Swiss international commodity trading company Mercuria Energy Trading S.A (Mercuria) on Thursday (25 June) has closed its USD 1.5 Billion Multicurrency Revolving Credit Facilities.
Mercuria listed the following banks as Mandated Bookrunning Lead Arrangers for the facilities: ABN AMRO Bank N.V., Coöperatieve Rabobank U.A., Crédit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd, Industrial Commercial Bank of China Limited, London Branch , ING Bank N.V., Mizuho Bank, Ltd., Natixis, Société Générale (acting through its corporate & investment banking division), Sumitomo Mitsui Banking Corporation and UniCredit Bank AG.
Bank of China Limited, London Branch, Commerzbank AG London Branch, DZ BANK AG, Emirates NBD PJSC London Branch and UBS Switzerland AG joined as Mandated Lead Arrangers, it added.
The Facilities were launched at USD 1.2 Billion at the end of April, 2020 and a bank presentation was organised by webinar due to the COVID-19 pandemic.
Following strong demand from banks, the Facilities were oversubscribed by more than 25% and subsequently increased to USD 1.5 Billion in aggregate, with Mercuria choosing to scale back lender commitments, reported the company.
The Facilities comprise a 1-year Multicurrency Revolving Credit Facility and a 1-year Multicurrency Revolving Credit/Swingline/OBSI Facility and will be used for general corporate purposes and working capital.
“The renewal of our 2020 European RCF (ERCF) has again been a success in difficult market conditions, underlying the strong vote of confidence coming from our banking partners, who value the resilience and performance of the business model developed by Mercuria over the past 16 years,” said Guillaume Vermersch, Group Chief Financial Officer of Mercuria.
Mercuria is the parent company of Minerva Bunkering, which secured a bunkering license at the Port of Singapore in April 2020.
Photo credit: Mercuria
Published: 28 June, 2020
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‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.