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	<title>Marine Money Archives &#187; SMBC</title>
	<atom:link href="http://www.marine-money.com/archive/tag/smbc/feed" rel="self" type="application/rss+xml" />
	<link>http://www.marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
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		<title>FPSO Cidade de Paratay Contracted and Financing Arranged</title>
		<link>http://www.marine-money.com/archive/fpso-cidade-de-paratay-contracted-and-financing-arranged</link>
		<comments>http://www.marine-money.com/archive/fpso-cidade-de-paratay-contracted-and-financing-arranged#comments</comments>
		<pubDate>Thu, 21 Jul 2011 18:53:49 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[ABN AMRO]]></category>
		<category><![CDATA[BG Group]]></category>
		<category><![CDATA[BTMU]]></category>
		<category><![CDATA[CIC]]></category>
		<category><![CDATA[DBJ]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[ING Bank]]></category>
		<category><![CDATA[ITOCHU Corporation]]></category>
		<category><![CDATA[Mizuho]]></category>
		<category><![CDATA[Natixis]]></category>
		<category><![CDATA[Nippon Yusen Kabushiki Kaisha]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[Petrobras SA]]></category>
		<category><![CDATA[Petrogal Brasil Ltda]]></category>
		<category><![CDATA[Queiroz Galvao Oleo e Gas S.A.]]></category>
		<category><![CDATA[Rabobank]]></category>
		<category><![CDATA[SBM Offshore N.V.]]></category>
		<category><![CDATA[SMBC]]></category>
		<category><![CDATA[Standard Chartered]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10516</guid>
		<description><![CDATA[Last week, a joint venture comprised of SBM Offshore N.V., Queiroz Galvao Oleo e Gas S.A. (“QGOG”), Nippon Yusen Kabushiki Kaisha (“NYK”) and ITOCHU Corporation announced that it, together with QGOG, had entered into 20-year charter and operating agreements with BM-S-11 Consortium, owned 65% by Petrobras SA (Operator), 25% by BG Group, and 10% by Petrogal Brasil Ltda, for the operation of the FPSO Cidade de Paratay on the Lula Nordeste field. This field is located in block BM-S-11 in the Santos basin in the pre-salt area offshore Brazil in water depths of 2,100 meters.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Reverting to the Mean?</title>
		<link>http://www.marine-money.com/archive/reverting-to-the-mean</link>
		<comments>http://www.marine-money.com/archive/reverting-to-the-mean#comments</comments>
		<pubDate>Thu, 14 Jul 2011 15:14:33 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[ABN AMRO]]></category>
		<category><![CDATA[Alpha Star Equities]]></category>
		<category><![CDATA[Axis Bank]]></category>
		<category><![CDATA[Bank of Taiwan]]></category>
		<category><![CDATA[BW Offshore]]></category>
		<category><![CDATA[Carnival Cruise]]></category>
		<category><![CDATA[Carolina Marine]]></category>
		<category><![CDATA[Chinatrust Commercial Bank]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[IDBI Bank]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[Mega International Commercial Bank]]></category>
		<category><![CDATA[Mitsubishi UFJ]]></category>
		<category><![CDATA[Mizuho]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[Prosafe Production]]></category>
		<category><![CDATA[SBI Capital Markets]]></category>
		<category><![CDATA[SMBC]]></category>
		<category><![CDATA[Swedbank Markets]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10487</guid>
		<description><![CDATA[Last week, Dealogic published its Bookrunner and MLA Tables for Syndicated Marine Finance Loans for the first half of 2011 and while growth is clearly evident, there is a noticeable defining trend. The offshore services sector, given its strength and capital requirements, is taking on a far more meaningful role.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>MISC’s Unit Clinches USD 137 million</title>
		<link>http://www.marine-money.com/archive/misc%e2%80%99s-unit-clinches-usd-137-million</link>
		<comments>http://www.marine-money.com/archive/misc%e2%80%99s-unit-clinches-usd-137-million#comments</comments>
		<pubDate>Fri, 25 Feb 2011 04:58:54 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[Gas Group (“PetroVietnam”)]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[Malaysia Vietnam Offshore Terminal]]></category>
		<category><![CDATA[MISC]]></category>
		<category><![CDATA[Natixis]]></category>
		<category><![CDATA[OCBC Bank]]></category>
		<category><![CDATA[PetroVietnam Technical Services Corporation]]></category>
		<category><![CDATA[SMBC]]></category>
		<category><![CDATA[Sumitomo Mitsui Banking Corporation]]></category>
