Hong Kong Container port business trust Hutchison Port Holdings Trust (HPH Trust) has reached an agreement to purchase a majority stake in Huizhou International Container Terminals Limited (HICT) in Guangdong from the trust’s sponsor for about $86.26m. HPH Trust will acquire 65% and 15% of HITC equity interest, respectively through its subsidiaries, Yantian International Container Terminals (Phase III) Limited (YICT III) and Shenzhen Pingyan Multimodal Company Limited (PML). The company said that, upon completion of the acquisition, HICT will be jointly held by YICT III, Huizhou Port Group (HPG) and PML in the proportions of 65%, 20% and 15%. The acquisition will be funded from the internal resources of YICT III and PML, and is not expected to have any material impact on the financial position of HPH Trust for the current financial year ending December 31, 2016. Business Times quoted the trust manager saying that it expects construction of two 50,000-tonne container berths in the Huizhou port to be completed by the end of 2016, and that it believes the Huizhou terminals “will be able to attract more cargoes, in particular intra-Asia cargoes due to its strategic position”.
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
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 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
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
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
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:
Keppel plans to consolidate its interests in business trust, REIT and fund management under Keppel Capital and grow its asset management business. In a major restructuring exercise to grow the contribution from its Investment Division, Keppel Corporation Limited (Keppel Corporation) plans to consolidate its interests in business trust management, real estate investment trust (REIT) management and fund management businesses (collectively
DNV GL is launching a new industry data platform – “Veracity” – to help the maritime industry improve its profitability and explore new business models through digitalization. The Veracity industry data platform is designed to help companies improve
Plans are in motion to procure another newly built ferry for New York City. A city-run organization in charge of running New York’s Governors Island said it is seeking bids for the design and construction of a new passenger-only ferry for its service between the island and Manhattan
Four crewmembers aboard the lift boat Superior Trust were rescued after the vessel became unstable near Southwest Pass, La., Wednesday. U.S. Coast Guard Sector New Orleans watchstanders received a call early Wednesday morning reporting one of the Superior Trust’s legs failed and
It’s been a busy start to 2017 at Shoreham Port with imports and exports flowing steadily through, new recruits joining the team and a number of development projects under way. Port Masterplan Recently, long-term plans at the Port have been in the spotlight
Financially-strapped Rickmers Maritime has entered into a deed of consent with Commerzbank AG, Singapore Branch, reports Reuters. Rickmers Trust Management Pte. Ltd., the holding Trustee, has entered into a memorandum of agreement for sale of "India Rickmers" vessel
The Union Cabinet of India, chaired by the Prime Minister, Narendra Modi has approved the Major Port Authorities Bill, 2016, a move aimed at bringing greater efficiency and professionalism in governance of ports through full autonomy in decision making and by modernizing the
All Major Ports have been directed to implement the Radio Frequency Identification (RFID) system to track the movement of men, materials and vehicles within the port premises on real time basis. Implementation of RFID system will eliminate manual checking of documents at port
Today, Moody's credit rating agency announced that it has assigned an A2 rating to the Panama Canal Authority (ACP) for its business model, unique geographic advantage, and historically strong operational and financial performance. Moody's expects this performance to continue into the
Rickmers Maritime Trust has completed the sale of a vessel in connection with the settlement of senior loan facilities that German lender Commerzbank's Singapore branch extended to a unit of the trust. "The Trustee-Manager wishes to announce that the sale of the “India
Mumbai and Nhava Sheva Ship Agents Association (MANSA) has requested the Mumbai Port Trust to re-consider the proposed bank guarantee amount levied on vessels calling at the port. In a letter addressed to the Mumbai Port Trust, MANSA said
It creates a certain unease over what 2017 might have in store for us, given that the words have gotten bigger and the tone sharper in both political and diplomatic dialogue across the globe. It certainly makes practicing the dark art of making predictions of the future even more terrifying than
Verifavia, the world’s leading emissions verification company for the transport sector (aviation and shipping), today announced that it has signed a memorandum of understanding (MoU) with independent Greek ship classification society and certification organisation, INSB Class.
By a 98-1 vote, the Senate confirmed retired Marine Corps Gen. James Mattis to be the 26th secretary of defense Jan. 20, and Vice President Michael R. Pence administered his oath of office shortly afterward.R. Pence administered his oath of office shortly afterward.
Singapore-based Rickmers Trust Management (RTM), a trustee-manager of Rickmers Maritime, is selling off a new ship from its fleet to ensure the company stays afloat. This means an impairment loss in the fourth quarter 2016.
Rodolphe Saadé is the new chief executive of container shipping line CMA CGM, taking over the role previously held by his 80-year-old father. The top spot at CMA CGM Group has been passed from one generation to another. Jacques Saadé announced on his 80th birthday that his