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Saturday, August 8, 2020

Sumitomo News

(Photo: Trafigura)

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…

© tawatchai1990 / Adobe Stock

Sumitomo Mitsui Trust Bank Joins the 'Poseidon Principles'

Sumitomo Mitsui Trust Bank (SMTB) joined the Poseidon Principles. The Principles were developed by international shipping banks, in collaboration with leading maritime industry players, to promote greener global shipping. They establish a common, global baseline to quantitatively assess and disclose whether financial institutions’ ship lending portfolios are in line with decarbonization targets.With SMTB’s commitment, Signatories to the Poseidon Principles now represent over $150 billion in loans to international shipping – more than a third of the global shipping finance portfolio.

Image: WFW

WFW Advises Galloper on Sale of Assets

UK-based Galloper Wind Farm Ltd recently agreed the sale of its transmission assets relating to the 353 MW Galloper Wind Farm  to Diamond Transmission Partners pursuant to the Offshore Transmission Owner (OFTO) regime.The international law firm based in London Watson Farley & Williams (WFW) said that it has has advised Galloper on offloading its assets to DTP.Galloper Wind Farm is located in the North Sea, 27 km from the coast of Suffolk, England. The sale of Galloper’s transmission…

Image: Galloper Offshore Wind Farm

Galloper Signs Diamond OFTO Deal

UK-based Galloper Wind Farm Ltd has agreed the sale of its transmission assets to Diamond Transmission Partners, which  invests in offshore transmission systems as an Offshore Transmission Owner (OFTO).The 353MW Galloper Wind Farm is owned by innogy SE, Siemens Financial Services, Sumitomo Corporation and ESB and a consortium managed by Green Investment Group and Macquarie Infrastructure and Real Assets. innogy led the project’s development and construction and operates it on behalf of the project partners.The transmission assets included in the sale comprise the Galloper offshore substation…

Map: Marubeni Corporation

Japan Builds First Commercial OWF

After having reached financial close for offshore wind farms at Akita Port and Noshiro Port in Japan,  Akita Offshore Wind Corporation (AOW) has announced that it is to commence construction this month.The Offshore Wind Farms are comprised of the bottom-fixed offshore wind farm and the onshore substation and transmission lines and together are expected to be the first large-scale offshore wind power project in Japan established on a commercial basis.AOW was established in 2016…

Pic: PAO Sovcomflot

Sovcomflot Profits Up on Stronger Tanker Market

Russia's state-owned tanker carrier Sovcomflot (SCF Group) reported improvements on both the top and bottom line in the third quarter benefiting from a stronger tanker market.The energy shipping company posted a net profit of  $26m as revenue increased in the third quarter.Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot, said: “We are satisfied with the Group’s performance over the third quarter. Sovcomflot steadily follows through on its strategy of increasing the share of large-scale industrial shipping projects in its portfolio."He added: "During the reporting period…

Image: WFW

WFW Advises on Race Bank Wind Farm Deal

Watson Farley & Williams (WFW), an international law firm based in London, said that it has advised Race Bank Wind Farm Limited on its USD 608 million sale of transmission system assets relating to the 573 MW Race Bank offshore wind farm to Diamond Transmission Partners.Race Bank is a joint venture owned by Ørsted (50%), Macquarie European Infrastructure Fund 5 (25%), a fund established by Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan (12.5%)…

Photo: Sovcomflot

Sovcomflot, NYK Pact on Financing 2 LNG Carriers

Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot (SCF Group) and NYK Line have announced that they have signed a new $176 million non-recourse credit facility for eight years with three leading international banks.The banks are: Sumitomo Mitsui Banking Corp. of Japan (through its German subsidiary, SMBC Bank EU AG); Société Générale of France; and Shinsei Bank of Japan. The agreement was reportedly signed through joint venture companies belonging…

Photo: Valles Steamship

Valles Orders New Tanker from SHI

The Hong Kong and Vancouver-based shipowner Valles Steamship has ordered a new 112,000 dwt crude oil tanker from South Korea’s Sumitomo Heavy Industries Marine & Engineering (SHIME).Ship set to be fitted with a scrubber and will enter the market before the end of 2020, said a release from Valles, which was founded by C.S. Koo in Shanghai as a family business in 1917."We take great pleasure in concluding a newbuilding contract with the esteemed yard and the we look forward to further strengthening their relationship with SHIME…

