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FSL Chairman Quits & Share Trading Suspended

First Ship Lease Trust (FSL) chairman Wong Meng Meng has vacated his posiion & the company admits there were differences in opinion in respect of the conduct of a board meeting. Earlier, on 30th June 2013 FSL, had requested a share trading halt, and on 4th July they further requested the Singapore Exchange to suspend trading in its shares First Ship Lease Trust According to the company's website, FSL Trust is a Singapore business trust that provides lease financing solutions to the international maritime industry. FSL Trust currently owns a diversified portfolio of 25 vessels with an average age of seven and a half years. FSL Trust derives stable long-term cashflow primarily through leasing its vessels on long-term bareboat charter basis to international shipping companies. FSL Trust is listed on the main board of the Singapore Exchange and its ADRs are quoted on International OTCQX.

P&O Raises Cash For Cruise Ships

P&O has raised $650 million in financing for two new cruise ships to be built by French shipyard Chantiers de l'Atlantique, lead banker SG said. The two new vessels, ordered last December for P&O's U.S.-based Princess Cruises, will be built by the Alstom-owned shipyard in Saint-Nazaire, France, and delivered in October 2002 and June 2003 respectively, SG said. SG, the corporate and investment banking business of Societe Generale, said it had arranged $2

Sumitomo Mitsui to Double Overseas Banking Staff

According to a Bloomberg report, Sumitomo Mitsui Financial Group Inc. will double its overseas banking staff that works on financing for ship construction, as Japan's biggest arranger of such deals tries to take advantage of surging demand for vessels. China's appetite for iron ore will boost demand for vessels with cargo capacity of more than 100,000 tons by 44 percent between last year and 2010, according to a report last month by Mitsui O.S.K. Lines Ltd

Venture Capital Group Eyes Cammell Laird

Venture capital group Patron Capital has approached the receivers of Cammell Laird about buying parts of the failed British shipbuilder, Reuters reported. Former Lehman Brothers banker Keith Breslauer who runs Patron was quoted as saying he had "expressed an interest in the U.K. business" to receivers PriceWaterhouseCoopers, but "we're not so keen on the international businesses." Last week the Independent newspaper said a private equity group owned by the Royal Bank of Scotland was

FSL Trust Provides Update on TORM Charters

FSL Trust Management Pte. Ltd. (“FSLTM”), as trustee-manager of First Ship Lease Trust (“FSL Trust” or the “Trust”) refers to its earlier announcement “FSL Trust renegotiates charter terms for TORM product tankers” made on 10 April 2012 and wishes to provide an update. On 2 October 2012, TORM A/S (“TORM”) announced the signing of a restructuring agreement with its banks and tonnage providers that will secure for TORM substantial

FSL Trust Secures Relaxation of Loan Covenants

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust wishes to announce that it has secured a temporary relaxation of two of its loan covenants from its lenders. The relaxation of covenants would be in effect for 12 months until end-June 2013. In view of the economic weakness in Europe and further deterioration in the shipping market, FSLTM requested for and was granted a temporary relaxation of two loan covenants from its lenders to address potential

Evergreen Line Restructuring Services

Evergreen Line will restructure its services on the U.S., Asia, Indian Sub continent and Europe routes to stabilize the ship schedules to ensure on-time performance and banker savings to meet the needs of the market and its own operations. The new routing will also extend the U.S. service scope to include Southeast Asia and the ISC. The AUS (Asia-United States) and service of CES (China-Europe Shuttle) will become the new pendulum service UAE (U.S

Senate Bills Introduced Re Oil Spill Liability

Senator Menendez (D-NJ) introduced two bills relating to oil spill liability. The Big Oil Bailout Prevention Liability Act of 2010 (S. 3305) would raise the limit of liability for oil spills from offshore facilities for costs other than removal costs from $75m to $10b. It would also be retroactive to April 15, 2010. The Big Oil Bailout Prevention Trust Fund Act of 2010 (S. 3306) would eliminate the provision that currently prevents expenditure by the Oil Spill Liability Trust Fund (OSLTF) of

Major Chinese Shipbuilder Sees Profits Nose-dive

China Rongsheng profit dives as new ship orders dry up. China Rongsheng Heavy Industries Group, the country's largest private shipbuilder, posted its sharpest fall in half-year profit - down 82 percent - on a dearth of new orders, putting further pressure on its stretched balance sheet reports Reuters. In a stubbornly downbeat global economy, the shipping industry has suffered widespread losses, with many small and medium sized Chinese builders close to bankruptcy as bankers cool on a

WCI Endorses American Waterworks Act

Michael J. Toohey

New Waterways/Ports funding proposal will create jobs, relieve traffic congestion, increase exports. At its Board of Directors meeting held yesterday in Houston, Waterways Council, Inc.’s Board of Directors unanimously endorsed the  American Waterworks Act, proposed in late October by Senator Lamar Alexander (R-TN) and Senator Lindsey Graham (R-SC) to modernize America’s inland waterways and ports.   The new waterways funding plan would:

Stakeholders Broaden Maritime Security Scope

Image: IMO

An international agreement that has been instrumental in repressing piracy and armed robbery against ships in the western Indian Ocean and the Gulf of Aden is set to significantly broaden its scope.   Signatories to the Djibouti Code of Conduct have agreed to work toward extending its remit

LR to Class Nine Tankers for Maersk


 Lloyd’s Register (LR) won the deal for classification of nine Medium Range (MR) type product tankers. Owned by Maersk Tankers, the vessels are to be built at Samsung’s Ningbo yard in China.    These are the first ever vessels ordered by a Danish ship owner to the

ITF Seafarers’ Trust Launches Shore Leave 2.0

Press release - The ITF Seafarers’ Trust is launching an enhanced version of its free Shore Leave app – the first app designed to help seafarers looking for reliable transport when in port. Shore Leave only needs to be downloaded once

Extended Warranty from Yanmar for Sailboat Engines

3YM30 Courtesy YANMAR

  Yanmar Marine International B.V. has introduced an extended 3 years’ period of YANMAR Limited Warranty for Sailboat Engine Models. This extended warranty of 3 years is offered to owners of specific YANMAR marine engine models which will be used for private and personal pleasure use

BSM Completes Global Management Program

Bibby Ship Management - IOM - Nicola Quayle

  Bibby Ship Management has successfully completed its second Global Management Programme which, it says, has helped to develop the management skills of all its management team across its global offices. According to Nicola Quayle, Head of Group HR, at Bibby Ship Management

Hong Kong Terminals Mark 200 Million TEU

Professor Anthony Cheung Bing-leung. Photo by Transport and Housing Bureau

 Hutchison Port Holdings' (HPH) Hong Kong assets marked a significant milestone with cumulative throughput of 200 million teu.   Congratulating HPH Trust on this important chapter in the history of Hong Kong’s container port industry

UASC Celebrates World’s Greenest Vessel

Mr. Basil Al Zaid, Chief Financial Officer UASC addressing guests

United Arab Shipping Company (UASC) hosted an event in Hamburg this week to celebrate one of the world’s most environmentally friendly ultra-large container vessels M.V. Al Muraykh, delivered in August 2015, with its banking partners.  

Chinese Navy Ships to Visit Mayport

Type 52 Luyang II guided missile destroyer Jinan

 Three People's Liberation Army-Navy ships are scheduled to visit Naval Station Mayport as part of a routine goodwill port visit, Nov. 3-7. Three vessels are on an around-the-world deployment and will conduct the goodwill visit after completing port calls in Europe

FSL Trust Buys MR Product Tanker

Alan Hatton and Roger Woods (Photo: FSL Trust)

FSL Trust Management Pte. Ltd. (FSLTM), as the trustee-manager of First Ship Lease Trust (FSL Trust), announced that FSL Trust has entered into a memorandum of agreement to purchase a 2007, Japanese-built, 45,998-dwt MR product tanker for $21.8 million.  

Fishing Company Charged Over $1 Mln in Oil Spill Penalties

Photo courtesy of Tri-Marine

Tri-Marine Management Co., Tri-Marine Fishing Management and Cape Mendocino Fishing (Tri-Marine) have agreed to pay $1.05 million in civil penalties and to perform fleet-wide inspections and other corrective measures to resolve claims stemming from an October 2014 oil spill in American Samoa and

Pole Star Launches Cloud-based Platform

Image: Pole Star

Pole Star, a U.K.-headquartered technology company delivering maritime application solutions, has launched its new cloud application platform, designed to facilitate the company’s vision to enable a universal maritime ecosystem.   

Asean Sets up Maritime Crisis Hotline

Photo: Singapore Defence Minister Ng Eng Hen Facebook Page

 The 10-member Association of South East Asian Nations (Asean) has established a hotline to resolve maritime disputes and to ensure the line of communications between the countries remain open during a crisis, reports the Star.  

Chinese Naval Ships Dock in US

People welcome the Chinese naval fleet at the United States Naval Station Mayport. Photo: Xinhua

 Three Chinese naval vessels have arrived at a US Naval Station Mayport in Jacksonville,  in the US state of Florida, reports Xinhua.   The "goodwill" visit will help build trust and increase understanding, according to the Mayport Public Affairs Office

China: U.S. Patrol in S.China Sea 'harmed trust'

The patrol by a U.S. warship close to islands China controls in the South China Sea harmed mutual trust between China and the United States and caused regional tensions, Chinese Foreign Minister Wang Yi told his U.S. counterpart in a call.

GAC Support for Tall Ship Tenacious

The tall ship Tenacious has left her home port in the UK for an epic voyage to Australia

  The tall ship Tenacious has left her home port in the UK for an epic voyage to Australia. Over the next eight months, she will sail more than 17,000 NM and call at 26 ports en route to her final destination, Sydney. And at every stop along the way

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