		<category><![CDATA[Vietnam National Oil]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10958</guid>
		<description><![CDATA[Malaysia Vietnam Offshore Terminal (“MVOT”), a 51% jointly controlled entity of MISC, signed a USD 137 million limited recourse term loan facility from a syndicate of banks comprising Sumitomo Mitsui Banking Corporation, HSBC, Natixis and OCBC Bank (Labuan). PetroVietnam Technical Services Corporation (“PTSC”), a member of the Vietnam National Oil and Gas Group (“PetroVietnam”) owns [...]]]></description>
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		</item>
		<item>
		<title>JBIC Finances Venezuela</title>
		<link>http://www.marine-money.com/archive/jbic-finances-venezuela</link>
		<comments>http://www.marine-money.com/archive/jbic-finances-venezuela#comments</comments>
		<pubDate>Fri, 11 Feb 2011 02:59:53 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Itochu]]></category>
		<category><![CDATA[Japan Bank for International Cooperation]]></category>
		<category><![CDATA[JBIC]]></category>
		<category><![CDATA[Panavenflot]]></category>
		<category><![CDATA[PDV]]></category>
		<category><![CDATA[Petroleos de Venezuela]]></category>
		<category><![CDATA[SMBC]]></category>
		<category><![CDATA[Sumitomo Heavy Industries Marine & Engineering]]></category>
		<category><![CDATA[Sumitomo Mitsui Banking Corporation]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=10032</guid>
		<description><![CDATA[The Japan Bank for International Cooperation (“JBIC”) is certainly not resting on its laurels as it continues to offer foreign shipowners export finance for their ship orders in Japan. It was just two months ago when JBIC provided K-Line Offshore two separate loans worth USD 170 million for the financing of two offshore support vessels, and this time it has concluded a JPY 19.6 billion (USD 238 million) loan agreement with Panavenflot Corp. Panavenflot is the Panamanian subsidiary of PDV Marina S.A., which is owned by Venezuela's state-run oil corporation Petroleos de Venezuela, SA. JBIC together with Sumitomo Mitsui Banking Corp will jointly provide Panavenflot the export credit facility to finance the construction of four 104,300-dwt Aframax tankers to be built by Japan's Sumitomo Heavy Industries Marine &#038; Engineering. Trading house Itochu Corp acted as the intermediary between the yard and the Venezuelan owner.
]]></description>
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		</item>
		<item>
		<title>Who Wants to Call the Turn?</title>
		<link>http://www.marine-money.com/archive/who-wants-to-call-the-turn</link>
		<comments>http://www.marine-money.com/archive/who-wants-to-call-the-turn#comments</comments>
		<pubDate>Thu, 07 Oct 2010 15:00:55 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[A.P. Moller Maersk]]></category>
		<category><![CDATA[BNP Paribas]]></category>
		<category><![CDATA[BofA Merrill Lynch]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Dealogic]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[Export-Import Bank of China]]></category>
		<category><![CDATA[HSH Nordbank]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[J.P. Morgan]]></category>
		<category><![CDATA[Mitsubishi UFJ]]></category>
		<category><![CDATA[Mizhuo]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[SMBC]]></category>
		<category><![CDATA[Vale]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9683</guid>
		<description><![CDATA[We might. While the data may be considered slim and possibly distorted by the $6.75 billion A.P Moller-Maersk transaction, the nine-month 2010 Dealogic  shipping data intimates a reversal in the downward trend in syndicated lending which began in 2007. Not only were the number of syndicated deals, volume and new money higher, club deal volume and numbers were down. The latter of course might just reflect deal size, where five of the top fifteen deals were in excess of $1 billion, but we will give the data the benefit of the doubt. In terms of specifics, the number and volume of deals for the 9-months of 2010 was 110 deals totaling $28.4 billion versus the one year earlier total of 90 deals totaling $25.9 billion. The best way to see the trend over time is to look at the data, which we show pictorially below. And, yes, you needn’t remind us that one point does not make a trend.]]></description>
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		</item>
		<item>
		<title>In Some Respects, a Return to Normalcy</title>
		<link>http://www.marine-money.com/archive/in-some-respects-a-return-to-normalcy</link>
		<comments>http://www.marine-money.com/archive/in-some-respects-a-return-to-normalcy#comments</comments>
