DHT Holdings Completes Delivery of 9 VLCCs
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.
Ghana Ports, IBISTEK JV for Multipurpose Terminal
The Ghana Ports and Harbours Authority (GPHA) has offered a concession to IBISTEK Limited, a Ghanaian firm towards the development and operations of a container and multi-purpose terminal at the Port of Takoradi. This is part of the Port Authority’s Master Plan and development efforts to equip the Port of Takoradi for future demands. The concession related project works and installations will be executed at a cost of $370million. The terminals, in the long term, could have the…
Coastal Towing Announces New Refinancing
Coastal Towing, Inc., announced today the consummation of a $28 million senior term loan with the CIT Group/ Equipment Financing, Inc., Heller Financial Leasing, Inc. Pursuant to this transaction, the Company refinanced senior term debt under existing agreements with CIT and Wells Fargo Bank, N.A. In addition, the loan will be used to facilitate Coastal?s barge construction program. Dennis D. Buffo has joined Coastal Towing, Inc., as vice president of maintenance effective October 1. With over 29 years in the maintenance area of the marine industry, he will be responsible for all of Coastal's boat and barge maintenance. Buffo holds a B.S. degree in Marine Engineering from the United States Merchant Marine Academy in King's Point, N.Y.
Arlington Tankers Enters Loan Agreement
Ltd. million loan agreement with The Royal Bank of Scotland plc. agreement provides for a five-year term loan facility. N.V. tankers from the Stena Group. in January 2006. drawdown. an interest rate swap agreement with the Royal Bank of Scotland. at approximately 5.38%.
Dryships Announces $1.8B Term Loan Facility
DryShips Inc. (NASDAQ: DRYS) through its majority owned subsidiary, Ocean Rig UDW Inc., announced that Ocean Rig, through its wholly-owned subsidiaries, Drillships Financing Holding Inc. (“DFHI”), and Dr illships Projects Inc., entered into a $1.8 billion senior secured term loan facility, comprised of tranche B-1 term loans in an aggregate principal amount equal to $975.0 million (“Tranche B-1 Term Loans”) and tranche B-2 term loans in an aggregate principal amount equal to $825.0 million (“Tranche B-2 Term Loans” and, together with the Tranche B-1 Term Loans, the “Term Loans”), with respective maturity dates in the first quarter of 2021, subject to adjustment to the third quarter of 2020 in certain circumstances, and the third quarter of 2016.
DryShips Re-state Amended US$1.9-Billion Credit Agreement
From HQ in Athens, Greece, DryShips Inc. announce that through its majority owned subsidiary Ocean Rig, and its wholly-owned subsidiaries, Drillships Financing Holding Inc. (“DFHI”), and Drillships Projects Inc., have entered into an Amendment and Restatement Agreement to the Credit Agreement dated as of July 12, 2013. “We are pleased with the successful closing of this important transaction which extends Ocean Rig’s debt maturities. We effectively refinanced the short-term tranche of the Term Loan B Facility with a fungible add-on to the long-term tranche.
Capital Product Partners Sings Pact for $460 Mln Refinancing
Capital Product Partners entered into a firm offer letter for a senior secured term loan facility of up to $460.0 million with HSH Nordbank AG and ING Bank as mandated lead arrangers and bookrunners and BNP Paribas and National Bank of Greece S.A. as arrangers. The lenders also include Alpha Bank S.A., Piraeus Bank S.A. and Skandinaviska Enskilda Banken AB (Publ). The closing of the credit facility is subject to finalization of the long form loan documentation. "We intend to use the net proceeds of the loans under the New Facility…
Davie Yards to Gradually Resume Operations
Davie Yards Inc. (TSX:DAV) announced that it has reached agreements with its clients for new price increases of $35m on its existing contracts. In addition Davie's largest client, Cecon ASA has informed that it has received a $200m loan offer replacing the lost loan facility with the Norwegian bank DnB Nor. While Cecon completes the loan documentation, Davie has negotiated a $20m prefunding facility which will enable it to gradually resume its operations. Davie Yards has agreed to amendments to the shipbuilding contracts for Cecon's three vessels and Ocean Hotels' two vessels under construction. Under the terms of the amendments, the clients have accepted price increases totaling $35m in addition to the $60m that were agreed upon in September last year.
