Seb News

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…

A potential invasion of Ukraine by neighboring Russia would be felt across a number of markets, from wheat and energy prices and the region's sovereign dollar bonds to safe have assets.Below are four charts showing where a potential escalation of tensions could be felt across global markets:Safe havensInflation at multi-decade highs and impending interest rate rises have made for a bad month for bond markets, but an outright Russia-Ukraine conflict could change that.Two-year U.S.

Many of the world’s biggest lenders to shipping companies fell short of carbon-cutting targets last year in the first analysis of CO2 goals for the sector by financiers, a report showed on Wednesday.Global shipping accounts for nearly 3% of the world’s CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.Last year, a group of leading banks signed up to environmental commitments known as the Poseidon Principles…

LAVLE launched its flagship Proteus Lithium-Ion .Battery Energy Storage System (Proteus ESS), engineered to overcome the limitations of conventional lithium-ion storage technologiesProteus utilizes LAVLE's battery management system (BMS), which is designed to maximize reliability, lifetime and uptime, and further enhances Proteus' performance and safety characteristics, the manufacturer said.Designed and developed by LAVLE Chief Technology Officer Dr. Ben Gully, who spearheaded…

Norway's Aker BioMarine plans to raise 2.15 billion Norwegian crowns ($225 million) in a private share sale valuing it at 8 billion crowns, followed by a listing of the company's stock, its owners Aker ASA and Aker Capital said on Friday.Aker BioMarine harvests off Antarctica small ocean crustaceans known as krill, rich in omega-3 fatty acids and eaten by whales, fish, seals and penguins, and turns it into food supplements and animal feed.Arctic Securities, DNB Markets, and Skandinaviska Enskilda Banken (SEB) were appointed joint bookmakers for the planned transaction and listing of shares on

Finland-based shipping company ESL Shipping, part of the ASPO Group, has acquired bulk carrier Alppila from SEB Leasing.The acquisition was made in accordance with the terms and conditions of the lease agreement signed in 2011, said the carrier of dry bulk cargoes in the Baltic region.Designed to meet the needs of ESL Shipping's customers, m/s Alppila is a self-unloading bulk carrier specially built for Baltic Sea operations.The bulk carrier is equipped for Finnish winter conditions and capable of operating even in the northernmost ports of the Baltic Sea.The length of the vessel is 156 meters and her maximum draft with a full cargo is 9.4 meters, said the company.The transfer of ownership will improve ESL Shipping’s profitability already for the second half of 2019.

Norwegian oil and gas rig operator Dolphin Drilling filed for bankruptcy on Wednesday, leading creditors to seize its key assets in a restructuring that will see the company maintain operations.Formerly known as Fred. Olsen Energy, Dolphin Drilling ASA had debt of just over $1 billion at the end of 2018 and a net loss for the year of almost $300 million, its annual report shows.Once a dominant supplier of drilling rigs to oil and gas firms exploring the North Sea, Dolphin was…

Swedish energy company Vattenfall has issued a EUR500mln green bond, its first such issuance, with the proceeds earmarked for a number of projects, including renewables.The bond with a tenor of seven years is offering investors the chance to “support the transformation of the energy system”.The proceeds from the bond issue are earmarked for projects defined in Vattenfall's green bond framework, with four categories: renewable energy and related infrastructure, energy efficiency, electrification of transport and heat, and industrial projects.The framework has been reviewed by Cicero and given their highest rating, “Dark Green”. Citi, Deutsche Bank…

Norway's Klaveness Combination Carriers (KCC) has raised 350 million Norwegian crowns in a private share placement, valuing the shipping firm at 2.27 billion crowns ($259.57 million) ahead of an Oslo stock market listing on May 22.Following the successful private placement, KCC has declared two options for the construction of the seventh and eight CLEANBU combination carrier with Jiangsu New Yangzi Shipbuilding Co., Ltd in China.The two newbuilds are scheduled for delivery in January and February 2021. Following the declaration, the KCC fleet will grow to 17 vessels within 1st quarter of 2021. The company holds options for further vessels.“We…

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 were part of a portfolio of 16 vessels acquired from Augustea Atlantica SpA and York Capital Management in an all-share transaction concluded in May 2018, on…

American shipowner Eagle Bulk Shipping  has announced that Eagle Bulk Ultraco, a wholly-owned subsidiary of the Company, has closed on a new five-year senior secured facility  totaling USD 208.4 million, maturing in 2024. The global transporter of drybulk commodities said that the Facility is secured by 21 vessels, including the M/V Cape Town Eagle which was acquired earlier this month, and includes a term loan of USD 153.4 million and a revolving credit facility of USD 55 million.Gary Vogel, Eagle’s CEO, said: “We are very pleased that the Company continues to secure increasingly attractive debt financing and has increased its financial flexibility in the process.

