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 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
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 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 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 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 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
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
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
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:
Bandar Abbas, home of Iran's navy and the main port in the strategically important Strait of Hormuz, is currently hosting two Chinese naval vessels on a five-day goodwill visit, underlining the increasingly warm relationship between the two countries.
Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced the publication of the English version of its Environmental and Social Report 2014, which introduces the MOL Group's perspectives and latest initiatives regarding corporate social responsibility (CSR) and the
Keppel Infrastructure Trust (KIT), through its wholly owned subsidiary1, has entered into an agreement with the National Environment Agency (NEA) to provide additional incineration capacity to the Senoko Waste-to-Energy (WTE) plant, one of the three facilities under KIT's current portfolio
FSL Trust Management Pte. Ltd. (“FSLTM”), as Trustee- Manager of First Ship Lease Trust (“FSL Trust” ) informs it has appointed Esben Sofren Poulsson as Non-Executive Independent Director of FSLTM, effective from 30 September 2014.
China's increasing regulatory influence over international mergers and acquisitions has helped to create the hottest new commodity in its legal industry: anti-trust lawyers. Six years ago, China did not even have a legal system for regulating the impact of M&A on competition
United Arab Emirates shipper Gulf Navigation said on Wednesday it had cut its capital by two-thirds and written off accumulated losses worth 1.1 billion dirhams ($300 million), key parts of a turnaround plan designed to solve its debt problems.
The rise in Great Lakes water levels has yet to translate into full loads for the U.S.-flag freighters moving iron ore, coal, limestone, cement and other cargos. Vessels continue to routinely leave port with less than a full load on board.
In a July 10, 2014 opinion article headlined, "Congress must move on the Highway Trust Fund," Caterpillar Chairman and CEO Doug Oberhelman outlined the risks to U.S. competitiveness if Washington's leaders can't fix short and long term infrastructure funding issues.
Chief of Naval Operations (CNO) Adm. Jonathan Greenert has left the People's Republic of China (PRC) after a successful four-day counterpart visit with military leaders, fleet units and leaders of the State Oceanic Administration (SOA) says the Chief of Naval Operations Public Affairs Office.
China appeared to rebuff pressure from the United States to rein in its assertive actions in the South China Sea on Sunday as Southeast Asian nations declined to overtly back Washington's proposal for a freeze on provocative acts. * ASEAN communique urges self-restraint from all parties
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust) has generated a profit of $1 million for the 2Q of the 2014 financial year. This profit compares to a $7.2 million loss for the 2Q’s corresponding previous year
The Government of India has appointed Neeraj Bansal as Deputy Chairman of India's largest container port, Jawaharlal Nehru Port Trust with immediate effect. Mr Neeraj Bansal is an Officer of Indian Revenue Servie with around twenty years of experience across the country in Direct Tax
Halliburton Co said it reached a $1.1 billion settlement for a majority of claims against the company for its role in the BP oil spill in the Gulf of Mexico in 2010. The settlement, which includes legal fees, is subject to approval by the U.S. District Court for the Eastern District of Louisiana
The first newbuild ship in a series of three offshore support vessels (OSVS) for shipowner Groen (Scheveningen), 7-Oceans, was delivered at Damen Maaskant Shipyards in Stellendam, the Netherlands at the end of July. Imtech Marine Netherlands provided all navigation and communication equipment
The U.S. Coast Guard and Washington State Department of Ecology continue to oversee the cleanup and investigate the cause of an oil spill that appeared earlier this week in the Ballard Mill Marina, on Salmon Bay, along the Lake Washington Ship Canal.