Photo courtesy of Synergy Group

N2Tankers Aframax Tanker Pool Launched

Reederei Nord and Synergy Group, on behalf of Nissen Kaiun, have officially launched N2Tankers, a new Aframax tanker pool the two shipowning companies have set up as a joint venture.N2Tankers brings the shipowning and operational expertise of Nissen Kaiun and Reederei Nord under one central umbrella administration for the first time. It will focus on generating commercial and technical management efficiency benefits for clients and owners by streamlining fleet operations and improving…

Pic: Synergy Group

N2Tankers Aframax Pool Launched

German shipowner Reederei Nord and Singapore-based ship manager Synergy Group, on behalf of Nissen Kaiun, have launched N2Tankers, a new Aframax tanker pool the two shipowning companies have set up as a joint venture (JV).The combined fleet currently pooled under N2Tankers consists of 13 state-of-the art Aframax tankers built to the highest standards over 2007-2018 in Japanese yards Universal Shipbuilding Corporation, Sumitomo Heavy Industries Marine & Engineering Co., Tsuneishi Holding Corporation…

Adobe Stock CREDIT SB Goodwin

Ports Ponder Public Private Partnerships

Because any port is only as efficient as its weakest link, so-called P3 funding will be the key to driving the future intermodal equation. Seaport and marine terminal finance draws from a wide range of funding sources, often combined to pay for a particular project. Ports are public goods, and as such, sometimes they also see varying contributions from federal, state, regional and local entities. At its lowest common denominator, the port business is all about connectivity; hence ‘port’ projects will frequently include an intermodal component…

Photo Courtesy Dudgeon Offshore Wind Farm

Financing for Dudgeon Wind Farm

London, UK, May 12, 2016: The developers of one of the world's largest offshore wind farms announced the limited recourse financing for the project today, having reached financial close in six months. The GBP1.3 billion long-term financing will fund the capital requirements of the 402-megawatt (MW) Dudgeon Offshore Wind Farm, currently under construction 32 kilometres out to sea from the North Norfolk coast of East England. The Mandated Lead Arrangers comprise The Bank of Tokyo-Mitsubishi UFJ…

Graph Source: BIMCO

Dry Bulk Outlook Remains Bleak: BIMCO

With 12 weeks of 2016 behind us, the dry bulk market is still looking bleak. As the current low demand for transportation of commodities continues, the market is doing what it can by scrapping old ships and restraining from ordering new ones. With only four newbuilding orders registered in the first 12 weeks of 2016, dry bulk contracting is merely a fraction of previous year’s activity. New contracts for dry bulk ships have been on a path of decline in the last year and a half. Currently culminating at a level that resembles a standstill.

Image: PT. Pelabuhan Indonesia II

Indonesia Plans to Build 22 Ports

Indonesia Port Corporations (IPC) or PT Pelabuhan Indonesia (Pelindo) II, Indonesia’s state-owned port operator is to build 22 ports in the country in the next five years for an anticipated cost of around $3.5 billion. “We are targeting to build 22 ports from Belawan to Sorong within five years,” Pelindo II chief executive Richard Joost Lino said. The Indonesian port projects are to be financed by cash and loans and once completed each will have a capacity of 2.5 million TEUs.

(Photo: NSSMC)

NSSMC Opens Vietnam Representative Office

Nippon  Steel and Sumitomo Metal Corporation (NSSMC) held an opening ceremony on February 27 for its new Vietnam Representative Office in Ho Chi Minh City, Vietnam, established through the company’s subsidiary Nippon Steel & Sumitomo Metal (Thailand) Co., Ltd. The ceremony was attended by Japanese Consul General Satoshi Nakajima, those concerned with the Ho Chi Minh City People’s Committee, Vietnamese government officials, and about 160 invited parties. Among the ASEAN countries, Vietnam is a major country following Thailand in the Great Mekong Sub-region, NSSMC said.

