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Pyxis Tankers Pushes One-Third of Debt Repayment to 2022

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  • As Dynagas LNG Partners Secures USD 480 Mn Loan

Greece-based Pyxis Tankers has reached a preliminary agreement with one ifs lenders to extend the maturity of the loans related to two of the company’s vessels.

Under the agreement, the company will extend USD 25 million of its outstanding debt, which amounts to USD 68.4 million, for an additional four years until September 2022.

“Once this amendment is in place, the first scheduled balloon payment with respect to our bank debt will be due in the second quarter of 2020, which enhances our financial flexibility,” Valentios Valentis, Pyxis Tankers’ Chairman and CEO, said.

The announcement comes on the back of the company’s financial results for the first quarter of this year which show that Pyxis Tankers recorded a net loss of USD 1.7 million, compared to a profit of USD 1.1 million seen in the same period a year earlier.

The decrease in net income was primarily due to a USD 2.9 million decrease in time charter equivalent (TCE) revenues from USD 7.6 million in 1Q 2016 to USD 4.7 million in 1Q 2017.

During the quarter, daily TCE rate stood at USD 9,810, significantly lower from USD 14,339 in 1Q 2016.

“Our results for the first quarter of 2017 reflected a continuation of a challenging chartering environment. Spot and period charter rates were volatile during the quarter but improved slightly overall, especially for modern eco-efficient tankers. However, we expect chartering activity to continue to be choppy for most of 2017, but believe in a longer term improvement starting in late 2017 due to attractive market fundamentals,”  Valentis commented.

“Consequently, we intend to continue to maintain our mixed chartering strategy. As of May 15, 2017, we had two vessels on time charter and the balance of our fleet on spot charters, which positions us to take advantage of improving rates when they occur,” Valentis further said.

According to Valentis, the company will continue to focus on acquisition opportunities as part of its strategic plan.

As of May 15, 2017, Pyxis Tankers’ fleet comprised six vessels.

In the meantime, Monaco-based owner and operator of LNG carriers Dynagas LNG Partners has closed a USD 480 million Senior Secured Term Loan B facility through its wholly-owned subsidiary, Arctic LNG Carriers.

The company said that it plans to use the net proceeds from the facility to repay in full its existing secured indebtedness, pay transaction fees and expenses and general corporate purposes.

As disclosed, the facility is secured by first priority mortgages on the vessels owned by borrower subsidiary guarantors, and is guaranteed by the company and certain of its subsidiaries.

The loan facility has a six year term and was priced at LIBOR plus 450 basis points.

As of December 31, 2016, the company’s reported cash stood at USD 82.6 million, with its total indebtedness outstanding worth USD 722.5 million, USD 32.5 million of which is repayable within one year.

The shipowner has a fleet of six LNG carriers, with a carrying capacity of approximately 914,000 cubic meters.

World Maritime News

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NPA: Dantsoho Pledges To Reposition For Increased Productivity, Efficiency, And Revenue Generation

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… Assures timely payment of emoluments, compensations, training and capacity development

Groomed through the ranks and thus, better informed, the new Managing Director/ Chief Executive Officer of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho has pledged to reposition the Authority for increased productivity, greater operational efficiency and increased revenue generation.

Dantsoho pledged during the handover ceremony which took place at the conference room Headquarters, Marina Lagos. He has since resumed duty at the Headquarters in Marina.

 “As we match towards this great journey, I wish to state that our main goal is to reposition the Nigerian Ports Authority for increased productivity and greater efficiency for increased revenue generation”, Dr Dantsoho said, expressing his deep appreciation to President Bola Ahmed Tinubu, for the opportunity given to him to be the 29th Managing Director of NPA.

The Chief Executive Officer of the nation’s Seaports affirmed his commitment to ensuring that the Nigerian Ports compete favourably with neighbouring ports, especially in areas of Port operations.

 This he stated would be achieved through the robust exhibition of the overall commitment and collaboration to achieving success.

Speaking like an administrator who truly feels the pains of staff neglect, Dantsoho stressed that he is committed to improving the welfare of the workforce through the timely payment of emoluments, compensations, training and capacity development especially for employees who show added value in their areas of deployment.

The NPA Boss promised to continue with the digital transformation of the Authority and the Port Community system which are key to blocking leakages and corruption while promising to explore ways of further improving Port infrastructural renewal. 

‘’In particular, we shall drive port rehabilitation and modernisation. We shall pay attention to logistics that surround the arrival of cargo to the port corridor, loading of ships and other things that surround berthing of cargos,’’ he said, assuring that he would further tap into the benefits of the Deep Seaport corridor as well as promote the ideals of Transparency for Ease of Doing Business. 

