Latest news from Heavy Lift & Project Forwarding International Magazine

M&M bank gets go ahead

February 3 - Maritime & Merchant AS (M&M) has received regulatory approval to operate a private bank in Norway, which will be dedicated to meeting the funding needs of owners active in the shipping and offshore industries worldwide.

HLPFI reported on October 11, 2013 that the founders of M&M were planning to set up the specialist bank for shipping and offshore, and following the filing for a banking license application on November 13, 2013, its application has been approved.

M&M will be a highly specialised niche financial institution focused on the maritime and offshore industries with an emphasis on providing mortgage based lending.

The introduction of stricter capital requirements, in combination with the severe impact the financial crisis had on the banking community in general, has forced many banks to either discontinue lending to owners or scale back on actives in ship finance.

"There are interesting opportunities out there, with a market emerging from a down cycle, favourable asset prices, and, currently, increasing rates in some sectors," said Halvor Sveen, managing director of M&M.

"We are currently preparing for a capital issue with a target of USD300-350 million in equity to fund operations. We have selected Pareto Securities AS and DNB Markets as joint lead managers and bookrunners, with Cleave Securities to act as financial advisor. We aim to start operations during April 2014," added Sveen.

Heavy Lift | News

Crowley realigns activities thumbnail image

Crowley realigns activities

May 17 - Crowley Maritime Corporation has realigned its shipping and solutions business units in a bid to enhance its focus on non-asset based customer solutions.
Views: 354
Bob Felix joins UTC thumbnail image

Bob Felix joins UTC

May 17 - UTC Overseas has appointed Bob Felix to its rail logistics team as director of specialised projects.
Views: 547
Qube in LCR takeover thumbnail image

Qube in LCR takeover

May 17 - Australia-based Qube Holdings has acquired industrial logistics service provider LCR Group in a deal valued at AUD135 million (USD93.2 million).
Views: 375

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.