Finance

  • WFW advises BPER Banca, CDP, Banca Popolare di...

    Watson Farley & Williams (“WFW”) has advised a consortium of banks comprising BPER Banca S.p.A., Cassa Depositi e Prestiti S.p.A. (”CDP”), Banca Popolare di Sondrio S.c.p.A. and SACE S.p.A., as lenders on a €31.5m loan to Fratelli Cosulich LNG S.r.l. (“Fratelli Cosulich”) to finance the construction of an 8,200mc gas carrier for the supply of LNG bunkering services.

     

  • Nordic Shipholding: Excessive tonnage hurts first...

    The first quarter of this year saw the Group performed poorly as the Time Charter Equivalent (“TCE”) rates were largely depressed due to low tonnage demand caused by the COVID-19 pandemic coupled with excessive tonnage in the market. As a result, the average daily TCE rate earned in Q1 2021 by the five vessels was 61% lower than the average daily TCE rate earned in Q1 2020.

     

  • Belships ASA expects solid fundamentals to...

    Time charter earnings per ship in the quarter were recorded at USD 12 162 net per day versus BSI index of USD 16 140 net per day for the same period. The inherent lag in our business means that when the spot markets fall, our outperformance will tend to be higher. Conversely, when the market rises rapidly our performance will tend to lag on a short-term basis.

     

  • ADNOC awards $744 million contract for full field...

    The Abu Dhabi National Oil Company (ADNOC) announced today, the award of a $744 million (AED2.73 billion) contract for the full field development of the Belbazem Offshore Block, underscoring its drive to unlock and maximize value from all of Abu Dhabi’s fields as it expands its oil production capacity to 5 million barrels per day (mmbpd) by 2030. Located 120 kilometers northwest of Abu Dhabi city, the Belbazem Block consists of three so-called marginal offshore fields; Belbazem, Umm Al Salsal, and Umm Al Dholou.
     

  • ADNOC awards $744 million contract for full field...

    The Abu Dhabi National Oil Company (ADNOC) announced today, the award of a $744 million (AED2.73 billion) contract for the full field development of the Belbazem Offshore Block, underscoring its drive to unlock and maximize value from all of Abu Dhabi’s fields as it expands its oil production capacity to 5 million barrels per day (mmbpd) by 2030. Located 120 kilometers northwest of Abu Dhabi city, the Belbazem Block consists of three so-called marginal offshore fields; Belbazem, Umm Al Salsal, and Umm Al Dholou.
     

  • SCA Reduces its Payment Demands for Ever Given...

    The negotiations between shipowner Shoei Kisen Kaisha and the Suez Canal Authority over the release of the boxship Ever Given have begun to produce signs of movement, with the SCA reducing the amount of its payment demand and signaling its willingness to accept a reduced deposit. 

     

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Cadeler spends $651M for two of the largest wind installation vessels

The growing number of offshore wind power projects and an increase in the size of the projects and the turbines is building demand for a new generation of larger and more powerful installation vessels. Denmark’s Cadeler, an installation and services company backed by the BW Group, announced plans to invest $651 million to build two of the largest installation vessels, which when introduced will also give the company the largest installation fleet in service.

 
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Nation’s shipyards contribute $42 billion to America's GDP

The United States' private shipyards contribute over $42 billion annually to the nation’s gross domestic product (GDP), according to a new report released by the U.S. Department of Transportation’s Maritime Administration (MARAD). The report was released in support of a proposal by the Biden administration to include significant investments in the maritime industry as part of President Joe Biden’s proposed infrastructure investment legislation.

 
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