Looking for a specific product?

Make a search for products & suppliers, articles & news.

SinOceanic Shipping ASA takes delivery of MSC Regulus

SinOceanic III AS (Sino III), a wholly owned subsidiary of SinOceanic Shipping ASA, took delivery of MSC Regulus (13.100TEU) today and placed her on a 15 years bareboat charter party with MSC SA, Geneva, the world's second largest container line, at a rate of USD 46.650,- daily.

The purchase price of MSC Regulus (USD 156.000.000) and the initial working capital requirements of Sino III have been financed by a USD 100 million secured 1st priority loan which carries an interest of 12% p.a. the first year, and 11% p.a. the second optional year.

In addition, the Company has arranged for a USD 20 million secured 2nd priority mezzanine loan which also carries an interest of 12%p.a., and a USD 44 million secured 3rd priority loan which carries an interest of 19%p.a and a back-end fee in the amount of USD one million, payable at maturity . Also these loans have a tenor of one option one year.

The latter loan has been provided by Oceanus International Investment AS ("Oceanus"), the largest shareholder in the Company, and is without recourse to the Company. The loan is re-financeable, and it is the Company's intention to seek to refinance this loan once the equity markets normalize.

It is also the objective of Sino III to refinance the senior and mezzanine loans with bank financing in China or elsewhere as soon as practicably possible and in accordance with the terms of the loans. The work to refinance these loans is already in progress.

With the delivery of the MSC Regulus, the Company completes its present vessel acquisition program.

The Company now operates four container vessels with a total container carrying lifting capacity of 44.000 (TEU) containers consisting of YM Portland (4,440TEU), MSC Vega, MSC Altair and MSC Regulus, which are three Very Large Container Ships (VLCS) each of 13,100 TEU carrying capacity. The fleet makes the Company a top tier container ship provider in Europe.

Total aggregated fixed freight income from the vessels in the fleet is projected to approximately USD one billion over the charter party periods, and the annual EBITDA is estimated to be USD 60 million.

Associated companies:


Related news

Latest news

Over 45,000 businesses risk EU energy fines for non-compliance

The previous compliance date of 5th December 2015,

“An Incredibly reliable net cleaning system”

Our predator nets are prone to fouling with scallops and mussels,

“An Incredibly reliable net cleaning system”

Good knowledge enables the customer to get the most out of the product. 

DNV GL initiates energy storage standard for Australia

DNV GL will lead the project and prepare a draft proposal for the standard,

Kvale acts for foreign ship owners in a direct action case

The case is against a Norwegian P&I underwriter and the alleged tortfeasor following a collision in the Singapore strait. Recently, the Supreme Court rendered a verdict on the issue of whether Norwegian courts hav...

Kvale recognized by IAM Patent 1000 2018

Kvale's IP-team receives great review from IAM Patent 1000 "The world's leading patent professionals 2018". 

Positive winds at the SeaWork International trade fair

- This is the place to be,

DNV GL and Brodosplit sign class contract for Quark polar expedition vessel

Quark has a long history of civilian polar exploration.

Elkem sustainability magazine 2017 and GRI report for 2017 is ready

Corporate social responsibility is one of the building...