Trafigura Offers COVID-19 Premium
Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other price-sensitive borrowers looking to limit the long-term effects of the pandemic on their funding costs.Without the Covid premiums, the terms of Trafigura's new deal are little…
DP World Launches $9 Billion Financing
UAE global port operator DP World has launched a $9 billion financing into a targeted syndication process involving less than 10 banks, according to banking sources.The financing, which backs the borrower's privatization, was expected to sell down in a general syndication, but instead DP World decided to offer the deal to a select group of relationship banks.“(The deal is) going out to less than ten relationship banks that have already showed interest in the deal but were unable to join in the senior phase…
DP World Suspends Staff Travel to China
DP World, one of the world's largest port operators, has suspended all staff travel to China until further notice due to the coronavirus outbreak there.Companies including Facebook, LG Electronics and Standard Chartered are among those restricting travel for employees to China, where the death toll from a flu-like virus rose above 100 on Tuesday."All travel to China is suspended until further notice, unless for emergency purposes.
Topaz Revenue Climbs
Revenue of Topaz Energy and Marine of the United Arab Emirates (UAE) for the six-month period of 2019 was $235 million, an increase of 56% compared to H1 2018.Dubai-based offshore vessel operator’s first-half net income also surged to $42 million from a $4m loss recorded at the end of first six months of 2018.Earnings before interest taxes, depreciation and amortization rose by 83 percent to $141m in the first half.The global ports operator DP World acquired Topaz from Oman's…
DP World to Issue $700 million in Bonds, Sukuk
Port operator DP World plans to raise at least $700 million through conventional and Islamic bond issues on Thursday, documents issued by banks involved in the deal showed.Majority owned by the Dubai government, DP World plans to issue benchmark sukuk with a 10-year maturity. Benchmark bonds are generally meant to be over $500 million.The Islamic paper is being marketed with an initial guidance of around 230 basis points over mid-swaps.Barclays, Citi, Deutsche Bank, Dubai Islamic Bank…
DP World Hires Banks for Dollar Bond Issue
Port operator DP World has hired banks to arrange a series of investor meetings ahead of a potential issue of 10-year U.S. dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.DP World, majority owned by the Dubai government, mandated Citi, Dubai Islamic Bank and Standard Chartered to arrange the meetings to be held in Hong Kong, Singapore and London, starting on Wednesday July 10.The three banks, together with Barclays, Deutsche Bank…
DP World buys Topaz Energy for $1 bln
Port operator DP World Plc will buy Topaz Energy and Marine Limited for $1 billion from Standard Chartered and Renaissance Services, DP World said on Monday.Topaz is a provider of marine logistics to the global energy industry. The deal is the latest in Asia-focused lender StanChart's efforts to sell its private equity business as part of a broader shift away from direct investing.Reporting By Lawrence White
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…
Finance Conference Speakers Take Optimistic View of Shipping Market Trends
The fourth Maritime Standard Ship Finance and Trade Conference, held at Abu Dhabi’s Sheraton Hotel and Resort, was in many ways very different from the preceding three events in this increasingly popular series. While in other years the sense of challenge and adversity was dominant, this year speakers at the one-day conference were generally much more optimistic and upbeat about market prospects, although a number of potential hazards on the road to full recovery were also much in evidence.Conference chairman…
DP World Amends Terms of $2 Bln 'Green' Loan
Dubai port operator DP World has repriced and extended the maturity of a $2 billion "green" loan comprising conventional and Islamic revolving credit facilities, Standard Chartered said.A total of 19 banks provided the facility, which was extended by two years and was now due in 2023, said the bank which is coordinating the transaction.The loan pricing is linked to DP World's carbon emission intensity as a way to incentivize the company to reduce its greenhouse gas emission. (Reporting by Davide Barbuscia Editing by Edmund Blair)
DP World Plans 10-year Dollar Sukuk, 30-year Conventional Bond Sale
DP World, the Dubai logistics group and one of the world's biggest port operators, will meet fixed income investors ahead of a planned 10-year benchmark dollar sukuk offering, a document issued by one of the banks arranging the potential issue showed on Monday.The company has hired Barclays, Citi, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Société Générale and Standard Chartered Bank as joint bookrunners for the planned sukuk, or Islamic bond.
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.
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.
