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…
Mexico Hopes to Reach Deal on Steel with US, Canada Soon
Mexican Deputy Economy Minister Rogelio Garza said on Monday that the government was very confident that it would soon reach a deal with the United States and Canada over steel tariffs.The administration of U.S. President Donald Trump imposed tariffs on steel imports in June, citing national security reasons. Canada followed with tariffs on a range of steel products earlier this month.Reporting by Sharay Angulo; writing by Julia Love
Star Bulk Carriers Adds MV Star Bright to its Fleet
Athens, Greece-based Star Bulk Carriers Corp took delivery of the first of the three firm dry bulk vessels, the ER Brighton, renamed to Star Bright, from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG.The global shipping company focusing on the transportation of dry bulk cargoes announced that, the delivery is in pursuant to the previously announced transaction of August 28, 2018. The Vessel was acquired for a combination of cash and shares. Following this delivery…
Star Bulk Carriers Announces $310mln Loan for Vessels, 50 Scrubbers
Star Bulk Carriers announced that it has entered into a $310 million loan agreement, which includes a $70 million tranche (Green Loan Tranche) that will exclusively finance the procurement and retrofitting of scrubbers for up to approx. 50 vessels in Star Bulk’s fleet. According to a press release from the global shipping company focusing on the transportation of dry bulk cargoes, DNB Bank, acted as the Mandated Lead Arranger, Facility Agent and Coordinator, along with ABN AMRO Bank…
Record Low Danube Hinders Shipping in Hungary
Water levels on the Danube dropped to record lows on three sections of the river in Hungary on Wednesday due to a recent drought, hindering passenger cruise ships and causing losses to freight shipping companies.In Budapest the Danube receded to 0.61 metres, just above the record low of 0.51 meters recorded in 2003, the National Water Authority said in a statement.Tourists and locals flocked to the bottom of the pillars of the historic Margaret bridge to capture a unique view of the Hungarian capital city from the riverbed…
Chinese Exports Accelerate Even as Trade War Escalates
China's exports surged more than expected in July despite U.S. duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.In the latest move by President Donald Trump to put pressure on Beijing to negotiate trade concessions, Washington is set to begin collecting 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23.In a statement on its official website late on Wednesday, China's commerce ministry criticised the U.S.
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.
EU Plans to Hit US Imports with Duties from July
The European Union expects to hit U.S. imports with additional duties from July, ratcheting up a transatlantic trade conflict after Washington imposed its own tariffs on incoming EU steel and aluminium.EU members have given broad support to a European Commission plan to set 25 percent duties on up to 2.8 billion euros ($3.3 billion) of U.S. exports in response to what is sees as illegal U.S. action. EU exports that are now subject to U.S. tariffs are worth 6.4 billion euros."The…
Mexico Slaps Tariffs on US Steel, Agricultural Products
Mexico will impose tariffs of 15 percent to 25 percent on U.S. steel products and on some agricultural goods, the Mexican economy ministry said on Tuesday, after pledging to retaliate against U.S. President Donald Trump's metals tariffs.The ministry published a list of new tariffs in the government's official gazette, which included a 20 percent tariff on U.S.
U.S. Allies Facing Steel Import Quotas Could Be Worse Off
U.S. government moves to negotiate steel import quotas with its allies in exchange for tariff exemptions could leave them worse off than countries who have to pay the levy.Washington set tariffs of 25 percent on U.S. steel imports in March, but has since granted the European Union, Canada and Mexico temporary exemptions until June 1.It has also agreed permanent exemptions for Brazil, Australia, Argentina and South Korea in return for quotas.South Korea, for example, agreed to quotas restricting its steel sales to the United States by 30 percent…
EU Ambassadors Visit Peru’s Largest Multipurpose Terminal
APM Terminals Callao hosted an EU delegation of ambassadors representing 12 EU member states. Led by the EU Ambassador in Peru, Diego Mellado, the visit was of special interest as annual trade between the EU and Peru is more than $10 billion, 60% of which are exports from Peru to the EU. The trade agreement between the EU and Peru celebrated its fifth anniversary this year- and this month, the Lima Chamber of Commerce and Peru Eurocámaras signed an agreement to centralize EU efforts to promote economic development and investment.
