Crowley Maritime will continue to finance shipbuilding

It is reported that American shipowner Crowley Maritime said recently that it will continue to provide funds for the construction of new ships by financing banks. Although the company has secured $200 million in financing through the sale of securities, the company will continue to finance banks as it has recently ordered two ro-ro container ships at the VT Halter Maritime shipyard.
The company’s chief executive also said recently that commercial debt would be the main source of the company’s ship financing as the company plans to order oil tankers and container ships at domestic shipyards earlier this year. Tom Crowley Jr and other management personnel also said that after acquiring $200 million through the sale of securities, the company will continue to rely heavily on this traditional form of lending.
Tucker Gilliam, the company's vice president of special project operations, confirmed that the company has received the support of lenders to provide ship financing for two roll-to-roll vessels ordered at VT Halter Marine. He said that usually the company is funded by a consortium of commercial banks, some of which will fund the order. According to market sources, banks such as DNB, HSH Nordbank, ING, BNP Paribas, BBVA, DVB and CIT are expected to provide funding.
It is understood that Crowley Maritime's shipbuilding cost at VT Halter Marine is $175 million per ship, which is higher than the similar ship ordered by the company's competitor Pasha Hawaii Transport at the same shipyard in 2011. Pasha Hawaii Transport's similar shipbuilding costs are $144 million per ship and are expected to be delivered in the fall of 2013, but most shipbrokers believe the first new ship will be delivered next year.

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