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
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
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
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
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
VLCC rates of $60,000/day triggered a deeper dive in crude tankers, so DNB Markets (Shipping) looked into ~66,000 fixtures. With increased interest in the crude tanker segment coupled with spot rates approaching $60,000/day, DNB decided to dig deeper into alternative data sources
Nordic American Tankers Ltd. announced the pricing of its previously announced underwritten public offering. The company agreed to sell 8,125,000 common shares at a public offering price of $8 per share. The common shares are being offered pursuant to the company's effective shelf registration
US-based Dorian LPG has successfully placed 80,405,405 shares to Norwegian and international institutional investors to raise approximately $250 million intended to part pay for Dorian's recent acquistion of Scorpio Tankers' fleet of 11 Very Large Gas Carrier ("VLGC") newbuildings and an
Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator, has announced the closing of its $50 million offering of 8 7/8% Series C Cumulative Redeemable Perpetual Preferred Shares in a public offering under its effective shelf registration statement at $25.00 per share
Tsakos Energy Navigation Limited (TEN) a product, crude and LNG tanker operator, today announced the pricing of its $50 million offering of 8.875% Series C Cumulative Redeemable Perpetual Preferred Shares in a public offering under its effective shelf registration statement at $25 per share.
Teekay LNG Completes Norwegian Bond Issuance Teekay LNG Partners L.P. announced that it has issued NOK 900 million in senior unsecured bonds, maturing in September 2018, in the Norwegian bond market. The aggregate principal amount of the bonds is equivalent to approximately $150 million
DNB Bank, the leading international shipping and energy bank, has appointed Vidar Andersen its new Head of Asia, based in Singapore with immediate effect. In a related move, Mats Wermelin has been appointed the bank’s new Head of China based in Shanghai
The STAUFFMini Water Vacpurifies hydraulic system oil, eliminating water, gas and particulate matter. The purified oil satisfies the most stringent quality requirements. The STAUFFMini Water Vac dehydrates and cleans most types of oils such as lubricating, hydraulic
Seadrill announces mandatory offer for all outstanding shares in Sevan Drilling. On June 27, 2013 Seadrill Limited announced that it had acquired 116,934,875 shares in Sevan Drilling ASA at a price of NOK 3.95 per share and its intention to launch a mandatory offer for all the
Solstad Offshore ASA (SOFF) has extended contracts for vessels in its offshore fleet. A new contract with BG Tunisia for hire of SOFF’s anchor handling vessel (AHTS) “Nor Star” is for a duration of 2 years firm and with one yearly option.
US-based International Shipholding Corporation (NYSE: ISH) plans to offer shares of its Series B Cumulative Redeemable Perpetual Preferred Stock in an underwritten registered public offering. ISH intends to use the net proceeds from the offering for working capital and other general corporate
Raytheon Anschütz was awarded a contract for the supply of ECDIS 24 to a significant retrofit program of Norwegian shipowner Nor Lines. ECDIS 24 is a particular designed retrofit version of the well-known Raytheon Anschütz ECDIS.
The West African republic of São Tomé e Príncipe has wrongfully confiscated two ships chartered by the Swedish oil company Stena Oil, including the cargo. The captains have been sentenced to 3 years imprisonment and charged with "smuggling" in a show trial
The vessel's fore part has broken free from tow amid adverse weather conditions, the after part having sunk earlier. The (slightly amended) owner's statement No. 17 is as follows: The fore part is located near 17'02"N 67'57"E. The weather in the area is still adverse.
Bermuda-based Seadrill Ltd., an offshore driller controlled by billionaire John Fredriksen, is seeking to buy 50.1 percent of Sevan Drilling ASA to veto financing plans for the firm that it says would destroy shareholder value. Seadrill, headquartered in Hamilton