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Finance Team News

16 Nov 2023

SWITCH Maritime Raises $10 Million to Grow Its Green Ferry Fleet

Sea Change (Photo: SWITCH Maritime)

SWITCH Maritime announced plans to grow its U.S. fleet of zero-emission ferries following the completion of a $10 million in a Series A round led by Nexus Development Capital.Founded in 2018, SWITCH’s mission is to enable private and public municipal ferry operators to more easily replace their carbon-intensive, diesel-powered fleets while reducing operating and fueling costs over the lifetime of their vessels.The fundraise comes on the back of the completion of its flagship zero-emission vessel…

18 Oct 2023

RCP Finance Secures Funding for Fuel Distributer in Maldives

Source: RCP Finance

Independent finance and capital structuring partner RCP Finance has successfully secured a $15 million credit facility from a leading Asian lender for The Hawks Pvt Ltd., a distributor of high-quality fuel in the Maldives.The Hawks caters to a range of local businesses including resort hotels, super yachts and navy vessels, with a total portfolio of more than 452 clients.Part of the credit facility has been used to facilitate the acquisition of the Bro Developer, a 2007 oil and chemical tanker with a carrying capacity of 15,000dwt.

16 Oct 2023

Securing Federal Grant Resources for US Ports

(Photo: HDR)

Like many ports, the Alaskan Port of Homer faces aging infrastructure and capital needs well beyond the local funding capacity. The port is a key link in the supply chain for 47 remote, rural, disadvantaged or Alaska Native communities served by Homer, making proposed port infrastructure upgrades critical for shipping statewide as well as for the local community.Enter the Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law. This unprecedented…

20 Dec 2021

WFW Announces New Athens Office Head

Alexia Hatzimichalis (Photo: Watson Farley & Williams)

Watson Farley & Williams (WFW) announced that, following the election of George Paleokrassas as the firm’s senior partner, partner Alexia Hatzimichalis will be taking over as Athens office head.Hatzimichalis, who joined the firm in 2001 and made partner in 2014, also heads the assets and structured finance team in Athens. Qualified in England and Wales, originally as a barrister and then as a solicitor, Hatzimichalis advises on a wide range of ship finance matters for clients including Greek and international banks, other financial institutions and ship-owning groups and U.S.-listed companies.

30 Nov 2021

Sea Change Completes US' First Hydrogen Refueling

The world’s first hydrogen fueling of a commercial marine vessel was successfully completed, and the vessel is now beginning its final sea trials before delivery, SWITCH Maritime announced.The new 75-passenger ferry, called the Sea Change, received hydrogen into its 242 kg tanks on the upper deck on November 18 at All American Marine shipyard. It uses that hydrogen in fuel cells producing electricity to power electric motors for distances up to 300 nautical miles, and speeds up…

22 Nov 2021

Marine News' Top Boats of 2021

Sea Change (Photo: All America Marine)

Sea Change - America’s first hydrogen powered ferrySWITCH Maritime’s new 70-foot passenger ferry Sea Change is navigating uncharted waters as the United States’ first zero-emissions, hydrogen fuel cell-powered, electric-drive ferry.The pioneering aluminum newbuild, constructed by Bellingham, Wash. shipbuilder All American Marine, Inc. (AAM), has been completed and was launched this summer, though permitting of hydrogen fuel systems for maritime vessels is still being worked out with the U.S. Coast Guard.“Legislation and laws for passenger safety did not exist yet for this type of vessel.

20 Oct 2021

Fairbanks Morse Defense Names Starr CFO

Robert Starr (Photo: Fairbanks Morse Defense)

Power and propulsion solutions company Fairbanks Morse Defense (FMD) announced that Robert Starr is joining the executive team as chief financial officer. In this role, he will lead the corporate finance team and oversee all financial reporting for the company.“Rob’s background working with commercial and military customers makes him a great fit for the Fairbanks Morse Defense team,” said George Whittier, CEO of FMD, an Arcline Investment Management portfolio company. “His ability…

19 Aug 2021

US’ First 100% Hydrogen Fuel Cell Powered Commercial Vessel Launched

(Photo: All American Marine)

The United States' first zero-emissions, hydrogen fuel cell-powered, electric-drive ferry has been launched and is gearing up for operational trials off the U.S. West Coast.Constructed by Bellingham, Wash. shipbuilder All American Marine, Inc. (AAM), SWITCH Maritime's 70-foot newbuild Sea Change will operate in the California Bay Area as the United States' first hydrogen fuel cell vessel, developed to demonstrate a pathway to commercialization for zero-emission hydrogen fuel cell marine technologies. While still working on permitting of hydrogen fuel systems for maritime vessels with the U.S.

