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New Credit Facility News

12 Aug 2022

Diana Shipping Buys Sea Trade's Bulker Fleet for $330 Million

Greek shipowner Diana Shipping on Thursday announced it has acquired the bulk carrier fleet of U.S.-based Sea Trade Holdings in a $330 million cash and shares deal.The nine ultramax vessels, built between 2015 and 2018 with an average vessel age of approximately 5.4 years, are scheduled to be handed over during the fourth quarter of 2022, Diana said.The ships—STH Athens, STH London, STH New York, STH Sydney, STH Tokyo, STH Kure, STH Chiba, STH Oslo and STH Montreal—are all Japanese-built (Japan Marine United and Mitsui Engineering & Shipbuilding) and range from 60,309 dwt to 60,508 dwt.New York-listed Diana said it will pay for the deal using $220 million in cash and $110 million in the form of 18…

19 May 2019

Pacific Basin Closes New Credit Facility

Hong Kong-based dry bulk shipping company Pacific Basin Shipping Limited has closed a new USD 115 million 7-year reducing revolving credit facility secured over 10 of the Company’s owned ships.The new facility is supported by a syndicate of three leading international banks, said a press release from the dry bulk shipping company.Borrowings under the facility will carry an interest cost of Libor plus 1.35%, extend the Company’s overall amortisation profile and enhance its financial flexibility, it said.Peter Schulz, CFO of Pacific Basin, said: “We are very pleased with the terms of this new facility which further increases our funding…

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…

12 Sep 2018

Offshore Optimism is Cautiously on the Rise

file Image (CREDIT: Harvey Gulf)

Following the path of oil prices, consolidation also follows myriad financial crises. What happens next isn’t altogether clear, but the long, deep trough for offshore energy may finally be in our choppy wake.In mid 2017, financial turnaround and financial repairs specialist Alix Partners made a bold statement regarding the beleaguered Offshore Service Vessel (OSV) marketplace. In a July 2017 report, following an analysis of 44 participants in the business, the restructuring team wrote: “The industry faces grave financial pressure…

07 Sep 2018

GoodBulk Gets New Credit Facility to Fund Vessel Acquisition

The bulk investment company focusing on vessels in the second hand market GoodBulk entered into a new credit facility with ING Bank for up to $73.0 million. This facility has an initial term of five years, profile of sixteen years.GoodBulk took delivery of the M/V Aquasalwador, a 2012 built Capesize vessel of 180,012 dwt built by Daehan, KR o 4 September 2018.The Company entered into an agreement to purchase the vessel on 27 July 2018 for consideration of $34.7 million which was financed by a combination of cash on hand and $24.5 million of availability under the ING Bank credit facility. Consistent with Company policy, the LIBOR rate…

07 Aug 2018

Shipping Executive Focus: Art Regan, Executive Chairman, Genco Shipping & Trading

Art Regan, Executive Chairman, Genco Shipping & Trading. (Photo: Genco)

Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing as a Master Mariner during a more than ten-year period sailing on oil tankers and dry bulk vessels.

28 Nov 2017

GoM Stakeholders Energized Despite Lingering Oil Bust

Miss Marilene Tide (Credit Tidewater)

Gulf of Mexico vessel builders – and their customers – adapt to a lean offshore market. After oil prices plunged in late 2014 – pressured by shale output – demand for offshore vessels in the Gulf of Mexico shrank, day rates for boats fell and non-working units were idled. This year, several GoM boat builders filed for Chapter 11, or voluntary bankruptcy, while others consolidated. The most diversified companies kept their heads above water. Today, the outlook's a bit brighter. Crude oil prices hit bottom early last year. Tidewater Inc.

26 Oct 2017

Marine Finance for Brown Water Operators

Š Merek / Adobe Stock

A primer for navigating the ‘ups and downs’ of marine money for domestic stakeholders. Vessel financiers are resourceful and adaptable to changing markets. On the domestic side, financiers of Jones Act and “brown water” assets have continued to serve their customers through shifting shoals in both broader capital markets and in the marine markets – both known for their ups and downs. Marine finance can take many forms. In the broadest sense, funding can be done through loans, where the vessel is owned by the borrower…

05 Jun 2015

Songa on Financing Semi-Submersible Rig Trio

Songa Offshore SE  announced  that the maturity of the fleet financing of Songa Dee, Songa Delta and Songa Trym has been extended from fourth quarter 2016 to first quarter 2018 when it will mature with a balloon of USD 25 million. The amendment also includes alignment of certain financial covenant with the rest of the Company`s financing arrangements and an extraordinary upfront repayment of USD 35 million. In parallel, the Company has entered into a term sheet for a new credit facility from the main shareholder, Perestroika AS, of USD 50 million. The new credit facility has maturity in April 2021, but can be called by Perestroika AS in June 2018. It is unsecured and bears an interest rate of LIBOR plus 8.00%.