US Fines Shipping Company $1 Mln for Pollution Crimes
A Japanese shipping company will have to pay $1 million after being convicted and sentenced for obstruction of justice and falsification of an Oil Record Book to cover-up intentional pollution from bulk carrier M/V Atlantic Oasis.The company Nitta Kisen Kaisha Ltd., owner and operater of the Atlantic Oasis, admitted that its engineers failed to document the illegal discharge of oily wastes from the vessel’s fuel and lubrication oil purifier systems, as well as discharges of oily bilge waste from the bilge holding tank and from the vessel’s bilges when delivering steel products to Wilmington…
Star Bulk Carriers Acquires 16 Vessels
Star Bulk Carriers Corp announced that it has agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers…
Wärtsilä, Hidrovias Group Ink Maintenance Deal
Wärtsilä and Hidrovias do Brasil signed a five-year Optimized Maintenance agreement on the fleet of eight pusher tugs operating in the rivers of South America. The agreement enables flexible maintenance planning and execution according to the real condition of the equipment, thus ensuring better lifecycle value for the vessels. Hidrovias pusher tugs offer high-quality logistic solutions for the transportation of agricultural commodities, ores, steel products and other loads, with customized long-term projects in the rivers of Paraguay, Brazil, Argentina and Uruguay.
Mexico Slaps Tariffs on Chinese Steel Pipe for 'Unfair' Pricing
Mexico's economy ministry said on Thursday it formally imposed anti-dumping duties on imports of carbon steel pipe from China after completing an investigation into "unfair" trade practices. The action came the same day U.S. President Donald Trump was set to announce tariffs on steel and aluminum imports to the United States in a bid to counter cheap imports, especially from China. Mexico's investigation of Chinese steel pipes predated Trump's tariff plan, beginning in December 2016 at the request of three companies and covering an analysis of the period from May 2013 to April 2016…
Star Bulk to Repay Debt Principal
Star Bulk Carriers announced that, in light of the improved performance of the Company and the dry bulk market in general, it is planning to make debt principal repayments that are in total at least equivalent to the amortization payments scheduled prior to the commencement of debt amortization holidays. The repayment will start from January 1st 2018, under the “cash sweep” mechanism incorporated in its loan agreements. Star Bulk had previously agreed with its Lenders debt amortization holidays that commenced on June 1st 2016 and were due to end on June 30th, 2018.
Star Bulk Rolls Out Logistics Venture
Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, announced the expansion and diversification of the Company's commercial activity with the launch of the new subsidiary Star Logistics Management S.A. Star Logistics will focus on servicing the end user by connecting origination and destination of dry bulk commodities. The move is expected to further expand the commercial capability of Star Bulk through additional commercial expertise and advanced tools on the Kamsarmax and geared bulk carriers.
Victor Restis Buys Stake in Globus Maritime
Globus Maritime Limited, a dry bulk shipping company, announced that it has signed a share and warrant purchase agreement providing for the issuance, for gross proceeds of $2.5 million in a private placement to a private investor. The Company intends to use the proceeds from the sale of common shares and warrants for general corporate purposes and working capital. "Restis has significant experience in shipping and currently runs a fleet of approximately 40 vessels. We continue…
Star Bulk Carriers Announces Private Placement
Star Bulk Carriers Corp. announced the closing of its previously announced private placement of 6,310,272 common shares, at a price of $8.154 per share. The aggregate proceeds to Star Bulk, net of underwriting fees and offering expenses, were approximately $50.6 million. Star Bulk intends to use the net proceeds for general corporate purposes. Oaktree Capital Management, L.P. and its affiliates and Senator Investment Group LP purchased 6,310,272 common shares in connection to this offering.
Steel Handling Facility for London Thamesport
London Thamesport has signed an agreement with UK shipping agent and logistics company The Armitt Group for a purpose-built, 120,000 square feet specialist steel handling facility at the Kent port. Construction of the first phase of 60,000 square feet is well underway. Once completed, the specialist facility will offer unparalleled multimodal connections for breakbulk cargo handled in the South East of England. The facility will allow the Armitt Group and its customers to take advantage of London Thamesport's deep-water berths and excellent rail and road links to London…
Grain and Project Cargo Dominate St. Lawrence Seaway Traffic in October
“The Great Lakes St. Lawrence Seaway System saw a steady flow of traditional cargoes during the month of October,” said Betty Sutton, Administrator of the Saint Lawrence Seaway Development Corporation. “Last month, shipments of aluminum, steel, generators, crane components, iron ore and containerized goods moved in the system. Thanks to a robust U.S and Canadian grain crop, agricultural products including corn, soy beans, wheat and sugar beet pellets made up the majority of the…
Dry Bulk Shipping Outlook Good
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing short of extraordinary, says BIMCO. But, putting it into perspective, compared to the devastating freight rate levels over the same period, it highlights that something is very wrong in the dry bulk market. The market is nowhere near balanced. BIMCO’s data on seaborne iron ore imports into China, shows a growth of 9.6% for H1-2016 as compared to H1-2015.