Finance News

26 Apr 2019

Minerva Bunkering Names Tyler Baron as CEO

Image: Mercuria Energy Group

Minerva Bunkering, formerly Aegean Marine Bunkering Network now a fully-owned subsidiary of Mercuria Energy Group, appointed Tyler Baron as the Chief Executive Officer (CEO).Baron will be based in Geneva, and will oversee Minerva’s global business operations across Europe, the Americas and Asia, said a press note from the physical supplier of marine fuels.“Given Tyler’s history with and dedication to the company, as well as his breadth of experience in financial markets and capital allocation…

26 Apr 2019

MPC Container Ships Gets Loan

Image: MPC Container Ships

Norwegian shipowner MPC Container Ships, which provides feeder tonnage, has entered into a USD 40 million three-year revolving credit facility agreement.The deal was signed with New York-based CIT Group at “attractive terms”, MPC Container Ships said.Drawdowns under the facility may be used toward investments, vessel upgrades or general corporate purposes, it said.Constantin Baack, CEO of MPC Container Ships, said: "We are very satisfied with the cooperation demonstrated by CIT's…

23 Apr 2019

'Sea the World' Reveal At Huizenga Center

Engine Room Wall (Photo: Advanced Mechanical Enterprises)

South Florida’s marine industry is a $12 billion/year economic engine that provides the region with 142,000 careers and jobs. With an aging workforce and a unique skill set, the maritime community is facing a workforce that’s aging out with skilled labor being very hard to find. To assist, Advanced Mechanical Enterprises/AMESOLUTIONS.COM, and 23 marine industry companies have joined forces with Junior Achievement of South Florida.On May 1, 2019, Junior Achievement of South Florida will unveil the Marine Industry Storefront…

22 Apr 2019

Oman LNG Settles $2bln Loan in Advance

Pic: Oman LNG

Oman Liquefied Natural Gas LLC has announced that it has successfully repaid its US$2 billion loan facility obligation ahead of schedule, saving interest costs.According to Oman News Agency, the move is part of the company’s ongoing efforts to reduce financial costs and support Oman’s credit rating.The agency quoted Dr Mohammed bin Hamad al Rumhi, Minister of Oil and Gas and chairman of Oman LNG, as saying: “The early repayment of the loan by Oman LNG demonstrates the financial robustness of the company and confidence in the oil and gas industry and Omani economy at large.

19 Apr 2019

Europe Invests $30bln in Wind in 2018

Image: WindEurope

Europe invested a total of EUR27bn (USD 30.34bln) in new wind farms in 2018, allowing it finance a record amount of new wind energy capacity, according to European trade body WindEurope.Europe invested EUR 10.3 billion in new offshore wind farms with a combined capacity of 4.2GW in 2018.Investments in new offshore wind projects increased by 37% from 2017 but were still some way off the record EUR 18.2 billion seen in 2016, according to the report. The capacity financed in 2018 is also the second highest after 2016.The total amount invested in wind power is similar to previous years.

18 Apr 2019

Voser Steps in as Interim CEO at ABB

Peter Voser (Photo: ABB)

ABB Chief Executive Ulrich Spiesshofer has quit the Swiss industrial group as the board and major shareholders look for a speedier turnaround at the maker of industrial robots and supplier of factory automation.Spiesshofer’s abrupt exit follows the launch of the biggest overhaul in ABB’s 31-year history to reposition the company more toward digital industries and agreeing to activist shareholder demands to sell its power grids business.But the latest revamp by the former management consultant failed to revitalize ABB’s stock…

17 Apr 2019

A New York State of Mind

New York Bight call areas.  "Call" is a short-hand term referring to calls for proposals or calls for interest in an area. (Image: BOEM)

“A new industry is being established in New York, with the primary stimulus being a state-driven procurement process.”New York State Public Service Commission (PSC), July 12, 2018.To a great extent, this PSC comment provides direct insight into the dynamics behind New York’s pace-setting moves to establish offshore wind. First, this new energy development is deliberate – not left to chance or laissez faire markets. Second, state officials are in control, from choosing a contractor to securing money for payment.

16 Apr 2019

Scorpio Sells, Leaseback Six Vessels

Pic: Scorpio Bulkers Inc.