29 May 2015

Navios to Expand Fleet with Two VLCCs

Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase of up to two very large crude carriers. Apart from financing the purchase of up to two VLCCs from Navios Maritime Acquisition Corporation, NAP plans to use the remainder of the loan to refinance existing term indebtedness and to pay related fees and expenses. $123.4 million of the $205.0 million Term Loan B is expected to be used to repay the Company’s existing credit facility, $73.0 million is expected to be used to fund the acquisition of C. Dream and Nave Celeste from Navios Maritime Acquisition…

06 Jul 2014

KVH Industries Acquires Videotel

KVH Industries, Inc., acquired Videotel, a producer of high-quality training films and e-Learning services for the commercial maritime industry. Servicing over 11,000 vessels, Videotel is a market leader in the provision of maritime training services, offering video, animation, e-Learning computer-based training (CBT), and interactive distance learning courses. “The acquisition of Videotel is an important addition to our portfolio of services targeting the needs of commercial seafarers and supports our strategic vision of extending our maritime broadband service to include delivering premium content to vessels,” said Martin Kits van Heyningen, KVH’s chief executive officer.

03 Jul 2014

KVH Industries Acquires Videotel

Image courtesy of Videotel

KVH Industries, Inc., (KVHI) today announced that it has acquired Videotel, a producer of training films and e-Learning services for the commercial maritime industry. Videotel services more than 11,000 vessels in the provision of maritime training services, offering video, animation, e-Learning computer-based training (CBT) and interactive distance learning courses. “The acquisition of Videotel is an important addition to our portfolio of services targeting the needs of commercial…

07 Jan 2014

Star Bulk Takes Delivery of New Bulker, Secures New Credit Line

Star Bulk Takes Delivery of Its Second Ultramax Bulk Carrier, Star Fighter and Reaches Agreement for a New Credit Facility. Star Bulk Carriers Corporation, a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has taken delivery of M/V Star Fighter (the "vessel" -- formerly "Supra Challenger II"), an Ultramax bulk carrier of 61,462 deadweight tons carrying capacity, built in Japan by Imabari Shipbuilding Group in September of 2013. Pursuant to the Company's flexible commercial strategy, the vessel has been employed on a short-term time charter for a period of minimum 4 months up to maximum 6 months, at a gross hire rate of $13,400 per day.

07 Aug 2013

Paragon Shipping Easing From Red to Black in Q2 2013

Greece's drybuld cargo shipping specialistsm Paragon Shipping Inc. ,announce its results for the second quarter and six months ended June 30, 2013. Gross charter revenue for the second quarter of 2013 was $14.7 million, compared to $12.7 million for the second quarter of 2012. Excluding all non-cash items described below, the adjusted net loss for the second quarter of 2013 was $0.1 million, or $0.01 per basic and diluted share, compared to adjusted net income of $0.5 million, or $0.08 per basic and diluted share, for the second quarter of 2012. Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "We are pleased to announce our results for the quarter and six months ended June 30, 2013.

26 Sep 2012

Business 'Doctors' Honored for Work on Deep Ocean Group

Business advisory specialists, AlixPartners, honored by TMA for 'International Turnaround of the Year' for their work at DeepOcean Group. AlixPartners, the global business-advisory firm, has been honored by the Turnaround Management Association for its work, in concert with other advisors, at the company now known as DeepOcean Group Holding AS, previously the Trico Marine Group. The AlixPartners team, led by John Castellano, managing director, was cited for its contributions in the highly successful effort, which is the winner of the TMA's "Turnaround of the Year: International Company" award for 2012. The Norwegian-registered DeepOcean Group is an integrated provider of subsea…

09 May 2011

Scorpio Tankers $150M Credit Facility, Form F-3

Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") announced today that the Company executed a credit facility with Nordea Bank Finland plc, acting through its New York branch, DnB NOR Bank ASA, acting through its New York branch, and ABN AMRO Bank N.V. for a senior secured term loan facility of up to $150 million and filed a shelf registration with the Securities and Exchange Commission. The 2011 Credit Facility will be used to finance 50% of the two 2008 built 51,000 DWT product tankers that the Company agreed to acquire last week. The aggregate purchase price for the vessels is $70.0 million. The vessels are charter free and are scheduled to be delivered to the Company in the first half of May 2011.

