Marine Link
Friday, December 14, 2018

Nordea News

AGR, First Geo to Merge

Pic: Akastor

Norwegian offshore oil and gas consultancy and services companies First Geo (owned by Akastor), and AGR Bidco are set to merge."Akastor AS (Akastor), has entered into agreements with Silverfleet Capital, DNB Bank ASA and Nordea Bank Abp, filial i Norge (together the AGR stakeholders) to combine AGR Bidco AS (AGR) with First Geo AS," said a press statement.The Transaction will be carried out primarily as an asset deal, whereby assets in the current AGR legal structure and three legal entities will…

Nordea to Boost Finance for LNG Shipping

© Björn Wylezich / Adobe Stock

Nordea Bank aims to increase shipping finance activities to the growing liquefied natural gas (LNG) industry, executives at one of the world's biggest shipping financiers said.China's crackdown on pollution and its growing demand for more environmentally friendly sources of power, such as LNG, are boosting demand for ships to transport the fuel."We would like to expand the portfolio and there are certain segments that we would like to expand in. One of them is on the LNG side…

DHT Holdings Gets $50mln for Scrubber Retrofit Project

File Photo: DHT Holdings

The crude oil tanker company operating a fleet of crude oil tankers in the VLCC, Suezmax and Aframax segments, DHT Holdings announced that it has secured commitment to a $50 million financing for its earlier publicized scrubber retrofit project, subject to final documentation.The financing is structured through an increase of the existing $300 million secured credit facility entered into in the second quarter of 2017. The increased facility will bear the same interest rate equal…

Diana Shipping Issues USD100mln Bond

File Photo: Diana Shipping Inc

Diana Shipping announced the pricing of a US$100 million private placement of senior unsecured bonds maturing in September 2023 and callable beginning three years after issuance.In addition, the global shipping company specializing in the ownership of dry bulk vessels may issue up to an additional US$25 million of the bonds on one or more occasions.The bond offering was priced with a U.S. dollar fixed-rate coupon of 9.50%. Interest will be payable semi-annually in arrears in March and September of each year.

Aqualis Offshore, Skuld Maritime Agency Under Investigation in Scrapping Case

Photo: NGO Shipbreaking Platform

Aqualis Offshore and Norwegian Insurer Skuld Maritime Agency are under investigation for their involvement in the attempt to illegally export the Harrier to Pakistan for scrapping.NGO Shipbreaking Platform, quoting DN said that Aqualis Offshore issued two certificates for the ship – one for a break-up voyage to Pakistan, another for a voyage to Oman – and it is suspected that the latter was issued to dupe Norwegian authorities in order to circumvent the European waste export ban.Skuld…

Scorpio Bulkers Gets New Build Financing form Nordic Banks

Photo: Scorpio Bulkers Inc.

Scorpio Bulkers announced that it has received a commitment from Nordea AB (publ), acting through its New York branch, and Skandinaviska Enskilda Banken AB (publ) for a loan facility of up to $184.0 million.The loan facility will be used to finance up to 60% of the fair market value of six Ultramax dry bulk vessels (SBI Athena, SBI Thalia, SBI Zeus, SBI Hera, SBI Poseidon and SBI Apollo) and six Kamsarmax dry bulk vessels (SBI Conga, SBI Bolero, SBI Sousta, SBI Rock, SBI Reggae and SBI Mazurka).The loan facility…

KONGSBERG to Acquire Rolls-Royce Commercial Marine

KONGSBERG CEO Geir Håøy (right) and Tristan Halford-Maw, Deputy Director, Rolls-Royce

Kongsberg Gruppen ASA (KONGSBERG) today entered into agreement with Rolls-Royce plc to acquire Rolls-Royce Commercial Marine, a world leading technology business within maritime operations. The transaction is structured as an acquisition by KONGSBERG of the marine products, systems and aftermarket services businesses carried out by subsidiaries of Rolls-Royce plc. The transaction does not include Bergen Engines nor Rolls-Royce's Naval Business. The parties have agreed a value…

Financiers Turning the Tide on Shipbreaking Practices

© knovakov / Adobe Stock

The shipping industry has long been criticised by campaigners for allowing vessels to be broken up on beaches, endangering workers and polluting the sea and sand. Now, it is being called to account from a quarter that may have a bit more clout - its financial backers. Norway's $1 trillion Oil Fund, a leader in ethical investing, in February sold its stake in four firms because they scrap on the beach. Three of the firms excluded by Norway's fund - Taiwan's Evergreen Marine, Precious Shipping and Thoresen Thai Agencies (TTA) of Thailand - say they have been unfairly singled out.

