Ship Financing Down to Its Lowest Level Since 2008 as Banks Continue to Exit the Sector

Ship financing has continued to retreat, now at its lowest level since the global financial crisis of 2008, said Petrofin Bank Research, in its latest annual survey. Some of its highlights are the following:

Report: Oman Shipping Secures Funds for 10 Tankers

Omani government-owned Oman Shipping Company (OSC) has secured USD 227 million in debt to finance the acquisition of ten tankers, Reuters said citing France-based Societe Generale.

DHT Holdings Locks Financing for VLCC Newbuilds

Crude oil tanker operator DHT Holdings has secured bank financing for the two 318,000 dwt VLCCs newbuildings ordered at South Korean shipbuilder Hyundai Heavy Industries (HHI).

Financing hitches could delay Hapag Lloyd, UASC shipping tie-up – sources

A merger of German container shipping line Hapag-Lloyd (HLAG.DE) and United Arab Shipping Company (UASC) is likely to take months to complete, partly due to financing issues blamed on a deep industry downturn, sources familiar with the deal say.

Frontline Secures Financing for Eight Newbuildings

Tanker owner and operator Frontline has secured a commitment for a senior secured term loan facility of up to USD 321.6 million in November to partially finance eight of its newbuildings.

Fortescue Secures Funds for Eight VLOCs

Australian iron ore company Fortescue Metals Group Limited has finalized an agreement with the China Development Bank Financial Leasing Co., Ltd. (CDB Leasing) to finance eight Very Large Ore Carriers (VLOCs) currently under construction.

Navig8 Chemical Secures Funds for Stainless Steel Duo

Chemical shipping company Navig8 Chemical Tankers has secured financing for its remaining two 25,000 dwt stainless steel chemical tanker newbuildings.