Ship Recycling Transparency Initiative Launched
Industry leaders and non-profit the Sustainable Shipping Initiative announced the launch of the Ship Recycling Transparency Initiative’s (SRTI) online platform - a tool for sharing information on ship recycling to drive responsible practice.According to a press release, the platform comes nine months after a group of shipping companies first announced their collective effort to use the market-drivers that transparency brings to make responsible ship recycling the norm. Demanding transparency holds the shipping industry to account…
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.
Cargotec Refinances EUR 300 mln Credit Facility
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.
Excelerate Energy Completes FSRU Sale and Leaseback
Excelerate Energy announced it has completed the long-term sale and leaseback of the FSRU Experience with a wholly owned subsidiary of CMB Financial Leasing Co. Upon completion of the 10-year agreement, Excelerate will re-purchase the FSRU from CMB. The transaction demonstrates the market’s confidence in FSRUs as financeable and dependable assets and positions Excelerate well for future financings as part of its growth strategy. The agreement enables the swap of short-term debt for long-term debt at the ultimate shareholder level…
ICTSI Australia Secures AUD398 Mln Loan
On July 15, 2016, Victoria International Container Terminal (VICT) signed a syndicated loan facility worth AUD 398 million (approximately USD 300 million) with seven leading global financial institutions, namely: Citibank N.A., KFW IPEX-Bank, Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners, Bank of China Limited, DBS Bank Ltd., Investec Bank PLC as Mandated Lead Arrangers, and Cathay United Bank as Lead Arranger. The facility provides significant financial flexibility with long-dated tenors of 7, 10, and 16 years.
KAMCO Becomes White Knight for Shipping
Acquiring ships from financially troubled shipping companies will remain one of the mainstay jobs handled by South Korean finance house Korea Asset Management Corporation (KAMCO) next year, reports Korea Times. The company has bought 33.3 billion won worth of assets from two SMEs in the January-October period and plans to acquire assets valued at 40 billion won from two to three SMEs by December, a move to give relief to financially troubled companies, KAMCO Chairman Hong said in a press conference on Dec.
Philippines' ICTSI in $450 mln Bond Offering
Philippines port operator International Container Terminal Services Inc (ICTSI) said on Wednesday it is raising $450 million through a bond issue. In a disclosure to the local stock exchange, ICTSI said its board of directors approved on Tuesday night the offering of new senior perpetual capital securities through subsidiary Royal Capital BV. (http://bit.ly/1hLsASV) The corporate bonds would yield 5.5 percent per annum and would be guaranteed by ICTSI. Citigroup Global Markets Ltd, Credit Suisse Securities (Europe) Ltd and Standard Chartered Bank were the joint lead managers and bookrunners. ICTSI, owned by the Philippines' third richest man, Enrique Razon, is into 30 terminal concessions and port development projects in 20 countries. (Reporting By Neil Jerome Morales
Topaz Energy and Marine Secures $550m Facility
Topaz Energy and Marine, an offshore support vessel company, announced a new $550 million facility. The facility is arranged over three tranches. The first is a conventional and Islamic senior secured, term loan of $350 million over seven years which will be used principally to repay existing senior debt. The second is a senior secured, conventional and Islamic Revolving Credit Facility of $100 million over five years and the third tranche is a senior unsecured conventional and Islamic term loan of $100 million, both of which will be used to fund growth capex. The new facility significantly lowers Topaz’s finance costs. The facility will also extend the maturity of Topaz’s debt profile over the next seven years from its previous profile of four years.
BOURBON Continues to Sell Vessels
BOURBON completes vessel sales to ICBC Financial Leasing and Standard Chartered Bank and announces new sale and bareboat charter agreement with Minsheng Financial Leasing Co. BOURBON has completed the transfer of ownership under the agreements with ICBC Financial Leasing (ICBCL) and Standard Chartered Bank (SCB) as part of the sale and bareboat charter agreements signed in 2013, the company announced today. During 2014, the ownership of 25 vessels was transferred to ICBCL in accordance with the agreement signed in April 2013. Combined with the 21 vessels transferred in 2013, this brings the total number of vessels transferred to ICBCL to 46 for a total value of more than $1.4 billion. BOURBON has also completed the transfer of vessels to SCB under the agreement signed in November 2013.
