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BANKERS TRUST

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


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:


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


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 Applauds Barge Diesel Fuel User Fee Increase

Michael J. Toohey

Waterways Council, Inc. (WCI) and its members and stakeholders applauded the Senate’s passage, by a vote of 76 to16, of a 9-cent increase to the barge diesel fuel user fee.  The provision was a part of tax extenders legislation that was combined with the “Achieving a Better Life


WCI Applauds Passage of New Barge Tax

Michael J. Toohey, PresidentCEO of Waterways Council, Inc.

  Waterways Council, Inc. (WCI) and its members and stakeholders tonight applauded the Senate’s passage, by a vote of 76 to16, of a 9-cent increase to the barge diesel fuel user fee. The provision was a part of tax extenders legislation that was combined with the “Achieving a


KTK Orders Two Damen Tugboats

Image: Damen

Kompania di Tou Korsou places an order for two tug vessels from Damen   On December 9, five years after the delivery of two ASD Tugs 2810 KTK Tribon and KTK Barakuda, Damen Shipyards Group and Kompania di Tou Korsou (KTK) signed an agreement for the delivery of two Stan Tugs 1205. 


Northrop Grumman Sponsors Jubilee Sailing Trust

  Northrop Grumman Corporation (NYSE: NOC) is among the sponsors of  the Jubilee Sailing Trust (JST), a registered charity whose mission is to promote the integration of people of all physical abilities, including injured and recovering servicemen and women


WCI Hails Funding for U.S. Army Corps of Engineers

Mike Toohey

The Consolidated and Further Continuing Appropriations Act of 2015 released last night provides strong funding for the U.S. Army Corps of Engineers' Civil Works mission for inland navigation.  Emerging details from the Energy and Water Development and Related Agencies Appropriations Act of


Ljubica Delivered to Jadran Group

Ljubica

  A few days after delivering our latest tuna freezer vessel Ljubica to our distinguished customer, the Jadran Group, the ship is already across the hemisphere operating at full capacity and excellent results. The pictures show the satisfaction of the ship owner Mr


Lagersmit, Back to Its Old Name

Lagersmit logo

Starting in December 2014, IHC Sealing Solutions will operate under the new – but also old and trusted – name of Lagersmit. The new pay-off line ‘The Origin of Sealing Solutions’ pays tribute to the company’s rich history and its desire to supply the best sealing


Australian Defence Minister Says Would Not Trust Submarine Firm to Build Canoe

Australia's defence minister has said he would not trust state-owned Australian Submarine Corp (ASC) "to build a canoe", fuelling expectations that most work in a A$40 billion ($34 billion) program will go offshore.   Reuters reported in September that Australia was leaning


Dryships Achieves Refinance of 5% Convertible Notes

Photo by DryShips

  DryShips Inc. global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., off-shore contract drilling oil services, today announced the following:


51% Stakes of Keppel Merlimau Cogen Sold for $510 mi

Keppel Merlimau Cogen

Keppel Infrastructure Holdings Pte Ltd (KI), through its wholly-owned subsidiary, has agreed to sell 51% stake of Keppel Merlimau Cogen Pte Ltd (KMC), which owns Keppel Merlimau Cogen Plant to Keppel Infrastructure Trust (KIT or the Trust) for a cash consideration of $510 million (KMC Transaction)


Merger Talks Feed Energy Sector Deal Speculation

Employees work in a lab at the Halliburton Co. facility in Houston.

  Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell


Damen Delivers Tug for Scrabster Harbor

Stan Tug 1606, Highlanders

Scrabster Harbor Trust (UK) has taken delivery of a new harbor tug / workboat, a Damen Stan Tug 1606. The vessel, named Highlanders, will replace itscurrent workboat which was built in 1976. The new tug will undertake pilotage, towing, general harbour and maintenance duties.


In Gazprom Deal, JPMorgan Takes on Business

  When JPMorgan Chase & Co agreed to lead a $700 million bond offering for Russian gas producer Gazprom OAO, it was doing business that some U.S. banks are afraid to do, several lawyers and a banker said. Gazprom faces U.S. sanctions after the U.S


BHP Billiton Commits $20 mi to Telethon Kids Institute

A$20 Million Partnership A Win for Western Australian Kids

In the largest donation in Telethon history, BHP Billiton has committed $20 million over the next five years to the Telethon Kids Institute to improve the health and wellbeing of children in Western Australia. The first annual instalment of $4 million will kick-start the yearly Western


Baptism of RONJA POLARIS

RONJA POLARIS

  On the past October 10th was held in Alesund (Norway) the baptism ceremony of the Ronja Polaris vessel, belonging to the Norwegian ship-owner Sølvtrans and built by Astilleros Zamakona S.A., group member of Zamakona Yards. Although the vessel was delivered in October last year






 
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