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Finance Construction News

24 May 2023

Hanwha Completes Purchase of DSME

Hanwha Group Chairman Seung Youn Kim

The Hanwha Group has completed its take over of Daewoo Shipbuilding & Marine Engineering (DSME), renaming it Hanwha Ocean.Hanwha Vice Chairman Kwon Hyuk-woong has been appointed as CEO of the shipyard.The Korea Times reports that DSME suffered a 1.6 trillion won operating loss last year and 1.7 trillion won the year before. During the first three months of this year, it suffered 62.8 billion won in operating losses.Hanwha has already established a network of businesses that address renewable energy.

17 Dec 2019

Zvezda Shipyards Secures Arc7 Tanker funding

Russian state development bank VEB said on Tuesday it has provided first tranche worth $66 million to Rosneft-led Zvezda shipyard to finance construction of the first Arc7 gas tanker for Novatek's Arctic LNG 2 project.VEB has said its board has approved financing for 15 Arc7 gas tankers for the Arctic LNG 2 project which is expected to start liquefied natural gas (LNG) production in the first part of the next decade in what will be Novatek's second big LNG plant.For its pilot LNG plant, Yamal LNG, Novatek has ordering Arc7 ice-class LNG tankers from South Korea's Daewoo Shipbuilding and Marine Engineering (DSME).Reporting by Darya Korsunskaya

24 Jan 2019

Shipbuilding; Irish Ferries to Build Two Vessels

The European Investment Bank is providing EUR 155 million to finance two new passenger and vehicle ships for the Irish Continental Group (ICG) subsidiary Irish Ferries.The two ferries will increase passenger and cargo capacity on routes to Ireland, replace older and smaller vessels and significantly reduce emissions from the Irish Ferries fleet.The new ferries are expected to be used on both the Dublin-Holyhead and Dublin-Cherbourg routes to reflect demand for a greater choice of services from Ireland to Britain and direct to continental Europe.The announcement was made as the W.B. Yeats cruise ferry made its maiden commercial voyage from Dublin to Holyhead this morning.The largest ever EIB support for Irish shipping was announced during a visit this morning by Andrew McDowell…

26 Jun 2018

Laino Named Chembulk CCO

Chembulk Tankers named Steve Laino its Chief Commercial Officer, based out of the Southport office and responsible for all facets of our commercial strategy worldwide, including chartering, projects and client relations. Laino comes to Chembulk with more than two decades of diverse experience in the maritime transportation industry, with experience in the chemical tanker sector. Laino has held roles in operations both at sea and ashore, in commercial capacities as a tanker broker, projects broker and shipowner. Most recently, Laino held the role of Chief Operating Officer of Chemical Transportation Group (CTG), which he founded together with two partners and a group of investors in 2014.

12 Feb 2015

Shipbuilder CTruk Awarded Round 6 RGF Grant

   An artist rendering of the completed Advanced Composite Technology Centre (Photo courtesy of CTruk)

Essex-based shipbuilder CTruk received a £1 million ($1.5 million) grant for the construction of an Advanced Composite Technology Centre from the UK Government's Regional Growth Fund, the office of Deputy Prime Minister Nick Clegg announced today. The funding from the successful Round 6 bid will catalyze £7.3 million ($11.2 million) in private investment for the facility, which will allow the company to build workboats for offshore wind farm operations, CTruk announced in a press release.

16 Oct 2014

APM Terminals wins Battle for Moin Container Terminal

The Supreme Court has ruled in favor of the Costa Rican Government and APM Terminals in an appeal filed by the port workers union against the 33-year concession contract for the new Moin Container Terminal (TCM) in Limon on the Caribbean coast of Costa Rica. "The TCM will be a world class, modern, safe and efficient terminal operating under international standards and procedures, designed to boost Costa Rica´s international trade by taking full advantage of the economy of scale provided by the new-Panamax container vessels of up to 13,500 containers, vessels of up to five times larger than those which can be serviced in the country today," Gallie said.

