Financing News

As companies approach the exploitation phase of Deep Sea Mining, one critical factor is the transportation of mineral ores from the mine site location to onshore refineries While this may appear to be a relatively simple step, involving conventional bulk ore carriers and standard procedures, the nuances and practical limits of operating in the deep ocean mean that this step becomes increasingly complex and challenging. This article will explore the STARS concept, the likely regulatory requirements, and the complexities of this new vessel type.

The Port of New Orleans (Port NOLA) announced that its President and CEO Brandy D. Christian will step down mid-June 2024 to pursue an opportunity in the private sector. Christian has served as the President and CEO of Port NOLA since January 1, 2017, and as the CEO of the New Orleans Public Belt Railroad (NOPB) since its acquisition by Port NOLA on February 1, 2018, during which time Port NOLA increased operating revenues by 70% and NOPB increased operating income by 300%."We cannot overstate the exemplary leadership that Brandy Christian has provided throughout her tenure…

Black & Veatch has completed a feasibility study for the planned Andes Energy Terminal, a liquefied natural gas (LNG) regasification terminal and power plant.The study assessed site suitability, project design requirements, capital and operating costs, financial viability, financing options, climate resilience, and implementation and construction plans.Beginning with a site assessment that focused on the landscape of the area, regulatory restrictions and accessibility, the study…

Greek shipowner Euroseas has entered into charter contract for its fuel efficient 1,800 TEU feeder container ship currently under construction, while securing funding for a sister ship planned for delivery later in 2024.The time charter contract is for M/V Monica for a minimum period of 10 to a maximum period of 12 months at the option of the charterer, at a gross daily rate of $16,000.The new charter will start upon delivery of the vessel from the shipyard expected around mid…

Damen Financial Services (DFS) and Siemens Financial Services (SFS) have joined forces to establish a new facility for vessel financing solutions under the name of Damen Ship Lease (DSL).The DSL facility is now one of the funds of Damen Ship Lease Cooperation which is managed by DFS. It is designed to provide current and prospective ship owners with the ability to expand their fleets by enabling them to acquire state-of-the-art vessels using flexible financing options. This strategic…

Compagnie Maritime Monegasque (CMM) has secured $94 million in financing from Summit Ridge Capital Partners, which will help the company construct pioneering ethanol-powered fleet of Platform Supply Vessels (PSVs) in Brazil.The financing will enable CMM to recompose its shareholder structure and to expand its fleet, the company said. Panorama Capital Partners sourced and advised on the transaction, and participated as a co-investor.As part of this expansion, CMM will construct pioneering ethanol powered PSV fleet in Brazil.

The developer of an innovative towboat engineered to run on hydrogen generator technology has signed a Design Basis Agreement (DBA) with the U.S. Coast Guard, helping to clear the regulatory path toward the vessel's eventual entry into service.The first-of-its-kind vessel, Hydrogen One, is being produced by Maritime Partners, the Metairie, La.-based maritime financing company that unveiled plans for the groundbreaking towboat in 2021.Designed by Seattle-based Elliott Bay Design Group…

Meyer Turku Group's results for 2023 indicate the company's turnover was 1.43 billion euros, which means a growth of 10.6% compared to the previous year.Both the turnover and the number of personnel have been growing for three consecutive years. The loss for the financial year 2023 was 103.8 MEUR (i.e. -7.2% of the turnover).The fiscal year 2023 of the shipyard company was affected by the ship deals that were closed before the covid pandemic, the new prototype ship project and the loss provision for the ship to be delivered in 2024.Beyond that…

Russia's state-owned reinsurer has given financial backing to three Russian insurance firms, allowing them to get Indian approval to provide marine insurance cover to tankers, two sources said, as Moscow seeks to facilitate trade with India amid Western sanctions.A raft of sanctions by the U.S. and allies against Moscow over its Ukraine invasion, along with tighter scrutiny of Russian oil trade, has almost cut Russia off from the global network of service providers such as insurers and brokers.Russian companies Sogaz Insurance…

Norwegian shipowner MPC Container Ships (MPCC) has signed a $55 million pre and post-delivery ECA covered financing agreement with Deutsche Bank and SINOSURE for its two dual-fuel methanol newbuildings.The vessels are scheduled for delivery towards the end of 2024 and are secured by 15-year time charter agreements with North Sea Container Line (NCL). The loan matures in 2036, according to MPCC.Chinese-based shipyard Taizhou Sanfu Ship Engineering is in charge of the construction…

Damen Shipyards Group has launched a pilot project in which a small tug will be dismantled in a circular way and fully in line with the EU regulations.The project will serve as a trial, after which this approach of ‘green’ ship dismantling and recycling will be made available commercially, and also for larger vessels, according to Damen.The 15.4-meter-long tug named Jan, which was built in 1927, will be dismantled at Damen Shiprepair Rotterdam’s Botlek site in line with the regulations…

Belships announced has expanded its newbuild program with two new 64,000 dwt Ultramax bulk carriers scheduled for delivery in 2028.The Norwegian-based company now has a total of 10 newbuilds under construction at Japanese shipyards with delivery between 2024 and 2028. All vessels are leased on time charter for a period of 7 to 10 years from delivery, with purchase options around current market levels. There is no obligation to purchase any of the vessels. Cash breakeven for the vessels upon delivery is about $14…

The Maritime International Advisory Panel (IAP) held its third annual meeting on April 16, 2024, during the Singapore Maritime Week 2024. This year, the Maritime IAP held in-depth discussions on the key developments in the maritime sector, including decarbonization, green financing, digitalization and cybersecurity.Established in 2022 by the Ministry of Transport (MOT) and the Maritime and Port Authority of Singapore (MPA), the Maritime IAP aims to seek international perspectives on key long-term trends and developments that will shape the maritime industry.

