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Sunday, May 27, 2018

Sberbank Cib News

PAO Sovcomflot: Tanker Market is Challenging

Photo: PAO Sovcomflot

PAO Sovcomflot (SCF Group) continued to increase the share of its fleet serving long-term energy projects over the first quarter ending 31 March 2018. This helped offset the negative impact of the protracted decline in freight rates that continues within the conventional tanker freight markets. Nikolay Kolesnikov, Executive Vice President and CFO of PAO Sovcomflot, commented on the quarter's results: "In the first quarter of 2018, conditions within the global conventional tanker market remained extremely challenging.

Höegh LNG Partners Launch IPO

Höegh LNG Partners LP ("Partnership"), a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd. ("Company"), announced today that it has commenced an initial public offering of 9,600,000 common units representing limited partner interests in the Partnership pursuant to a registration statement on Form F-1 previously filed with the U.S. Securities and Exchange Commission (the "SEC"). The Partnership intends to grant the underwriters a 30-day option to purchase up to 1,440,000 additional common units. The common units are expected to trade on the New York Stock Exchange under the symbol "HMLP". The common units being offered represent a 36.5% limited partner interest in the Partnership…

Russia Wants to Sell Sovcomflot to Small-stake Investors

Photo: Sovcomflot

Russia plans to sell part of state shipping firm Sovcomflot next month, hoping to draw in a wide range of small-stake investors rather than a strategic buyer who could threaten Moscow's control of the group, banking and industry sources say. The current era of low tanker market prices is far from the ideal time for Sovcomflot to raise revenue with a share offer, as freight rates were at their highs in 2015. Sovcomflot operates the world's second largest fleet of oil tankers. But…

Scorpio Tankers Announces Financing for Four Ships

Scorpio Tankers Inc. signed a committed term sheet for a $92m credit facility with Credit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB to partially finance four of the five newbuilding 52,000 DWT product tankers (MRs) that the Company has contracted to be built at the Hyundai Mipo Dockyard in South Korea. The Company also announced amendments to the financial covenants in its existing credit facilities. Emanuele Lauro, CEO of Scorpio Tankers, commented, "We are pleased to have two additional strong international commercial banks as part of our banking group. We are looking forward to working with CA-CIB and SEB, and the rest of our banking group.

WFW Advises on MSC Cruise Ship Financing

Watson Farley & Williams (“WFW”) has advised long-time client MSC Cruises (“MSC”) on the €1.2 billion (US$1.35bn), export credit agency (ECA) supported financing of two newbuild ‘Seaside class’ cruise ships, which will be the largest vessels ever built by the Fincantieri shipyard in Trieste, Italy. The financing for MSC was provided by a syndicate of banks including Crédit Agricole Corporate and Investment Bank (“CA-CIB”), BNP Paribas, Cassa Depositi e Prestiti S.P.A., HSBC France, Banco Santander S.A and Unicredit S.P.A. as mandated lead arrangers and underwriters. CA-CIB also served as structuring agent and bookrunner. The financing was supported by Italian export credit agency Servizi Assicurativi del Commercio Estero (“SACE”).

Teekay to Offer 15m Shares

Teekay Tankers Ltd. (NYSE:TNK) announced today that it plans to offer 15,000,000 shares of Class A common stock of the Company in a public offering. Teekay Tankers expects to grant the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of Class A common stock to cover any over-allotments. The Company expects to use the net offering proceeds to repay a portion of its outstanding debt under its revolving credit facility. Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business. Teekay Tankers currently owns a fleet of nine double-hull Aframax tankers and six double-hull Suezmax tankers and time-charters in two double-hull Aframax tankers from third parties…

Sovcomflot Revises Pricing on USD 7-year Bond

Russian shipping company Sovcomflot has cut the yield on its seven-year U.S. dollar bond to 5.375 percent - 5.5 percent, according to a lead.   The notes will price within that range. The latest level compares with guidance of 5.625 percent area and initial price thoughts of 5.75 percent area.   The benchmark-sized notes are expected to price later today. Citigroup, ING, JP Morgan, Sberbank and VTB Capital are the lead managers.   Sovcomflot is rated Ba1/BB+/BB.     (Reporting by Sudip Roy)

Vitol Returns for $8 Bln Loan Refinancing

Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank, Credit Agricole CIB, HSBC Bank and ING Bank were active bookrunners on the transaction. Bank of America Merrill Lynch, MUFG, BNP Paribas, Citigroup, Credit Suisse, DBS Bank, Deutsche Bank, JP Morgan, Lloyds Bank, Mizuho Bank, Natixis, Rabobank, Societe Generale, Standard Chartered Bank, SMBC and UniCredit Bank were mandated lead arrangers and bookrunners.

