Banking on Relationships

It seems that anyone who doesn’t have exposure to the spot market has a great advantage in the present lending market, and ferries are leading the charge. Cenargo is performing better than most high yield issues, and bank financing in the ferry sector has emerged. Strinziz has recently borrowed $175 million in a syndicated facility arranged by ABN and Landesbank Schleswig-Holstein. Participants in that deal included Alpha Credit Bank, Bank of Piraeus, Alpha Bank London, Commercial Bank of Greece, Credit Lyonnais, National Bank of Greece and Viking Ship Finance. The funds will be used to pay for the acquisition of new and secondhand ferries. BC Ferries is in the market looking to finance three high speed catamarans worth about $250 million through a sale lease back structured by CIBC and Enbom Capital.

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