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	<title>Marine Money Archives</title>
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	<link>http://www.marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
	<lastBuildDate>Mon, 16 Jan 2012 04:04:51 +0000</lastBuildDate>
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		<title>Crisis Management for Mortgagees-Part III</title>
		<link>http://www.marine-money.com/archive/crisis-management-for-mortgagees-part-iii</link>
		<comments>http://www.marine-money.com/archive/crisis-management-for-mortgagees-part-iii#comments</comments>
		<pubDate>Mon, 16 Jan 2012 04:02:28 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Commentary]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11848</guid>
		<description><![CDATA[This is the third and final article in a three-part series examining loan enforcement and judicial sale of vessels.  In the first two articles, Norton Rose (Asia) LLP partners, Ben Rose and Robert Driver looked at preparations and options for enforcement and vessel arrest and judicial sale. The third and final article is contributed by Manish [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Dongfang Shipbuilding Hit by Cancellations</title>
		<link>http://www.marine-money.com/archive/dongfang-shipbuilding-hit-by-cancellations</link>
		<comments>http://www.marine-money.com/archive/dongfang-shipbuilding-hit-by-cancellations#comments</comments>
		<pubDate>Mon, 16 Jan 2012 03:42:51 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Commentary]]></category>
		<category><![CDATA[Dongfang Shipbuilding]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11846</guid>
		<description><![CDATA[The lack of financing has hit the orderbook of London AIM listed Dongfang Shipbuilding, casting doubts on the future of the Chinese shipbuilder. Two of its largest contracts, worth USD 52.6 million, were cancelled after the shipyard failed to secure the required banking finance and performance bonds. In a statement to the stock exchange, Dongfang [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/dongfang-shipbuilding-hit-by-cancellations/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
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		<title>Wintermar Offshore Taps IFC Loan</title>
		<link>http://www.marine-money.com/archive/wintermar-offshore-taps-ifc-loan</link>
		<comments>http://www.marine-money.com/archive/wintermar-offshore-taps-ifc-loan#comments</comments>
		<pubDate>Mon, 16 Jan 2012 03:40:56 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[IFC]]></category>
		<category><![CDATA[Wintermar Offshore Marine]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11844</guid>
		<description><![CDATA[On Tuesday, Indonesian offshore company Wintermar Offshore Marine signed a USD 45 million with IFC for the expansion of infrastructure services in the country’s oil and gas industry. IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. IFC’s loan to PT Wintermar Offshore Marine [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/wintermar-offshore-taps-ifc-loan/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Wallenius Wilhelmsen JV Builds and Finances in Japan</title>
		<link>http://www.marine-money.com/archive/wallenius-wilhelmsen-jv-builds-and-finances-in-japan</link>
		<comments>http://www.marine-money.com/archive/wallenius-wilhelmsen-jv-builds-and-finances-in-japan#comments</comments>
		<pubDate>Mon, 16 Jan 2012 03:38:58 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[Export Credit]]></category>
		<category><![CDATA[Bank of Tokyo-Mitsubishi UFJ]]></category>
		<category><![CDATA[Japan Bank of International Cooperation]]></category>
		<category><![CDATA[Mitsubishi Heavy Industries]]></category>
		<category><![CDATA[Nippon Export and Investment Insurance (“NEXI”)]]></category>
		<category><![CDATA[Sumitomo Mitsui Banking Corp.]]></category>
		<category><![CDATA[Wallenius Lines]]></category>
		<category><![CDATA[Wilh. Wilhelmsen ASA]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11841</guid>
		<description><![CDATA[Norwegian operator Wilh. Wilhelmsen ASA has recently signed a new USD 55 million buyer’s credit agreement with Japan Bank of International Cooperation (“JBIC”). The Norwegian operator will use the proceeds to finance the construction of a pure car/truck carrier (“PCTC”) ordered at Mitsubishi Heavy Industries (“MHI”) in 2010. JBIC will commit USD 27 million to [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Shipbuilders Get Domestic Support</title>
		<link>http://www.marine-money.com/archive/shipbuilders-get-domestic-support</link>
		<comments>http://www.marine-money.com/archive/shipbuilders-get-domestic-support#comments</comments>
		<pubDate>Mon, 16 Jan 2012 03:34:18 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[Agricultural Bank of Taiwan]]></category>
		<category><![CDATA[Bank of Kaohsiung]]></category>
		<category><![CDATA[Bank SinoPac]]></category>
		<category><![CDATA[Chang Hwa Commercial Bank]]></category>
		<category><![CDATA[China Development Bank]]></category>
		<category><![CDATA[China Rongsheng Heavy Industries]]></category>
		<category><![CDATA[Cosmos Bank Taiwan]]></category>
		<category><![CDATA[Hua Nan Commercial Bank]]></category>
		<category><![CDATA[Jong Shyn Shipbuilding]]></category>
		<category><![CDATA[Shanghai Commercial & Savings Bank]]></category>
		<category><![CDATA[Taichung Commercial Bank]]></category>
		<category><![CDATA[Taiwan Business Bank]]></category>
		<category><![CDATA[Taiwan Cooperative Bank]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11838</guid>
		<description><![CDATA[China Rongsheng Heavy Industries (“China Rongsheng”) has proved to be a clear favourite among Chinese banks, after securing (yet again) another massive facility with China Development Bank (“CDB”). On 22 December 2011, the Hong Kong listed shipbuilder signed a USD 100 million loan facility with CDB, Hong Kong branch. The offshore USD dollar loan marked [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/shipbuilders-get-domestic-support/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<item>
		<title>Hanjin Heavy Industries Mulls Bond Offering</title>
