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Tsai Joins DnB NOR Asia in Singapore

Photo courtesy Helix Media

Teddy Tsai, an Asia shipping and transport sector analyst with more than ten years’ expertise in investment research, has joined DnB NOR Asia at the bank’s regional headquarters in Singapore. Tsai has been appointed Deputy Head of Research in Asia and comes to the bank from his role as Head of Research at CLSA Capital Partners, in Hong Kong, where he worked as part of the investment team, developing overviews of the sectors including offshore supply, product tankers, dry bulk and container shipping. He was also involved in producing the fund’s business plan and in investment activities including due diligence, pre-investment evaluation, and negotiations. Previously, Mr Tsai held the position of Vice President – Asia Pacific Transportation Research (Shipping) at Merrill Lynch, from 2003-2008, where he was responsible for equity research covering shipping stocks in Asia. As part of that role, he was involved in a variety of external and internal broker surveys, and developed innovative products such as a proprietary dry bulk supply-demand model and Baltic Dry Index forecasts. Prior to 2003, Mr Tsai worked in equity research for Morgan Stanley in Taipei and Insight Pacific Investment Research in Taipei and San Francisco. Tsai holds a BA in Economics and another in Political Science & International Relations, both from the University of California, San Diego, and a Lloyd’s Maritime Academy diploma in ship finance.


MC Shipping Shareholders Approve Merger

MC Shipping Inc. announced that, at a special meeting of shareholders held today, its shareholders approved the merger agreement pursuant to which Mast Acquisition Ltd., a newly-formed affiliate of Bear Stearns Merchant Banking ("BSMB"), will acquire the outstanding shares of MC Shipping for a price of $14.25 per share in cash. Approximately 97.5% of MC Shipping's common shares present and voting at the special meeting were voted in favor of the proposed merger, representing approximately 75


Hornbeck Offshore Closes New Revolving Credit Facility

Hornbeck Offshore Services, Inc. has closed on a new five- year senior secured revolving credit facility that increased the amount of the borrowing base, extended the maturity, lowered the interest rate and improved the financial flexibility of the covenant package of the Company's prior revolving credit facility, commensurate with its enhanced credit standing. The new revolving credit facility has increased the Company's borrowing base from $60 million to $100 million


Euronav NV Gets $1.6B Bank Facility

Euronav NV signed a $1.6 billion senior secured credit facility with Nordea and DnB NOR acting as lead arrangers, Nordea as sole bookrunner and facility agent and Calyon, Citibank, Deutsche Schiffsbank, HSH Nordbank, Hypo-Vereinsbank, Royal Bank of Scotland and Scotiabank acting as co-arrangers. The credit facility, which was oversubscribed by more than 58%, consists of a term loan of USD 865 million, a non-amortising revolving loan facility of USD 500 million and additional term loan of up to


Ship Finance: Where is the Money?

By Greg Trauthwein While capital for the maritime industry remains tight, lenders insist that funding is available for well- managed public companies. At the 17th Annual Joint Shipping Conference held at the Waldorf Astoria Hotel February 8, 2011 - a conference co-sponsored by the Hellenic-American/Norwegian-American Chambers of Commerce - finance leaders addressed the question of capital availability. "There is a flight to quality," said Martin Lunder, SVP, Nordea Bank


Odfjell: Strategic Partnership with Lindsay Goldberg

Reference is made to the stock exchange announcement of 18 May 2011, in which Odfjell announced its intentions to enter into a strategic partnership with Lindsay Goldberg LLC to grow its tank terminal business in Europe and North America. Odfjell signed definitive agreements for a strategic partnership with Lindsay Goldberg LLC, a US-based private equity firm. The partnership enhances our platform for organic and strategic investments and expansions in the tank terminal business in Europe and


Call For Entries For Clean Ship Award and Next Generation Ship Award

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Nor-Shipping announces the call for entries for the Nor-Shipping Awards 2011, which are the Clean Ship Award and the Next Generation Ship Award. The deadline for submissions is April 1, 2011.  The Clean Ship Award pays tribute to the ship that has contributed to the greatest reduction of emissions to air or discharges to sea in relation to its function and operation. Only ships delivered after the previous Nor-Shipping in June 2009 are eligible


General Maritime Refinancing Initiative

General Maritime Corporation.bmp

Refinancing Initiatives Strengthen Company's Balance Sheet and Capital Structure NEW YORK, May 9, 2011 /PRNewswire via COMTEX/ -- General Maritime Corporation (NYSE: GMR) announced today that it has completed the syndication of an Amendment of its 2005 revolving credit facility of $550 million and $200 million payment-in-kind toggle floating rate secured notes ("Secured Notes") with Oaktree Capital Management L.P. ("Oaktree")


DnB NOR Global E&P Spending Report: Growth Continues

The 65 oil companies covered in DnB NO’s fifth annual E&P spending report expect a spending increase of 14% in 2011, 8% in 2012 and 7% in 2013. For 2011 we expect activity growth in line with last year; however, service costs are increasing and expected to contribute one third of the total growth rate. We believe that this, combined with fundamentals such as an organic Reserve Replacement Ratio of 87% and increased focus on deepwater and challenging areas