Scorpio Bulkers Lines Up New Loan Facility

File Photo: Scorpio Bulkers

Scorpio Bulkers announced that the Company has received a commitment for a loan facility of up to $85.5 million from Nordea Bank AB (publ), New York Branch, and Skandinaviska Enskilda Banken AB. The loan facility will be used to finance up to 60% of the market value of the six Ultramax vessels the Company has recently agreed to acquire. The loan facility has a final maturity date of February 15, 2023 and bears interest at LIBOR plus a margin of 2.85% per annum. The terms and conditions are similar to those set forth in the Company's existing credit facilities.

Offshore Rig Firms See End to Historic Downturn

Aker BP recently awarded a contract worth up to $68 million to Odfjell Drilling for the lease of the semi-submersible drilling rig Deepsea Stavanger in the Norwegian Sea and the Barnts Sea (Photo: Aker BP)

Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said. While the 2014-2016 oil price crash caused firms to cut exploration budgets, ending a boom in rig demand and bankrupting many owners, energy companies are now seeking to replenish their hydrocarbon reserves. The nascent demand for harsh-environment rigs…

Seadrill Files Chapter 11 Bankruptcy Protection

WEST GEMINI. Photo: Seadrill Limited

Seadrill Limited, one of the world’s largest offshore drilling companies, has filed for Chapter 11 bankruptcy protection at the Southern District Texas court, Reuters reported. The indebted oil rig firm controlled by Norwegian billionaire John Fredriksen is seeking to restructure its roughly $10 billion  debts as the petroleum industry continues to grapple with low prices. Seadrill announced that the court overseeing the Company's chapter 11 restructuring proceedings has granted the relief requested by the Company in its key first-day motions related to ordinary course business activities.

Fog Lifts as Maersk CEO Remains Upbeat

File Image: The Madrid Maersk, one of Maersk's largest boxships. CREDIT: Maersk

Container shipping fundamentals at best since 2010 - CEO. Denmark's A.P. Moller Maersk gave an upbeat outlook for container shipping on Wednesday, lifting its shares by more than 4.5 percent as investors looked beyond one-off second-quarter charges. Maersk has been hit by low oil prices at its energy arm and sliding prices in its shipping business in recent years due to lacklustre global trade and a glut of available ships for hire. But its chief executive Soren Skou, who has staked his future on Maersk as a transport business…

DHT Holdings Completes Delivery of 9 VLCCs

Photo:  DHT Holdings, Inc.

Bermuda-based DHT Holdings has completed the delivery of the nine VLCCs acquired from the BW and the contracts for the two newbuildings due for delivery in 2018 have been transferred to DHT. DHT has a fleet of 30 VLCCs, 26 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes. The total dwt of the fleet is 9,502,995. The average age of the VLCC fleet is 6.8 years. "In June 2017, we entered into a financing with DNB and Nordea totaling $82.5 million to fund the acquisition of the two VLCC newbuildings ordered from HHI in January 2017.

Höegh LNG Secures Financing for FSRU Unit

Photo:  Höegh LNG

Höegh LNG Holdings has announced that it has received commitment letters for a US$230 million debt financing for its eighth floating storage and regasification unit (FSRU). The Facility comprises a 12 year export credit agency (ECA) term loan of up to USD 150 million backed by Garantiinstituttet for Eksportkreditt (GIEK) and Eksportkreditt of Norway, and a 5 year non-amortising commercial bank loan of up to USD 80 million funded by ABN AMRO Bank, Danske Bank, Nordea and Swedbank.

