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

Marine insurance: Reducing costs and capacity thumbnail image

Marine insurance: Reducing costs and capacity

September 19 - Marine insurance providers are commoditising their products in order to reduce costs. The result, according to the International Union of Marine Insurance (IUMI), is a loss of expertise.
Views: 216
Zeaborn forms JV with MPC thumbnail image

Zeaborn forms JV with MPC

September 18 - Zeaborn Group has formed a joint venture with MPC Capital Group to handle the chartering and commercial management of a fleet of more than 160 container and bulk carriers.
Views: 556
DHL strengthens network in Middle East and Africa thumbnail image

DHL strengthens network in Middle East and Africa

September 18 - DHL Industrial Projects is opening a centre of excellence (COE) in Dubai as well as offices in Egypt, Ethiopia, Kenya and Turkey to coordinate complex logistics projects in the Middle East and Africa.
Views: 583
ALE plans Swedish branch thumbnail image

ALE plans Swedish branch

September 18 - ALE will open an office in Sweden during the last quarter of 2019 as it looks to expand its operations in Scandinavia.
Views: 449

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