Bond Issue
MOL Completes Settlement, 13th Unsecured Bonds
Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company determined the terms and conditions for the issuance of its 13th series of unsecured bonds (with inter-bond pari passu clause) on December 11, 2009, and completed the issuance and payment on December 17. The details are as follows: 1. Background and objectives for issuance of the 13th series domestic unsecured bonds (with inter-bond pari passu clause) When raising funds to bolster business activities, MOL has been focusing on stability of fund procurement and cost competitiveness. Additionally, considering unpredictable financial market conditions since the “Lehman Shock” in 2008, the company has carried forward diversification of procurement methods and lengthening and diversification of procurement period. Based on this policy, the company secured necessary funds by issuing a total of 85 billion yen in domestic straight corporate bonds within the most recent year — issuance of 50 billion yen in bonds (five-year bonds, 10-year bonds) in May 2009 and preceded by a 20 billion yen issue (seven-year bonds), which followed the issuance of 15 billion yen (five-year bonds) in domestic straight bonds in December 2008. These issuances constitute the first series of bond issuances the bond issue in 1997. With the increase in marine cargo trade, MOL has taken a proactive and appropriate fleet investment strategy which has resulted in enhanced profitability and financial strength
MISC Expects Good Profits
Malaysian International Shipping Corp. (MISC), the world's largest liquefied natural gas (LNG) carrier, said it expects profits in fiscal 2002 to be higher than 2001. "Despite the slowdown in the world economy, we are confident we can move ahead," said managing director Mohd Ali Yasin. MISC, part of state oil firm Petronas, earlier announced a net profit of $363 million, or 74.3 cents earnings a share, in the year ended March 2001, slightly above market expectations.
Aker RGI Proposes Alternative to Redemption Offer
Aker Maritime previously obliged to postpone the agreed redemption of shares because of objections raised by the French company Coflexip. Aker RGI now offers to buy all the shares in Aker Maritime at the same price as in the redemption offer. In practice this means that the redemption can be carried out in spite of Coflexip's objections. In the original redemption offer the value of the Aker Maritime share was set at NOK 95
MISC Issues Bonds To Buy Ships
Malaysian International Shipping Corp (MISC), the country's flag carrier, is planning to issue yankee bonds worth up to $500 million in the next few weeks. The yankee bond offering, where the debt is issued in the U.S. market, will be the second from Malaysia this year. Traders said state power firm Tenaga Nasional would issue $800 million in bonds by the middle of next month, with the company expected to go on a roadshow soon
Title XI Financing for Vessel and Shipyard Improvement Projects
By Brett Esber Anyone planning to build a vessel in a U.S. shipyard, and any U.S. shipyard planning a shipyard improvement project, should consider using the Title XI program to finance the project. In a nutshell, the Title XI program is a loan guarantee program under which the U.S. Government guarantees bonds issued or a bank loan extended to finance the construction of a vessel in a U.S. shipyard or a U.S. shipyard improvement project
Wilh. Wilhelmsen ASA Places Bonds
Wilh. Wilhelmsen ASA reported it has successfully completed a placement in the Norwegian bond market. The company has through a combination of placement of own bonds in WWI13 and by tapping the same loan in aggregate placed a total amount of NOK 560.5 million. WWI13 has final maturity November 15, 2012. In connection with the placement, Wilh. Wilhelmsen ASA has bought back bonds amounting to NOK 65 million in WWI11 (NO 001027575.3), NOK 75 million in WWI16 (NO 001030107
Friede Goldman Halter Withdraws Junk Bond Sale
Friede Goldman Halter Inc. has shelved a junk bond sale expected to total $150 million because it wouldn't pay the high yields investors demanded. The company said it is evaluating alternative financing strategies. Friede Goldman Halter had been expected to privately sell seven-year senior secured notes with a yield of about 12 percent, market sources said. RBC Dominion Securities Inc. was arranging the sale, which was originally expected to be completed last week.
Click Bond ABS Product Type Approval
Click Bond, Inc., the leader in adhesive bonded fastening technology is pleased to announce receipt of American Bureau of Shipping (ABS) Product Type Approval for several of its fastener and adhesive products. The approved products include of a variety of bonded studs, standoffs, cable tie mounts, brackets, loop strap fasteners, insulation pins, and adhesives. The Product Type Approval follows a successful ABS Manufacturing Assessment (MA), and Product Design Assessment (PDA)
Aker Yard Mulls Bond Issuance
Aker Yards ASA is considering to issue bonds in NOK (1 and 3 years respectively) of minimum NOK 250 million and maximum NOK 1BN in each loan. The combined size for both loans is to not exceed NOK 1.2BN. The loans would be used for refinancing of existing debt and general corporate financing. Arctic Securities will act as Lead Manager and DNB NOR will act as Co-Manager of the issuance.