		<pubDate>Thu, 08 Jul 2010 19:08:59 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[A.P. Moller Maersk]]></category>
		<category><![CDATA[ABN AMRO]]></category>
		<category><![CDATA[Credit Agricole CIB]]></category>
		<category><![CDATA[Dealogic]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[K Line]]></category>
		<category><![CDATA[Mitsubishi UFJ]]></category>
		<category><![CDATA[Mizuho]]></category>
		<category><![CDATA[MOSK]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[Petrobras]]></category>
		<category><![CDATA[RCCL]]></category>
		<category><![CDATA[Seadrill]]></category>
		<category><![CDATA[SMBC]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=9379</guid>
		<description><![CDATA[This week Dealogic published its first half 2010 Bookrunner and MLA Tables for Syndicated Shipping Loans and the news was still dismal but in some respects hopeful. In terms of the big picture, while dollar volumes continued their downward trend, the number of deals in the first half actually increased slightly indicative of, perhaps, less capacity or more focused lending. While the number of club deals increased slightly, from 19 to 23, the deal value declined in proportion to total volume intimating at the revival of the larger syndications. And finally, approximately 90% of the dollar volume was new business rather than refinancings, which is indicative of an improving credit market.  Illustrative data are shown graphically herein.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>JBIC and NEXI Ramp Up Support for Shipping</title>
		<link>http://www.marine-money.com/archive/jbic-and-nexi-ramp-up-support-for-shipping</link>
		<comments>http://www.marine-money.com/archive/jbic-and-nexi-ramp-up-support-for-shipping#comments</comments>
		<pubDate>Fri, 09 Apr 2010 07:41:07 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[Bank of Tokyo-Mitsubishi UFJ]]></category>
		<category><![CDATA[BMTU]]></category>
		<category><![CDATA[export credit agencies]]></category>
		<category><![CDATA[Imabari Shipbuilding Co. Ltd.]]></category>
		<category><![CDATA[Isbank]]></category>
		<category><![CDATA[J. Lauritzen Group]]></category>
		<category><![CDATA[Japan Bank for International Cooperation]]></category>
		<category><![CDATA[JBIC]]></category>
		<category><![CDATA[Mitsui & Co]]></category>
		<category><![CDATA[Mitsui Engineering & Shipbuilding]]></category>
		<category><![CDATA[Mizuho Corporate Bank]]></category>
		<category><![CDATA[NEXI]]></category>
		<category><![CDATA[Nippon Export and Investment Insurance]]></category>
		<category><![CDATA[Nippon Yusen Kaisha]]></category>
		<category><![CDATA[P&M Drilling]]></category>
		<category><![CDATA[Petrobras]]></category>
		<category><![CDATA[SK Shipping]]></category>
		<category><![CDATA[SMBC]]></category>
		<category><![CDATA[Societe Generale]]></category>
		<category><![CDATA[Sumitomo Mitsui Banking Corporation]]></category>
		<category><![CDATA[Tata NYK Shipping]]></category>
		<category><![CDATA[Tata Steel]]></category>
		<category><![CDATA[Transocean]]></category>
		<category><![CDATA[Turkieye Is Bankasi]]></category>
		<category><![CDATA[Yasa Shipping]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8623</guid>
		<description><![CDATA[More foreign owners are turning to government supported export credit agency (“ECA”) financing as an important alternative source of finance in bridging the liquidity gap. The benefits are straightforward. ECA financing provides credit enhancement to lenders, improves their appetite and offers longer tenure and cheaper pricing than wholly commercial sources of funding, but it remains uncertain how long this financing avenue will remain open for shipowners. As for now, the momentum appears to be gaining pace.

This week, Société Générale Corporate &#038; Investment Banking (“SocGen”) and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (“BTMU”) announced that they have jointly provided Danish shipowner J. Lauritzen A/S a JPY 15.53 billion (USD 166.2 million) 12 year senior secured facility for the export of five handysize bulk carriers and one capesize bulk carrier. The vessels will be constructed at Imabari Shipbuilding, Hakodate Dock and other Japanese shipyards. The most interesting feature in this transaction would be the participation of Nippon Export and Investment Insurance (“NEXI”), one of the two Japanese export credit agencies. NEXI will provide buyer’s credit insurance coverage on 97.5% of political risks and 95% of commercial risks for the loan and this is the first time that NEXI has provided export insurance cover for a shipping asset based transaction without the support of Japan Bank of Cooperation (“JBIC”).
