Monday, December 27, 2011 (Week 51)
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IN THE NEWS
Latest Company News
Monday, Dec 19, 2011Diana Containerships Inc. Announces the Acquisition of TwoPanamax Container Vessels and the Signing of a US$100Million Credit Facility With The Royal Bank of Scotland plc
Diana Containerships Inc. (Nasdaq:DCIX) announced that ithas signed two Memoranda of Agreement with Reederei SantaContainerschiffe GmbH & Co. KG (“the Sellers”) for the purchase of two Panamax container vessels, m/v “Cap San Marco” and m/v “CapSan Raphael”. The employment of the two vessels is anticipatedto generate approximately US$47.5 million of revenues for theminimum agreed period of the charters. Separately, the Companyalso announced today that it has entered into an agreement for arevolving credit facility of up to US$100 million with The Royal Bankof Scotland plc, which may be increased to US$150 million subject
to further syndication. The credit facility has a term of ve years and
will bear interest at the rate of 2.75% over LIBOR.
Danaos Corporation Adds One More 8,530 TEU Containershipto Its Fleet
Danaos Corporation (NYSE: DAC) announced that on December 15, 2011, it took delivery of one more newly built containership,
the CMA CGM SAMSON, expanding its operational eet to a total
of 59 containerships aggregating 291,149 TEU. The CMA CGMSAMSON, built at Shanghai Jiangnan Changxing Heavy Industry,has a carrying capacity of 8,530 TEU, is 335 meters long, 42.8meters wide and has a speed of 25.80 knots. The CMA CGM
SAMSON has commenced its 12-year time charter at a xed
charter rate immediately upon delivery.
Tuesday, Dec 20, 2011TBS International Announces Agreements to Deleverage ItsBalance Sheet and Refresh Its Fleet
TBS International plc (NASDAQ: TBSI) announced that it hasreached agreements with its bank lenders on terms to reduce
its leverage and refresh its eet. As part of these agreements,
TBS and the syndicates led by Bank of America and DVB GroupMerchant Bank have agreed on terms to restructure outstandingindebtedness that contemplate exchanging existing senior debt
for new senior debt and equity and the refreshing of the TBS eet
by long-term charters of modern tweendeckers and bulk carriers.These terms provide for payment in full of the amounts owed to the
Bank of America and DVB syndicates over a signicantly extended
maturity period, the continued business operations of TBS under current management and the same quality of Five Star service thatTBS’s customers have always experienced. TBS’s other lenders,Credit Suisse and American International Group, have agreed onsimilar terms. TBS also is reducing its leverage by delivering, atthe completion of their present voyages, the six vessels that arecollateral for loans from a syndicate led by The Royal Bank of Scotland in exchange for a full release of all amounts owed to thatsyndicate. The terms of these agreements do not provide for anyremaining value in the outstanding ordinary or preferred shares of TBS.
Wednesday, Dec 21, 2011Omega Navigation Enterprises Defeats Lender Motions
Omega Navigation Enterprises Inc. (Pinksheets: ONAVQ.PK)announced that, in connection with its Chapter 11 proceedingsin Houston, Texas, the Court has denied the motion from theSenior Lenders to dismiss or convert the Chapter 11 cases andthe separate motion for relief from the automatic stay granted inChapter 11 proceedings. This favorable decision will enable Omegato formulate a reorganization plan for emergence from Chapter 11. The Court also entered a separate order criticizing the Senior
Lenders for alleging that Omega had acted in bad faith, nding that
the evidence was clear that Omega had acted in good faith withrespect to each of the allegations. Omega continues to generate
sufcient cash for operations and will continue to honor all of its
charter obligations during the pendency of the court protection.
Thursday, Dec 22, 2011Genco Shipping & Trading Limited Announces Credit FacilityAmendments and Waivers
Genco Shipping & Trading Limited (NYSE: GNK) announced it hasentered into separate agreements to amend or waive provisionsof its $1.4 billion revolving credit facility, its $253 million senior secured term loan facility and its $100 million term loan facility. DnBNor Bank ASA, Deutsche Bank AG Filiale Deutschlandgeschaftand Credit Agricole CIB, respectively, acted as the lead arranger of each facility. Under the terms of the agreements, both themaximum leverage ratio covenant and the interest coverage ratiocovenant have been waived for each facility through and includingthe quarter ending March 31, 2013 . A new covenant has also beenintroduced for the period beginning October 1, 2011 and endingMarch 31, 2013 , specifying that the Company will not permit itsinterest bearing consolidated indebtedness to exceed 62.5% of theaggregate amount of its interest bearing consolidated indebtednessplus its consolidated net worth in accordance with GAAP.
Paragon Shipping Inc. Announces New Charter Agreement for a Panamax Bulkcarrier
Paragon Shipping Inc. (NYSE: PRGN) announced that it has entered
into a xed rate time charter agreement for its Panamax Vessel,
M/V Coral Seas, with Morgan Stanley Capital Group Inc. The M/VCoral Seas, a 2006 build, 74,477 dwt Panamax bulkcarrier, has
been xed to Morgan Stanley Capital Group Inc. (or the Charterers)
for a period of 23 to 25 months at a gross daily rate of $12,000. Inaddition, the Charterers have an option to extend the charter periodfor an additional 11 to 13 months at a gross daily rate of $14,500.
As a result, the Company’s xed revenue days have now increased
to 89% from 84% in 2012, to 66% from 59% in 2013 and to 37%from 30% in 2014 based on latest redelivery dates.
NewLead Holdings Ltd. Announces Material Progress of Restructuring Plan with Sale of Four Product Tankers and147.9 Million Reduction of Indebtedness
NewLead Holdings Ltd. (NASDAQ: NEWL) announced that itagreed to sell four LR1 products tanker vessels. The sale of two vessels, the Newlead Fortune and the Newlead Avra, wascompleted today. The sale of the other two vessels, the NewleadCompass and the Newlead Compassion, is expected to becompleted by the end of January 2012 . The sale of these four
vessels is part of NewLead’s overall nancial restructuring plan
to reduce debt. The Bank of Scotland syndicate, composed of 10institutions, agreed with NewLead to accept the net sale proceedsin full satisfaction of all liabilities owned to the syndicate under thegoverning loan agreement. Following the completion of the sale of the four vessels, NewLead’s overall indebtedness will be reducedby $147.9 million .