Malaysia’s Sapura Energy has entered into a heads of agreement with Austria’s OMV to form a strategic partnership and acquire half of Sapura Upstream for $1.6 billion."Under the agreements, OMV Exploration and Production GmbH (OMV E&P), a wholly-owned subsidiary of OMV Aktiengesellschaft, will buy a 50 per cent stake of the enlarged issued share capital in a newly-formed joint venture company, SEB Upstream Sdn Bhd (SUP), based on an enterprise value of up to USD1.6 billion comprising an equity value of up to USD1,250 million and debt of USD350 million," said a statement from Sapura Energy Berhad.The integrated oil and gas services company based in Selangor…

More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies' operating costs and capex needs, says Fitch Ratings in a new report."This may negatively affect their credit quality unless they manage to pass these costs to customers. Many shipping companies have started implementing fuel surcharges to recover costs associated with the new sulphur cap regulation, but their ability to sustain these will depend on market fundamentals, which remain challenging," said Flitch.Competitive dynamics may change in the longer term with companies that are less financially able to absorb additional costs, especially given higher oil prices, withdrawing from the market.

As shipowners mull the technical and logistics solutions to meet the IMO's 2020 deadline regarding sulfur emissions, Goltens COO Roy Strand said “When emissions regulations are applied globally, the investment in exhaust cleaning will make more sense to many operators. There will be more customers who choose to invest in scrubber technologies due to the clear payback.”Strand and Goltens have a stake in the solution, as Goltens Green Technologies is a leader in supplying emission  control solutions.

New rules coming into force from 2020 to curb pollution produced by the world's ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component of acid rain that damages vegetation and wildlife.But the energy and shipping industries are ill-prepared, say analysts, with refiners likely to struggle to meet higher demand for cleaner…

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 to Libor + 2.40%.The increased facility is available immediately and will have quarterly repayments of $2.5 million commencing second quarter 2020, aligned with the implementation of IMO2020 and expected economic benefits.

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.   The facility was coordinated by SEB and the Mandated Lead Arrangers and Bookrunners are Citi, Danske Bank, Nordea Bank, OP Corporate Bank, SEB (Facility Agent) and Standard Chartered Bank.

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. The five year credit facility is divided 50/50 between a term loan and a revolving credit facility and borrowings will bear interest at a rate equal to LIBOR plus a margin of 250 basis points…

Oil prices closed 2 percent higher after a volatile session on Thursday, with investors less worried about prospects for the global economy after the last pre-vote opinion polls showed Britain was likely to remain in the European Union. Oil prices were also supported by market intelligence firm Genscape's report of a drawdown of nearly 1 million barrels at the Cushing, Oklahoma storage base for U.S. crude futures during the week to June 21, traders who saw the data said. Brent crude settled up $1.03, or 2.1 percent, at $50.91 a barrel. U.S. crude settled at $50.11 a barrel, up 98 cents. Both contracts shot up in the last few minutes of trading. Commodities and other financial markets have been on tenterhooks ahead of Britain's referendum on EU membership.

Wilhelmsen Maritime Services AS (WMS), a wholly owned subsidiary of Wilh. Wilhelmsen Holding ASA, said it has signed an agreement whereby technology subsidiary Callenberg Technology Group will be acquired by Trident Maritime Systems. "We have in Trident and their principal, J. F. Lehman & Company, found a strong new owner of Callenberg. Having a new owner that operates within the same technology areas creates a perfect environment for employees, customers and future growth of Callenberg with Trident," said Dag Schjerven, president and CEO of WMS. "Through this natural combination, we will significantly expand our technical capabilities and geographic reach," said Tom Eccles, CEO of Trident.

Nordic American Tankers (NAT) announced an underwritten public offering of $100 million of its common shares pursuant to the Company’s effective shelf registration statement. At the Company’s request, the underwriters have reserved for sale an aggregate of approximately $1.2 million of its common shares for certain members of the Company’s board of directors, management and advisors, which includes approximately $1.0 million to be purchased by the Company’s Chairman and Chief Executive Officer and his immediate family. The Company also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the offering. On December 1, 2017 NAT established a sale/leaseback arrangement for the three newbuilds to be delivered in 2018.

Oil prices posted their strongest opening to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures traded flat at around $60.40 by 1200 GMT after hitting $60.74 earlier in the day, their highest since June 2015. Brent crude futures, the international benchmark, were also flat at around $66.80 after hitting a May 2015 high of $67.29 a barrel earlier in the day.

Analysts believe results and outlook in the final quarter report of Maersk (Feb. 9) might be weighed down by consolidation effects from the Hamburg Sud deal and the market situation in China. Morgan Stanley says integration expenses related to the deal would limit profitability contribution in 2018 and that Maersk Line will return to peak EBIT margins in 2020. Jyske Bank, which keeps rating "sell" for the company, sees a potential threat to Maersk Line Q4 volumes and EBITDA from significant cuts in China's import of waste materials. Brokerage SEB takes a more optimistic stance on the Danish shipping group as it expects a better supply/demand balance in 2018-19. Separately, J.P. Morgan sees H1 2018 freight rate environment "highly volatile", while considering FY19 to look attractive.