Swedish Bank to Finance Star Bulk
Swedish financial group Skandinaviska Enskilda Banken AB (SEB) is providing US$71.42m term facility to Star Bulk Carriers for the refinancing of two Newcastlemax-size bulk carriers. Watson Farley & Williams (WFW) is the advisor for the deal.The London based international law firm said that the deal also involved partly financing the prospective capital expense for the retrofitting of the ships with scrubbers, ahead of the entry into force of the 2020 IMO regulations.The two ships…
Team Tankers CFO Resigns
Team Tankers International, the owner and operator of chemical tankers for the seaborne transportation of liquid chemicals worldwide, announced that Kevin Kilcullen has resigned his post as chief financial officer (CFO)."Kevin Kilcullen today tendered his resignation as Chief Financial Officer of Team Tankers International to pursue another professional opportunity," said a press release from the shippig company.The resignation will take effect on April 17, 2019 and he will continue with the Company until that date to ensure an orderly transition.Jens Gisle Schnelle…
Uncertainty Mounts in Dry Bulk Shipping
Uncertainty mounts in dry bulk shipping against a backdrop of weaker growth in Chinese imports, said BIMCO."The extent of the freight rate recovery in 2018 was limited – when compared with initial expectations – by a faster-growing fleet. Q4-2018 wasn’t as strong as it often is either, but we now know that was merely the beginning of a sharp downturn. On top of that, in the first month of 2019, leading the way even further down was a massive lack of cargoes. By early February…
Dry Bulk Market Looks Dull
Global dry bulk fleet utilization (calculated as total demand in tonne miles transported divided by total available fleet capacity) dropped by 1.4% in the fourth quarter of 2018, reflecting the trend observed in the rate environment.According to Norway based dry bulk shipping company Golden Ocean Group, freight rates in the fourth quarter of 2018 disappointed compared to expectations, in particular for the Capesize vessels, which declined from the previous quarter.The Panamax and Supramax markets were relatively unchanged from the previous quarter…
Dubai's DP World Completes Danish Unifeeder Acquistion
Global port operator DP World says it has completed the acquisition of Danish logistics firm Unifeeder for $748 million.DP World’s full acquisition of Unifeeder Group from Nordic Capital Fund VIII was announced in August, but finalized on Thursday."DP World PLC is pleased to advise that it has closed the transaction to acquire 100% of Unifeeder Group from Nordic Capital Fund VIII and certainminority shareholders," said one sentence statement from the Dubai-based global marine terminal operator."Unifeeder Group is now part of the DP World Group…
Ardmore Shipping Refinances Three Vessels
Bermuda-based product and chemical tankers owner Ardmore Shipping Corporation announced that it has signed binding agreements for the refinancing of three vessels.The provider of seaborne transportation of petroleum products and chemicals worldwide to oil majors has signed agreements for the sale and leaseback, under a finance lease arrangement, of the Ardmore Exporter and Ardmore Seavanguard, two 2014-built 50,000 Dwt Eco-design MR tankers, with a high-quality financier in China.The lease agreements are for a period of seven years…
LNG Shipping Market in Recovery Stage: Flex LNG
Norwegian-born billionaire John Fredriksen-owned LNG shipper Flex LNG believes that the LNG market is in the early stages of a multi-year recovery.According to a report by Flex LNG, the market for seaborne transportation of LNG has improved significantly during the third quarter with the primary driver being the nearly 50 per cent year on year growth in imports to China.Additionally there is high demand growth in other more mature markets such as South Korea and Taiwan.Flex LNG pointed out that Bloomberg New Energy Finance estimate demand growth of approximately 8.5% in 2018…
WFW Advises DNB on USD310m Loan to Star Bulk Carriers
International law firm Watson Farley & Williams (WFW) advised Norway’s DNB Bank ASA (DNB), as facility agent and security agent for a syndicate of banks comprising itself, ABN AMRO Bank N.V., BNP Paribas, Danish Ship Finance and Skandinaviska Enskilda Banken AB, in relation to a US$310m loan facility provided to Star Bulk Carriers Corp.Secured on 26 vessels in Star Bulk’s fleet, the facility consists of two tranches: (a) a first tranche of US$240m used to refinance Star Bulk’s debt under five existing facility agreements…
Ardmore Shipping Refinances Four Vessels
Ardmore Shipping Corporation has announced that it has signed agreements for the refinancing of four vessels.Two of Ardmore's subsidiaries have signed agreements for a sale and leaseback of the Ardmore Dauntless and Ardmore Defender, two 2015 built 37,000 Dwt Eco-design IMO 2 products and chemical tankers, with Ocean Yield ASA (Ocean Yield). The lease agreements are for a period of 12 years and the Company has options to repurchase each vessel at various stages prior to maturity.
