Finance News

23 Jul 2019

Novatek Closes in on Arctic LNG 2

Image: Novatek

Russian natural gas producer Novatek said it had completed the sale of stakes in its Arctic LNG-2 project to two Chinese companies and a consortium of two Japanese companies.The second largest natural gas producer in Russia announced the closing of the sale of participation interests in Arctic LNG 2 Project to wholly owned subsidiary of China National Petroleum Corporation (CNPC), wholly owned subsidiary of CNOOC Ltd. (CNOOC), and the consortium of Mitsui & Co and Japan Oil, Gas…

21 Jul 2019

Bergur-Huginn Gets Finance for 6 Trawlers

Photo: VARD/Stian Brunes

Icelandic fishing company Bergur-Huginn has been issued a loan from Export Credit Norway in connection with delivery of the Vestmannaey stern trawler from Vard’s Aukra facility in Norway.A further five loans, for five identical vessels, will be disbursed to Icelandic shipowners over the coming months.The delivery of the Vestmannaey trawler is the first of seven identical vessels ordered from Vard’s shipyard in Aukra, Norway. The buyers are a consortium that consists of four Icelandic fishing companies.

19 Jul 2019

TRIG Acquires French Wind Farms

Pic: Watson Farley & Williams LLP

UK-based investment fund  The Renewables Infrastructure Group (TRIG) has acquired stakes in four French onshore windfarms, with a total capacity of 107.8 MW. InfraRed’s listed renewables vehicle did not disclose financial details of acquisitions. Watson Farley & Williams (WFW) has advised British investment fund.WFW assisted TRIG on the acquisition, from their operations manager Renewable Energy Systems (RES), and financing of the two ready to build “Rosières” and “Montigny” wind…

17 Jul 2019

Epic Gas Acquires Four Vessels

Image: Epic Gas

Epic Gas, the liquid petroleum gas (LPG) shipping solutions company, announced that it has completed the acquisition of two of the four ships that it previously referenced in April 2019.The vessels, the Kahyasi and Kris Kin, , are all modern second-hand 11,000cbm Japanese-built pressurised LPG carriers that were built in 2015.The remaining ships, the Kingcraft and Kisber, also both 11,000cbm Japanese-built pressurized LPG carriers built in 2015, are due to complete in July and…

17 Jul 2019

Naval Group Wins More Orders

Image: Naval Group

French shipbuilder Naval Group received more orders in the first six months of 2019 than the entire 2018 calendar year.In the first half of 2019 order intake reached €3.853 billion. This is above the €3.4 billion target set for all of 2019 and boosted the order book to €15.5 billion at end June 2019.International orders represented a large percentage of all new orders at 30 June 2019 and are mainly for new ships. The Belgian and the Dutch mine hunters contract and the design contract…

17 Jul 2019

Interview: Douglas Prothero, CEO, The Ritz-Carlton Yacht Collection

Douglas Prothero, CEO, The Ritz-Carlton Yacht Collection. Photo credit: The Ritz Carlton Yacht Collection

As privately owned, luxury yachts near the size of the average cruise ship, behold a new option, which is anything but commonplace: The Ritz-Carlton Yacht Collection. At 624 feet and 11 decks, her exterior profile resembles a sleek superyacht design, not a cruise ship on the horizon. Launched in October 2018 at Hijos de J. Barreras Shipyard in Vigo, Spain, the flagship of the new brand is now in outfitting and interior finishing. The project was co-managed by The Ritz-Carlton Yacht Collection, Marriott and Tillberg Design of Sweden.

15 Jul 2019

Europort Finalizes 2019 Program

Photo: Europort

Europort 2019 has finalized the most extensive conference and events program in its history, adding a number of elements that will ensure that this year’s edition of the biennial maritime and offshore gathering in Rotterdam is more thought-provoking than ever before.The four-day conference and exhibition, to be staged between November 5-8th at the Rotterdam Ahoy Center, will take place against a backdrop of revival across the specialized shipping markets for which Europort is renowned.

15 Jul 2019

Singapore Ranked World's Top Shipping Center

Photo:Government of Singapore.

