advisory Board, innovative financing solutions are key to Europe's continued international competitiveness in maritime high technology. On September 8, 2014, or SMM Finance Day, the SMM Ship Finance Forum will be held for the second time in conjunction with international maritime trade fair SMM. The forum, which will answer questions revolving around financing solutions for global shipbuilding and shipping, will be subdivided into three overarching topics.
Laborde Marine Get Necessary Finance for Expansion
GE Capital, Corporate Finance has announced that it provided US$22.5-million in equipment financing to Laborde Marine. The funds refinance existing debt used to purchase five new crew boats. Founded in 1995 and headquartered in New Orleans, LA, Laborde Marine is a privately held supplier that provides marine support to the offshore oil and gas industry internationally. They operate more than 20 vessels in the U.S. Gulf of Mexico and have two international offices in Brazil. “GE Capital delivered the financing we need to fund the ongoing expansion of our fleet and customer base,” said Cliffe Laborde, managing member of Laborde Marine.
ICC Releases its Latest Trade Finance Survey
According to this year's Global Survey - which received 357 responses from 109 countries worldwide - 61% of respondents reported a global shortage of trade finance. Only 52% of respondents reported an increase in trade finance activity, compared to 63% in 2015 and 80% in 2012. Furthermore, the perceived shortfall came predominantly from regional and global banks - 78% and 56% respectively, compared to 41% of national banks. ICC Secretary General John Danilovich said: " We must emphasise the importance of trade finance.
Front Vanguard Contract Terminated
Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship Finance International Limited ("Ship Finance") to terminate the long term charter for the 1998 built VLCC Front Vanguard. Ship Finance has simultaneously sold the vessel to an unrelated third party. We expect the vessel to cease operating as a conventional tanker and the charter with Ship Finance is expected to terminate in the second quarter of 2016. Frontline has agreed a compensation payment to Ship Finance of approximately $0.4 million for the termination of the current charter.
Island Offshore Halts Debt Amortisation Payments
Offshore service vessel owner Island Offshore Shipholding said on Tuesday that it had initiated discussions with its finance providers to address the group's long term financing. Has decided with effect from Nov.
ADNL, NPCC Ink $110m Vessel Deal
The Abu Dhabi National Leasing Company (ADNL) has signed a $110m deal with the National Petroleum Construction Company (NPCC) for financing the construction and lease of its new vessel. The proposed financing structure is a two-plus-five year finance lease to partially finance one new Derrick Lay Ship DLS-4200 for NPCC. (Source: Khaleej Times)
Utile Maritime Legislation Enacted in Marshall Islands
'Financing Charters' may now be treated as 'Preferred Mortgages' — The Republic of the Marshall Islands passes Maritime Amendment Act (No. 1), 2013. The Republic of the Marshall Islands’ Nitijela has passed the Maritime Amendment Act (No. 1), 2013 – a legislative initiative of key significance to the international marine finance community. The first-of-its-kind legislation permits a “financing charter” to be treated as a preferred mortgage in favor of the registered owner of a Marshall Islands vessel, which allows a charter party to make precautionary security filings to protect and perfect its interest in a chartered vessel. This solves…
As Banks Step Down, Equipment Finance Companies Step Up
Shipowners are known for having distinct differences of opinion, but the one thing that all agree on is the importance of having access to capital. In an industry in which assets are generally big-ticket items and operating margins can be thin, access to proper financing serves the dual purposes of fleet growing the generation of healthy operating returns. Most shipowners would also agree that financing for maritime assets generally isn't easy to find. There are various reasons for this. One reason is that few lenders focus exclusively on marine finance and a result most lending institutions are not familiar enough with marine assets to feel comfortable financing them.
OSG Appoints New VP of Corporate Finance
Overseas Shipholding Group, Inc. announced that Henry Flinter was appointed Vice President, Corporate Finance of OSG Ship Management, Inc., a newly created position reporting to Myles Itkin, Chief Financial Officer. Flinter will have oversight of treasury, corporate finance and capital market transactions and has nearly 20 years' experience in senior finance and accounting positions. He joined OSG in 2002 as Assistant Vice President, Accounting and in January 2005 was promoted to Vice President, Accounting.