Scorpio Bulkers IPO to Fund Multi-Newbuilding Orders

Photo courtesy of Scorpio Bulkers

The bulk ship owners announce its initial public offering of 15,500,000 common shares, granting the underwriters a 30-day option to purchase up to 2,325,000 additional common shares. Scorpio say that the net proceeds of this public offering are expected to be used to fund newbuilding vessel capital expenditures, including capital expenditures related to the Company's initial fleet, and for general corporate purposes, including working capital. They add that on December 2, 2013…

Scorpio Bulkers Raise Scope of IPO

Image courtesy of Scorpio Bulkers

Scorpio Bulkers Inc. say it has increased the size of its public offering from the initially announced 15,500,000 common shares to 31,300,000 common shares for gross proceeds of $305,175,000. The Company has granted the underwriters a 30-day option to purchase up to 4,695,000 additional common shares, and they say they plan to use all of the net proceeds of this offering to fund newbuilding vessel capital expenditures. Scorpio Bulkers has contracted and agreed to purchase 28 Ultramax…

Rosneft Delivers First Gasoline Cargo to Asia-Pacific

Energy giant Rosneft said on Thursday its trading arm had delivered an inaugural gasoline cargo to the Asia-Pacific, marking what could be Russia's first foray into a region dominated by OPEC producers from the Gulf. The 200,000-barrel cargo, bought by Rosneft from the international market and taken by Indonesian state energy company Pertamina, was delivered on free-on-board (FOB) terms to Malaysia. Rosneft declined to say from which refinery it had received the cargo. It also did not say from or to which ports it was being delivered. The cargo was shipped to Pertamina within a term agreement for the delivery of 1.2 million barrels signed between the companies in June, Rosneft said.

Russian JV Close Acquisition of Prime Shipping

Logo

The Russian Joint Venture between Rosneft, Sberbank Investments and Pietro Barbaro S.p.A. closed the acquisition of the Pietro Barbaro Group shipping assets in the Russian Federation (100% share of Prime Shipping group of companies). Prime Shipping is one of the leaders of the Russian river and sea transportation tanker market. The deal was financed by Sberbank. The acquisition of a logistics asset will allow Rosneft to strengthen its positions in the river transportation market and enhance the efficiency of operations…

Sovcomflot $ 1.26 bln Debt Financing Complete

Courtesy SCF Group

SCF Group completed a series of financing transactions in the total amount of USD 1.26 billion. The deals include USD 750 million of unsecured public debt and USD 512 million of bank loans raised for purposes of funding the fleet renewal and expansion programme and for the refinancing of maturing debt. The latest in this series were new long-term credit facilities for a total amount of USD 252 million signed in August 2016, with a number of international banks including: Citibank; DVB Bank; ING Bank; Nordea Bank and Unicredit Bank.

Navig8 Inks Sale and Leaseback Deal with SBI

Courtesy Navig8 Chemical Tankers

Navig8 Chemical Tankers Inc. an international shipping company focused on the transportation of chemicals, today announced that it has entered into a sale and leaseback transaction with subsidiaries of Japan-based SBI Holdings Inc (“SBI”) for two 25,000 DWT stainless steel chemical tankers (the “Vessels”) being built by Kitanihon Shipbuilding Co. Ltd (“Kitanihon”). Crédit Agricole Corporate and Investment Bank (“CA-CIB”) is providing debt financing to SBI in connection with the transaction.

Sberbank, Sovcomflot Sign $106m Finance Deal

Ice-breaking LNG carrier Christophe de Margerie. Photo: PAO Sovcomflot

The largest bank in Russia Sberbank and shipping company Sovcomflot have signed a new USD 106 million project financing agreement, with a term of up to 14 years. The funds will finance the construction of a high ice class Arctic shuttle tanker (Arc7) for the Novy Port project, under a long-term agreement with Gazprom Neft. This is the third major transaction of its kind between Sberbank and Sovcomflot. The first joint project between the companies was in 2015, to finance the construction of three Arctic shuttle tankers to transport crude oil from the Novy Port field.

Yamal LNG Financing in Final Stages

Photo: Novatek

A deal to raise financing for the Novatek-led Yamal LNG project in Russia is in its final stages, Chairman of Gazprombank, Andrey Akimov, told Reuters. Gazprombank is a co-lender to Yamal LNG on the Russian side, along with Sberbank. State development bank VEB has pledged $3 billion in banking guarantees to the project. Akimov said that Chinese lenders are set to provide $12 billion, Russian banks $4 billion, and export credit agencies are expected to put up another $4 billion. He said he planned to travel to China in early November for talks on the deal.

