Thu 9 Jan 2014 11:27

OW Bunker signs USD 700m revolving credit facility


Danish firm says facility provides flexibility to continue growth, including the launch of new physical supply operations.



OW Bunker, one of the world’s leading resellers and physical distributors of marine fuel, has signed a USD 700 million revolving credit facility, refinancing its current USD 450 million facility. The new facility consisting of two tranches, a 364-day and a 3-year multi-currency revolving credit facility, was more than 100% oversubscribed by the in total 13 international banks and financial institutions in a syndicate led by ING Bank N.V.

OW Bunker says it sees the over-subscription and the up to 3-year commitment as a strong sign of confidence in its business model, including a strong balance sheet consisting primarily of relatively liquid current assets, with 70-75% of accounts receivables typically insured, and a liquid inventory of fuel and gas oil. The new facility further enables OW Bunker to continue developing its business.

"Liquidity is vital to growth in the bunker industry. This facility further strengthens our financial position and the additional liquidity it brings provides us with flexibility to continue growing the business, including launching additional physical distribution operations. Our integrated business model, strong balance sheet and global footprint are key competitive advantages," said OW Bunker CFO Morten Skou.

ING Bank N.V., Nordea and Rabobank International, acting as Bookrunning Mandated Lead Arrangers, were joined by ten other financial institutions in the general syndication.

ABN AMRO Bank N.V., Danske Bank and Natixis joined as Bookrunning Mandated Lead Arrangers, while Commerzbank Aktiengesellschaft, Crédit Agricole (Suisse) S.A., Deutsche Bank AG, Amsterdam branch, Fifth Third Bank, Société Générale, Standard Chartered Bank and UBS AG participated as Mandated Lead Arrangers.

Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.

Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.

Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.

Stanley George, VPS Group Technical and Science Manager, VPS. How to engineer and manage green shipping fuels | Stanley George, VPS  

Effective management strategies and insights for evolving fuel use.

Sweden flag with water in background. Swedish government bans scrubber wastewater discharges  

Discharges from open-loop scrubbers to be prohibited in Swedish waters from July 2025.

The ME-LGIA test engine at MAN's Research Centre Copenhagen. MAN Energy Solutions achieves 100% load milestone for ammonia engine  

Latest tests validate fuel injection system throughout the entire load curve.

Terminal Aquaviário de Rio Grande (TERIG), operated by Transpetro. Petrobras secures ISCC EU RED certification for B24 biofuel blend at Rio Grande  

Blend consisting of 24% FAME is said to have been rigorously tested to meet international standards.

Avenir LNG logo on sea background. Stolt-Nielsen to fully control Avenir LNG with acquisition  

Share purchase agreement to buy all shares from Golar LNG and Aequitas.

Seaspan Energy's 7,600 cbm LNG bunkering vessel, s1067, built by Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. Bureau Veritas supports launch of CIMC SOE's LNG bunkering vessel  

Handover of Seaspan Energy's cutting-edge 7,600-cbm vessel completed.

The world's first methanol-fuelled container ship, Laura Maersk. Methanol as a marine fuel | Steve Bee, VPS  

How environmental legislation has driven the development of low-sulphur fuels and methanol-ready ships.


↑  Back to Top