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BANKERS TRUST

HPH Trust Acquires Major Stake in Huizhou Terminal

Pic: Huizhou International Container Terminals Limited

 Hong Kong Container port business trust Hutchison Port Holdings Trust (HPH Trust) has reached an agreement to purchase a majority stake in Huizhou International Container Terminals Limited (HICT) in Guangdong from the trust’s sponsor for about $86.26m.   HPH Trust will acquire 65% and 15% of HITC equity interest, respectively through its subsidiaries, Yantian International Container Terminals (Phase III) Limited (YICT III) and Shenzhen Pingyan Multimodal Company Limited (PML).   The company said that, upon completion of the acquisition, HICT will be jointly held by YICT III, Huizhou Port Group (HPG) and PML in the proportions of 65%, 20% and 15%.   The acquisition will be funded from the internal resources of YICT III and PML, and is not expected to have any material impact on the financial position of HPH Trust for the current financial year ending December 31, 2016.   Business Times quoted the trust manager saying that it expects construction of two 50,000-tonne container berths in the Huizhou port to be completed by the end of 2016, and that it believes the Huizhou terminals “will be able to attract more cargoes, in particular intra-Asia cargoes due to its strategic position”.  


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


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


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


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


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


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:


Keppel to Focus on its Asset Management Businesses

Ms Christina Tan

Keppel plans to consolidate its interests in business trust, REIT and fund management under Keppel Capital and grow its asset management business. In a major restructuring exercise to grow the contribution from its Investment Division, Keppel Corporation Limited (Keppel Corporation) plans to consolidate its interests in business trust management, real estate investment trust (REIT) management and fund management businesses (collectively


DNV GL’s New Veracity Industry Platform Unlocks Potential of Big Data

Image: DNV GL

 DNV GL is launching a new industry data platform – “Veracity” – to help the maritime industry improve its profitability and explore new business models through digitalization.    The Veracity industry data platform is designed to help companies improve


Another New Ferry for NYC

© photoman120 / Adobe Stock

Plans are in motion to procure another newly built ferry for New York City.   A city-run organization in charge of running New York’s Governors Island said it is seeking bids for the design and construction of a new passenger-only ferry for its service between the island and Manhattan


Lift Boat Crew Rescued in US Gulf

Four crewmembers aboard the lift boat Superior Trust were rescued after the vessel became unstable near Southwest Pass, La., Wednesday.   U.S. Coast Guard Sector New Orleans watchstanders received a call early Wednesday morning reporting one of the Superior Trust’s legs failed and


20-Year Development plan underway at Shoreham Port

Project underway Photo Shoreham Port

It’s been a busy start to 2017 at Shoreham Port with imports and exports flowing steadily through, new recruits joining the team and a number of development projects under way. Port Masterplan Recently, long-term plans at the Port have been in the spotlight


Rickmers Pact with Commerzbank AG

Photo: Rickmers Maritime

 Financially-strapped Rickmers Maritime has entered into a deed of consent with Commerzbank AG, Singapore Branch, reports Reuters.   Rickmers Trust Management Pte. Ltd., the holding Trustee, has entered into a memorandum of agreement for sale of "India Rickmers" vessel


India Okays 'Major Port Trust Authorities Bill, 2016'

Indian Prime Minister, Narendra Modi. Photo: PIB, Govt of India

 The Union Cabinet of India, chaired by the Prime Minister, Narendra Modi has approved  the Major Port Authorities Bill, 2016, a move aimed at bringing greater efficiency and professionalism in governance of ports through full autonomy in decision making and by modernizing the


Indian Ports to Implement RFID

Photo: Indian Ports Association

 All Major Ports have been directed to implement the Radio Frequency Identification (RFID) system to track the movement of men, materials and vehicles within the port premises on real time basis.    Implementation of RFID system will eliminate manual checking of documents at port


Moody's Assigns Panama Canal A2 Rating

Panama Canal Photo Panama Canal Authority

Today, Moody's credit rating agency announced that it has assigned an A2 rating to the Panama Canal Authority (ACP) for its business model, unique geographic advantage, and historically strong operational and financial performance.   Moody's expects this performance to continue into the


Rickmers Sells Vessel to Survive

Photo: Rickmers Maritime Trust

 Rickmers Maritime Trust has completed the sale of a vessel in connection with the settlement of senior loan facilities that German lender Commerzbank's Singapore branch extended to a unit of the trust.  "The Trustee-Manager wishes to announce that the sale of the “India


MANSA opposes MbPT's Revision of Ship Agents' Bank Guarantee

Bank Guarantee levied at other ports

Mumbai and Nhava Sheva Ship Agents Association (MANSA) has requested the Mumbai Port Trust to re-consider the proposed bank guarantee amount levied on vessels calling at the port.   In a letter addressed to the Mumbai Port Trust, MANSA said


WWL unease over what 2017 might have in store!

Ari Marjamaa, Head of Global Market Intelligence at Wallenius Wilhelmsen Logistics

It creates a certain unease over what 2017 might have in store for us, given that the words have gotten bigger and the tone sharper in both political and diplomatic dialogue across the globe. It certainly makes practicing the dark art of making predictions of the future even more terrifying than


Verifavia, INSB Class Sign MoU

Signing the MoU Photo VERIFAVIA SHIPPING HELLAS

Verifavia, the world’s leading emissions verification company for the transport sector (aviation and shipping), today announced that it has signed a memorandum of understanding (MoU) with independent Greek ship classification society and certification organisation, INSB Class.  


Mattis Takes Oath as 26th Defense Secretary

The Honorable James Mattis took office as the 26th secretary of defense shortly after his Senate confirmation. (Dept. of Defense photoReleased)

By a 98-1 vote, the Senate confirmed retired Marine Corps Gen. James Mattis to be the 26th secretary of defense Jan. 20, and Vice President Michael R. Pence administered his oath of office shortly afterward.R. Pence administered his oath of office shortly afterward.


Struggling Rickmers Sells Off Another Vessel

Pic: Rickmers Maritime

 Singapore-based Rickmers Trust Management (RTM), a trustee-manager of Rickmers Maritime,  is selling off a new ship from its fleet to ensure the company stays afloat. This means an impairment loss in the fourth quarter 2016.  


New CEO at CMA CGM

Rodolphe Saadé (Photo: CMA CGM)

Rodolphe Saadé is the new chief executive of container shipping line CMA CGM, taking over the role previously held by his 80-year-old father.   The top spot at CMA CGM Group has been passed from one generation to another. Jacques Saadé announced on his 80th birthday that his






 
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