23 Feb 2011

Costamare Q4 & Year End Report

Costamare Inc. (NYSE: CMRE), an international owner of containerships, reported unaudited financial results for the fourth quarter and for the year ended December 31, 2010. Voyage revenues of $85.7 million and $353.2 million for the three months and the year ended December 31, 2010, respectively. Adjusted EBITDA of $56.2 million and $223.6 million for the three months and the year ended December 31, 2010, respectively. Net income of $11.8 million or $0.21 per share and $81.2 million or $1.65 per share for the three months and the year ended December 31, 2010, respectively. Adjusted Net Income of $18.0 million or $0.33 per share and $73.8 million or $1.50 per share for the three months and the year ended December 31, 2010, respectively.

03 Feb 2011

Costamare Shipbuilding, Chartering, Fleet Renewal Contracts

Costamare Inc. (NYSE: CMRE) announced that it has contracted with Sungdong Shipbuilding & Marine Engineering Co., Ltd. for the construction and purchase of two newbuild containerships, each of about 9,000 TEU capacity. The two newbuildings are expected to be delivered by the end of 2012. The Company has entered into time charter agreements with MSC for the employment of each vessel immediately upon delivery, for duration of ten years. Both the contract price and the daily charter rate are similar to those recently agreed regarding the three 9,000 TEU vessels contracted with China Shipbuilding Trading Company Limited and Shanghai Jiangnan Changxing Heavy Industry Co., Ltd. and chartered to MSC for a period of 10 years.

01 Feb 2011

Costamare Invests in Fleet Expansion

Costamare Inc. (NYSE: CMRE) announced that it has contracted with Sungdong Shipbuilding & Marine Engineering Co., Ltd. for the construction and purchase of two newbuild containerships, each of about 9,000 TEU capacity. The two newbuildings are expected to be delivered by the end of 2012. The Company has entered into time charter agreements with MSC for the employment of each vessel immediately upon delivery, for duration of ten years. Both the contract price and the daily charter rate are similar to those recently agreed regarding the three 9,000 TEU vessels contracted with China Shipbuilding Trading Company Limited and Shanghai Jiangnan Changxing Heavy Industry Co., Ltd. and chartered to MSC for a period of 10 years.

10 Nov 2010

Navios Maritime Acquisition Corp. Acquires Two New Builds

Navios Maritime Acquisition Corporation (NYSE: NNA), an owner and operator of tanker vessels, announced that the company has entered into an agreement to acquire two 75,000 DWT LR1 product tankers scheduled for delivery in Q4 2011 from a South Korean shipyard. The effective acquisition price for the two vessels is $82.8 million or $41.4 million per vessel, giving effect to the preferred stock. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, "We purchased these vessels at attractive prices. This deal demonstrates the strength of our relationships and our belief in the product tanker sector. Frangou continued, "We continue to look to grow the fleet.

15 Oct 2009

Grandunion Controls Aries Maritime Transport

Aries Maritime Transport Limited (NASDAQ:RAMS) announced that Grandunion Inc., a company controlled by Michail S. Zolotas and Nicholas G. Fistes, acquired 18,977,778 newly issued common shares in Aries in exchange for three capesize drybulk carriers. Of such shares, 2,666,667 were transferred to Rocket Marine Inc., a company controlled by two former directors and principal shareholders in Aries, in exchange for Rocket and its affiliates entering into a voting agreement with Grandunion. Under this voting agreement, Grandunion controls the voting rights relating to the shares owned by Rocket and its affiliates. Grandunion now owns approximately 34.2% of Aries and, as a result of the voting agreement controls the vote of approximately 71% of Aries' outstanding shares.

04 Nov 2008

Dryships 3Q Results

On November 2, DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, announced its unaudited financial and operating results for the third quarter and nine months ended September 30, 2008. Dryships reported Net Income of $180m or $4.21 per fully diluted share for the third quarter of 2008. Included in the third quarter results is a capital gain on the sale of two vessels of $65.8m or $1.54 per fully diluted share and a non-cash loss of $36.8m or $.86 per fully diluted share associated with the valuation of interest rate swaps. Excluding these items Net Income would amount to $151m or $3.53 per fully diluted share. For the third quarter of 2008 the company reported EBITDA, excluding vessel gains, of $194.2m.

10 Oct 2003

Maritrans Announces New Financing Agreements

Maritrans Inc. announced that the company recently entered into new financing agreements to replace $36.8 million of its existing term debt. This move allows Maritrans to extend its overall debt amortization profile while taking advantage of current low long-term interest rates. The new debt facility consists of two pieces: $7.3 million with a 5-year amortization and $29.5 million with a 9.5-year amortization and a 50 percent balloon payment at the end of the term. The new debt accrues interest at an average fixed rate of 5.53 percent, replacing existing term debt that matured through 2007 with an average current floating rate of 3.22 percent. The new debt is collateralized by two barges and three tugs.