Swedbank Adopts Poseidon Principles
Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship financeThe Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.The Poseidon Principles are consistent with the policies and ambitions of the IMO, including its…
Dream Cruises Wins $2.9Bln from KfW IPEX-Bank
KfW IPEX-Bank, leading a consortium consisting of six international banks, is structuring the financing of two cruise ships for Genting Hong Kong Ltd. and its brand Dream Cruises.The Global Class I and II ships are currently being built in the three shipyards of MV Werften located on the Baltic Coast in the German federal state of Mecklenburg-Western Pomerania.The financing package comprises around EUR 2.6 billion with a total investment volume of just under EUR 3.1 billion.The structure will be backed by export credit guarantees of the Federal Republic of Germany and the Finnish export credit agency Finnvera, as well as by a guarantee from the state of Mecklenburg-Western Pomerania.
Tallink Gets Finance for LNG Ferry
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 post-delivery buyer credit.The loan is secured by the mortgage on the new vessel and the corporate guarantee of AS Tallink Grupp.This OECD-term export credit loan will be drawn on the delivery of the vessel…
Shipbuilder Meyer Turku Wins Again
The global cruise market maintains its momentum with the announcement today that TUI Cruises is ordering another new cruise ship from Meyer Turku. TUI Cruises and Meyer Turku agreed to build a Mein Schiff 7 with delivery in 2023, which is based on the design of New Mein Schiff 1 & 2. The agreement is still subject to financing, which is now being worked on with the banks and Finnvera. "We are very thankful that TUI Cruises is entrusting us with building another ship to their fleet of modern and beautiful Mein Schiffs.
ICTSI Australia Secures AUD398 Mln Loan
On July 15, 2016, Victoria International Container Terminal (VICT) signed a syndicated loan facility worth AUD 398 million (approximately USD 300 million) with seven leading global financial institutions, namely: Citibank N.A., KFW IPEX-Bank, Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners, Bank of China Limited, DBS Bank Ltd., Investec Bank PLC as Mandated Lead Arrangers, and Cathay United Bank as Lead Arranger. The facility provides significant financial flexibility with long-dated tenors of 7, 10, and 16 years. Finnvera, the Finland based export credit agency, also participated in the transaction by providing a guarantee for a portion of the facility.
Harnessing the Wind for Auxiliary Propulsion
Finnish marine engineering company Norsepower Oy Ltd. announced that it will bring to the commercial maritime market an auxiliary wind propulsion solution aimed at maximizing cargo ship fuel efficiency, with first sea tests on a Finnish cargo ship slated to begin later this year. Norsepower’s Rotor Sail Solution is an updated version of the Flettner rotor, a concept that dates back to Finnish engineer Sigurd Savonius in the early 1900s. The Flettner rotor gets its name from German engineer Anton Flettner…
Wärtsilä enters Paraguayan Inland Market
A new pushboat used to push barges convoys along the Paraguay River will be powered by a Wärtsilä integrated propulsion solution. The vessel is being built at the "Astillero la Barca del Pescador" (Shipyard SA) yard in Paraguay on behalf of Naviera Yeruti, a Paraguayan company with extensive barge construction and vessel operating interests. This vessel will be the company's first pushboat and it is scheduled to be delivered in the second quarter of 2015. The contract with Shipyard SA was signed in December 2013 and Wärtsilä's equipment will be delivered in the third quarter of 2014.
Finland Finances Two TUI ships
Arrangements have been made to ensure that the Turku shipyards of STX Finland will be able to deliver two ships ordered by the German TUI cruise line, Finland’s Ministry of Employment and the Economy said on Friday. The two cruise liners are slated for a 2014-2015 completion date. The parties participating in the agreement are the State of Finland, German shipping company TUI Cruises and the Korean-owned STX Europe. The Finnish government expects to put 31 million euros in subsidies toward construction, and 9.6 million has been used so far. Finnvera, a state-owned financing company, pledged up to 292 million euros for the period that the ships are under construction.
Shipyard Seeks Loan to Build New Cruise Ship
STX Finland is now lobbying the Finnish government on behalf of Royal Caribbean in a bid to get contract for third 'Oasis-class' cruise ship. A loan would help facilitate a deal to avoid Royal Caribbean building its third Oasis-class cruise ship in Germany or France. The state owned financing firm, Finnvera, has reached an impasse with Royal Caribbean to securing a loan to allow the proposed ship to be built. STX is concerned that if a deal is not reached soon between Royal Caribbean and Finnvera, the cruise giant may look to shipyards in Germany or France as alternatives.