		<link>http://www.marine-money.com/archive/hanjin-heavy-industries-mulls-bond-offering</link>
		<comments>http://www.marine-money.com/archive/hanjin-heavy-industries-mulls-bond-offering#comments</comments>
		<pubDate>Mon, 16 Jan 2012 03:25:23 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Daewoo Securities]]></category>
		<category><![CDATA[Hanjin Heavy Industries]]></category>
		<category><![CDATA[Korea Development Bank]]></category>
		<category><![CDATA[Korea Investment & Securities]]></category>
		<category><![CDATA[Meritz Securities]]></category>
		<category><![CDATA[Shinhan Investment Corp]]></category>
		<category><![CDATA[Woori Investment & Securities]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11835</guid>
		<description><![CDATA[Bond markets in Asia continue to serve as a major source of funding for many shipping and shipbuilding companies. Bonds do not dilute existing equity, mostly sold on an unsecured basis, and more importantly offer longer repayment periods at lower costs compared to bank debt. This week, Korean shipbuilder Hanjin Heavy Industries &#38; Construction is [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/hanjin-heavy-industries-mulls-bond-offering/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>COSCO Holdings Raises RMB 4 billion Domestic Bonds</title>
		<link>http://www.marine-money.com/archive/cosco-holdings-raises-rmb-4-billion-domestic-bonds</link>
		<comments>http://www.marine-money.com/archive/cosco-holdings-raises-rmb-4-billion-domestic-bonds#comments</comments>
		<pubDate>Mon, 16 Jan 2012 03:19:12 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Bank of China]]></category>
		<category><![CDATA[China International Capital Corporation]]></category>
		<category><![CDATA[china lianhe credit rating]]></category>
		<category><![CDATA[Cosco Holdings]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11828</guid>
		<description><![CDATA[Investors have appeared to leave China COSCO Holdings’ recent fiasco over charter party disputes behind them, as evident from the successful closing of company’s latest jumbo bond offering. The listed flagship and subsidiary of China Ocean Shipping (Group) Company sold RMB 4 billion (USD 626 million) seven year medium term notes (“MTN”), with lead manager [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/cosco-holdings-raises-rmb-4-billion-domestic-bonds/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Counter Cyclical Lending</title>
		<link>http://www.marine-money.com/archive/counter-cyclical-lending</link>
		<comments>http://www.marine-money.com/archive/counter-cyclical-lending#comments</comments>
		<pubDate>Mon, 16 Jan 2012 03:16:34 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Commentary]]></category>
		<category><![CDATA[Markets]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11826</guid>
		<description><![CDATA[Subscribers and friends of Marine Money will long have heard bankers talking about counter cyclical lending. That great opportunity that comes along during each down cycle where banks can lend against depressed asset prices and then sit back and relax as the market improves and the loan to asset ratio reduces and reduces. What bliss. [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/counter-cyclical-lending/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Syndicated Market Continues on Track</title>
		<link>http://www.marine-money.com/archive/syndicated-market-continues-on-track</link>
		<comments>http://www.marine-money.com/archive/syndicated-market-continues-on-track#comments</comments>
		<pubDate>Thu, 12 Jan 2012 17:10:05 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[ABN AMRO]]></category>
		<category><![CDATA[AP Moller-Maersk]]></category>
		<category><![CDATA[Citi]]></category>
		<category><![CDATA[Dealogic]]></category>
		<category><![CDATA[DnB NOR]]></category>
		<category><![CDATA[ING]]></category>
		<category><![CDATA[Mitsubishi UFJ]]></category>
		<category><![CDATA[Nordea]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11820</guid>
		<description><![CDATA[Last Friday, Dealogic released its Bookrunner and MLA Tables for Syndicated Marine Finance Loans for 2011 showing total syndicated loan volume at $68.4 billion up from last year’s $50.1 billion. From the macro perspective the trend remains upward as deal volume and number of transactions grew respectively 26.2% and 19.6% compared to the year earlier. This continues the growth which commenced in 2009. Ignoring the boom in volume in 2007 and 2008, the current volume is on par with the years prior. A further measure of the health of the syndication market is also reflected in the nominal reduction of club deal volume as well as the declining proportion of these deals versus total syndicated volume. ]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/syndicated-market-continues-on-track/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>AMA Gains Toehold in Germany – Acquires 49.9% of Lloyd Fonds</title>
		<link>http://www.marine-money.com/archive/ama-gains-toehold-in-germany-%e2%80%93-acquires-49-9-of-lloyd-fonds</link>
		<comments>http://www.marine-money.com/archive/ama-gains-toehold-in-germany-%e2%80%93-acquires-49-9-of-lloyd-fonds#comments</comments>
		<pubDate>Thu, 12 Jan 2012 17:09:14 +0000</pubDate>
		<dc:creator>marinemoney</dc:creator>
				<category><![CDATA[Freshly Minted]]></category>
		<category><![CDATA[The Week in Review]]></category>
		<category><![CDATA[AMA Capital Partners]]></category>
		<category><![CDATA[Lloyd Fonds AG]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11818</guid>
		<description><![CDATA[In our catch-up last week, we missed the news that Lloyd Fonds AG had successfully completed its equity issue with full subscription rights. In an offer that was underwritten by AMA Capital Partners, a total of EUR 14.7 million was raised based upon the issuance of 14.7 million new shares priced at EUR 1.00 each.
]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/ama-gains-toehold-in-germany-%e2%80%93-acquires-49-9-of-lloyd-fonds/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
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