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15 Jan 2020

Ezion Sells Offshore Vessel to Astro

Singapore’s troubled liftboat operator Ezion Holdings has signed a memorandum of agreement to sell its offshore vessel Teras Genesis to the offshore and maritime chartering and brokerage company Astro Offshore.Ezion, in an attempt to reduce cash burn and shift focus to liftboats, has agreed to sell the vessel for cash consideration of US$2.25 million.The sale is expected to generate a gain of US$858,000 for Ezion, based on the vessel's US$1.39 million carrying value as at end-September.Ezion will use the sale proceeds to repay its secured bank loans. The mortgage over the vessel will be discharged after the sale.The debt-stricken offshore…

19 Jun 2019

GSL Acquires Three Boxships

Marshall Islands-incorporated Global Ship Lease (GSL) announced that it has agreed to acquire three 2004-built, 7,849 TEU containerships for an aggregate purchase price of $48.5 million.Upon delivery during the second quarter, the first vessel will commence a five-year charter with Maersk Line, said a press release from the owner of containerships with a diversified fleet of mid-sized and smaller containerships.The two other vessels are expected to be delivered during the third quarter and will commence three-year charters with Maersk Line, with two consecutive one-year extensions at the charterer’s option.The three vessels are expected to generate Adjusted EBITDA of approximately $32 million in aggregate for the median firm period, and a total of $47 million if all options are exercised.

15 Nov 2018

Global Ship Lease Closes Poseidon Containers Deal

Marshall Islands-based Global Ship Lease (GSL) announced that it has completed the proposed merger deal with Greece's Poseidon Containers.According to a release from GSL, the combined company will have a fleet of 38 vessels with a total capacity of 198,793 TEU, and, as of September 30, 2018, an average fleet age weighted by TEU of 10.7 years, and with the recently announced new charters, contracted revenue of approximately $720 million. "The closing of the merger creates a market leader with an asset base of more than $1.3 billion, which the Company believes will allow it to capitalize on favorable market fundamentals in the mid-sized and smaller containership segments…

20 Apr 2018

Odfjell Drilling to Expand Fleet

(Photo: Odfjell Drilling)

Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry.After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some ground.Odfjell raised $175 million via a new share issue on Thursday to help buy semi-submersible Stena Midmax Rig from Samsung Heavy Industries for $505 million.

14 Sep 2017

Seadrill Files Chapter 11 Bankruptcy Protection

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. The approved motions give the Company the authority to…

12 Apr 2017

Rickmers Maritime is Latest Singapore Casualty

Company struggled with debt in wake of shipping downturn. Debt includes over $270 mln in secured loans. Rickmers Maritime, a Singapore-listed trust that operates container ships, said it would be wound up as it has been unable to reach an agreement with its lenders to restructure debt or raise new equity. Struggling in the wake of a global shipping downturn, Rickmers joins other Singapore-listed companies from the offshore and marine sectors that have been grappling with debt in the last year. Singapore banks, which were caught off-guard by the collapse of oilfield services company Swiber Holdings last year, have taken a hit as the firms restructure their loans.

08 Sep 2016

Rickmers Maritime Gets Breathing Space

Marine transport company Rickmers Maritime has been offered a credit facility worth USD 260 million in order to cover bank debt. The carrier is also considering converting its debt to bonds worth more than USD 70 million as part of an ongoing restructuring of the listed company's debt burden. Rickmers Maritime received an offer from HSH Syndicate for a restructured secured amortising term loan facility of up to US$260.2 million, says a report in Singapore Business Review. This is to refinance the company’s outstanding debt under existing facilities granted by its lenders. Rickmers revealed that a successful entry into the new loan facility would extend the maturities of a large part of the company’s secured bank debts to the first quarter of 2021…

06 Sep 2016

More Collapses, M&A Will Follow Hanjin, Warns Flitch

Korean Hanjin Shipping's filing for receivership reflects an unsustainable supply-demand imbalance in container shipping, Fitch Ratings says. "We expect more defaults and M&A activity in the short and medium term but these will only restore equilibrium and boost freight rates if they prompt capacity reduction," says Fitch. Bankruptcies in shipping are not unusual, especially in the current dire industry conditions, but Hanjin is the seventh largest container shipping company in the world and its filing for receivership may therefore have far-reaching ramifications. In particular, creditors' withdrawal of support may indicate a re-assessment of the financing landscape, where secured bank funding for new vessels has remained relatively accessible even as market conditions have deteriorated.

