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 large Anchor Handling Tug Supply vessel with hybrid design

 

The vessel, Crest Optimus is a 16,304BHP Anchor Handling Tug Supply vessel with hybrid design, combining both diesel-mechanic and diesel-electric propulsion.

 


The hybrid propulsion system mitigates outlay on fuel and also reduces emissions, resulting in a vessel that is both efficient and environmentally sound, earning the Group the Green Technology Award from the Maritime Port Authority of Singapore.

With its origins in 2002, the Pacific Radiance Group now owns and operates a fleet of over 130 modern offshore vessels ranging from offshore support vessels, maintenance/accommodation vessels to diving support vessels. The Group is also a provider of subsea services, shipyard services and marine equipment to the global oil and gas industry. It has built a strong foothold across Asia and other emerging O&G markets, namely Africa, Latin America and Australia.

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.

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