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Free with Marine Money subscriptionMarine Money Asia was in London this week to attend the Marine Money London conference. The weather was overcast and cool; a bit like the shipping market really. The theme of the conference was “How to save an industry in trouble?” A bit dramatic perhaps, and we are not suggesting for a moment that we, or the world, could exist without shipping, but it is clear to all that major issues in the industry and in the financing of the industry need careful thought and a plan of action.
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In December 2011, Standard Chartered led and participated in a USD 175 million senior secured club loan facility for United Arab Emirates based Stanford Marine Group and its subsidiary, Stanford Asia Holding Company. The transaction was closed amid critical challenges with most European shipping banks retreating, on the back of the Eurozone crisis, which led to a tightened USD liquidity pool and rising USD cost of funding.
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Berlian Laju Tanker (“BLT”), one of the largest chemical tanker owners in the world, is asking creditors for a standstill on its debt repayments and has appointed FTI Consulting to restructure its business. The request underlines the parlous financial position of BLT in the wake of a soft chemical tanker market that continues to slide sideways.
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Neptune Orient Lines (“NOL”) has concluded a sale and leaseback transaction of two 4,750 TEU panama boxships with New York listed Diana Containerships, a spinoff from New York listed Diana Shipping. Diana Containerships will be acquiring the boxships APL Sardonyx and the APL Spinel, built in 1995 and 1996 respectively for USD 30 million each. The ships will then be chartered back to NOL unit APL Bermuda for a period of minimum 24 months plus or minus 45 days at USD 24,750 daily.
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Korean construction materials manufacturer KCC Corp has reduced its stake in Hyundai Heavy Industries (“HHI”) from 6% to 3%, in a block sale arranged by sole bookrunner J.P. Morgan. KCC eventually sold 2.49 million shares in the world’s largest shipbuilder at KRW 280,000 (USD 242) a piece, priced at the top of this indicative price range between KRW 271,500 and KRW 280,000. The final price represented a 3.9% discount to HHI’s closing price on 12 January 2012.
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On occasion, the mortgagees and the charterers of a vessel will be found to have differing commercial interests. Usually, a conflict will arise in circumstances where the mortgagee wishes to take prompt action to enforce its rights (e.g. by arresting the vessel and having it sold free of charter), and the charterer wishes such action to be deferred until the end of the charter period.
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Distributed by e-mail and available online, the latest addition to our family of publications, Marine Money Asia, provides the same type of information as “Freshly Minted”, but its content is focused solely on the Asian ship finance industry. From our Asia headquarters in Singapore, our staff monitors and reports on activities throughout the entire region, making “Marine Money Asia” a one-of-a-kind publication. For a free sample copy, e-mail: info@marinemoney.com