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 $2.7 billion for 14 cruise ships and seven ship owners over the last 10 years.
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
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
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
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
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 $10b. It would also be retroactive to April 15, 2010. The Big Oil Bailout Prevention Trust Fund Act of 2010 (S. 3306) would eliminate the provision that currently prevents expenditure by the Oil Spill Liability Trust Fund (OSLTF) of
China Rongsheng profit dives as new ship orders dry up. China Rongsheng Heavy Industries Group, the country's largest private shipbuilder, posted its sharpest fall in half-year profit - down 82 percent - on a dearth of new orders, putting further pressure on its stretched balance sheet reports Reuters. In a stubbornly downbeat global economy, the shipping industry has suffered widespread losses, with many small and medium sized Chinese builders close to bankruptcy as bankers cool on a
New Waterways/Ports funding proposal will create jobs, relieve traffic congestion, increase exports. At its Board of Directors meeting held yesterday in Houston, Waterways Council, Inc.’s Board of Directors unanimously endorsed the American Waterworks Act, proposed in late October by Senator Lamar Alexander (R-TN) and Senator Lindsey Graham (R-SC) to modernize America’s inland waterways and ports. The new waterways funding plan would:
Despite a caveat by auditors as to whether FSL Trust may continue as a going concern, due to the conditions of a loan covenant, the ship-owning trust has continued to ensure that its vessels have generated a return in the third quarter of 2013.
Singapore's First Ship Lease Trust (FSL Trust) has announced the suspension of trading in its shares pending an announcement to clarify lenders' position in relation to a covenant waiver or relaxation for 30 September 2013. About FSL Trust
Nordic Shipholding has entered a conditional restructuring agreement with Nordic Maritime, who will take over Nordic Ship Holdings debt of about US$ 58,000,000. The company inform that after the restructuring it will be a tonnage provider in the product tanker segment and the objective is
The ITF Seafarers’ Trust, the charity arm of the International Transport Workers” Federation, has authorized two grants totalling GBP100,000 to aid Filipino seafarers and their families affected by Typhoon Haiyan. The grants, for GBP50
Wilhelmsen Ships Service (WSS) announced the launch of a new service for the ship repair market. The offer aims to streamline drydocking operations by allowing customers to take advantage of integrated ships agency, safety and equipment services from a single source.
FSL Trust Management Pte. Ltd. as trustee- manager of First Ship Lease Trust say that the lessee of its two dry bulk carriers, OMNI Ships Pte. Ltd. has defaulted on its lease payments. Accordingly FSLT has issued a notice for the redelivery of the 'Stella Fomalhaut' and 'Stella Eltanin'.
The Virginia Ship Repair Association (VSRA) is preparing to celebrate its 35th Anniversary and held a dedication of a new memorial to the private ship yard industry on the Portsmouth Path of History. This National Historical Landmark is a one mile walking timeline representing the birth
The Center for Maritime Policy and Strategy will host an academic workshop, Friday, Sept. 20, 2013, at the U.S. Coast Guard Academy entitled “Resilient Ports, Marine Transportation Systems and Maritime Communities in an Era of Global Environmental Change.”
Offshore wind developer Forewind’s second of two planned meteorological masts was erected at Dogger Bank during the weekend using the innovative suction installed Bucket Foundation and a “human free” technique for the steel tower placement.
Vijay Kamath, Senior Vice President and Chief Commercial Officer (CCO) at First Ship Lease Trust (FSL Trust), will depart the company October 4, 2013 to pursue other career opportunities. Mr. Kamath was responsible for new business development and oversaw short-term deployment and management of
Clay Maitland, Chairman of the North American Marine Environment Protection Association, announced that Morten Arntzen will moderate the Risk Management panel at this year’s North American World Maritime Day Observance being held on October 30th aboard the Hornblower Infinity in New York
Rickmers Maritime is a Singapore business trust formed to own and operate containerships under long-term, fixed-rate time charters to leading container liner companies. Financial highlights for the third quarter and nine months ended 30 September 2013 are as follows:
At their board meeting on October 22, the directors of the Steamship Mutual reviewed the club’s open policy years, as well as claims in earlier years, and considered the premium ratings required for the 2014 policy year. On the basis of owned claims reported to date
The 'INS Kamorta', the first in a class of Indian Navy's ambitious Anti-Submarine Warfare (ASW) Corvettes, under construction at the Garden Reach Shipbuilders and Engineers (GRSE) shipyard ran aground on in the River Hooghly near Geonkhali in East Midnapore, while on sea trials
Shipping luminaries gathered recently in New York to discuss issues and recognize achievements at the 2013 North American World Maritime Day and NAMEPA (North American Marine Environment Protection Association) Marine Environment Protection Awards Dinner.