For the sixth year running, Singapore has clinched the top spot among the world's maritime centers in the Xinhua-Baltic International Shipping Centre Development Index.The island city-state in Southeast Asia beat 42 other cities such as Hong Kong, which ranked second, as well as London, which ranked third.Based on the evaluation scores, Singapore shows strength in ship management and shipbroking services, while Hong Kong is benefiting from China’s Belt and Road Initiative and economic opportunities in the Guangdong-Hong Kong-Macau Greater Bay Area.London’s first-class services in shipbroking…

14 Jul 2019

Piraeus Bank-AsiaPac JV on Ship Finance

Christos Megalou, CEO. Pic: Piraeus Bank Group

Greece’s largest lender by assets Piraeus Bank is eyeing a strategic partnership with a major Asian Pacific financial conglomerate that will help it provide financing to Greek shipping companies."This pioneering initiative forms part of Piraeus Bank’s continued commitment to the shipping community, through investment of international capital into existing opportunities and new financing to the shipping industry," said a press release form the bank.The initiative aims at positioning…

12 Jul 2019

Navios Containers Appoints Tsironi CFO

Erifili Tsironi (Photo: Navios Containers)

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.

16 Jul 2019

Atlantic Offshore Wind: Favorable Winds for Maritime

© 3plusx/Adobe Stock

Now that the United States finally can envision steady winds blowing from the Atlantic Seaboard due to a pipeline of offshore wind farms on the horizon, the maritime industry can finally step up and earn some of the benefits. This includes shipbuilding, port construction, and worker training. This article reviews the key developments and forecasts the growth in maritime jobs.The federal and state governments share responsibility for developing offshore wind farms and bringing the wind into the power grid and…

08 Jul 2019

EIB Invests in Low-Emissions Outboard Engines

OXE Diesel. Image: Cimco Marine AB

The European Investment Bank (EIB) has signed a EUR 14 million venture loan agreement with Sweden’s Cimco Marine AB to co-finance its innovation and growth investments.As per the unsecured credit facility agreement, the EIB will finance up to 50 percent of Cimco’s development of a new family of diesel outboard engines, inter alia a 3 liter, 6- cylinder twin turbo BMW diesel engine with a number of power outputs between 200 hp and 300 hp."The total facility is split into three tranches of EUR 4 million (A)…

05 Jul 2019

Tallink Gets Finance for LNG Ferry

Pic: Rauma Marine Constructions

Estonian shipping company Tallink Tallink Grupp has borrowed  EUR 197.6 million to finance the new EUR 247 million LNG powered fast ferry currently under construction in Rauma Marine Constructions Oy.The loan agreement was concluded between AS Tallink Grupp subsidiary Tallink Superfast Ltd. and KfW IPEX-Bank GmbH, the shipper said.The loan is arranged and long term financing is provided by KfW IPEX-Bank GmbH. Finnish Export Credit Agency “Finnvera” guarantees 95 per cent of this…

05 Jul 2019

Wellard Sells MV Ocean Swagman

Image: Wellard

Cash-strapped livestock shipper, Wellard Limited has agreed to sell  its Ocean Swagman vessel to major shareholder Heytesbury Holdings for $US22 million ($31.3 million).Australia's largest live export company said in a stock exchange announcement that Ocean Swagman has a capacity of 7,000 cattle or 26,000 sheep. The company will sell the vessel just over two years after the company sold its sister ship the Ocean Outback.Wellard will charter the vessel back from Heytesbury for an initial period to 31 March 2021…

03 Jul 2019

Oakland Port: Big Drop in Greenhouse Gases

Pic: Port of Oakland

Oakland International Container Terminal (SSA), a major Port of Oakland tenant, said its $6 million conversion to hybrid yard cranes would cut greenhouse gas emissions 96 percent. “This is way better than we thought it would be,” said Ken Larson, Crane Manager for the terminal’s parent company, Seattle-based SSA Terminals. “So far, this is a very successful project.”The marine terminal, which handles 61 percent of Oakland’s cargo, is converting 13 massive cargo handlers, known as rubber tired gantry cranes, from diesel to battery-powered hybrid engines.

