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 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
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
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
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 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
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
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")
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
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
Maersk is set to unveil the thinking behind its recent tie-ups with IBM and China’s Alibaba when the firm’s Chief Digital Officer, Ibrahim Gokcen, takes the stage at this year’s Nor-Shipping. The maritime event week, taking place across a series of venues in Oslo and
More than 400 attend 30th anniversary service marking the Herald of Free Enterprise disaster Grieving families affected by the Herald of Free Enterprise RO/Ro passenger ferry disaster gathered to mark the 30th anniversary memorial service in Dover on March 6.
Nordic American Offshore (NAO) has closed the follow-on offering of 40,000,000 common shares at a public offering price of $1.25 per share resulting in aggregate net proceeds of approximately $47.7 million. The proceeds could be slightly in excess of $50 million
Nordic American Offshore (NAO) has announced an underwritten public offering of 33,333,333 common shares pursuant to the Company’s effective shelf registration statement. Morgan Stanley & Co. LLC, DNB Markets, Inc
The Norwegian Competition Authority has today given a notice of an objection to Eimskip’s acquisition of the Norwegian shipping and logistics company Nor Lines AS. The notice reflects the Authority's preliminary conclusion
Oil tanker firm Frontline reiterated its all-share offer for smaller rival DHT Holdings on Thursday despite the latter's rejection. Last month Frontline made a non-binding offer to acquire all DHT's outstanding shares in the hope of creating the largest private tanker firm in the world
Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021. All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%.
Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announces that it intends to issue new senior unsecured bonds in the Norwegian bond market through an add-on to its existing Norwegian bonds due in October 2021 (TKLNG04 - ISIN: NO0010777089)
Globally renowned green energy champion Peggy Liu has been announced as the latest speaker for Nor-Shipping 2017. Liu, the Chairperson of Joint US-CHINA Collaboration on Clean Energy (JUCCCE), is set to join a growing list of key shipping figures at the leading global maritime event week
African economies are growing, and becoming more connected to the world economy than ever before. Still, many companies have not discovered the great business opportunities on offer in Africa. In 2017, Nor-Shipping, one of the world’s leading maritime events, will put Africa on the agenda
Euronav NV announces has signed a new USD 410 million senior secured amortizing revolving credit facility. The facility has been made available on 16 December 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital
Tanker shipping company Euronav NV announced it has signed a new $410 million senior secured amortizing revolving credit facility. The facility has been made available on December 16, 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital
The global shipping industry will hit a credit crunch if proposed new bank capital rules are implemented in a sector already weighed down by toxic debt, bankers involved say. The Basel Committee of banking supervisors from nearly 30 countries met in Chile last month in an effort to complete
Sembcorp Marine has denied the rumours that it was mulling the sale of all or part of subsidiary PPL Shipyard, according to a report in the Business Times. "Neither our rig-building subsidiary PPL Shipyard nor any of the yards from which PPL is operating are up for sale
Iceland-based Eimskip has agreed to acquire Norwegian shipping and logistics company Nor Lines. According to Eimskip, the operation of Nor Lines has been challenging in recent years and the business will be restructured in order to improve the firm’s services.