Star Bulk Carriers Announces Financing Update
Star Bulk Carriers announced that it has repaid to its lenders all outstanding deferred debt amounts originating from the September 2016 restructuring of its finance agreements.The global shipping company focused on the transportation of dry bulk cargoes said that it currently has no restrictions on vessel acquisitions or new debt and is free to make dividend payments to its shareholders from January 1, 2019 onwards.The seaborne transportation provider also announced today that…
EuroDry Gets Refinance, Expands Fleet
EuroDry announced that it has completed the refinancing of the debt of M/V Alexandros P, a 62,000 dwt ultramax drybulk vessel built in 2017.The owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes said in a press release that the new loan facility of $15 million was used to repay the previous loan facility with an outstanding balance of $9.9 million and provide additional liquidity to the Company.The new loan will have a maturity of…
Pyxis Tankers Refinances Modern Tanker
Greece-based Pyxis Tankers announced that it had successfully completed the refinancing of a previous loan facility for the Pyxis Epsilon.The emerging growth pure play product tanker company said in a press release that after repayment of existing bank debt, the new 5 year secured loan provided us approximately $7.3 million of additional net proceeds for general corporate purposes. Valentios Valentis, our Chairman and CEO said:"We welcome a new lender to our company. Blue Ocean Maritime funds managed by EnTrustPermal provided us $24.0 million of new debt.
Five New Marine Technologies @ SMM 2018
The SMM 2018 scheduled to take place September 4-7, 2018, in Hamburg, Germany, is held every two years and is the traditional launching platform for a variety of commercial shipping and shipbuilding technologies. Five new marine technologies to look for in Hamburg include:Digitalization & Autonomous SolutionsCompany: Kongsberg MaritimeBooth: B6.104Product: Digital transformation and autonomyKongsberg Maritime will show innovations in its operational, digital and seaborne transportation systems including autonomy and hybrid solutions at SMM 2018.
Seanergy Maritime Holdings Revenue up by 20% in 1H 2018
Seanergy Maritime Holdings Corp. net revenues for six months ended June 30, 2018 were $38.1 million, up 20% from the first half of 2017.The shipping company generated net revenues of $16.8 million for the quarter ended June 30, 2018, an 8% decrease compared to the second quarter of 2017. As of June 30, 2018, stockholder’s equity was $28.6 million and cash and cash equivalents, including restricted cash, was $13 million.Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer…
WFW Advises CMBFL on Sale, Leaseback of 15 Dry Bulker
Watson Farley & Williams (WFW) has advised CMB Financial Leasing (CMBFL) on a US$180.4m sale and leaseback transaction with Star Bulk Carriers Corp, a Nasdaq-listed global shipping company providing worldwide seaborne transportation of dry bulk cargoes.The funds obtained by Star Bulk under this new five-year capital lease of US$180.4m entered into with CMBFL were used to part-finance the cash portion of the consideration with regards to Star Bulk’s acquisition of 15 dry bulk vessels from Norwegian shipowner Songa Bulk ASA.Founded in 2008…
Star Bulk Carriers Completes Acquisition of 16 Dry Bulk Vessels
Star Bulk Carriers Corp. announced that it has consummated the previously announced acquisition of 16 dry bulk vessels in an all-share transaction, from entities affiliated with Augustea Atlantica SpA and York Capital Management.The final consideration for the Augustea Vessel Purchase is 10.3 million common shares of the Company, equal to approximately 11.3% of Star Bulk’s common shares after the closing of the Augustea Vessel Purchase.As part of the transaction, the Company will assume debt of approximately $309 million.Following the closing of the Augustea Vessel Purchase…
Star Bulk Carriers Lists on the Oslo Stock Exchange
The global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector Star Bulk Carriers Corp will commence trading on the Oslo Stock Exchange under the ticker “SBLK R” starting on Monday July 16, 2018. The ship manager of seaborne transportation announced on July 6 2018 that it had closed the acquisition of 15 operating dry bulk vessels from Songa Bulk for an aggregate of 13.725 million common shares of Star Bulk and $145.0 million in cash.
