Gener8 Maritime Nets USD 259 Loan for Its Chinese VLCCs

first_imgNew York-headquartered tanker shipping company Gener8 Maritime, Inc. has entered into a senior secured credit facility for up to USD 259.6 million of debt financing for its Chinese VLCC newbuilding program to be drawn in connection with the deliveries of the first four of the company’s six Chinese new buildings.Financing is being provided by Citibank, N.A., The Export-Import Bank of China (CEXIM), and the Bank of China (BOC).“We expect to close on financing for the remaining two vessels in 2016. These agreements represent a key strategic milestone for our company as we continue to expand our fleet,” said Gener8 Maritime’s Chairman, Peter Georgiopoulos.The Chinese newbuild facility closed on November 30, 2015, with the first drawdown being used to refinance the October 21, 2015 term loan facility with Citibank. The facility has a margin over LIBOR of 2.0%, and a 15 year amortization profile.Pursuant to the Chinese newbuild facility, the debt financing will be secured by four Gener8 Maritime Chinese VLCC newbuildings, the Gener8 Strength, Gener8 Supreme, Gener8 Success and Gener8 Andriotis.Leonidas Vrondissis, Gener8 Maritime’s Chief Financial Officer, added, “We believe the company is well positioned to focus on the deliveries of these newbuilds and to continue to execute upon our strategy laid out during our IPO. We believe that the ability to raise close to USD 2 billion in financing during 2015 demonstrates the commitment and support we have from our lenders and their belief in the prospects of our industry.”Gener8 Maritime has a fully-delivered fleet of 47 vessels, including one time-chartered-in VLCC. Gener8’s owned fleet is comprised of 18 VLCC newbuildings and 28 vessels on the water, with a total carrying capacity of over 11.1 million deadweight tons (DWT), and average age on a DWT basis of less than 6 years upon delivery of the newbuildings.last_img read more

New Legislation to Protect Privacy

first_imgNew provincial legislation will better ensure that Nova Scotians’ personal information is not disclosed under the U.S. Patriot Act. The new Personal Information International Disclosure Protection Act outlines a series of requirements and penalties that protect personal information from inappropriate disclosure. “We know that American security legislation has led to concerns about the ability to access personal information of Nova Scotians held outside Canada,” said Murray Scott, Minister of Justice. “This legislation clearly outlines the responsibilities of public bodies, municipalities and technology service providers, and the consequences if they are not fulfilled.” The act provides protection regarding storage, disclosure and access to personal information outside of Canada in the custody or under the control of a public body or municipality. Under the act, the minister of Justice must be notified if there is a foreign demand for disclosure of any personal information of Nova Scotians. It also requires that service providers storing information only collect and use personal information necessary for their work for a public body or municipality. The act also address “whistleblower” protection for employees of external service providers to ensure they are protected if they report an offense under the act. Whistleblower protection for Nova Scotia government staff already exists under the Civil Service Act. “In order for these measures to be successful, staff must be sure they will be protected if they come forward to report wrongdoing under this act,” said Mr. Scott. Penalties under the act include up to $2,000 per government employee for malicious disclosure by employees of public bodies and municipalities. The act also creates offences for service providers, with penalties of up to $2,000 for employees and $500,000 for companies. Offences relate to the improper storage, collection, use, or disclosure, failure to notify the minister of Justice of foreign disclosure demands, and improper discipline or termination of employees. “We are putting in place serious and significant penalties to protect the privacy of Nova Scotians,” said Mr. Scott. The minister also announced that the Wills Act is being amended. Updates will bring it more in line with other Canadian jurisdictions. The amendments respond to recommendations of the Law Reform Commission and will make it easier for people to ensure their final wishes are fulfilled by clarifying the effect divorces have on wills and the distribution of property in Nova Scotia under wills made outside the province. It will also permit handwritten wills. The province is also introducing a number of housekeeping amendments under the Justice Administration Act.last_img read more