29 Jul 2021

MPC Container Ships Refinances Debt

Container ship opertor MPC Container Ships has entered into a $70 million three-year revolving credit facility agreement with CIT Group. The company said the loan had attractive terms.MPC Container Ships,  registered in Oslo, Norway, said it had already made an initial drawdown of $40 million to refinance existing debt, and the rest would be used for vessel upgrades and other general purposes."As a consequence, the previous term loans with Beal Bank and CIT have been repaid in full. Further drawdowns under the facility will strengthen the free liquidity and may be used for vessel upgrades, investments or general corporate purposes," MPC Container Ships said.MPC Container Ships CEO Constantin Baack said: "Having secured significant charter backlog…

16 Feb 2020

WFW Advises TUI on $1.3Bn Take Over

London-based international law firm Watson Farley & Williams has advised TUI Cruises GmbH on its acquisition of Hapag-Lloyd Cruises from TUI AG for US$1.3bn, excluding net debt.According to the the transaction is subject to customary closing conditions and regulatory approvals and is expected to close in summer 2020. The deal includes the acquisition of HL Cruises’ luxury and expedition fleet, consisting of two five-star plus luxury vessels and three expedition cruise ships, by TUI Cruises. This expands TUI Cruises’ existing fleet to twelve cruise ships, which will enable it to participate in the growth of the cruise industry as the…

26 Apr 2019

MPC Container Ships Gets Loan

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 Maritime Finance team and their support in further positioning MPC Container Ships as a leading tonnage provider within the feeder container space."Constantin added: "With the new credit facility…

17 Dec 2018

NYK Introduces Its Green Bond Initiatives

Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK), the first company in the global shipping industry to issue labelled green bonds, presented its initiatives at a seminar conducted by Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. in Tokyo.A green bond is one in which the proceeds are used solely for the purpose of funding environment-friendly projects.The importance of environmental, social, and governance (ESG) initiatives is getting a lot of attention in capital markets, and this seminar provided information on current ESG affairs to issuers interested in ESG bonds.Yuichi Shirane, deputy manager of the Corporate Finance Team in NYK’s Finance Group…

20 Nov 2018

WFW Advises HSBC $123m Three Vessel Sinosure-backed Financing

Watson Farley & Williams advised HSBC Bank, HSBC Bank Middle East Limited HSBC Corporate Trustee Company  and a syndicate of banks including Mashreqbank, HSBC Bank Middle East Limited and Bank of Communications Ltd in connection with three Sinosure-backed loan facilities totalling approximately US$123m to UAE-based Zakher Marine International Inc (ZMI), to finance the construction and acquisition of three new high-spec jack-up barges.The delivery of the final two barges in September 2018 completed a structured financing and delivery process which saw Mashreqbank joining the project in 2017. Abu Dhabi-based ZMI was established in 1984 and now operates a fleet of 45 support…

29 Jun 2018

Teekay LNG Partners Announces CFO Transition

Teekay LNG Partners L.P. has announced that Brody Speers, the current Chief Financial Officer (CFO) of Teekay Gas Group Ltd., a management services company that provides services to the Partnership and its subsidiaries, has been appointed as Vice President, Corporate Finance, of Teekay Shipping (Canada) Ltd. (Teekay) and Scott Gayton, who currently serves as a Vice President at Teekay, has been appointed to assume the CFO position from Mr. Speers. Gayton brings over 20 years of finance and accounting experience, including most recently serving as CFO of Tanker Investments Ltd. from the time of its initial public offering until its merger with Teekay Tankers Ltd. (NYSE:TNK). Gayton will also continue to oversee capital markets transactions across the Teekay Group.

04 Apr 2018

BTMU to Refinance Two K-Line Vessels

Watson Farley & Williams (WFW) has advised The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Japan’s largest bank, as facility agent for a syndicate of international lenders comprising itself, Development Bank of Japan Inc. and Societe Generale on the $180m refinancing of two K-Line LNG vessels, Arctic Voyager and Arctic Discoverer which are time chartered to Statoil ASA, the world’s largest offshore operator.   The WFW Hong Kong Asset Finance team advising on the transaction was led by Partner and Office Head Madeline Leong, supported by Senior Associate Ryan Tan, Registered Foreign Lawyer Rueben Tan and Legal Assistant Sandrea Mar. London Finance Partner Rob McBride provided advice on the hedging elements of the financing.

06 Mar 2018

Seaspan Appoints Brass as CFO

Seaspan Shipyards (Seaspan) has appointed Christof Brass as Chief Financial Officer (CFO). Christof brings over 20 years of experience successfully delivering large, complex programs for multinational companies. With an extensive back-ground in strategic financial planning and analysis, Christof will help drive the continued success and improvement of Seaspan. “As a leader with experience in transforming international finance teams, Christof has all of the skills that we were looking for to lead the financial components of our business,” said Brian Carter, President and CEO – Seaspan Shipyards. Christof is a highly accomplished finance executive who will provide the leadership and guidance necessary to build a strong, integrated and efficient finance team.

