Out of KfW-INPEX Bank’s shipping portfolio around 11% are now ferry loans. This sector has been growing for the past four to five years for the bank, it was said during a webinar organised by Mike Louagie’s Ferry Summit and News. The speakers were Director [Read more...]
Hurtigruten has secured a €105 mill loan facility. This loan will increase the group’s liquidity to around €200 mill. Financed by international investors, it can be used for general corporate and working capital requirements across the group. The loan has a maturity of three years [Read more...]
Watson Farley & Williams (WfW) has advised its long-standing client, Royal Caribbean Cruises on Liberian law matters regarding the concurrent private offerings of notes worth a total principal amount of $2.15 bill. The notes consist of $1 bill of 9.125% senior guaranteed notes, due 2023 [Read more...]
Lindblad Expeditions has reached an agreement with its export credit agency (ECA) lenders to amend its loan facilities. The ECA members are Garantiinstituttet for eksportkreditt and Eksportkreditt Norge, which represent the Norwegian government, and Citibank, London Branch. This amendment is related to the new expedition cruise [Read more...]
Carnival Corp has suffered a US GAAP net loss of $4.4 bill, or minus $6.07 diluted EPS, for the second quarter of 2020. This figure includes $2 bill of non-cash impairment charges. The 2Q20 adjusted net loss was $2.4 bill, or minus $3.30 adjusted EPS. Total revenues for the second quarter were $0.7 bill, [Read more...]
Cruises Investment Holding and Royal Caribbean Group have filed for the re-organisation of their joint venture cruise operation, Pullmantur Cruceros, under Spanish insolvency laws. Cruises Investment owns 51% of the Spanish cruise line, while Royal Caribbean holds the remaining 49%. Pullmantur's board explained that the [Read more...]
Shipbuilding and engineering group, Fincantieri has confirmed that production activities had gradually resumed from 20th April, 2020, following the easing of Italy’s lockdown. The group said in its first quarter results presentation that prompt deployment of all necessary measures were taken to ensure the health [Read more...]
Royal Caribbean Cruises (RCL) has updated its financial position in light of the COVID-19 pandemic impact in the Group’s first quarter results presentation. "Responding to the dramatic change in business conditions caused by COVID-19 has required focus, dedication, ingenuity and improvisation from all our people, [Read more...]
To shore up its liquidity, Royal Caribbean Cruises has instigated a private offering of $1 bill aggregate principal amount of 10.875% Senior Secured Notes due 2023 and $2.32 bill aggregate principal amount of 11.500% Senior Secured Notes due 2025. The $1 bill notes will mature [Read more...]
The Estonian Government is to loan €100 mill to the Tallink Grupp. The loan can be issued in €10-40 mill tranches, while the interest rate of the three-year maturity loan is 12-month Euribor +2%. The loan must be secured with the assets of the Company’s [Read more...]