Cargotec Refinances EUR 300 mln Credit Facility

Photo: Cargotec

Cargotec Corporation entered into an EUR 300 million multicurrency revolving credit facility with a syndicate of its six relationship banks on 26th June. The facility carries a tenor of five years including two one-year extension options. The purpose of this facility is to refinance the existing EUR 300 million multicurrency revolving credit facility, maturing in January 2019. With this facility, Cargotec strengthens its long-term liquidity and takes advantage of the favourable market conditions.

Teekay LNG Completes Norwegian Bond Issuance

Oak Spirit LNG carrier. Photo: Teekay LNG Partners

Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021. All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%. The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes, which may include funding installment payments on future newbuilding deliveries. Danske Bank Markets, DNB Markets, Nordea and Swedbank acted as Joint Lead Managers of the above mentioned new bond issuance.

Teekay Contemplates Norwegian Bond Issuance

Photo Teekay LNG

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announces that it intends to issue new senior unsecured bonds in the Norwegian bond market through an add-on to its existing Norwegian bonds due in October 2021 (TKLNG04 - ISIN: NO0010777089). The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes, which may include funding installment payments on future newbuilding deliveries. A portion of…

Euronav Gets Credit Line of $ 410mln

Photo: Euronav NV

Euronav NV announces has signed a new USD 410 million senior secured amortizing revolving credit facility. The facility has been made available on 16 December 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital purposes. The credit facility was used to refinance the USD 500 million senior secured credit facility dated 25 March 2014 and will mature on 31 January 2023 carrying a rate of LIBOR plus a margin of 2.25%. Hugo De Stoop, CFO of Euronav said: “This new facility will provide a lot of flexibility for Euronav.

Euronav Secures Loan for VLCC Refinancing

Photo courtesy Euronav NV

Tanker shipping company Euronav NV announced it has signed a new $410 million senior secured amortizing revolving credit facility. The facility has been made available on December 16, 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital purposes. The credit facility was used to refinance the $500 million senior secured credit facility dated March 25, 2014 and will mature on January 31, 2023 carrying a rate of LIBOR plus a margin of 2.25 percent.

Proposed New Capital Rules Threaten Shipping

© Petr Jilek / Adobe Stock

The global shipping industry will hit a credit crunch if proposed new bank capital rules are implemented in a sector already weighed down by toxic debt, bankers involved say. The Basel Committee of banking supervisors from nearly 30 countries met in Chile last month in an effort to complete the new rules for lenders in the world's major financial centres. It is now trying to pin down the details. While the rules do not target shipping specifically, some of the biggest rises in…

Dry Bulk Owners Say the Worst is Over

© Volodymyr Kyrylyuk / Adobe Stock

The worst is over for the dry bulk shipping sector, after years when too many ships chased too little cargo, yet the extent of the lost business means a full recovery is still some way off, leading ship owners said on Wednesday. Dry bulk shipping, which transports commodities including coal, iron ore and grain, has been among the worst performing shipping segments in recent years, partly due to worries over the health of top industrial goods importer China. Some companies have…

Maersk Divest its Shares in Danske Bank

Danske Bank A/S Photo: A.P. Møller – Mærsk A/S

Danish shipping and energy giant A.P. Møller – Maersk A/S has sold its shares in the Danske Bank A/S for a total of DKK 3.2 billion (USD 477 million). Maersk owns 16.2 million shares representing 1.6 per cent of the total shares in Denmark's largest bank. Sales are made through an accelerated book building, which will also determine the price, according to Maersk. Following the placing, the shipping and energy firm will hold no shares in Danske Bank. American bank JPMorgan and Swedish major bank Nordea are hired as consultants for Maersk in the sales process.

Teekay Completes Norwegian Bond Issuance

Courtesy Teekay

Teekay LNG Partners L.P. announced that it has issued NOK 900 million in new senior unsecured bonds that mature in October 2021 in the Norwegian bond market. The new bond issuance, which was significantly oversubscribed, has an aggregate principal amount equivalent to approximately USD 110 million and all payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%. In connection with the new bond issuance, the Partnership agreed to repurchase approximately NOK 275 million of Teekay LNG bond issue TKLNG01 (ISIN: NO 0010643257) maturing May 3…

Maritime Reporter Magazine Cover Dec 2018 - Great Ships of 2018

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