Horizon Offshore Completes $77M Refinancing
Horizon Offshore, Inc. Inc. (the CIT Group). bears interest at LIBOR plus 4.5% per annum. unpaid interest due at maturity in March 2011. term loan facility agented by Manchester Securities Corp. March 2007 and related closing costs and fees. financings of this type.
Horizon Offshore Completes Refinancing
Horizon Offshore, Inc. has entered into a $77.4 million secured term facility agented by The CIT Group/Equipment Financing, Inc. The credit facility has a five year term and bears interest at LIBOR plus 4.5% per annum. The credit facility is payable in monthly installments of $0.9 million, plus interest, for the first 24 months beginning March 31, 2006 and $0.6 million, plus interest, for the next 35 months, with the remaining principal and unpaid interest due at maturity in March 2011. The proceeds from the facility were used to repay the outstanding amount under the Company's previous CIT Group facility maturing in March 2006 and outstanding amount under the $70 million senior secured term loan facility agented by Manchester Securities Corp.
Horizon Lines Amends Credit Agreement
Horizon Lines, Inc. facility. the life of the facility. facility.
Fal Oil Signs Loan for Two Tankers
Sharjah-based Fal Oil Company recently signed a $102 million agreement with Citi for the financing of two Aframax tankers of 105,000 dwt capacity being built by Korean shipyard Hyundai Heavy Industries, says www.gulfnews.com The 15-year term loan facility covers 80 percent of the cost of the two tankers and will provide Fal Oil with three-years' pre-delivery and 12-years' post-delivery financing. The $102 million facility by Citi comes on the heels of a six-year $39 million term loan arranged by the bank for Fal Oil in April towards the financing of two tankers.
Dryships $325M Bridge Loan Facility
DryShips Inc. (NASDAQ: DRYS) announced that its subsidiary, Drillships Hydra Owners (the owning company of the Ocean Rig Corcovado), has signed a commitment letter with an international lender for a $325m Senior Secured Bridge Loan Facility. Under the terms of this facility which is expected to be executed no later than December 31, 2010, the loan is to be utilized in one single drawdown to fund the delivery installment of the Ocean Rig Corcovado (Hull 1837) scheduled for delivery from Samsung Heavy Industries in January 2011. The bridge loan has a maturity of six months after the drawdown date. Mr. George Economou, Chairman and CEO of DryShips Inc.…
Scorpio Bulkers Gets $540m Loan for Newbuilds
Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21, 2014, the company received a commitment from two European financial institutions for a loan facility of up to $540 million. The facility will be used to finance up to 55% of the contract price of 24 vessels, including six Ultramax, nine Kamsarmax and nine Capesize vessels currently under construction for delivery in 2015 and 2016. The loan facility has a final maturity of six years from the date of signing.
Dynagas Closes USD 480mln Term Loan B
Dynagas LNG Partners, an international owner and operator of liquefied natural gas (LNG) carriers, announced the closing of a USD 480 million Senior Secured Term Loan B facility (the "Term Loan B") by its wholly-owned subsidiary, Arctic LNG Carriers Ltd. The Term Loan B is secured by, among other collateral, first priority mortgages on the vessels owned by borrower subsidiary guarantors, and is guaranteed by the Partnership and certain of its subsidiaries. The Term Loan B has a six year term and was priced at LIBOR plus 450 basis points.