AP Moller-Maersk Planning Roadshow ahead of Euro Benchmark

File Image: A Maersk boxship alongside and working cargo. CREDIT: HR Wallingford

A.P. Møller - Mærsk A/S rated Baa2/BBB (on review for possible downgrade/CreditWatch negative) by Moody's/S&P, the integrated transport and logistics company, has mandated Barclays, Danske Bank, HSBC, MUFG and SG CIB as Joint Bookrunners to arrange a series of fixed income investor meetings in Europe commencing on the 28th of February 2018. A EUR-denominated Reg S bearer fixed rate senior unsecured benchmark transaction with a maturity of around 8-years is expected to follow, subject to market conditions.

Yamal LNG Project on Track, Says Russia's Sberbank

Photo: Novatek

Russia's Yamal LNG liquefied natural gas project is on track and will be profitable even with low oil and gas prices, Sberbank Chief Executive German Gref said on Tuesday.   "This is the most expensive project, (it) will completely change the gas economy of the country," he told President Vladimir Putin. (Reporting by Denis Dyomkin; writing by Vladimir Soldatkin)

Ukraine in "Emergency" Talks Over Gas Imports

Ukraine is in emergency talks with European neighbours on the possibility of importing natural gas from the West, following "political" rises in the price it pays for Russian gas, Prime Minister Arseny Yatseniuk said on Friday. The urgency of securing affordable supplies for Ukraine's struggling economy has grown since Moscow raised its discounted gas tariff for Kiev twice this week, almost doubling it in three days. Relations between Ukraine and Russia have turned hostile since popular protests in Kiev ousted pro-Russian president Viktor Yanukovich in February, after which Russia seized Ukraine's Crimea region and formally annexed it last month. The dispute has widened into the biggest stand-off between Russia and the West since the end of the Cold War.

Russia Sacrifices Gazprom Profit for Politics in Ukraine

Russia's top natural gas producer, Gazprom, will eventually lose more than it gains from raising the gas price for Ukraine by 80 percent, analysts said on Friday, predicting Kiev would cut purchases and fail to pay in full. Gazprom on Thursday announced a price rise for Ukraine to $485 per 1,000 cubic metres, the second increase in three days. The $485 price is the highest of any Gazprom customer and compares with around $370 on average for clients in the European Union. Ukrainian Prime Minister Arseny Yatseniuk said the increase, two weeks after Moscow annexed Ukraine's Crimea region, was unacceptable and warned he expected Russia to step up pressure by limiting supplies to Ukraine.

Sovcomflot Inks $180 Mn Credit for Two Shuttle Tanker

Memorandum signed by Sovcomflot and Sberbank Photo SCF Group

On 23 November 2016, Sovcomflot and Sberbank signed a memorandum of understanding (MOU) paving the way for a new USD 180 million long-term credit agreement with a term of up to 15 years. On behalf of the parties the MOU was signed by Sergey Frank, Chairman and CEO of Sovcomflot, and Herman Gref, CEO and Chairman of the Executive Board of Sberbank. The credit facility agreement, the subject of the MOU, will finance two Panamax Arctic shuttle tankers within Sovcomflot’s fleet (Mikhail Ulyanov, Kirill Lavrov), built at the Admiralty Shipyards in St.

Sovcomflot Group, Sberbank CIB Sign Credit Facility Agreement

Sovcomflot Group and Sberbank CIB  have signed a 14-year $340 million credit facility agreement to finance the construction of three Arctic shuttle tankers for the Novy Port project  (project operator: Gazprom eft). Novy Port is one of the largest oil and gas condensate deposits on the Yamal peninsula in Russia. The vessels will serve as part of project infrastructure designed to enable year-round shipment of crude oil from an offshore loading terminal in the Gulf of Ob. The commercial production from the field will start in 2016. The transaction involves Sberbank Europe AG, a subsidiary bank of PJSC Sberbank. Commenting on the transaction…

Fincantieri Files for Milan IPO

Photo courtesy Fincantieri

Italy's Fincantieri said on Tuesday it had filed a request to list its shares on the Milan bourse, as state lender Cassa Depositi e Prestiti (CDP) moves to offer private investors a minority stake in the ship building company. The disposal of Fincantieri - wholly owned by CDP, which in turn is controlled by Italy's treasury - is part of a new wave of privatisations the Rome government announced at the end of last year. Banca IMI, Credit Suisse, JPMorgan, Morgan Stanley and UniCredit CIB are global coordinators of the offering.

Maritime Reporter Magazine Cover May 2018 - Marine Propulsion Edition

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