16 Jul 2016

WFW Advises Teekay on Major Financing Initiatives

International law firm Watson Farley & Williams LLP (“WFW”) advised long-standing client Teekay on the successful completion of financing initiatives for Teekay Corporation and Teekay Offshore Partners LLP (“TOO”). This included assisting TOO on US$400m of secured bank financing and the raising of US$200m in fresh equity capital along with the deferment of certain bond maturity dates, whilst parent company Teekay Corp completed US$350m of bank financing and raised a further US$100m in equity capital. The transatlantic WFW Maritime team advising Teekay was led by London partner Nigel Thomas and senior associate Patrick Smith, assisted by senior associate George Macheras, associate Natalia Golovataya and trainees Cameron Johnstone-Brown and Tanpreet Rooprai.

24 Sep 2015

Seanergy Maritime 2Q Revenue Nets $1.8 mln

Dry bulk shipper Seanergy Maritime Holdings Corp. announced its financial results for the second quarter and six months ended June 30, 2015. For the three months ended June 30, 2015, the company generated net revenues of $1.8 million. Total equity as of June 30, 2015 was $9.4 million. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated, “In the second quarter of 2015, Seanergy restored its revenue-generation capacity through the acquisition of its first vessel, the M/V Leadership, in March 2015. The Time Charter Equivalent (“TCE”) rate earned by M/V Leadership during the second quarter of 2015 amounted to $9,788, which compares very favorably with the average rate of the 4 T/C routes of the Baltic Capesize Index for the same period of $4,601.

17 Feb 2015

Golar LNG sells Golar Viking

Golar LNG Ltd has completed the sale and delivery of the LNG carrier Golar Viking to PT Perusahaan Pelayaran Equinox (Equinox) for US$135 million. The 140,205-cbm Golar Viking (built 2005) has been renamed Salju under Indonesian flag and registry. Under Indonesian Cabotage regulations, LNG cargoes produced and sold within Indonesia must be transported on an Indonesian flagged vessel. Equinox decided to acquire the Golar Viking and transfer the vessel to Indonesian flag due to an anticipated increase in domestic allocation for Indonesian produced LNG cargoes this year. The technical specification of Golar Viking, now renamed Salju, is well suited for the short haul nature of the domestic Indonesian trade.

10 Jul 2014

Seadrill Obtains US$1.35-bln Bank Credit Reflnancing

Seadrill Limited informs it has received commitments from 17 banks for a US$1.35 billion credit facility with a 5 year term and 10 year amortization profile to refinance the credit facilities secured by the West Pegasus, West Gemini, and West Orion. The transaction was initially launched as a US$900 million facility secured by two ultra-deepwater units. However, due to strong interest from the Company's banking group, the facility was upsized to US$1.35 billion by including one additional ultra-deepwater unit in the collateral package. The new loan will be priced at a margin of Libor plus 2% and was substantially oversubscribed, demonstrating the strength of Seadrill's credit in the banking market. This refinancing will provide Seadrill with US$350 million in additional cash.

26 May 2014

Ardmore Shipping Takes Credit Agricole Loan

Bermuda-based Ardmore Shipping Corporationtoday announced that it has signed a loan agreement for a new US$39-million credit facility with Credit Agricole CIB. Ardmore say that the proceeds from the new facility will be used to finance up to 65% of the purchase price of two vessels on order in the Company’s current fleet. The facility will be an amortizing senior term loan with a final maturity seven years from the date of drawdown. The covenants and other conditions are consistent with those of the Company’s existing credit facilities. “We appreciate the support of Credit Agricole and are pleased to have secured bank financing for the remaining vessels currently on order.

01 Apr 2014

Rickmers Maritime Report Fair Sailing in 2013

Chairman (L) & CEO: Image Rickmers

In a letter to unitholders introducing its 2013 financial results, the chairman and the CEO of Rickmers Maritime, state that its commitment to long-term, fixed-rate container ship time charter agreements has provided insulation from the continued pressure on time charter rates, and 2013 saw an excellent operational performance, with a 99.7% vessel utilisation rate. "The decisions taken on the Rights Issue, the deleveraging of the business, and the multicurrency medium term note (MTN) programme ensure that the Trust enters the new year on a stronger footing.

05 Apr 2013

A Container Ship Owner Who Got 2012 Right

Chairman & CFO: Image courtesy of Rickmers Maritime

"As we close the 2012 books, we have every reason to be satisfied with the Trust’s positive results," says Rickmers chairman. Extracts from chairman, Bertram R.C. The business performed well operationally, with all sixteen [container] vessels generating strong revenues. Rickmers Maritime, being specifically structured around long-term fixed-rate time charter contracts, is largely insulated from the renewed pressure on time charter rates. The challenges to our industry are by no means over.

