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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.


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


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


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


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:


Record Number of Vessels Serviced at Drydocks World-Dubai

Photo courtesy of Drydocks World

Drydocks World, a provider of maritime and offshore services to the shipping, oil, gas and energy sectors, informs it has serviced a record number of 40 vessels in its Dubai yard. With 40 vessels simultaneously in Drydocks World facilities—more than ever before in Drydocks World’s


Tax Exemption for Seafarers on Indian Flag Ships

Nitin Gadkari

  The National Union of Seafarers of India (NUSI) has informed has conceded to their demands of granting Income tax exemption to Indian seafarers sailing on Indian flag vessels. Accordingly, Union has stated that through a the Government of India circular the government has accepted the


BIMCO’s Analyst at Singapore Ship Finance Forum

Peter Sand, Chief Shipping Analyst at BIMCO

  Chief Shipping Analyst at BIMCO, Peter Sand will be one of the speakers at the upcoming Marine Money Ship Finance Forum in Singapore. This is the 14th annual forum and it will take place at 22-23 September 2015. Peter Sand will deliver the introductory presentation to the panel discussion


Anil Diggikar named Chairman, JNPT

JNP Container Terminal

  The Shipping Ministry, Government of India has named Anil Udhavrao Diggikar, a Maharashtra cadre Indian Administrative Service (IAS) officer of the 1990 batch, as the new chairman of the state-owned Jawaharlal Nehru Port Trust (JNPT).


FSL Trust Inks Tanker Contracts

FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust announced new time charter agreements for FSL Shanghai, FSL Hamburg and FSL Singapore. The Trust has reached an agreement with a leading global commodities trader to charter the three vessels for a fixed period of two


Proposed UK Non-dom Tax Changes, No Need to Panic

Gill Smith (Photo: Moore Stephens)

Shipping should not panic in wake of proposed U.K. non-dom tax changes, Moore Stephens says Shipowners likely to be affected by wide-ranging changes to the taxation of non-U.K.-domiciliaries introduced in the U.K. Summer Budget have been urged not to panic by international accountant and


Jaccar Inks Gas Carrier Financing Deal with ICBC leasing

Signature of a Memorandum of Understanding between JACCAR Holdings

 JACCAR Holdings informed that  Mr. Li Keqiang – Prime Minister of the People’s Republic of China - during his recent state visit to France signed Memorandam of Understanding  with Mr. Manuel Valls, Prime Minister of France


GTT Bags Order from Imabari

GTT, a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), announced it has received a new order in June for one liquefied natural gas carrier (LNGC) vessel to be built by the Japanese shipbuilder Imabari Shipbuilding Co., Ltd


Information Sharing to Fight Piracy and Illegal Fishing in Ghana

Photo credit: International Maritime Organization

 International Maritime Organization (IMO)'s Chris Trelawny has visited the Maritime Trade Information Sharing Centre (MTISC-GoG), located in the Regional Maritime University of Accra, Ghana.    The multinational centre provides advice and information to merchant shipping


Mumbai Port Registers 15% Growth

Ravi Parmar

  Continuing its record breaking performance of handling all time high cargo volume of 61.61 metric million tonnes in the preceding financial year, Mumbai Port Trust has registered an overall growth of 15% upto 31st July this year against the corresponding period in the previous year


Kobelt Acquires Accu-Steer

Hydraulic Power Steering System

  Manufacturer of quality hydraulic steering actuators will join Kobelt to expand marine system offerings. Kobelt announced today the acquisition of Accu-Steer Inc., a US-based manufacturer of quality Hydraulic Steering Actuators.


Dahanu Port to Compete Mundra: Devendra Fadnavis

Maharashtra Chief Minister Devendra Fdnvis. Photo: Official Page of Devendra Fdnvis

 Maharashtra Chief Minister Devendra Fdnvis has said that the state's proposed port in terms of traffic in Palghar Dahanu district will compete with the port in Gujarat Mundda, reports PTI.   "There is natural draught of 20 metres to receive bigger ships


USMMA Welcomes Class of 2019

Photo: USMMA

On Saturday, August 8, The U.S. Merchant Marine Academy (USMMA) at Kings Point welcomed 243 “plebe candidates” of the Class of 2019 into the Regiment of Midshipmen as they took USMMA’s Corps of Cadets Oath administrated by Rear Admiral James A. Helis, Ph.D


Imtech Bankrupt, Parts Sold to Investors

Dutch engineering services company Royal Imtech has been declared bankrupt and its Marine and Nordic divisions are being sold to private investors, the company and its administrators said on Thursday.   Imtech, which employs 22,000 people in 35 countries and has annual sales of roughly 4


Rickmers Maritime in Red

Photo: Rickmers Trust Management

 Rickmers Trust Management (Rickmers Maritime) suffered a loss of USD15.7 million for the second quarter ended 30 June 2015 from a profit of USD16 million in 2Q14.   Rickmers Maritime recorded a net loss after tax of US$15.7 million in 2Q2015, compared to a net profit of US$16






 
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