The United States has launched an investigation into alleged unfair practices within China's shipbuilding and maritime industries, drawing ire from Chinese officials.The probe was launched Wednesday by U.S. Trade Representative Katherine Tai in response to a petition filed by five national labor unions accusing China of using "non-market policies that are far more aggressive and interventionist than any other country" to obtain dominance over the global shipbuilding, maritime and logistics sector."The American commercial shipbuilding industry is a shell of its former self. . .

Fincantieri has received a highly significant order from Norwegian Cruise Line Holdings for the construction of four new next-generation cruise ships.The order entails the construction of two cruise ships for the Regent Seven Seas Cruises and two for the Oceania Cruises brands respectively.The ships designated for Regent Seven Seas Cruises, scheduled for delivery in 2026 and 2029, will boast a gross tonnage of 77,000 tons and accommodate approximately 850 passengers.Meanwhile…

The Maritime and Port Authority of Singapore (MPA) has launched the first pilot trial for electric harbor craft charging point at the Marina South Pier (MSP).The charging point was awarded to the Pyxis Energy, Pyxis Maritime, and SP Mobility partnership. Pyxis’s fleet of electric harbor craft operating at MSP will serve as the base offtake to ensure optimization of the charging infrastructure.The Pyxis and SP Mobility partnership has deployed a 150kW land-based direct current fast charger with a Combined Charging System 2 connector at MSP.

Norwegian Cruise Line (NCL) has ordered eight new ships, the most comprehensive newbuild order in its history.The order represents nearly 25,000 additional berths, with new classes of ships for each of its three brands and the construction of a multi-ship pier at Great Stirrup Cay, the company’s private island destination in the Bahamas.The new ships are scheduled for delivery over a 10-year period, between 2026 and 2036. Following the delivery of four Prima-Plus class ships from 2025 through 2028…

Gearbulk announced it has signed a contract for delivery of up to four ammonia/methanol-ready, 82,300 dwt open hatch newbuildings. The contract is firm for two vessels, with an option to purchase a further two.The Swiss-headquartered company said it has secured financing for the vessels, and CSSC Huangpu Wenchong Longxue shipyard will deliver the first two vessels in the first half of 2027.“This contract for four newbuildings marks a significant milestone for Gearbulk as these vessels are set to be the largest and most efficient in the company’s history…

2024 marks another year for development of a biennial WRDA bill—Water Resources Development Act, critical legislation for the Nation’s waterways, ports and harbors. WRDA encompasses a range of issues, from environmental regs to energy use to agriculture and, of course, a focus on projects critical for economic growth.Because these are dynamic and timely issues, Congress and the maritime sector like to keep WRDA on a two-year reauthorization timeline. Indeed, the House Transportation & Infrastructure Committee, December and January, held three WRDA information hearings.

Fresh on the heels of its first newbuild order in five years, the world's largest cruise company has placed an order for an additional vessel.U.S.-based Carnival Corporation on Tuesday announced it has signed an agreement with German shipbuilder Meyer Werft to build an Excel-class cruise ship for its Carnival Cruise Line brand for expected delivery in 2028.The ship will be the 11th Excel-class ship for the corporation's fleet across four of its brands, and the fifth to be sailed by Carnival Cruise Line.

The Biden administration on Tuesday gave final approval to Orsted and Eversource's Sunrise Wind offshore wind facility, which is expected to provide power to more than 320,000 homes in New York.The announcement was the latest positive development for the project, which Denmark's Orsted warned just months ago could fail without a new contract that would cover soaring costs for equipment and financing.Orsted and Eversource said separately that they had taken a final investment decision…

Ships carrying 332 tons of food for Gaza left Cyprus's Larnaca port on Saturday in a convoy which will reach the besieged enclave early next week, authorities said.It is the second shipment this month after Israel eased a 17-year naval blockade on the Gaza Strip to allow aid in from Cyprus, sourced by U.S. charity World Central Kitchen (WCK) for starving Palestinians.The aid will be taken to Gaza on a cargo ship and a barge towed by a salvage vessel, along with a tugboat carrying a support team in a journey which will take about 60 hours…

Maritime Partners,a Louisiana-based provider of maritime financing solutions primarily focused on Jones Act vessels, announced the addition of Stephen J. Bordes and Greg Chase to its executive leadership team.Bordes joins Maritime Partners as its chief financial officer, and Chase as as the firm’s chief legal officer.Bordes brings to the company more than 20 years of experience in the fields of finance and fund management. Prior to joining Maritime Partners, he served as the CFO for New York-based American Industrial Partners…