Case studies

NORD/LB finances first Container-Widening Project worldwide

Three  high-speed 4,900 TEU Panamax-Container ships were converted to a state of the art 6,300 TEU fuel-efficient wide-beam like design.

Due to weakening demand for classic Panamax vessels regarding the overall challenging market environment and in response to widening of the Panama-Canal the three vessels, all originally financed by Nord/LB, faced a poor market outlook after expiry of their initial time charters. To deal with such issue, our customer Niederelbe Schifffahrtsgesellschaft mbH & Co. KG Buxtehude (NSB) developed, patented and successfully realized an innovative ship widening concept.

NORD/LB acted as sole lender and provided a financing of 50% of the total of about USD 30m conversion costs, while the other 50% were provided by the original equity investors. Through material higher HOM intake, an increased number of reefer plugs as well as a significantly improved fuel efficiency, the three vessels were able to attract long-term charters with one of world’s Top Container Liners, which in turn led to a substantial improvement of the vessels’ financial situation as well as the general future employment perspective.

NORD/LB finances luxury cruise vessel


NORD/LB is financing the construction of a new cruise vessel for the Monaco-based Silversea Group, specialised in particularly high-end,luxury cruises.

 

The 40,000-ton Silver Muse is being built by the largest Italian shipyard Fincantieri in Triest. The luxury cruise vessel will have 596 cabins. Completion is scheduled for early 2017.

 

 

The overall financing volume for the construction of the vessel amounts up to USD 293.5 million (around €270 million). NORD/LB is acting as Mandated Lead Arranger and Facility Agent for the syndicate consisting of four banks and is providing a share of USD 73 million. The entire loan is covered by a SACE guarantee, the Italian Export Credit Agency, which reduces the risks of the financing structure significantly.

NORD/LB has been handling the full refinancing of six chemical tankers

From the start of 2015 NORD/LB has been handling the full refinancing of six chemical tankers for “Borealis Maritime Ltd.”, expanding its customer base in commercial shipping.

The transaction sees NORD/LB providing a total financing volume of USD 28.5 million. The loan includes a five-year, linear redemption profile with a final bullet payment.
The strategic conservative approach of NORD/LB is also reflected in this commitment, not least through a low lending level from the outset and the hedging of the bullet rate.

Borealis Maritime Ltd., established in London in 2010, is a global company that operates a total of 41 ships (chemical tankers, product tankers and container ships). The largest shareholder in Borealis Maritime Ltd. is the leading investment company KKR (Kohlberg, Kravis, Roberts), which was set up in 1976.
With a highly qualified management with extensive experience in shipping, Borealis Maritime Ltd. is an active and well-positioned company in the sector.

This commitment sees NORD/LB securing access to an up-and-coming market participant.

NORD/LB provided the post-delivery financing for three LPG carriers

NORD/LB provided the post-delivery financing for three LPG carriers (two 5,000 cbm and one 3,500 cbm) which were delivered in 2014/2015 from the Japanese shipyards Kitanihon and Sasaki Zosen.

Epic Gas Ltd., formed in December 2012, owns and operates a fleet of 33 modern and high quality fully pressurised gas carriers providing seaborne services for the transportation of liquefied petroleum gas (LPG) and petrochemicals. Their vessels serve as a crucial link in the international gas supply chains of leading oil majors and commodity trading houses throughout Southeast Asia, Europe, West Africa and the Americas.

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