New Guidelines for Antidumping Duty Cases
U.S. Customs and Border Protection Commissioner (CBP) Robert C. Bonner acted today to ensure the collection of duties by announcing new guidelines for determining bond requirements for importers of agriculture/aquaculture merchandise who may be importing and selling products for less than the cost of manufacturing them, a practice known as "dumping". "In addition to our priority anti-terrorism mission, U.S. Customs and Border Protection is the second largest revenue generating agency for
'USS Nimitz' Shows the Flag in Korea
The U.S. nuclear-powered aircraft carrier arrives to participate in joint naval drills as part of routine training according to the Combined Forces Command. The 97,000-ton Nimitz, one of the world's largest warships, made a port call at the southeastern port city of Busan for a three-day stay to
INTTRA to Offer Cargo Insurance on e-Commerce Network
Hong Kong headquartered FP Marine Risks provides insurance program to INTTRA network members via INTTRA's e-commerce platform. Leveraging the buying power of the INTTRA network, INTTRA members can elect to purchase cargo insurance at competitive rates during the shipping process through Alto
CMA CGM Announces New Dry Port in Baghdad
After more than thirty three years of continuous presence in Iraq, the CMA CGM Group will open a new bonded Dry Port near Baghdad in the Abu Ghreib area, in Iraq, in June 2013. Exclusively managed and operated by CMA CGM, the Dry Port will be the only one in Iraq
CMA CGM Completes Financial Restructuring
CMA CGM has now finalized its major financial restructuring launched less than a year ago: Agreement closed with its Banks Binding agreement signed with the French Fonds Stratégique d’Investissement Additional investment by Yildirim Group
STX Group Seeks 2013 Turnaround
Korea-based conglomorate STX saw tough times the past year due to severe cash shortage, but is seeking a turnaround in 2013 after offloading some assests. Market analysts have mixed views for STX. Some say that its bold move will help the conglomerate get back on track
Cleveland- Cuyahoga County Port Bonds Uprated
Standard & Poor has raised the long-term rating on the Cleveland- Cuyahoga County Port Authority’s development revenue bonds to ‘BBB+. The outlook is stable. In September, Standard & Poor’s upgraded the rating to BBB/Stable
Global Supply Chain Security
In this timely work, James Giermanski describes the advent and subsequent development of security operations in the global supply chain, outlining the respective contributions of governmental and nongovernmental stakeholders to this worldwide concern.
Offshore Rig Helicopter Ditches, All Saved by Merchant Ship
Major Search & Rescue operation followed the North Sea helicopter crash with 19 on board. The helicopter on its way from Aberdeen to West Phoenix drilling rig ditched off the coast 15 miles west of Fair Isle. Three RNLI lifeboats (Kirkwall, Aith and Lerwick) went to the scene
North P&I Club Launches Prevention Initiative
The ‘A’ rated, 170 million GT North P&I club has launched a new loss prevention initiative to help get ships’ masters and officers talking to each other about health and safety issues at sea. Announced in the club’s loss prevention newsletter
Customs Control Zone at Yanino Logistics Park
Terminal’s links extended to ports of neighbouring states including EU and APEC countries. Global Ports has announced that a Permanent Customs Control Zone (PZTK) has been put into operation to join the sidings of the Logistics Park at Yanino (“Yanino” or the
Thuraya Raises the Remote Access Streaming Bar to 512 Kbps
Thuraya and Geolink offer broadcasters a faster, more reliable and cheaper IT solution . Thuraya delivers data and voice satellite communications solutions in remote locations for the energy, media, government, NGO and maritime sectors.
BOEM Unveils Web-based Company Qualifying and Bonding Portal
The Bureau of Ocean Energy Management (BOEM) announced that it has launched a new Web-based tool that provides oil and gas industry users with the ability to submit online requests for company, qualification, merger and bonding information for review and approval.
Plateena Rope Makes a Difference for India's Fishermen
India's Garware-Wall Ropes introduce Plateena rope composed of Dyneema®, the worlds strongest fiber, made by DSM A leading cordage manufacturing company in India, Garware-Wall Ropes Ltd., is a household name in the fishing community through its close bond with Indian fishermen.
Customs Officers’ Strike in Brazil Disrupts Major Ports
Inchcape Shipping Services, advises that strikes by Brazilian customs officers are disrupting major ports and that the clearance of imported goods has slowed significantly. The company reports that unless this week’s negotiations with the government around better salaries and
Ship Financing Under Posidonia Spotlight
Defaults on shipowner/lender financing agreements may threaten fiuure funding for the shipping industry A few days after Aggelikousis Group’s US$1.25 billion credit facility with six banks for the financing of nine LNG carriers was made public