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SCF Inks USD 260 Mn Loan to Finance Arctic LNG Tanker

first_imgzoom Russia’s largest shipping company SCF Group (PAO Sovcomflot) and its compatriot VTB Bank signed a USD 260 million loan agreement to finance the construction of an Arctic LNG tanker for the Yamal LNG project. The new tanker will be able to carry up to 172,600 cubic metres of liquefied natural gas (LNG) and has an ARC7 enhanced ice class, enabling independent navigation in ice fields of up to 2.1 metres thick.The vessel, scheduled for delivery in the first quarter of 2017, will have a 45 MW propulsion system.“We are completing the construction of an innovative vessel, which has no analogues in the world to date, and we have concluded a unique transaction to finance this project. This is one of the first such agreements ever signed in Russia, to finance a vessel construction, which is traditionally a very capital-intensive and long-term investment project,” Sovcomflot’s President and CEO, Sergey Frank, said.In May, Sovcomflot reached an agreement with South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) to postpone the delivery of the ARC7 ice-class vessel which was scheduled to join its owner in June 2016.The shipbuilder set the new date at the end of January 2017, postponing the delivery by seven months.SCF and DSME signed the USD 316 million worth agreement for the new tanker in March 2014.Ordered under a USD 5 billion newbuild program for 16 ice-breaking LNG carriers, the new ship is designed to transport LNG from a gas field in the Yamal Peninsula (Yamal LNG), Siberia.last_img read more

Scotiabank earnings rise with help from ING acquisition

TORONTO — The acquisition of ING Direct helped push Scotiabank’s second-quarter net income to $1.6-billion — $141-million higher than a year ago — but provisions for credit losses also grew and the bank’s adjusted earnings fell short of analyst estimates.The bank’s adjusted earnings came in at $1.24 per share, up from $1.16 a year in the second quarter of 2012 but two cents below a consensus estimate of $1.26 per share.Scotiabank’s overall provision for credit losses — which banks take in anticipation that some loans won’t be repaid fully — increased by $79-million from a year earlier to $343-million.The bank said it made higher provisions for credit losses across all business lines, but the largest increases were in international retail banking and Canadian commercial banking.International banking’s provision for credit losses was $194-million, up from $145-million a year earlier, while Canadian banking’s provision was raised to $136-million from $120-million in the second quarter of 2012.Nevertheless, Scotiabank’s net income from Canadian banking was up $86-million or 19% from the same time last year — primarily because of the acquisition of ING Direct.“We continue to have very strong results this quarter driven by very good revenue growth. Each business line made a solid contribution to these good results” said Rick Waugh, Scotiabank CEO, said in a statement.“Our diversification and straightforward business model have allowed us to take advantage of opportunities to grow.”Scotiabank (TSX:BNS) says its profit attributable to common shareholders amounted to $1.23 per share of diluted earnings, up from $1.15 per share in the second quarter of 2012.Canada’s most international bank said its Canadian banking sector produced less than one-third of its overall profit, or $547 million.That was nearly matched by its international banking operations, which had $471-million of net income during the quarter.Wealth management produced about $335-million of Scotiabank’s overall profit while global banking and markets added $361-million.Scotiabank said recent acquisitions contributed $61-million to the year-over-year growth in net income.It said the remaining increase was from higher net interest income, growth in transaction-based fees and wealth management revenues and increased net gains on investment securities. The growth was partly offset by lower trading revenues, increased operating expenses and higher provisions for credit losses.Scotiabank’s overall provision for credit losses was up from $264-million in the second quarter of 2012 and $434-million in the first quarter of 2013, ended Jan. 31.Canadian Press read more