• 2019 April 2 09:34

    "K" Line announces financing through subordinated loan

    Kawasaki Kisen Kaisha, Ltd. (“K” LINE) announced that it has decided to raise funds through subordinated loan (the “Subordinated Loan”) as detailed below.
    1. Objective and Significance of the Subordinated Loan
    In addition to the business structural reforms set forth in the announcement dated March 7, 2019, the
    “K” LINE group has been developing its core businesses through the ongoing rebuilding portfolio
    strategy, with an aim to expand the stable income business and achieve a sustainable growth. As one
    of the measures to accomplish the goal, the group has decided to raise funds through the Subordinated
    Loan, which is a financing method that enhances financial foundation while maintaining capital
    2. Overview of the Subordinated Loan
    “K” LINE is planning to raise funds through the Subordinated Loan with the following conditions.

    Total Loan Amount: JPY45 billion
    Date of Agreement: March 29, 2019
    Loan Execution Date: April 5, 2019
    Use of Loan: Proceeds Repayment of interest-bearing debts and capital expenditures mainly for vessels
    Maturity Date: March 31, 2054 However, “K” LINE may, at its own discretion, make early repayment of all or part of the principal of the Subordinated Loan on March 31, 2024 or any interest payment date thereafter or upon occurrence of any predefined early repayment events.
    Replacement Restrictions: There is no contractual provision on replacement restrictions. However, if “K” LINE repays the Subordinated Loan early, the company intends to replace the Subordinated Loan with other Company Name: Kawasaki Kisen Kaisha, Ltd. Representative: Eizo Murakami, President and CEO (Code Number 9107, listed on the 1st sections of the Tokyo and Nagoya Stock Exchanges and the Fukuoka Stock Exchange) Contact: Yu Kurimoto, General Manager, Finance Group (Phone: +81-(0)3-3595-5608) financial instruments that have obtained an equal or higher equity credit from the credit rating agency (Note).
    Interest Deferral Clause: “K” LINE may defer interest payments at its own discretion.
    Subordination Clause: The creditors of the Subordinated Loan shall have a claim subordinated to that of other senior debt creditors in the company’s liquidation, bankruptcy, corporate reorganization or civil rehabilitation proceedings or any equivalent proceedings under any laws other than Japanese Laws. Any provisions stipulated in the Subordinated Loan agreement shall not be amended in any manner which would create disadvantages for any “K” LINE’s creditors other than the creditors of the Subordinated Loan.
    Lenders: Mizuho Bank, Ltd., Development Bank of Japan Inc., Sumitomo Mitsui Trust Bank, Limited
    Evaluation of Equity Credit (expected): Middle Level, 50% (Japan Credit Rating Agency, Ltd.)

2020 January 18

15:38 Port NOLA sets new container record in 2019
14:23 Port of Zeebrugge 2019 cargo throughput rose 14.2% to 45.8 million tonnes
12:03 Svitzer appoints new regional managing director for Svitzer Americas
11:51 TORM obtains $496m bank financing for the refinancing of existing debt
11:16 Kalmar’s heavy-duty terminal tractors to help Maritime Truck enhance performance at the Port of Oslo
10:52 Port of Rotterdam reports increase in LNG bunkering in 2019