21 Oct 2010

Omega Navigation Enterprises, Q2 Results

Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the second quarter and six months ended June 30, 2010. For the quarter ended June 30, 2010, Omega Navigation reported total revenues of $19.0 million and Net Income of $2.4 million, or $0.15 per basic share, excluding losses on interest rate derivative instruments, incentive compensation grants expense and a one-time settlement fee for the termination of a purchase agreement. Including these items, the Company reported Net Loss of $0.9 million or $0.05 per basic share. Adjusted EBITDA for the second quarter of 2010 was $6.1 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities.

22 May 2009

Omega Navigation Joint Venture for Omega Duke

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced it has taken delivery of the first of its newbuildings, the 47,000 dwt. Omega Duke. It further announced that it has taken several measures to better position itself to fund its newbuilding commitments from internally generated cash flow. As previously announced, Omega has commitments from commercial banks to provide 75% financing at delivery of all of its remaining newbuildings based on contract prices or fair market values at the time of delivery. In May 2008, Omega announced it had entered in to an agreement with an unrelated third party to purchase two newbuilding 47,000 dwt.

20 May 2008

Omega Acquires Two Tankers

Payment terms provide for a 10% deposit payment, payable now, and the balance of 90% at the respective deliveries of each vessel. The Company has secured bank financing at competitive terms for 90% of the deposit payment and 75% of the entire purchase price. Each vessel has currently secured employment to ST Shipping, a subsidiary of Glencore International, AG, under a three year time charter commencing at the time of delivery at a gross daily rate of $21,135. The time charters on both vessels include profit sharing arrangements settled on a quarterly basis, pursuant to which earnings from the vessels in excess of $21,135 per day will be divided equally between owners and ST Shipping.

21 Dec 2007

Top Ships Takes Drybulk Carrier Delivery

Top Ships Inc., which operates a fleet of crude-oil tankers and drybulk vessels, has taken delivery of a a 2000-built Panamax drybulk vessel. The company, formerly known as Top Tankers Inc., said the 75,681-deadweight-ton vessel will immediately enter the spot market, earning about $70,000 per day for its first voyage. Panamaxes are the largest drybulk carriers that can fit through the locks of the Panama Canal. The vessel has been financed with secured bank debt, the company said, and is the second of six drybulk carriers set for delivery. Shares rose 5 cents to $3.64 in midday trading. The stock has ranged between $3.03 and $8.40 in the past year. Source: AP

21 Jun 2004

Moody's affirms General Maritime's Ratings

Moody's Investors Service has confirmed the debt ratings of General Maritime Corporation ("General Maritime"), completing a review for possible downgrade that was initiated on March 29, 2004. The confirmed ratings include: $250 million senior unsecured notes due 2013, rated B1 Senior Implied rating of Ba3 Senior Unsecured Issuer rating of B1 The rating outlook is stable. General Maritime's ratings had been placed on review for possible downgrade following the announcement by the company of its proposed purchase of Soponata SA for approximately $415 million. At the time of the announcement, Moody's was concerned about the increased levels of debt associated with this acquisition and its effect on near term liquidity…

25 Jun 2004

Moody’s Confirms General Maritime Rating

Moody's Investors Service has confirmed the debt ratings of General Maritime Corporation, completing a review for possible downgrade that was initiated on March 29, 2004. The confirmed ratings include: $250 million senior unsecured notes due 2013, rated B1 Senior Implied rating of Ba3 Senior Unsecured Issuer rating of B1 The rating outlook is stable. General Maritime's ratings had been placed on review for possible downgrade following the announcement by the company of its proposed purchase of Soponata SA for approximately $415 million. At the time of the announcement, Moody's was concerned about the increased levels of debt associated with this acquisition and its effect on near term liquidity…

10 Apr 2001

Moody's Downgrades ACL

Moody's Investors Service downgraded the ratings of American Commercial Lines LLC's $535 million senior secured bank facility to B1 from Ba2 and the $300 million 10.25% senior unsecured notes to B3 from B1. The Senior Implied rating was lowered to B2 from Ba3 and the issuer rating was lowered to Caa1 from B2. The rating outlook was changed to stable from negative. The ratings downgrades is prompted by the substantial deterioration in operating performance resulting from a reduction in grain exports to Asia, higher fuel costs, and low water levels and unusual ice conditions on its U.S. transport routes which severely impacted the fourth quarter of 2000.

15 Dec 2005

Top Tankers Receives M/T Edgeless

TOP Tankers Inc has taken delivery of the M/T Edgeless, a 147,048 DWT double-hull Suezmax tanker, built in 1994 by Harland & Wolff Heavy Industries Ltd, of the United Kingdom. The vessel has been financed with the Company's cash reserves and secured bank debt. The M/T Edgeless is the final of four Suezmax deliveries for the fourth quarter of 2005 and will be deployed in the spot market, which currently averages approximately $75,000 per day.