Newly developed bulk carrier with MALS

First Bulk Carrier Delivered to ADM of US

The first unit of a new bulk carrier developed by Mitsubishi Heavy Industries, Ltd. (MHI), a vessel offering superlative energy efficiency and environmental performance, was delivered today to Archer Daniels Midland Company (ADM) of the U.S., one of the world's foremost grain processors, following its completion at Oshima Shipbuilding Co., Ltd. of Nagasaki, an MHI licensing partner. The incorporation of a wide spectrum of innovative technologies - including MHI's proprietary Mitsubishi Air Lubrication System (MALS)…

Towing three-column semi-sub at Nagasaki port.

Fukushima Experimental Offshore Floating Wind Farm Project Progresses

A consortium made up of Marubeni (project integrator), the University of Tokyo (technical advisor), Mitsubishi, Mitsubishi Heavy Industries, Japan Marine United, Mitsui Engineering & Shipbuilding, Nippon Steel & Sumitomo Metal Corporation, Hitachi, Furukawa Electric, Shimizu, and Mizuho Information & Research has been participating in an experimental offshore floating wind farm project sponsored by the Ministry of Economy, Trade and Industry since March 2012. At present, the construction of the three-column semi-sub as part of the second phase has been successfully completed.

(Photo: MHI)

Bulk Carrier to Ride on Bubbles to Reduce CO2 25%

Mitsubishi Heavy Industries, Ltd. (MHI) has developed a new bulk carrier which it repotes will enable reductions in CO2 emissions by about 25% compared with conventional averaged bulk carriers. As the first commercial application of the new design, MHI will provide its conceptual design and green technologies to three grain carriers to be built for Archer Daniels Midland Company (ADM) of the U.S. MHI's new bulk carrier design adopts the company's proprietary Mitsubishi Air Lubrication System (MALS)…

TEN Accepts Aframax Tanker

Tsakos Energy Navigation Limited announced the delivery and charter of the 105,000 dwt DNA-Aframax tanker Uraga Princess from Sumitomo Heavy Industries in Japan, the final newbuilding in a series of eight ordered in 2004. Upon delivery, the vessel entered a minimum 30-day repositioning voyage with the oil trading arm of a major financial institution.

Tsakos Delivery & Charter of Sapporo Princess

Tsakos Energy Navigation Limited (NYSE: TNP) announced the delivery and charter of DNA-aframax tanker Sapporo Princess from Sumitomo Heavy Industries in Japan, the penultimate newbuilding in a series of eight ordered in 2004. The vessel was placed on an up to four month time-charter to a major international oil trader. The Sapporo Princess will replace the 2003-built conventional aframax tanker Marathon which will be delivered to its new owners at the end of next week. The $6.2m capital gain from this sale will be recorded in the second quarter of this year.

World Finance Shipping Awards 2010

Over the last two years, credit markets have experienced contraction, deleveraging and reduced liquidity, and governments have taken highly significant measures in response to such events. The U.S. Securities and Exchange Commission and other regulators are authorized to take extraordinary actions in the event of market emergencies, and may affect changes in law or interpretations of existing laws. Shipping Finance has evolved with commercial market trends. Today, in response to asset value reduction…

MOL Completes Settlement, 13th Unsecured Bonds

Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company determined the terms and conditions for the issuance of its 13th series of unsecured bonds (with inter-bond pari passu clause) on December 11, 2009, and completed the issuance and payment on December 17. When raising funds to bolster business activities, MOL has been focusing on stability of fund procurement and cost competitiveness. Additionally, considering unpredictable financial market conditions since the “Lehman Shock” in 2008…

Delivery, Charter of Aframax Tanker Asahi Princess

Tsakos Energy Navigation Limited (NYSE:TNP) announced the delivery and charter of DNA-aframax tanker Asahi Princess from Sumitomo Heavy Industries in Japan. The vessel was placed on a one-to-four month repositioning time-charter with a major international oil trader. Upon expiry of the charter, the vessel will be redelivered to its intended operating area, the mid-Atlantic basin. “We welcome the Asahi Princess into our fleet, the sixth DNA aframax tanker, in a series of eight that we signed with the Sumitomo yard in the summer of 2004,” said Mr. Nikolas P. Tsakos, President and CEO of TEN.