2020 January 17

18:06 Safe Bulkers refinances $105.2 mln of existing loan facilities with respect to eight vessels
17:52 Construction of Borssele 1+2 wind farm off Zeelandic coast begins
17:31 Murmansk Sea Fishing Port handled 263,500 tonnes of cargo in 2019, down 20.4% Y-o-Y
17:06 Wärtsilä solutions support environmentally sustainable performance for two new MSC Cruises's ships
16:50 BIMCO expands ice information service
16:27 A record year for cruise expected at Port of Southampton
16:02 Qatargas delivers first Q-Flex LNG cargo to Summit LNG FSRU in Bangladesh
15:49 Tallink Grupp sets group-wide CSR strategy and sustainable operations goals
15:23 RUB 127.57 billion of federal budget allocations approved for construction of Leader-class icebreaker
15:02 Dublin Port unitised trade up 3.6% in 2019
14:48 Seaspan Shipyards hosts ceremonial keel laying for the Royal Canadian Navy’s future Joint Support Ship
14:30 RF Navy's Black Sea Fleet minesweeper makes planned transition from Sevastopol to Mediterranean Sea
14:14 Diana Shipping announces time charter contract for m/v Astarte with Aquavita
13:51 Turnover of DeloPorts terminals in 2019 decreased by 5% YoY to 8.3 mln tonnes
13:32 SAAM agrees to acquire 70% of Intertug, a towage operator in Colombia, Mexico and Central America
13:03 Flex LNG announces extension of the time-charter agreement for Flex Enterprise
12:37 Kawasaki Heavy Industries delivers bulk carrier FJ VIOLA
12:27 Hapag-Lloyd signs space charter agreement with Maersk and MSC on the Asia-North Europe trade
12:20 Russian Maritime Register of Shipping reports it key 2019 results
12:03 Pyxis Tankers announces completion of sale of Pyxis Delta
11:38 KHI delivers LPG carrier PHOENIX GAIA
11:29 Throughput of Vostochny Port grew by 5.2% to 25.51 million tonnes in 2019
11:03 Eagle Bulk Shipping joins Getting to Zero Coalition
10:36 MABUX: Bunker market this morning, Jan 17
10:28 NYK agrees to MoU with Northern Offshore Group on partnership for crew transfer vessel business for offshore wind power generation systems
09:56 Brent Crude futures price is down 0.05% to $64.59, Light Sweet Crude – down 0.03% to $58.5
09:33 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:15 Baltic Dry Index is flat at 768 points
07:18 NYK and Van Oord sign MoU to own and operate offshore wind installation vessels in Japan

2020 January 16

18:37 CMA CGM announces FAK rates from India and Sri Lanka to North Europe and the Mediterranean
17:52 Mikhail Mishustin appointed as the Prime Minister of the Russian Federation
17:31 ClassNK issues Hong Kong Convention Statement of Compliance to Ship Recycling Facility in Bangladesh
17:03 Hapag-Lloyd announces rates from Middle East to Mediterranean and North Europe
16:39 Bunker prices are stable at the Far East ports of Russia following the recent growth (graph)
16:03 Vessels offered free shore power during Parkkade trial in Rotterdam
15:22 The CMA CGM Group is strengthening the organization of CEVA Logistics to begin the second phase of its development
15:03 New Stena Line ferry completes maiden voyage on Irish Sea
14:02 PIL launches new transpacific pendulum service, America Asia Service (AAS)
13:33 Port of Antwerp scores 7th record year in a row
13:02 THE Alliance unveils expanded service network for 2020
12:30 MISC, Samsung Heavy Industries, Lloyd’s Register and MAN Energy Solutions join forces on ammonia-fuelled tanker project
12:01 CMA CGM SSL Intra Europe will update its BAF for Algeria Morocco Tunisia Roro services
11:28 ABB presents recommendation for zero-emission marine technology to US Congress
11:26 Rosmorport summarizes results of its sailing ships's 2019 navigation season
11:01 Dmitry Stepanov appointed as General Director of Astrakhan Shipbuilding Production Association
10:37 IMO continues its work to review GMDSS requirements
10:18 MABUX: Bunker market this morning, Jan 16
09:50 NOVATEK reports preliminary operating data for 2019
09:29 Brent Crude futures price is up 0.69% to $64.44, Light Sweet Crude – up 0.73% to $58.23
09:16 Baltic Dry Index is up to 1,260 points

2020 January 15

18:35 Aker Solutions involved in international brownfield services contract award
18:06 The Convention between Carriers and Ports for OCEAN Alliance held in Boao
17:52 Intermodal unveils fresh new branding