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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


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


COSCO Piraeus Pier III Inaugurated

The Inauguration of the Expansion of Pier III of PCT Successfully Convened

  The Inauguration of the Expansion of Pier III of COSCO Piraeus Container Terminal(PCT) was held yesterday. Premier Li Keqiang of China sent a congratulatory message, which was read by Mr. Zou Xiaoli, Chinese Ambassador to Greece during the ceremony


Indian Ports: Private Vs Government

Image: Indian Ports Association (IPA)

Rising competition from fast growing private sector ports is forcing government-controlled major ports to re-invent themselves, reports Business Standard. Slowdown in India's international trade is adding to the woes. The government-owned port trusts had been used to near monopoly revenues and


Satellites to Track Illegal 'Pirate Fishing'

File photo

About 20 percent of the world's fishing catch is taken illegally by poachers, experts estimate, but a new satellite tracking system launched on Wednesday aims to crack down on the industrial-scale theft known as "pirate fishing."  


New Satellite System to Track Illegal "Pirate Fishing"

About 20 percent of the world's fishing catch is taken illegally by poachers, experts estimate, but a new satellite tracking system launched on Wednesday aims to crack down on the industrial-scale theft known as "pirate fishing."


Dun & Bradstreet is First SBFE Certified Vendor

Small Business Financial Exchange

 Dun & Bradstreet, the world's most trusted source of commercial data and insight, today became the first certified vendor of the Small Business Financial Exchange, Inc.'s wholly owned subsidiary SBFE, LLC. As an SBFE Certified Vendor™


Lukoil Supplies Lubricants for MSC Oscar

MSC Oscar (Photo: Lukoil Marine)

With the launch of MSC Oscar, Mediterranean Shipping Company (MSC) sets a new record in terms of TEU capacity; at 19,224 TEU, the vessel is largest containership ever built.The ship was officially inaugurated at the Daewoo Shipbuilding and Marine Engineering (DSME) Shipyard in South Korea on


ITF Welcomes New WMU President

Dr Cleopatra Doumbia-Henry (Photo courtesy: WMU)

The International Transport Workers’ Federation (ITF) said it has welcomed today’s announcement that Dr. Cleopatra Doumbia-Henry is to be the next president of the World Maritime University (WMU) in Sweden.   ITF general secretary Steve Cotton said, “This is great news


Shippers Take Measures to Limit OW Bunker Fallout

Shipping firms have paid millions of dollars into U.S. accounts to prevent their vessels from being detained due to non-payment of bills for fuel supplied by the bankrupt OW Bunker, indicating the impact from the collapse of the Danish firm was spreading.


USCG Respond to Sunken Vessel in Honolulu Harbor

The Coast Guard and Hawaii Department of Transportation are responding to a diesel fuel spill from a sunken vessel in Honolulu Harbor, Jan. 12, 2015. Fishing vessel Judy K is a derelict vessel that is the possession of the

  The Coast Guard and Department of Transportation Harbors are responding to a diesel fuel spill from an abandoned fishing vessel that sank in Honolulu Harbor, Monday. The Coast Guard received notification at 6:30 p.m. Sunday from a reporting source that the 77 - foot fishing vessel Judy


Charleston Harbor to Be Deepened

SC Ports Authority, Lowcountry Open Land Trust, Coastal Conservation League and Southern Environmental Law Center Announce Milestone Agreement for Harbor Deepening  Collaboration benefits land conservation efforts along Cooper River Corridor   


AVEVA Acquires 8over8 Limited

Richard Longdon, CEO, AVEVA

AVEVA has acquired 8over8 Limited, providing the software platform for AVEVA to address the current global need for increased project control, capital discipline, minimizing project overruns and delivering improved efficiency in operations, the company said.  


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






 
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