Monaco-based dry bulk shipping company Scorpio Bulkers has agreed to sell and leaseback six Ultramax vessels to AVIC International Leasing.The dry bulk operator said in a press note that the six vessels are SBI Antares, SBI Bravo, SBI Hydra, SBI Leo, SBI Lyra and SBI Maia.Upon completion, which is estimated to take place in the second quarter of 2019, the Company’s liquidity is expected to increase by up to $62.4 million in aggregate, comprising up to $52.6 million upon closing…

15 Apr 2019

MOL, Mitsui Join in Modec FPSO Project

Pic: MODEC

Mitsui O.S.K. Lines and Mitsui & Co have participated in a long-term charter business  operated by MODEC for the purpose of providing a floating production, storage, and offloading system (FPSO) for use in the Area 1 block offshore Mexico and a loan agreement for the Project was entered into on April 12, 2019.Mitsui and MOL invested in Area1 Mexico MV34 B.V. ("MV34"), a Dutch company established by MODEC, which will engage in FPSO leasing, operations and maintenance services.In December 2018, MV34 concluded the charter agreement with Eni Mexico S. de R.L. de C.V.

15 Apr 2019

ITC Faces Added Costs for March Fire & Spill

File Image:  An aerial view of the Houston Refining complex and ship channel / CREDIT: AdobeStock / © Irina K

The costs of a massive fire and chemical spill at a Houston petrochemical facility have begun trickling out, with a local official on Monday estimating emergency response costs at $800,000 for the first two weeks of the disaster alone.A blaze at Mitsui & Co Ltd's Intercontinental Terminals Co (ITC) petrochemical facility in Deer Park, Texas, last month released cancer-causing chemicals into the air and waterway that connects Houston to the Gulf of Mexico, disrupting shipping along the nation's busiest oil port.County employees devoted 16…

15 Apr 2019

BMA Appoints Hutchinson as MD, CEO

Captain Dwain E. Hutchinson (Photo: BMA)

The Bahamas Maritime Authority (BMA) announces the appointment of Captain Dwain E. Hutchinson as its Managing Director and Chief Executive Officer. Captain Hutchinson succeeds Commodore Davy F. Rolle, who stepped down as Director last year.Captain Hutchinson is a proud Bahamian from Nassau, New Providence island, where he completed his tertiary education before commencing his maritime studies in Scotland at Glasgow College of Nautical Studies. Qualified with a UK Master Mariner (Unlimited) STCW Certificate of Competency…

15 Apr 2019

WASHINGTON WATCH: A Tale of Two Fleets

Jeff Vogel, a Member in Cozen O’Connor’s Transportation & Trade Group.

Mixed Government Support for U.S. Shipbuilding.It has been a busy start to the 116th Congress for the U.S. shipbuilding industry, with three congressional hearings in early March focused on the industry’s role as a critical component of the U.S. national security industrial base. In addition, the Consolidated Appropriations Act, 2019, which was signed into law on February 15, contained mixed news for shipbuilding programs. Through the congressional hearings and enacted legislation, two opposing themes have emerged.

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 Apr 2019

Teekay Gets ECA-backed Newbuild Loan

Image: Teekay Offshore Partners

Teekay Offshore Partner, a marine energy transportation, storage & production company, has signed for a shipping export credit agency (ECA)-backed US$414m debt facility to fund four LNG-fuelled newbuild shuttle tankers.Watson Farley & Williams (WFW) is advising its long-standing client Teekay on this ECA-backed newbuild loan, noted a release.The facility, which bears interest at Libor plus 225 basis points for up to 12 years from each delivery, is funded and guaranteed by both…

11 Apr 2019

Maryland Act Boosts Offshore Wind Market

Image: Orsted

Maryland state lawmakers have passed the Clean Energy Jobs Act (CEJA) of 2019, which would incentivize the development of 1.2 GW of additional offshore wind energy off the coast of Maryland.US Wind Country Manager Salvo Vitale testified last month before the Senate Finance Committee and House Economic Matters Committee urging passage of the legislation while citing the significant economic benefits that the legislation would make possible by incentivizing the development of 1…

10 Apr 2019

Singapore Remains Top Maritime Capital

Pic:  DNV GL

Singapore has been ranked the world's top maritime capital for the fourth consecutive time in the Leading Maritime Capitals of the World (LMC) report. The Leading Maritime Capitals report for 2019 is with fresh insight on which maritime metropolises provide the best support for companies in shipping and related services.Criteria include soft and hard infrastructure and access to world-class talent and services – all key components that maritime businesses need to thrive in their chosen locations.Singapore maintained its top position at the head of the 15 leading maritime capitals.