]]></description>
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		</item>
		<item>
		<title>The More Things Change; the More They Stay the Same, Relatively Speaking</title>
		<link>http://www.marine-money.com/archive/the-more-things-change-the-more-they-stay-the-same-relatively-speaking</link>
		<comments>http://www.marine-money.com/archive/the-more-things-change-the-more-they-stay-the-same-relatively-speaking#comments</comments>
		<pubDate>Thu, 08 Apr 2010 18:09:48 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Dealogic]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[Mitsubishi UFJ]]></category>
		<category><![CDATA[Mizuho]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[SMBC]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8824</guid>
		<description><![CDATA[Last year, we began our discussion of Dealogic’s 1Q 2009 Syndicated Shipping Loans Tables with the following sentence: “A quarter, particularly the first one, does not make a year, but according to the first quarter Dealogic tables, which we received today, the axis of the ship finance world has tipped eastward.”  However, we also should have recalled from our studies of Eastern religions that nothing is permanent and the world is forever changing. In a diminished quarter, in volume terms, the Europeans have come back, but still the number one spot in both the Bookrunner and MLA table has gone to a Japanese bank, Mizuho, followed by perennial leaders DnB NOR and Nordea. Mizuho’s finish is an outstanding accomplishment having moved up from the middle of the pack to pass it’s main local competitors, SMBC and Mitsubishi UFJ. Despite a fair amount of movement in the standings, it is still early in the year and we are not ready to make a call with respect to the earth’s axis. We leave you to peruse the tables and make your own judgments with respect to how the banks finished.]]></description>
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		</item>
		<item>
		<title>The World Tilts East</title>
		<link>http://www.marine-money.com/archive/the-world-tilts-east</link>
		<comments>http://www.marine-money.com/archive/the-world-tilts-east#comments</comments>
		<pubDate>Thu, 14 Jan 2010 18:30:47 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[AP Moller-Maersk]]></category>
		<category><![CDATA[Dealogic]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[Mitsubishi UFJ Financial Group]]></category>
		<category><![CDATA[Mizuho]]></category>
		<category><![CDATA[Nordea]]></category>
		<category><![CDATA[NYK Lines]]></category>
		<category><![CDATA[SMBC]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=7742</guid>
		<description><![CDATA[Dealogic issued the full year league tables for 2009 this week and there were few surprises. Volumes were down as one would have expected and there was a certain Asian flavor to the leaders.]]></description>
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		</item>
		<item>
		<title>Bank Debt Returns to Normalcy?</title>
		<link>http://www.marine-money.com/archive/bank-debt-returns-to-normalcy</link>
		<comments>http://www.marine-money.com/archive/bank-debt-returns-to-normalcy#comments</comments>
		<pubDate>Thu, 31 Dec 2009 08:41:20 +0000</pubDate>
		<dc:creator>carisk</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Debt]]></category>
		<category><![CDATA[Loan]]></category>
		<category><![CDATA[advance rate]]></category>
		<category><![CDATA[ANZ]]></category>
		<category><![CDATA[Bank of Nova Scotia]]></category>
		<category><![CDATA[Bank of Tokyo-Mitsubishi UFJ]]></category>
		<category><![CDATA[BNP Paribas]]></category>
		<category><![CDATA[BTMU]]></category>
		<category><![CDATA[Calyon]]></category>
		<category><![CDATA[CIC]]></category>
		<category><![CDATA[Credit Industrial et Commercial]]></category>
		<category><![CDATA[Hanjin]]></category>
		<category><![CDATA[HMM]]></category>
		<category><![CDATA[Hyundai Merchant Marine]]></category>
		<category><![CDATA[KDB]]></category>
		<category><![CDATA[KOGAS]]></category>
		<category><![CDATA[Korea Development Bank]]></category>
		<category><![CDATA[Korea Gas Corporation]]></category>
		<category><![CDATA[LNG]]></category>
		<category><![CDATA[margins]]></category>
		<category><![CDATA[Natixis]]></category>
		<category><![CDATA[NIBC]]></category>
		<category><![CDATA[SK Shipping]]></category>
		<category><![CDATA[SMBC]]></category>
		<category><![CDATA[Societe Generale]]></category>
		<category><![CDATA[Standard Chartered]]></category>
		<category><![CDATA[Sumitomo Mitsui Banking Corporation]]></category>
		<category><![CDATA[tenors]]></category>
		<category><![CDATA[WestLB]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=7830</guid>
		<description><![CDATA[One of the major concerns on the minds of many would be the pile of toxic collateralized mortgage paper that remains on banks' balance sheets and this will continue to restrict the banks' ability to extend new credit. Likewise, shipping banks face the same tricky task of valuing the shipping assets on their books based on current market prices. Basel II requires banks to set aside more capital to riskier assets whenever the security cover reduces, and this could potentially limit capital for lending. The process of writing down book values has yet taken place and moving forward, it is absolutely crucial that bank losses on shipping remain limited or the industry could risk losing a number of lenders. There has already been a material contraction in ship lending capacity among major shipping banks.

2009 has been a busy year for the ship financiers, not so much for lending but more in terms of restructuring and workouts. Lending terms as one would expect have become more stringent in 2009 and not only has the advance rate been lowered to 50-60%, banks prefer shorter tenors between 3 and 5 years. This is in stark contrast to the 10 to 12 year tenors banks were offering shipowners during the shipping boom just a couple of years back. Bankers call this a return to basics.
]]></description>
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