Crowley Raises Market Funds Mainly for Newbuild Program

Crowley Maritime Corporation has successfully raised gross proceeds of $200 million through the sale of 200,000 shares of Series A Income Preferred Securities. The company says it intends to use the net proceeds from this offering in connection with its new vessel build program as well as for general corporate purposes. “We are very pleased to have concluded this important transaction for the company, especially as it offers a new source of capital to pursue our growth plans


Nigeria's Bonny Light Pipeline Shut Down

The Trans Nigeria Pipeline that carries Nigeria's Bonny Light crude oil to an export terminal has been shut down since May 12, a Shell spokeswoman said on Thursday. Neither the reason for the shut down nor its expected duration were immediately clear


BMT’s Fleet Management System to Debut at Nor-Shipping

Photo: BMT SMART

BMT SMART Ltd., the specialist fleet and vessel performance management company of BMT Group, will launch its new SMARTFLEET Management system at Nor-Shipping in Oslo next month. Technical experts will be on hand to showcase the system and its capabilities whilst discussing with delegates their


SSI to Showcase New Software at Nor-Shipping

SSI informs it will showcase the latest versions of its CAD/CAM software, ShipConstructor and EnterprisePlatform, at Nor-Shipping 2015, June 2-5. SSI CEO Darren Larkins will be in attendance along with SSI representatives Nick Danese of NDAR and Pedro Antunes of Vera Navis


HSH Nordbank Looking to Split Off Bad Shipping Loans

Image: HSH Nordbank

 HSH Nordbank AG, the world’s second-largest financier of ships, plans to split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model, reports Reuters.   The city of Hamburg was willing to inject billions of euros in


Japan, U.S. Look to Expand Naval Cooperation

Japanese Prime Minister Shinzo Abe's push to allow Tokyo to come to the aid of an ally under attack will pave the way for closer cooperation between U.S. and Japanese forces across Asia, a top U.S. commander said on Tuesday. Expanded training and joint missions could extend from Japan through


GasLog Acquires 2 BG Carriers

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GasLog Ltd. completed the acquisition of two LNG carriers from Methane Services Limited, a subsidiary of BG Group plc, which was previously announced on December 22, 2014. This transaction completes the third acquisition of ships from BG by GasLog in the last twelve months


Johnsen Joins the Management Team in Akasto

Courtesy Akasto

  Paal E. Johnsen will take the position as Investment Director in Akastor, and will be a part of the company's executive management team. Johnsen comes from a position in DNB Markets, and has extensive experience at management and board level in various companies in industry and finance


Proposed Rule Change for Deepwater Ports

The U.S. Coast Guard (USCG) has proposed revisions to its regulations for the licensing, construction, design, equipment and operation of deepwater ports, which are offshore fixed or floating structures, other than vessels, used as ports or terminals for the import or export of oil and natural gas


Nor Lines Readies New LNG Cargo Ship

MV Kvitbjørn (Photo courtesy of Nor Lines)

Nor Lines’ new flagship MV Kvitbjørn is ready for its naming ceremony and regular operation as “the most environmentally friendly ship in the world,” the vessel’s owner announced. The naming ceremony will take place on April 16 at Skagenkaien in Stavanger, Norway.


Nor-Shipping Fun Run

Photo: The Mission to Seafarers

A 5-kilometer fun run will be held at Norway’s Nor-Shipping conference on June 1 to benefit The Mission to Seafarers.   Starting in Oslo city centre, the scenic course will takes runners along the Oslofjord, finishing at the Norwegian Maritime Museum


Maersk: Iran Must Release Ship, Crew

Denmark's Maersk shipping said on Thursday it insisted on the release of a vessel and crew seized by Iran, adding it assumed the incident was related to a 2005 court case over uncollected cargo. The Marshall-Islands flagged Maersk Tigris container ship was detained by Iranian forces in the


1,000th Becker Mewis Duct to Be Presented at Nor-Shipping

Becker Mewis Duct with Becker Flap Rudder (Photo: Becker Marine Systems)

Hamburg-based Becker Marine Systems will present its 1,000th Becker Mewis Duct in Oslo at Nor-Shipping 2015.   The use of all ducts previously delivered will have lowered CO2 by more than 1.4 million metric tons. The Becker Mewis Duct has not been a successful product for Becker Marine


Nor Lines Launches Cuxhaven RoRo Link

Kvitebjørn by Nor Lines

 The Norwegian shipping company Nor Lines has started a direct weekly RoRo connection between German Port of Cuxhaven and Norway.   The first departure of the liquefied natural gas (LNG)-powered 5,000 dwt short sea cargo vessel MS Kvitbjørn was on May 7


Liodden Named Director of Nor-Shipping

Birgit Liodden (Photo: Norwegian Trade Fairs)

Norwegian Trade Fairs has appointed Birgit Liodden as the new Director of Nor-Shipping.   Liodden, still just 32 years old, holds a CV that includes tenures at Wilh. Wilhelmsen, external consultancy for OECD and SeaTrucks Nigeria, and numerous board level positions for, amongst others


Dubai to Showcases Maritime Strength at Nor-Shipping

His Excellency Sultan Ahmed bin Sulayem Chairman of Dubai Ports Customs and Free Zones Corporation Chairman of DMCA (Photo: DMCA)

Dubai Maritime City Authority (DMCA), the organization tasked with developing, monitoring and promoting maritime activity in the Emirate, announced its program for this year’s Nor-Shipping, held in Oslo and Lillestrøm, Norway.  






 
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