09 Apr 2019

Maersk Mulls Trade Financing Growth in India

Image: Maersk

Shipping major AP Moller-Maersk Group's export-import (exim)-focused trade finance arm Maersk Trade Finance is targeting a 33 percent loan disbursal growth at $200 million in 2019 in India.The trade financing solution arm of Danish business conglomerate said that it disbursed a total of USD 0.7 billion globally till date since its inception in 2015, with over 150 million in India in the year 2018, a 53% Y-o-Y increase as compared to 2017.Vipul Sardana, Global Head of Maersk Trade Finance said “Indian SME sector continues to play a significant role in India's economic development.

08 Apr 2019

Scorpio Bulkers Sells Two More Vessels

Pic: Scorpio Bulkers Inc

The international provider of marine transportation of dry bulk commodities Scorpio Bulkers has once again sold vessels with two new sale and lease back agreements.This time the sale concerns two Ultramax vessels - SBI Libra and SBI Virgo - to an unaffiliated third party.Upon completion, which is estimated to take place in the second quarter of 2019, the Company’s liquidity is expected to increase by up to $17.0 million in aggregate, comprising $14.0 million upon closing after…

05 Apr 2019

Fitch Bullish on Asia-Pacific Ports

Pic: MOT Singapore

Revenue stability and capex plans are the main drivers of credit rating differences among Asia-Pacific ports, according to a new Fitch Ratings report. Leverage and debt structure also set apart the ratings.Revenue stability, due to strong volume or price attributes, and resilience is underpinned by each port's importance to the economy and the strength of its catchment area, along with its competitive position.Volume stability benefits from diverse throughput and limited customer concentration; reliance on a single commodity can increase volatility.

04 Apr 2019

Cosco Intros Guangzhou Supply Chain Platform

Photo:Cosco Shipping Ports

The global ports operator Cosco Shipping Ports signed investment agreement of Cosco Shipping Ports Supply Chain Project with Guangzhou Nansha Economic and Technology Development Zone Commercial Bureau.The Cosco Group company said that it plans to develop phase I of terminal extended business in the land near Nansha Stevedoring Corporation Limited of Port of Guangzhou and Guangzhou South China Oceangate Container Terminal Company Limited, in order to develop port supply chain platform…

04 Apr 2019

Teekay Secures Loan for Shuttle Tanker Newbuilds

Pic: Teekay

International midstream services provider, Teekay Offshore Partners announced that it has secured a new $414 million long-term debt facility that will be used to finance four LNG-fueled Suezmax DP2 shuttle tanker newbuildings.Upon delivery in 2019 and 2020, two of the vessels will commence operations under the Partnership’s Master Agreement with Equinor, while the remaining two vessels will join the Partnership’s contract of affreightment (CoA) shuttle tanker portfolio in the North Sea…

04 Apr 2019

Swedish Bank to Finance Star Bulk

Pic: Star Bulk Carriers

Swedish financial group Skandinaviska Enskilda Banken AB (SEB) is providing US$71.42m term facility to Star Bulk Carriers for the refinancing of two Newcastlemax-size bulk carriers. Watson Farley & Williams (WFW) is the advisor for the deal.The London based international law firm said that the deal also involved partly financing the prospective capital expense for the retrofitting of the ships with scrubbers, ahead of the entry into force of the 2020 IMO regulations.The two ships…

02 Apr 2019

Scorpio Bulkers Borrows to Fit Scrubbers

Pic: Scorpio Bulkers Inc.

Scorpio Bulkers, a shipping company that owns and operates dry bulk carriers worldwide, announced that it has reached agreements with certain lenders to to increase certain existing credit facilities by a total of $41 million.The Monaco-based dry bulk shipping company said in a press release that the agreement in order to finance the installation of exhaust gas cleaning systems (scrubbers) on certain of its vessels.The additional amounts will be drawn upon the installation of the scrubbers on these vessels, and are structured as upsizings of existing credit facilities.

Maritime Reporter Magazine Cover Apr 2019 - Navies of the World

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