• 2017 April 2 11:06

    KNOT Offshore Partners announces refinancing of Hilda Knutsen facility

    KNOT Offshore Partners LP announced that its subsidiary, KNOT Shuttle Tankers 14 AS (“KST14”), which owns the vessel Hilda Knutsen, has entered into a binding term sheet for a new senior secured credit facility in order to refinance the existing bank loan associated with this vessel. The existing bank loan has an outstanding principal amount of $75.6 million with a balloon amount of $69.5 million due at maturity in August 2018.

    The new senior secured credit facility (“UFJ Facility”) will consist of a $100 million term loan facility with Mitsubishi UFJ Lease & Finance (Hong Kong) Limited and will have a fixed tenor of seven years. Closing of the UFJ Facility is anticipated to occur in May 2017, subject to the execution of definitive documentation and satisfaction of customary closing conditions. KST14 will be the borrower under the UFJ Facility which will be guaranteed by the Partnership.

    The UFJ Facility is repayable in twenty-eight (28) consecutive quarterly installments with a balloon payment of $58.5 million due at maturity. The UFJ Facility will bear interest at a rate per annum equal to LIBOR plus a margin of 2.2% which is a 30 basis point reduction compared to the interest rate under the existing Hilda Knutsen facility. The refinancing will significantly decrease the Partnership’s balloon payments due in the second half of 2018.

    “The refinancing of the Hilda Knutsen facility will make a significant liquidity contribution to the Partnership. We are securing long-term financing on attractive terms, addressing our refinancing risks and at the same time further diversifying our funding universe. This refinancing should enable the Partnership to pursue a ninth dropdown from its sponsor, Knutsen NYK Offshore Tankers AS (“Knutsen NYK”) subject to approval by the Conflicts Committee and Partnership’s Board of Directors. We anticipate that Knutsen NYK will offer to us the opportunity to purchase the shuttle tanker Vigdis Knutsen when she commences her long-term charter with a subsidiary of Shell which is expected to occur in early April 2017. Vigdis Knutsen is a brand new shuttle tanker and the sister vessel of Tordis Knutsen which was acquired by the Partnership on March 1, 2017. A ninth dropdown would result in the Partnership’s growing its fleet to comprise thirteen advanced modern shuttle tankers, a 225% fleet growth since the Partnership was listed on NYSE in April 2013,” commented John Costain, CEO/CFO.

    In addition, the Partnership announced today that the Partnership’s general partner appointed Mr. Richard Beyer to replace Mr. Hiroaki Nishiyama on the Partnership’s Board commencing April 1, 2017. Mr. Beyer has been a member of the board of directors of the Partnership’s general partner and KNOT Offshore Partners UK LLC since 2013 and is a director of NYK Group Europe Limited and NYK Energy Transport (Atlantic) Limited. Before joining NYK Group Europe Limited, Mr. Beyer was a Senior Legal Adviser to BP Shipping Limited. Mr. Beyer was admitted as an English solicitor in 1995.

    About KNOT Offshore Partners LP
    KNOT owns, operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT is structured as a master limited partnership. KNOT’s common units trade on the New York Stock Exchange under the symbol “KNOP.”




2020 September 18

11:03 Naming ceremony held for Japan’s first LNG bunkering vessel
10:48 BIMCO introduces new PIs and KPIs to help improve performance
10:16 ECSA publishes study on implications of EU ETS for shipping
10:10 Keel laying of Tallink’s newest vessel MyStar takes place in Rauma shipyard, Finland
09:54 Port of Oakland import volume up for third straight month
09:51 MABUX: Bunker market this morning, Sept 16
09:47 Tallink Grupp’s vessel Baltic Queen arrives in Riga for the first time
09:23 Oil prices rise after a recent decrease
09:09 Baltic Dry Index as of September 17

