Diana Finances

It pays to have a strong balance sheet. Last Friday, Diana Shipping announced that it had obtained a ten-year term loan for $40 million from Bremer Landesbank. Proceeds will be used to part finance the purchase of the M/V Houston, a 177,729 DWT Capesize bulkcarrier built in China. The vessel is chartered to Shagang Shipping Co., the guaranteed nominee of the Jiangsu Shagang Shipping Group Co. for approximately 60 months at a gross rate of $55,000 per day.
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Written by: carisk | Categories: Freshly Minted, The Week in Review | November 19th, 2009 | Add a Comment

ShipsPark – A German Response

Without a doubt, the shipping markets have experienced the most tumultuous times in recent history. From unimaginable heights to near collapse, owners are now struggling to meet their financial obligations, as freight rates hit new lows and liquidity, built up in the good times, dissipates.

Due to the peculiarities of its main financing vehicle, the KG system, the German market is showing even greater strains. In good economic times, there is an abundance of equity looking for straightforward cash on cash returns, which shipping and real estate can provide through the employment of assets. Shipowner sponsors and Emissionhauses packaged these deals, which the banks historically financed with liberal terms, including 100% financing in anticipation of the sale of the equity. Together all now find themselves in deals, where the equity has disappeared as ship values collapsed from record highs, and employment is uncertain.

Written by: carisk | Categories: Freshly Minted, The Week in Review | October 1st, 2009 | Add a Comment

Surveying the Credit Markets

Marine Money has concluded the collection of data for its 2008 shipping banker survey and would like to sincerely thank all who have participated. We are currently concluding work on our annual shipping portfolio league table and would like to thank the following banks for their cooperation and contribution to the development of a transparent and well-informed ship finance industry: Bank of Ireland, Bank of Scotland, Bremer Landesbank, Calyon, Commerzbank, Danish Ship Finance, Danske Bank, Deutsche Bank, Deutsche Schiffsbank, DnB NOR, Dresdner Bank, DVB, Helaba, HSH Nordbank, HVB, JP Morgan, KfW, Lloyds TSB, Natixis, Nordea and RBS. If you don’t see your bank’s name on the list, think it belongs there, and haven’t been in touch with us this weekend, please send an email to nhuvane@marinemoney.com ASAP to ensure you are included. Both survey and portfolio data will be released in the upcoming May issue of Marine Money.