Displaying items by tag: Ship finance

6th February 2014

Ardmore Shipping Raise Finance for Current Newbuild Orders

#Ardmore – Ardmore Shipping Corporation has recently announced that it has signed a commitment letter for a new $172 million credit facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB (SEB).

The company which has its financial headquarters based in Mahon, Co. Cork, are to use the proceeds from the new facility which are expected to finance up to 65% of the purchase price of eight vessels on order from the company's current fleet.

The facility will be an amortizing senior term loan and available for borrowing until April 2016 with a final maturity date in January 2021. The covenants and other conditions are consistent with those of the Company's existing credit facilities. The terms include an accordion option whereby, subject to lenders approval, Ardmore may request to increase the facility to finance the acquisition of additional vessels.

Anthony Gurnee, Ardmore's CEO commented: "We appreciate the support of these leading banks and are pleased to have secured this financing commitment to fund the expansion of our modern fleet of product and chemical tankers. With this commitment, we will have successfully financed the majority of the vessels on order in our current fleet well ahead of their deliveries scheduled for late 2014 and 2015. We are also delighted to further expand the relationship with ABN AMRO and welcome Nordea and SEB to the Ardmore banking team. We look forward to working with them on this and future transactions".

"Additionally, we are in advanced discussions with a number of leading shipping banks on credit facilities related to our remaining two vessels on order and the Ardmore Seamariner and expect to finalize those agreements in the near term. At that time, we believe Ardmore will have secured debt financing for its entire current fleet, including all vessels in operation and all vessels on order."

Published in Ports & Shipping

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Employment Rise of 10% in Irish International Shipping Service Sector

There was a 10% growth in employment in the International Shipping Services sector in Ireland last year according to the Irish Maritime Development Office (IMDO).

In a recent analysis of the sector the information is based from companies that have elected to join the dedicated Irish Tonnage Tax (ITT) scheme, a measure introduced in the 2002 Finance Act.

The act is designed to assist in securing the future of the Irish shipping sector in which five new companies in 2010 entered the scheme, generating an increase of 44% in the number of vessels (from 154 to 177) covered by the Tonnage Tax. Half of these vessels range less than five years old with the total average age at eight years.

In addition the initiative has directly created 314 jobs in 2009 to nearly 350 jobs last year. Most of the employment is in specialised areas such finance,technical management, operations and chartering.

Commenting on the data, IMDO Director Glenn Murphy said "The results are a positive indication that after long periods of decline for the industry that policy support measures have encouraged investment which has led to growth and new employment. We are optimistic that direct employment
in the high value professional shipping services sector could double over the next five years leading to further investment and job creation opportunities"

The majority of Irish-based ship-owning firms operating within the ITT scheme are not entirely reliant on the Irish economy for their daily core revenue streams but are instead employed in the international shipping markets.

In 2010 the global shipping business had total charter trading transactions estimated at $450 billion dollars. It was a year in which the shipping markets continued to be quite volatile with most sectors still recovering from large charter earnings declines over the previous 12 months. Overall Irish firms were quite resilient in their ability to compete last year.

The growth in this sector in Ireland has been driven by established Irish-owned companies Arklow Shipping Ltd (ASL) and the Mainport Group and inward investment has come from D'Amico and Ardmore Shipping. The chemical and products tanker fleet operator located its headquarters to Cork last year and the company is backed by a large US private equity firm.

To read more from the report, you can request a copy by contacting the IMDO by e-mailing [email protected]

Published in Ports & Shipping

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National Yacht Club Facilities

Facilities include a slipway directly accessing Dun Laoghaire Harbour, over eighty club moorings, platform parking, pontoons, fuelling, watering and crane-lifting ensure that the NYC is excellently equipped to cater for all the needs of the contemporary sailor. Berths with diesel, water, power and overnight facilities are available to cruising yachtsmen with shopping facilities being a short walk away. The club is active throughout the year with full dining and bar facilities and winter activities include bridge, snooker, quiz nights, wine tasting and special events.

National Yacht Club History

Although there are references to an active “club” prior to 1870, history records that the present clubhouse was erected in 1870 at a cost of £4,000 to a design by William Sterling and the Kingstown Royal Harbour Boat Club was registered with Lloyds in the same year. By 1872 the name had been changed to the Kingston Harbour Boat Club and this change was registered at Lloyds.

In 1881. the premises were purchased by a Captain Peacocke and others who formed a proprietary club called the Kingstown Harbour Yacht Club again registered at Lloyds. Some six years later in 1877 the building again changed hands being bought by a Mr Charles Barrington. and between 1877 and 1901 the club was very active and operated for a while as the “Absolute Club” although this change of name was never registered.

In 1901, the lease was purchased by three trustees who registered it as the Edward Yacht Club. In 1930 at a time when the Edward Yacht Club was relatively inactive, a committee including The Earl of Granard approached the trustees with a proposition to form the National Yacht Club. The Earl of Granard had been Commodore of the North Shannon Y.C. and was a senator in the W.T.Cosgrave government. An agreement was reached, the National Yacht Club was registered at Lloyds. The club burgee was created, red cross of Saint George with blue and white quarters being sky cloud, sea and surf. The Earl of Granard became the first Commodore.

In July of 1950, a warrant was issued to the National Yacht Club by the Government under the Merchant Shipping Act authorising members to hoist a club ensign in lieu of the National Flag. The new ensign to include a representation of the harp. This privilege is unique and specific to members of the National Yacht Club. Sterling’s design for the exterior of the club was a hybrid French Chateau and eighteenth century Garden Pavilion and today as a Class A restricted building it continues to provide elegant dining and bar facilities.

An early drawing of the building shows viewing balconies on the roof and the waterfront façade. Subsequent additions of platforms and a new slip to the seaward side and most recently the construction of new changing rooms, offices and boathouse provide state of the art facilities, capable of coping with major international and world championship events. The club provides a wide range of sailing facilities, from Junior training to family cruising, dinghy sailing to offshore racing and caters for most major classes of dinghies, one design keelboats, sports boats and cruiser racers. It provides training facilities within the ISA Youth Sailing Scheme and National Power Boat Schemes.

Past Commodores

1931 – 42 Earl of Granard 1942 – 45 T.J. Hamilton 1945 – 47 P.M. Purcell 1947 – 50 J.J. O’Leary 1950 – 55 A.A. Murphy 1955 – 60 J.J. O’Leary 1960 – 64 F. Lemass 1964 – 69 J.C. McConnell 1969 – 72 P.J. Johnston 1972 – 74 L. Boyd 1974 – 76 F.C. Winkelmann 1976 – 79 P.A. Browne 1979 – 83 W.A. Maguire 1983 – 87 F.J. Cooney 1987 – 88 J.J. Byrne 1988 – 91 M.F. Muldoon 1991 – 94 B.D. Barry 1994 – 97 M.P.B. Horgan 1997 – 00 B. MacNeaney 2000 – 02 I.E. Kiernan 2002 – 05 C.N.I. Moore 2005 – 08 C.J. Murphy 2008 – 11 P.D. Ryan 2011 – P. Barrington 2011-2014 Larry Power 2014-2017 Ronan Beirne 2017 – 2019

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