30 Jun 2019

Okeanis Gets Funds for Scrubber Retrofit

Pic: Okeanis Eco Tankers

The Piraeus-based shipping company Okeanis Eco Tankers Corp announced that it has secured commitment to a $11 million secured loan facility for its scrubber retrofit project from BNP Paribas.The tankers company, owned by the Alafouzos family, said in a press release that the facility carries an interest rate over Libor of 2.00%, a 5-year tenor, and a 4-year repayment profile beginning one year after drawdown.The  funds are available immediately, and the company expects to draw…

21 Jun 2019

Trump Warns Tehran of Possible Attack, Calls for Talks

Iranian officials told Reuters on Friday that Tehran had received a message from U.S. President Donald Trump warning that a U.S. attack on Iran was imminent but saying he was against war and wanted talks on a range of issues.News of the message, delivered through Oman overnight, came shortly after the New York Times said Trump had approved military strikes against Iran on Friday over the downing of a U.S. surveillance drone, but called them off at the last minute."In his message, Trump said he was against any war with Iran and wanted to talk to Tehran about various issues," one of the officials told Reuters, speaking on condition of…

20 Jun 2019

EMP Applauds Poseidon Principles

Aquarius Eco Ship by Eco Marine Power - A Sail Assisted Ship. Image: EMP

Japan-based Eco Marine Power (EMP), a company develops and markets renewable energy based systems for ships and other vessels, has applauded the recently announced introduction of the Poseidon Principles – a global framework for assessing and disclosing the climate alignment of financial institutions’ shipping portfolios.EMP said that these principles will also have a strong emphasis on zero emissions and EMP’s renewable energy solutions and design concepts are ideally suited…

27 Jun 2019

Shipping Companies: Is Bigger Better?

© Julien/Adobe Stock

“If consolidation was the solution to all that ails shipping, then container liner companies would be super profitable. They are not. In ‘commoditized’ sectors of the shipping industry, which by now includes pretty much everything apart from very small niche markets, there is hardly any economies of scale at the company level. As long as bigger is not in fact much better, then meaningful consolidation will not happen.”Dr. Roar Adland, visiting scholar at MIT Center for Transportation and Logistics and Professor at the Norwegian School of Economics (NHH).Like any other business…

24 Jun 2019

Oilfield Services Pricing Rises

Graph: Rystad Energy

Oilfield services companies are in bullish mode. They are now able to raise prices for their products and services, after several years of gloom.“Oil and gas investments are on the rise, and so too is the pricing power of service companies. After losing pricing power in 2015 and 2016, oilfield service companies have since regained some of the lost ground, thanks first and foremost to industry consolidation among players that has concentrated the market over the past couple of years…

19 Jun 2019

World Bank: China's BRI Needs Transparency

©By Maxim Pavlov/Adobe Stock

China's global Belt and Road Initiative (BRI) could boost economies and reduce poverty rates in dozens of developing countries, but it must be accompanied by increased transparency, said World Bank.A new World Bank Group study on the BRI transportation corridors said that improvement in risks environmental damage, debt and corruption should be made.BRI is an ambitious programme to connect Asia with Africa and Europe via land and maritime networks along six corridors with the aim of improving regional integration…

27 Jun 2019

Africa Pledges to Deliver Blue Economy

Leila Ben Hassen, CEO and Founder of Blue Jay Communication and ABEF. Photo: Africa Blue Economy Forum (ABEF)

A sustainable Blue Business plan will accelerate Africa’s transformation, create jobs, sustain livelihoods and empower communities while offering impactful climate change measures.Fishing, aquaculture, shipping, ports, energy, and finance industries all came under the spotlight at Africa Blue Economy Forum (ABEF2019) held in Tunis on 25-26 June.ABEF2019 drew in Government ministers, business leaders, international investors, academics and environmental organizations from across the globe.The need for direct action to deliver the environmental…

28 Jun 2019

MOL to Issue Sustainability Bonds

MOL Chairman Koichi Muto delivering  a speech in Mumbai. Photo: MOL

Japanese shipping company Mitsui O.S.K. Lines (MOL) has announced its plan to issue “Sustainability Bonds” for the financing of a series of green projects.This is the first time a company in Japan has issued sustainability bonds aimed at individual investors.Sustainability bonds are used to both finance and refinance green projects, which protect and improve the environment, and social projects, which help address social issues.In the management plan "Rolling Plan 2019," MOL's goals include "develop environment and emission-free businesses into core businesses…

Maritime Reporter Magazine Cover Jul 2019 - Cruise Vessel Design & Outfit

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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