Scorpio Tankers Receives Commitment for Loan Facility
Scorpio Tankers Inc. announced that it has received a commitment for a loan facility up to $300 million from ABN AMRO Bank N.V., Nordea Bank Finland plc, acting through its New York branch, and Skandinaviska Enskilda Banken AB. The loan facility will be used to refinance the existing indebtedness on 16 MR product tankers, has a final maturity of five years from the first drawdown date and bears interest at LIBOR plus a margin of 2.5 percent per annum. The loan facility will be comprised of a term loan up to $200 million and a revolver up to $100 million…
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.
Aker Philadelphia Shipyard Finalizes $60M Loan
Aker Philadelphia Shipyard ASA informed that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has executed definitive documentation with PIDC Regional Center, LP XXXI for a secured term loan of up to USD 60 million. The loan has a five-year term and a fixed interest rate of 2.75% through maturity. The loan is secured by a lien on the company's interests in Hulls 021-024, which are the four product tankers to be included in the AKPS-Crowley joint venture. The company made its first draw under the facility on the closing date. The loan is made through the Welcome Fund (EB-5) loan program, a source of low-interest senior financing for large-scale, job-creating projects undertaken by strong governmental, corporate or institutional sponsors.
Superior Offshore Shares Plunge
Shares of Superior Offshore International Inc., plunged after the company delayed filing its third-quarter financial statement. Superior Offshore shares dropped 77 cents, or 9 percent, to close at $7.83, after plunging 24 percent to $6.56 earlier in the session. The stock has dropped more than 40 percent since its initial public offering priced at $15 in April. In a Securities and Exchange Commission filing, Superior Offshore said the third-quarter filing was delayed as the company determines whether it is required to reclassify long-term debt as current debt. Superior Offshore said the reclassification may be necessary under the terms of a waiver from a lender related to defaults on the company's senior secured term loan facility.
Navios Maritime Completes Acquisition of 14 Container Vessels
The Marshall Islands-based shipping company Navios Maritime Containers has closed the acquisition of the remaining four container vessels and as a result has completed the acquisition of the entire 14 container vessels fleet. Navios Containers acquired the 14 vessels for a total purchase price of $118.0 million plus certain delivery and other operating costs. The Fleet was partially financed through two loan facilities of $61.0 million in aggregate, including a previously announced $40.0 million facility, and a recently completed $21.0 million facility.
Osprey Maritime Gets Extension
Oil and gas shipping firm Osprey Maritime's bankers have agreed to an extension through the third quarter of 2002 of $362 million in short term loans. The facilities were originally repayable on July 20, 1999. The outlook for Osprey, which has a total debt of $813.7 million as of June 30, 1999, hinged on the outcome of its talks with bankers to extend its short term loans. The debt was incurred following its multi-million acquisition of Gotass Larsen Shipping Corp in 1997.
Sri Lanka Approves $180 mln Vessel Deal for Colombo Dockyard
Sri Lanka's cabinet has approved the awarding of a $180 million deal for three offshore patrol vessels for the country's coast guard to Colombo Dockyard , a government document said on Wednesday. Colombo Dockyard has agreed to arrange a loan for the deal, with 40 percent provided by the Japanese Funding Institution of JBIC, another 40 percent from Bank of Tokyo Mitsubishi UFJ, and the rest from a tied commercial term loan facility, the document said. Dockyard, located in Colombo port, is Sri Lanka’s largest engineering facility in the business of ship repair, shipbuilding, heavy engineering and offshore engineering. (Reporting by Shihar Aneez)
Trico Marine Files 10-Q For 4Q
Trico Marine Services, Inc. announced that it has filed its Form 10-Q for the quarter ended March 31, 2003 with the Securities and Exchange Commission in which it describes its 2003 liquidity enhancing plan to ensure adequate funding for its operations and capital needs. As part of this plan, the Company also announced that its Norwegian operating subsidiary has executed a commitment letter with one of its existing lead lenders to enter into a new three year NOK 150 million (approximately US$21.9 million) term loan facility. Proceeds from the loan will be used to refinance an outstanding NOK 40 million (approximately $5.8 million) term loan due June 30…