2020 September 17

18:05 Digital Twin Ready certification awarded to Furuno
17:54 Damen launches Marine Aggregate Dredger for Hanson
17:52 Verifavia launches industry’s first “3-Way Plug & Play” dashboard
17:41 Nord Star officially listed as first resident of RF Arctic Zone
17:30 ITF and IMEC contribute US$500,000 to the Singapore Shipping Tripartite Alliance Resilience
17:06 Azerbaijan State Marine Academy offers skills development and advanced training courses for ASCO employees
16:43 Ship banned in Australia for AUD $118,000 in unpaid crew wages
16:15 COVID-19 is negatively impacting the offshore energy insurance sector, but market is beginning to harden, says IUMI
16:00 Gasum secures contract with Celsa Armeringsstål AS including LNG deliveries and new terminal
15:42 Diana Shipping announces the sale of a Panamax dry bulk vessel
15:28 FESCO launches regular intermodal service for seafood delivery from Far East to China
15:18 MABUX releases Bunker Weekly Overview
15:09 IMO-Singapore webinar charts ways forward for decarbonisation of shipping
14:15 Bollinger awarded contract for state-of-the-art floating dry dock for the US new Columbia Class ballistic missile submarine
13:56 Bunker prices are going down in the Far East ports of Russia (graph)
13:32 LR accepted by MarinTrust as a new registered Certification Body
13:10 Rosmorport announces expansion of Onega seaport limits
12:33 Lead nuclear-powered icebreaker of Project 22220, Arktika, leaves for Murmansk on September 22
12:01 Konecranes wins order for two more mobile harbor cranes from ZHD Stevedores in the Netherlands
11:30 Abu Dhabi Ports’ Smart Container Initiative to cut emissions by half
11:05 New rail link opens between Oslo and the Port of Gothenburg
10:54 CMA CGM announces FAK rates from Pakistan to North Europe, North Africa and Mediterranean
10:52 Fleet of Rosmorport’s Astrakhan Branch expanded with Nerpa aerosleigh
10:29 Rosmorport signs contract with Marine Rescue Service for reconstruction of Vanino-Kholmsk ferry crossing
10:04 Powers of Konstantin Palnikov as RS General Director extended from October 2020
09:33 Oil prices decrease after a recent rise
09:16 MABUX: Bunker market this morning, Sept 17
09:11 Baltic Dry Index as of September 16

2020 September 16

18:05 Busan Port enhances protection of Gamcehon Port from COVID-19
17:52 Launching of trawler Vseslav and keel-laying of similar ship held in Svetly of Kaliningrad Region
17:36 Jan De Nul Group installed the first offshore wind turbine for the 109.2 MW Taiwan Power Company
17:05 Wilhelmsen and Østensjø join forces to fast track growth of renewable energy company Edda Wind
16:46 Ferry of Project PV22 to be deployed for development of Pavlovskoye deposit on Novaya Zemlya archipelago
16:35 Zeebrugge LNG terminal widens its destination flexibility
16:05 Maersk to build and operate a world-class transload and distribution facility in Vancouver
15:29 DNV GL forecasts a high share of natural gas in maritime sector by 2050
15:04 Rolls-Royce's MTU high-performance yacht engine gets a power upgrade
14:34 The largest container ship to enter the port of New York & New Jersey
13:53 Rosmorport’s Far Eastern Basin Branch authorities and Vladivostok Duma Chairman discuss the region’s topical issues
13:28 Sea Tech Ltd. delivers T30B trawler to the customer
13:01 ONE’s new JCV Service offers a direct connection from Japan/China to Vietnam
12:39 Port of Gdansk throughput in 8M’20 decreased by 11.7% Y-o-Y
12:01 APL changes name with effect from 1 December 2020
11:22 Phase I of Odesa seaport’s Berth No 7 completed
11:22 Port of Los Angeles cargo down 11.7% in August 2020
10:58 Expert does not expect Gov't to be too quick in decreasing its share in Sovcomflot
10:36 BlueWater Reporting issues transatlantic trade report
10:10 USPA allowed to carry out dredging works in water area of Chornomorsk seaport
10:09 Port of Long Beach budget adopted
09:44 Bunker prices are stable at the Port of Saint-Petersburg, Russia (graph)
09:33 SBM Offshore confirms contract negotiation for Petrobras FPSO