Tag: Ship Finance

Teekay secures Norwegian financing
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Teekay secures Norwegian financing

Teekay Offshore has secured long-term financing from the Norwegian Government for four new shuttle tankers equipped with a new Wärtsilä and Teekay developed technology for zero volatile organic compounds (VOC) emissions. On behalf of the Norwegian Government, Export Credit Norway and GIEK have provided loan and guarantee of USD 165.5 million. The financing is part...

Data analytics platform raises $5m in Series A-1 financing
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Data analytics platform raises $5m in Series A-1 financing

Maritime data analytics company ioCurrents has raised $5 million in Series A-1 financing led by Imagen Capital Partners to facilitate immediate roll-out of ioCurrents’ MarineInsight data analytics platform. MarineInsight gathers, analyses and transmits data in real-time over cellular, satellite or WiFi allowing local and remote operators to gain operational insights through an easy to use...

Five reasons why Cyprus is a leading centre for international shipping
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Five reasons why Cyprus is a leading centre for international shipping

Cyprus’ maritime sector has grown rapidly in the last several years and today it is one of the top locations for shipping companies. It is also ranked 11th in terms of global fleet size and has its own dedicated deputy minister of shipping, boosting business and sustainability of its operations further. Here are five examples...

Spliethoff secures EUR 110m for scrubbers and BWTS
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Spliethoff secures EUR 110m for scrubbers and BWTS

Dutch ship management company Spliethoff has secured a EUR 110.4 million loan for the installation of scrubbers and ballast water management systems (BWMS) across 42 of its vessels. The loan has been provided by ING and the European Investment Bank (EIB) as part of a EUR 300 million joint EIB-ING Green Shipping Partnership, signed in...

Start-up We4Sea secures funding to roll out unique fuel monitoring platform
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Start-up We4Sea secures funding to roll out unique fuel monitoring platform

Dutch maritime start-up We4Sea has secured funding from ENERGIIQ, Mainport Innovation Fund II and angel investors to accelerate development and roll out of its fuel and emissions monitoring platform. Based in Delft, the Netherlands, We4Sea has an ambitious goal of saving one million tonnes of CO2 emissions from ships. Speaking with VPO Global, CEO and co-founder...

MSC secures US $439m loan for 86 scrubbers
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MSC secures US $439m loan for 86 scrubbers

Mediterranean Shipping Company (MSC) has secured a US $439 million loan for scrubbers to meet the IMO’s 2020 0.5 per cent sulphur cap. The scrubbers will be installed on 86 MSC containerships. Law firm Watson Farley & Williams (WFW) is advising lending company BNP Paribas on the loan. There are four other banks also acting...

Financing fuel-efficient shipping
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Financing fuel-efficient shipping

The 2008 financial crisis hit the shipping industry with a cut in available credit and unfavourable freight rates. In the last decade, the top 10 lenders have reduced their shipping loan books by US $50 billion[1], leaving shippers with limited access to capital. Now, oil prices are rising and the IMO 2020 sulphur cap looms,...

Eureka Shipping secures EUR 10.1m for new carriers
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Eureka Shipping secures EUR 10.1m for new carriers

The European Investment Bank (EIB) has agreed to contribute EUR 10.1 million to an ABN AMRO arranged facility to finance the construction of three carrier vessels for the European shipping operator, Eureka Shipping group. The vessels are designed to improve environmental performance of the fleet and cement carrier vessels operating in European waters. According to...

UK Shipping Technology Sector to be worth £13bn by 2030
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UK Shipping Technology Sector to be worth £13bn by 2030

A new report commissioned by UK venture fund and think-tank PUBLIC estimates that the UK maritime technology sector’s annual turnover will grow to £12.8 billion by 2030. The current annual turnover is £4 billion. PUBLIC estimates the growth will be fuelled largely by digitalisation of the industry, with technologies such as big data, blockchain, and...

Star Bulk secures loan for retrofit of 50 scrubbers
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Star Bulk secures loan for retrofit of 50 scrubbers

Star Bulk Carriers has entered into a US $310 million loan agreement, which includes a $70 million tranche, known as the Green Loan Tranche, that will exclusively finance the procurement and retrofitting of scrubbers for up to 50 vessels in Star Bulk’s fleet. The Green Loan Tranche has been certified by DNV GL Business Assurance...

DHT secures $50m for scrubber retrofits
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DHT secures $50m for scrubber retrofits

DHT Holdings has confirmed a US $50 million financing commitment for its scrubber retrofit project. The crude oil tanker company is increasing its existing £330 million secured credit facility, which will be available immediately and will have quarterly repayments of $2.5 million commencing second quarter 2020. This is in alignment with the implementation of the...

Maersk introduces new fuel adjustment surcharge
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Maersk introduces new fuel adjustment surcharge

Maersk is to alter its fuel adjustment surcharge ahead of the 2020 sulphur cap to help its customers recover the increases in fuel related costs. The availability and cost of complaint fuel in 2020 is still uncertain. According to industry estimates, more than 90 per cent of the global vessel fleet will be relying on...