Singapore, Malaysia Joint Chemical Spill Exercise at Sea
The Maritime and Port Authority of Singapore (MPA) and the Marine Department of Malaysia (MDM) conducted a joint chemical spill exercise at sea along the East Johor Strait to test the Joint Emergency Response Plan (ERP) for Chemical Spill Incidents in the East Johor Strait. 2Jointly developed by MPA, MDM, the National Environment Agency (NEA) and Johor Department of Environment (DOE), the objective of the joint ERP is to respond to and mitigate chemical accidents involving the seaborne transportation of hazardous chemicals along the East Johor Strait.
Euroseas Sells Bulk Carrier M/V Monica
Euroseas, an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced the delivery of M/V Monica P, a 46,667 dwt drybulk vessel, built in 1998, to its buyer, an unaffiliated third party. The gross proceeds of this sale were $6.45 million. The vessel was held for sale as of March 31, 2018. Following the sale of M/V Monica P, the Euroseas fleet consists of 10 feeder and one intermediate containership with a total carrying capacity of 25,473 teu making the Company the sole US-listed feeder containership company.
DFDS Completes Acquisition of U.N. Ro-Ro
Danish shipping and logistics group DFDS has completed the acquisition of Turkey’s largest operator of Ro-Ro freight ships and will be a major player in the strong and continuously growing trade between the EU and Turkey. In April, DFDS signed an agreement with the owners of U.N. Ro-Ro to acquire the shares in the company, said a press release from the company. “All relevant authorities have now approved the transaction and I am very pleased to announce that on 7 June we completed the deal. U.N.
IM Skaugen Files for Restructuring in Singapore
Norway-based owner of liquefied natural gas (LNG) carriers IM Skaugen has filed for restructuring in Singapore seeking court protection from its creditors. "We wish to announce that I.M. Skaugen SE (IMSSE), together with its wholly owned subsidiaries, SMIPL and IMSPL filed applications to the High Court of the Republic of Singapore on 31 May 2018 for a moratorium to commence the reorganisation of liabilities and businesses of the IMS Scheme Companies," said a press release from the company.
Euroseas Completes EuroDry Spinoff
Euroseas announced that it has completed the spin-off of its drybulk fleet into EuroDry Ltd. Euroseas shareholders received one EuroDry Ltd share for every five shares of the Company they owned. Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to complete the spin-off of our drybulk fleet into a separate publicly listed company, EuroDry Ltd. Euroseas now becomes a pure containership company, the only US-listed containership owner focused on the feeder sector. EuroDry was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands.
Euroseas Bags TC for Newbuilding Kamsarmax M/V Ekaterini
Euroseas, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that a subsidiary of the Company has entered into a time charter contract for its newbuilding vessel, M/V Ekaterini, an 82,000 dwt, 2018 built Kamsarmax bulk carrier. Specifically, M/V Ekaterini, which is scheduled to be delivered to the Company from the shipyard on May 7, 2018, has been chartered to a highly reputable European charterer for about two years at a gross daily rate of $13,000.