21 Mar 2016

Cyberhawk Attracts £2m investment

Cyberhawk, the world leader in Remotely Operated Aerial Vehicle (ROAV) inspection and survey, and a pioneer in the conversion of drone-captured data into powerful asset information, is targeting expansion following agreement on a new £2 million funding package from Clydesdale and Yorkshire Banks’ Growth Finance team. The funding will enable Livingston-based Cyberhawk to accelerate growth, create jobs, develop its products and services and expand its global footprint, ensuring the company continues to lead the commercial development of the ROAV inspection market. Established in 2008, Cyberhawk is headquartered in Livingston, Scotland, with international offices in the Middle East and Southeast Asia.

10 Apr 2015

Semco Maritime strengthens Management Team

The international contracting and engineering company Semco Maritime has strengthened its Aberdeen team with three new appointments to support its continued growth. Brian Donaldson takes up the role of business development manager, with Colin Stewart and Gustav Ferrao appointed as assistant accountant and senior systems engineer respectively. Donaldson is a mechanical engineer and a member of the Institute of Measurement & Control. Donaldson's primary focus is to grow Semco's business in the UK, particularly in regards to Aberdeen based clients. “It is exciting to join Semco's team at this important phase in the company’s development,” said Donaldson. As assistant accountant, Stewart will support the Aberdeen-based finance team with the accountancy operations of Semco's UK facilities.

16 May 2014

Citi Builds Commodity Trade Finance as Others Retreat

Citigroup plans to double its commodities trade finance team within the next three years as it seeks to benefit from a retreat by some rival banks, the head of the business said. Citigroup is one of the biggest players in trade finance but has been relatively small in the specific area of commodities trading. It started building a commodities trade finance team to focus on the sector in 2012. Trade finance is a form of short-term lending or guarantee that ensures payment is made on an international shipment of goods. Kris Van Broekhoven, global head of commodities trade finance at Citi, told Reuters he hoped to double the team's 14-strong headcount within three years and become a top five player.

24 Jun 2013

HII's Barb Niland Named Top CFO by Virginia Business Magazine

Barb Niland: Photo credit HII

Barb Niland, HII's corporate vice president of business management & chief financial officer, was recognized in the publicly traded companies category. "I am honored to work with more than 37,000 of the most talented shipbuilders in the world," Niland said upon receiving the award at the eighth annual CFO Awards Banquet in Richmond. Niland is the CFO of the largest manufacturing employer in Virginia and one of the state's 23 Fortune 500 companies. She led HII's spin-off from Northrop Grumman Corp. in 2011 and successfully transitioned from a business unit CFO to a public company CFO.

03 Jul 2012

Phil Cowan Returns to Moore Stephens

Phil Cowan, Head of Corporate Finance

Corporate finance specialist Phil Cowan has returned to shipping accountant and consultant Moore Stephens as Head of Corporate Finance. Formerly Group CFO of V.Group Limited and Chairman of V.Ships Capital, Cowan has first-hand experience of ship management, marine services, shipbroking and ship finance, and represented shipowners and investors in a number of shipping asset investments, structuring equity and debt finance. He was responsible for a number of V.Ships’ acquisitions and led the V.Ships’ team that managed the sale of V.Group to Omers Private Equity.

07 Apr 2014

Deadbeat Chinese Shipyards Stick Banks with Default Bill

Chinese banks are stuck in a lose-lose legal battle between domestic shipyards and foreign buyers over billions of dollars in refund guarantees that are supposed to be paid out if shipbuilders fail to deliver on time. One in three ships ordered from Chinese builders was behind schedule in 2013, according to data from Clarksons Research, a UK-based shipping intelligence firm. Although that was an improvement from 36 percent a year earlier, it was well behind rival South Korea, where shipyards routinely delivered ahead of schedule the same year. That means Chinese banks may be on the hook to pay large sums to buyers if the yards can't come through per contract, with little hope of recouping the cash from the yards.

27 Nov 2012

Singapore’s Jaya Holdings – New CFO Appointed

Jaya Holdings Ltd is pleased to announce the appointment of Mr Chong Chow Pin as Chief Financial Officer Designate. Mr Chong will report directly to the Chief Executive Officer and be responsible for financial, treasury and all corporate services. He succeeds Ms Thai Kum Foon, who will step down on 31 December 2012 from the position to pursue personal interests. Mr Sheshashayee Venkatraman, Chief Executive Officer of Jaya Holdings, said today: “We would like to thank Kum Foon for her great contributions to Jaya Holdings, in particular her dedication and effort in the past two years, a period of significant change for the Group. She leaves us in a much stronger financial position than we have been for some time.