Bourbon Posts Weak First Half Results
Bourbon published its first half results for 2014, recording adjusted revenues up 8.9% at constant rates, reflecting an increase in the size of the fleet, despite a lower utilization rate (adjusted revenues increased 1.5% at current rates). Adjusted EBITDAR as a percentage of adjusted revenues, remained at a stable level of 34.4% following good cost control over the period, while adjusted EBIT decreased more than 50% largely due to €41.8 million increase in bareboat charter costs year on year, not fully offset by capital gains.
Standard Chartered Private Equity invests $ 75 mi in Topaz
Topaz Energy and Marine (“Topaz”), a leading offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, today announced a US$75 million new equity investment in the business from Standard Chartered Private Equity (“SCPE”), one of the world’s leading emerging market private equity investors. Under the terms of the investment, SCPE will inject US$75 million of equity in return for a 9.8% stake in the business.
Topaz Secures $75m Investment from SCPE
Topaz Energy and Marine, an offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, has announced a $75 million new equity investment in the business from Standard Chartered Private Equity (SCPE), one of the world’s leading emerging market private equity investors. Under the terms of the investment, SCPE will inject $75 million of equity in return for a 9.8% stake in the business.
Pacific Drilling Gets Funding for Two Drillships
Pacific Drilling S.A. sign a $1 billion senior secured credit facility agreement to finance construction of the Pacific Sharav & Pacific Meltem. The term loan made pursuant to the credit facility will have a maturity of 5 years from the delivery date of the Pacific Meltem. A portion of the funding will be provided before delivery of the vessels, with all drawdowns from the facility subject to satisfaction of customary conditions precedent. The transaction was led and structured by Citibank and DNB, and supported by the Norwegian export credit agencies Garanti-Instituttet for Eksportkreditt (GIEK) and Eksportkreditt Norge AS. Also acting as Mandated Lead Arrangers were ABN AMRO, ING, SEB and Standard Chartered Bank.
Gulf Energy Maritime Expands; adds Aframax
Delivery of second Aframax Vessel cements GEM’s optimistic stance in oil tanker industry. Gulf Energy Maritime (GEM) continues to expand its fleet to better serve its regional and international customers with the delivery of Gulf Valour, its second Aframax vessel. After two months since the delivery of Gulf Vision, their first Aframax vessel, GEM received Gulf Valour, which was also built by Samsung Heavy Industries. Standard Chartered arranged a Korean Export Credit Agency (ECA) to back the vessel’s financing.
U.K. Government Ministers to Speak at LISW
The U.K. Government has put its support firmly behind the inaugural London International Shipping Week (LISW) by confirming two of its Ministers as main speakers at the LISW Conference to be held at the Lloyd’s Building on Thursday, September 12. Lord Green of Hurstpierpoint, Minister for Trade and Investment will address delegates on the key issue of London’s role in propelling world trade while the Rt Hon Stephen Hammond, Parliamentary Under Secretary of State for Transport and the Shipping Minister, will give a keynote address emphasizing London’s position at the center of world trade, shipping and maritime services. Confirmed speakers include The Lord Mayor of the City of London…
LNG as Alternative Fuel on Workboats Conference Agenda
Leading maritime services experts to debate key technical, environmental, health and safety issues of adopting LNG marine fuel at Middle East Workboats 2011. The future of LNG as a viable and sustainable alternative marine fuel for working vessels is one of the most eagerly-anticipated sessions taking place at Middle East Workboats 2011, the definitive event for workboat operators, builders and equipment suppliers. Taking place from 3-5 October, 2011 at Abu Dhabi National Exhibition Centre…
Milbank Leads in $692 Million Drillship Deal
Milbank Represents Group of International Lenders in $692 Million Financing for New Deep Sea Drilling Ship Purchased by Brazil’s Schahin Group. Black Diamond 1 to be built by Samsung and leased to Petrobras for 10-year exploration of Brazil’s offshore oil and gas reserves; lender group from Asia, Europe, US. In one of the most significant cross-border financings involving Brazil’s offshore energy sector this year, Milbank, Tweed, Hadley & McCloy LLP has represented a consortium of major international lenders providing a US$692 million debt facility for the purchase of the Black Diamond I deepwater drillship by Schahin Group. The Brazilian…
Topaz Successfully Arranges Refinancing
Phase One of US$ 330 million loan agreement signed. UAE-based Topaz Energy and Marine Ltd. (Topaz), a leading oilfield services multinational and a subsidiary of Renaissance Services, announced that it has signed phase one of a US$ 330 million loan agreement with a syndicate of banks towards the refinancing of some of its existing loans. The deal paves the way for extra liquidity and new investments in Topaz’s Offshore Support Vessel (OSV) operations. The agreement completes phase one of Topaz’s previously announced refinancing initiative. The transaction refinances Topaz’s existing borrowings and releases trapped equity of US$ 60 million. The first phase of US$ 203 million refinancing was arranged and financed by DVB Bank, Standard Chartered Bank, and First Gulf Bank.