ICTSI Wins “Best Corporate Bond” Award
International Container Terminal Services, Inc.’s (ICTSI) US$450 million perpetual capital securities issue was recently recognized as the Philippines’ best corporate bond at the The Asset Triple A Country Awards 2015. ICTSI issued last August the well-structured perpetual securities that were arranged by Citi, Credit Suisse and Standard Chartered. The issuance generated more than US$1.8 billion of demand from banks, institutional investors and private banking accounts. Rafael D.
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.
ABS Exec Speaks at World Shipping Summit
ABS announced its participation in the World Shipping (China) Summit 2015, November 5-6, in Guangzhou, China, where ABS Senior Vice President and Chief Technology officer Howard Fireman spoke about changes in the global shipping industry. In his presentation in the morning Shipping Outlook Session on November 6, Fireman shared his view of the issues industry will be addressing over the next few years. "Nobody can deny we are navigating through a challenging period in our industry," he said, "and this scenario will likely continue for some time.
Topaz Announces Leadership Changes
Jay Daga has been named Chief Financial Officer of Topaz Energy and Marine, an international offshore support vessel owner with operations in the Middle East, Caspian and West Africa. Daga will take his position with immediate effect, having been with Topaz for 15 years in a number of finance positions, most recently as Deputy CFO. Topaz noted that Daga led its two latest capital raising initiatives being the company’s $350 million corporate bond issue in 2013 and its recent $75 million equity injection by Standard Chartered Private Equity.
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.
Strong Interest in Keppel DC REIT IPO
Keppel DC REIT Management Pte. Ltd., a wholly-owned subsidiary of Keppel Telecommunications & Transportation Ltd has received overwhelming demand from institutional and retail investors for its initial public offering of 261,138,000 Units. The Offering comprised an international placement of 207,375,000 Units1 to investors, including institutional and other investors in Singapore (the "Placement Tranche"), and an offering of 53,763,000 Units to the public in Singapore (the "Public Offer").
Transocean Prices Initial Public Offering
Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced the pricing of its initial public offering of 17,500,000 common units representing limited liability company interests at $22.00 per unit. All of the common units are being offered by Transocean Partners Holdings Limited, a wholly owned subsidiary of Transocean Ltd. Transocean Partners Holdings Limited has also granted the underwriters of the offering a 30-day option to purchase up to an additional 2,625,000 common units.
Ex-Shell CEO Voser Joining Temasek Board
Singapore state investor Temasek Holdings said on Monday that Peter Robert Voser, former chief executive of Royal Dutch Shell, will join its board in January 2015. Voser stepped down as Royal Dutch Shell CEO in December. He is the second high-profile executive the fund has appointed since it brought in former World Bank president Robert Zoellick as a board member last year. Temasek also said that Robert Ng, chairman of Hong Kong-based property firm Sino Group, and Bobby Chin, a retired managing partner of accounting firm KPMG Singapore, will join its board from Tuesday.
Bourbon Q1 Revenues Up 7.9%
“Sequentially, the first quarter saw a contrast in results between different segments, with satisfactory performance in shallow water and weaker performance in deepwater and crewboats. In subsea, activity was supported by a utilization rate of more than 94%,” said Christian Lefèvre, Chief Executive Officer of Bourbon. “Sequential revenues were impacted by seasonal effects while year on year results were impacted by foreign exchange rate movements. Quarterly revenues rose 7.9% (at constant rates) partly due to a 7.1% increase in the size of the fleet, the company said.
India's Maritime Growth Fueled by Foreign Companies
Foreign players continue to dominate several segments of the Indian maritime industry: from salvage to dredging, chartering to ship management and ship manning, to name but a few. And the list of foreign firms setting up shop in India is growing as the country is hurriedly putting in place the required infrastructure to meet the huge demands of India’s growing international trade. Globally, India is the 7th largest country in area, 2nd in population and 11th in GDP, with the expectation that it will ascend to the top five in GDB by 2020.
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…
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.
Key Maritime Insights Offered at Shanghai Forum
The International Shipping Strategic Development Forum met in Shanghai for wide-ranging discusion on the shipping industry. With high profile support from the Lord Mayor of London David Wooton who opened the forum, the event was attended by 450 and brought together some of the UK’s leading maritime professionals and China’s shipowners and charterers. Economic outlook: Standard Chartered China Chief Economist Shen Lan gave a modest assessment on global economic outlook. She predicts China’s economy will grow 7.7% in 2012 and slightly pick up to 7.8% in 2013…