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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.


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


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


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


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:


Keppel to Focus on its Asset Management Businesses

Ms Christina Tan

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


Senate Approves Strong Funding for USACE

Michael J. Toohey (Photo: WCI)

The FY ’17 Energy & Water Development (E&WD) and Related Agencies appropriations bill has been approved by the U.S. Senate in a 90-8 vote, significantly increasing funding in Fiscal Year 2017 for the U.S. Army Corps of Engineers’ Civil Works Program.  


Flaws Hinder US Harbor Maintenance Fund -Report

Photo: Alliance for Innovation and Infrastructure

There exist serious flaws in U.S. infrastructure funding practices that hinder the maintenance and improvement of American ports and harbors, according to a new report, “Harbor Maintenance Trust Fund: Broken or Misused?” released by the Alliance for Innovation and Infrastructure (Aii)


UASC Completes Award Winning Finance Deal

Photo courtesy of UASC

United Arab Shipping Company (UASC) announced  the recent conclusion of a series of transactions that resulted in the issuance by a U.S. based trust of $162 million of Enhanced Maritime Trust Certificates (EMTC). The EMTCs were issued in an offering pursuant to Section 4(a)(2) and Regulation


1,076 Graduate from U.S. Naval Academy

Newly commissioned Navy Ensigns and Marine 2nd Lieutenants from the U.S. Naval Academy Class of 2016 throw their midshipmen covers in the air at the end of their graduation and commissioning ceremony May 27 at the Navy-Marine Corp Memorial Stadium. Photo USN

The U.S. Naval Academy graduated 1,076 men and women at the annual graduation and commissioning ceremony May 27 at Navy-Marine Corps Memorial Stadium. U.S. Naval Academy Superintendent Vice Adm. Ted Carter spoke about the particularly significant achievements of the Class of 2016


$301 mln Dredging Operation by JNPT

Photo by Jawaharlal Nehru Port Trust

 The board of  Jawaharlal Nehru Port Trust (JNPT), India’s biggest container port, has approved Rs 2000 crore ($301 mln) dredging operation of the channel between Bombay Port Trust  (BPT) and its own end to facilitate bigger ships docking/berthing at the port premises.


Adani Kandla Terminal Hits 3.5 MT Volume

Adani Kandla Bulk Terminal completes 3.5 MT of cargo volume in first financial year. Photo Adani

Adani Kandla Bulk Terminal Pvt. Ltd. (AKBTPL), part of Adani Ports & Special Economic Zone Ltd (APSEZ), India’s largest port developer, today announced it had clocked minimum guaranteed throughput (MGT) cargo volume of 3.5 million tonnes (MT) for the current financial year 2015-16


BOURBON Invests Heavily in Gas Sector

(Photo Courtesy BOURBON)

While BOURBON is undeniably a leader in the offshore marine sector, the current tough offshore environment has led it to diversify its operations in the face of a potentially prolonged down market globally. With that, the company announced the acquisition of the activities of a global leader in


WCI Applauds Increased FY'17 Funding

The Waterways Council, Inc. (WCI) praised the bipartisan leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Vice Chairwoman Barbara Mikulski (D-MD), and Senate Energy & Water Development (E&WD) Appropriations Subcommittee Chairman Lamar Alexander (R-TN) and


ABS Reflects on Strong 2015 Performance

Christopher Wiernicki (Photo: ABS)

153rd meeting of the classification society highlights class-centric strategy and vision for the future of class   ABS held its Annual Meeting on April 26, 2016 in New York, where Chairman, President & CEO Christopher J. Wiernicki reported that “2015 was a year of moving forward


Hempel’s Fouling Defence Product Hempaguard Applied to 500 Vessels

Image: Hempel

 Leading marine coatings manufacturer, Hempel, announces - after only two and a half years on the market -  its award winning innovative fouling defence product Hempaguard has now been applied as a full vessel coating to 500 ships.   


IBIA Develops Bunkering Procedure Guidelines

A set of Standard Operating Procedures (SOP) for surveyors has been developed by the International Bunker Industry Association (IBIA) to help the industry manage new regulations, standardize best practice and build trust in the market, IBIA announced.  


Record Coal Handling by Mundra Port

Adani delivering benefits that transcend its immediate stakeholders Photo Adani

Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest port developer and operator, today accomplished a discharge record of 1,64,914 metric tons of steam coal from vessel MV Marijeannie within 24 hours.   MV Marijeannie carrying 1, 67


ECOSLOPS, SOPREMA Ink Supply Deal

Ecoslops features innovative technology to convert petroleum residues of maritime origin in new marine fuels in accordance with ISO 8217. Photo Ecoslops

ECOSLOPS an innovative technology company that upgrades ship-generated hydrocarbon residues (slops) into valuable distillates and light bitumen, has announced the signing of a long-term XFO (light bitumen) supply contract with SOPREMA. SOPREMA is the European leader in the bituminous membrane


CMA CGM Stake in NOL Edges Past 10%

Pic: Neptune Orient Lines

 French container shipping giant CMA CGM now owns 10.07% of its takeover target Singapore's Neptune Orient Lines (NOL) as open share buys continue on a near daily basis.   The European Commission has approved CMA CGM's $3.38 billion acquisition of NOL


First Damen Tug for Peru

ASD Tug 2810 - Artist Impression Courtesy Damen

Ian Taylor Peru chooses ASD 2810 for harbour duties in the Port of Callao Launching the business relationship between the two companies, Ian Taylor Peru has signed a contract with Damen Shipyards Group for an ASD Tug 2810. The vessel’s MTU engine and rapid delivery time were both key






 
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