24 Sep 2013

Scorpio Bulkers' Stock Placement Raises US$300-million

Photo courtesy of Scorpio Bulkers

Scorpio Bulkers Inc. has completed their private placement of 33,400,000 new ordinary shares of $0.01 par value at a subscription price of NOK 53.50, raising approximately $300 million in gross proceeds. The proceeds from the Private Placement, say Scorpio, will be used to part finance construction of a series of fuel efficient dry bulk vessels and for general corporate purposes. RS Platou Markets AS acted as Sole Manager in the Private Placement. www.scorpiobulkers.com

20 Feb 2013

Pacific Drilling Gets Funding for Two Drillships

Pacific Drilling S.A. sign a $1 billion senior secured credit facility agreement to finance construction of the Pacific Sharav & Pacific Meltem. The term loan made pursuant to the credit facility will have a maturity of 5 years from the delivery date of the Pacific Meltem. A portion of the funding will be provided before delivery of the vessels, with all drawdowns from the facility subject to satisfaction of customary conditions precedent. The transaction was led and structured by Citibank and DNB, and supported by the Norwegian export credit agencies Garanti-Instituttet for Eksportkreditt (GIEK) and Eksportkreditt Norge AS. Also acting as Mandated Lead Arrangers were ABN AMRO, ING, SEB and Standard Chartered Bank.

24 Apr 2008

DryShips Inc. to Acquire Ultra Deep Water Drillships

DryShips Inc., announced that it has exercised its option to acquire two advanced capability drillships for use in ultra deep water drilling locations. The drillships, are to be constructed by Samsung Heavy Industries Co., Ltd. (SHI) and are expected to be delivered from the shipyard in the third quarter of 2011. The expected delivered cost of the newbuilding drillships is approximately $800 million per unit. The company expects to receive shortly a firm commitment for the debt portion to finance construction and other payments. Conference Call Announcement: Today, Thursday, April 24, 2008, at 10:00 a.m. EDT management will host a conference call to discuss the pending Mandatory tender offer for Ocean Rig and the agreement to construct the above two drillships.

28 Nov 2000

AMCV Outlines Expansion Plans

American Classic Voyages Co., which is currently engaged in a high-profile effort to build cruise ships in the U.S., recently provided financial information on its expansion plans and its outlook for 2001. The 1,212-passenger ms Patriot, the first ship in American Classic Voyages' United States Lines fleet, just completed a $21 million refurbishment at Cascade General Shipyard in Portland, Oregon. The ship is in Los Angeles for the beginning of a series of inaugural activities that will introduce 6,000 travel agents to United States Lines. The ms Patriot will begin its permanent seven-night Hawaiian Island itinerary with its inaugural cruise on December 9.

28 Nov 2000

AMCV Outlines Expansion Plans

American Classic Voyages Co., which is currently engaged in a high-profile effort to build cruise ships in the U.S., recently provided financial information on its expansion plans and its outlook for 2001. The 1,212-passenger ms Patriot, the first ship in American Classic Voyages' United States Lines fleet, just completed a $21 million refurbishment at Cascade General Shipyard in Portland, Oregon. The ship is in Los Angeles for the beginning of a series of inaugural activities that will introduce 6,000 travel agents to United States Lines. The ms Patriot will begin its permanent seven-night Hawaiian Island itinerary with its inaugural cruise on December 9.

29 Feb 2000

KMY Wins Two-Ship Order From RCL

Kvaerner Masa Yards won a $1.09 billion contract to build two ships for Royal Caribbean Cruises (RCL). The Eagle-type cruise ships are scheduled to be ready for delivery in 2002 and 2003. "The intentional agreement has been signed under the conditions that the yard can finance construction of the ships," Kvaerner said. "Even though Kvaerner has decided to pull out of shipbuilding and concentrate its operations in other fields -- and the process to find a new ownership structure for Kvaerner Masa Yards is ongoing-- we welcome the deal," Kvaerner Chief Executive Kjell Almskog said. Almskog said the deal boosted the yard's current order book to 19.9 billion crowns from 10.8 billion crowns.

07 Sep 2005

From the Bridge of the Ship Simulator

When a pilot learning to guide ships along the Mississippi River makes a mistake and crashes into a New Orleans wharf, the only thing that ends up damaged is his ego. That's because the mistakes happen in a ship simulator housed in an old movie theater in Covington, La. The $1 million simulator can place a pilot on the bridge of a ship anywhere along the river between the mouth of the Mississippi and Baton Rouge. Scenes projected on the walls of the simulator, located in what once was the old DeLuxe movie theater in downtown Covington across Lake Pontchartrain from New Orleans, accurately depict every aspect of the 240 miles of waterway.