In the area of collaboration with sister agencies, Dr. Abubakar stated that he would maintain an open door for communication and collaboration with sister agencies and all relevant stakeholders.

He equally congratulated the former Managing Director, Mohammed Bello Koko and his team, for their invaluable contributions to the industry. 

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Echoes from CGC Adeniyi Reactivates CMAA With US Customs & Border Protection

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Bilateral Boost: CGC Adeniyi Reactivates CMAA With US Customs & Border Protection

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Bilateral Boost: CGC Adeniyi Reactivates CMAA With US Customs & Border Protection

…To effectively enhance national security, Better Service Delivery through Global Partnerships

The Comptroller-General of Customs (CGC) Bashir Adewale Adeniyi, On Thursday, July 18, 2024, took a significant step in strengthening global partnerships by participating in a bilateral meeting with U.S. Customs and Border Protection (CBP) in Washington, D.C. 

Determined to revive the over-a-decade-old Customs Mutual Assistance Agreement (CMAA) and subsequently enhance national security service delivery through global collaborations and data-driven decision-making, the Comptroller General of Customs CGC, Adewale Adeniyi last week participated in a bilateral meeting with U.S. Customs and Border Protection (CBP) in Washington, D.C. 

The gains of the meeting which was held Thursday, July 18, 2024, aside from offering a significant step in strengthening global partnerships, will also help Nigeria address the challenges of cross-border crimes, particularly drug trafficking, arms smuggling, and money laundering, each of which dovetails on boosting national security. 

“Reviving the CMAA will bolster the Nigeria Customs Service’s capacity to protect the nation’s borders and enhance service delivery, paving the way for a more secure and prosperous future for all Nigerians”, the CGC, Adeniyi emphasized, highlighting the successful interception of illegal items, which includes drugs and weapons, at major ports and airports in Nigeria. 

Also Read: Echoes from CGC Adeniyi Reactivates CMAA With US Customs & Border Protection

He then stressed the need for increased capacity building to tackle Intellectual Property Rights (IPR) enforcement and opiate issues. 

“Our efforts at the ports and airports have yielded significant results, but there is still much to be done in capacity building and enforcement,” the highly informed Customs Arrowhead said.

Adeniyi underscored the importance of a  Center for Advanced Cargo and Passenger Data Analysis to mitigate risks; and the need for such a centre to enhance cargo and passenger security, while pointing out the success of prosecuting wildlife criminals.  

Additionally, he advocated for an advanced Command and Control Centre (3C) to address security concerns.

 “A dedicated targeting data fusion centre will significantly improve our ability to manage risks and enhance security measures,” Adeniyi explained, adding: 

 

“By customising our approaches and collaborating globally, we can address the complexities of air cargo security more effectively,” he remarked.

The meeting diligently covered the challenges of commercial air cargo security and potential partnerships with U.S. government agencies.

Adeniyi highlighted the importance of future operations, including CBP’s global targeting advisory directors and their capabilities in information sharing on cargo and passenger sides.

In his reaction, James Collins, Assistant Commissioner of the Office of International Affairs at U.S. Customs and Border Protection, emphasised data integration, partnerships, and targeted efforts to address transnational criminal groups exploiting seams and boundaries. 

“Integration of data and international cooperation is crucial in countering transnational threats”, James Collins stated and highlighted the importance of collaboration and information sharing in border security and intelligence gathering. 

He stressed the need for investing in capacity building, train-the-trainer programs, and targeted training to address gaps in border security.

 Collins stressed the need for secure channels for sharing intelligence and building partnerships with international organisations to sustain efforts in combating illicit trade and traffic. 

“Continuous training and secure intelligence sharing are vital to our success in maintaining border security,” Collins also noted.

Key action items identified include establishing specific channels for continued intelligence sharing between Nigeria Customs and CBP, exploring operational partnerships between Nigeria Customs units and networks like CBP to coordinate cross-border responses, leveraging INTERPOL programs and collaborating with other West and Central African countries on transnational crimes.

The meeting concluded with a presentation on Artificial Intelligence by Sunil Madhugri from the Office of Information and Technology, U.S. Customs and Border Protection, highlighting the future of technology in enhancing customs operations and security.

 “Artificial intelligence will play a pivotal role in our strategy to modernise and secure our borders,” Madhugri said.

In a related event, CGC Bashir Adewale Adeniyi visited the Nigerian Embassy in the USA, where he was received by Mr. Rabiu Lawal, Charge d’Affaires a.i, and his team.

 The CGC appreciated them for their warm reception and their tireless efforts for all the Nigerians in the diaspora.

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