Bourbon Achieves $770m USD in Vessel Sales in 2013
In line with its strategy, BOURBON achieves US$ 770 million of vessel sales in 2013. Bourbon has sold 12 additional vessels to ICBC Financial Leasing for US$ 378 million and concluded a new sale and bareboat charter agreement with Standard Chartered Bank for US$ 150 million. They also announced the transfer of ownership of 12 vessels to the Chinese company ICBC Financial Leasing ("ICBCL") for a total value of approximately US$ 378 million, as part of the sale and bareboat charter agreement for up to 51 vessels signed with ICBCL on April 9, 2013.
OW Bunker Signs $700M Revolving Credit Facility
OW Bunker, a reseller and physical distributor of marine fuel, has signed a $700 million revolving credit facility, refinancing its current $450 million facility. The new facility consisting of two tranches, a 364-day and a three-year multicurrency revolving credit facility, was more than 100% oversubscribed by the in total 13 international banks and financial institutions in a syndicate led by ING Bank N.V. OW Bunker sees the over-subscription and the up to three-year commitment as a strong sign of confidence in its business model, including a strong balance sheet consisting primarily of relatively liquid current assets, with 70-75% of accounts receivables typically insured, and a liquid inventory of fuel and gas oil.
Bourbon Revenues Rise in 2013
Revenues up 10.5% vs. full year 2012 to €1.312 billion and up 6.0% vs. fourth quarter 2012 to €331.6 million impacted by U.S. • Foreign currency movements versus the Euro in 2013 (most notably versus the U.S. “2013 revenues of more than €1.3 billion, a complete range of 485 vessels with an average age of 6.2 years and the broad geographical reach of its activities makes Bourbon a leader in the offshore marine services industry,” said Christian Lefèvre, Chief Executive Officer of Bourbon.
Bourbon's Revenues up in 2013
Net Income Group share up 174% to €115 million. Increased operating margin1 and capital gains generated €575.7 million EBITDA, up 41.7% compared to 2012. Return on average capital employed (ROACE: EBIT / average capital employed excluding installments) increased to 9.8% compared to 5.8% in 2012. The majority of the vessel sales were done at the end of the year. The cost of financial debt remained at the same level as 2012 (€73 million). Other financial costs consist mainly of foreign exchange losses, 65% of which are unrealized at year end. Operating margin increased almost 2 points versus 2012 as the benefits of the focus on operational excellence began to materialize.
Second Aframax Tanker Delivered to Gulf Energy Maritime
Gulf Energy Maritime (GEM) continues to expand its fleet, with the delivery of Gulf Valour, its second Aframax vessel. After two months since the delivery of Gulf Vision, its first Aframax vessel, GEM received Gulf Valour, which was also built by Samsung Heavy Industries. Standard Chartered arranged a Korean Export Credit Agency (ECA) to back the vessel’s financing. The delivery of GEM’s second Aframax vessel reflects GEM’s leadership of responding to the market’s requirement as the industry gradually improves from the impact of the global financial crisis.