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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


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

Ballast Water Treatment Modular and Just in Time

“We’re working with four independent labs right now to validate (technology) submittals ... I’m pretty optimistic we will have Coast Guard approved ballast water standards by the IMO  conference in November.”  Admiral Paul Zukunft, Commandant of the USCG, discussing the  ballast water issue at NorShipping (Photo: William Stoichevski)

A pair of market entries — one a business of powerful Japanese technology players, the other a newbie with some pedigree — reveal how bold, modular design could pay dividends in a competitive market. Their increments of innovation add up to timely ways to comply with changes

Euronav Acquires $ 750 mi Facility

Euronav secures $750m bank loan

  The Executive Committee of Euronav NV today announced that it has signed a new USD 750 million senior secured amortizing revolving credit facility led by DNB Bank ASA and Nordea Bank Norge ASA acting as Coordinators, Mandated Lead Arrangers and Bookrunners and ABN AMRO Bank NV

Hapag-Lloyd Secures Financing for Five Newbuilds

The new ships are being built by the South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI). (Photo Hapag-Lloyd)

Container shipper Hapag-Lloyd announced it has signed a 12-year $372 million facility agreement with a banking syndicate to finance the construction of five new vessels ordered from a South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) in April 2015.  

Seadrill Hopes to See Market Turn in 2017

Photo: Seadrill

Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017.   Rig rates have more than halved since the peak two to three years ago and in several cases are now below breakeven costs.  

Wartsila's 2nd Edition Encyclopedia Launch at Nor-Shipping

The Wärtsilä Encyclopedia of Ship Technology provides valuable insight for current and future maritime professionals.

  The second edition of Wartsila's Encyclopedia of Ship Technology is to be launched at the Nor-Shipping exhibition and conference being held in Oslo, Norway from June 2 to 5. The publication provides definitions to the current terminology used in the marine industry's technical vocabulary

Wärtsilä Debuts PSV Design at Nor-Shipping

The new Wartsila PSV design features lower fuel consumption and notable improvements over existing designs

 With new rules and regulations affecting the platform supply vessel (PSV) market, Wärtsilä is launching a new PSV ship design at this year's Nor-Shipping exhibition being held in Oslo from June 2-5.   The new design puts emphasis on increased cost efficiency

Maritime VSAT Resource Launched at Nor-Shipping

A new online resource providing in-depth, impartial information and advice on maritime VSAT (Very Small Aperture Terminal) technology has been officially launched at Nor-Shipping 2015. is based on an initiative led by maritime communication services provider Marlink and supported

Nor-Shipping Run Benefits Mission to Seafarers

Greg Trauthwein (left) and Dawn Trauthwein (right) with Benjamin Strong , director of the U.S. Coast Guard’s Automated Mutual Assistance Vessel Rescue (AMVER)

A 5-kilometer fun run to benefit The Mission to Seafarers was held at Norway’s Nor-Shipping conference on June 1.   Representing Maritime Reporter & Engineering News at the charity race was Greg Trauthwein, Associate Publisher and Editor, and Dawn Trauthwein

Nor-Shipping Rings in 50 Years

Photo: Greg Trauthwein

Nor-Shipping rang in its 50-year milestone with a celebration on the waterside of Oslo’s Astrup Fearnley Museum.   Held on the last night of Nor-Shipping 2015, the closing party hosted partygoers for fireworks, food and entertainment.    

Seattle Police Dismantle Anti-Shell Protest Tent

Seattle activists say police have dismantled a tent on Monday used as a staging area to organize local protests over Royal Dutch Shell Plc's  use of the city's port as a home base for a drilling rig that could depart this week for the Arctic.  

Dive Operator Sentenced after Propeller Death

A New Zealand dive operator and skipper have been sentenced for the February 2014 death of a diver struck by a propeller while on a trip to the Poor Knights Islands, Maritime New Zealand announced.   Whangarei diving company The Dive Spot Limited has been fined $50

Drydocks World Highlights Capabilities at Nor-Shipping

Photo: Drydocks World

Drydocks World, provider of maritime and offshore services to the shipping, oil, gas and energy sectors, showcased its global services, projects and infrastructure to an international audience at the 50th Nor-Shipping Exhibition in Oslo from June 2-5, 2015.   

Usiminas to Cancel Iron Ore Shipment Contract

Brazilian steelmaker Usiminas intends to cancel its iron ore shipment contract with the Sudeste Port, a private terminal near Rio de Janeiro, the port said on Friday.   The statement did not say how much Usinas Siderurgicas de Minas Gerais SA, as the company is formally known

Brand New Ro-Ro Ran Aground in Norway

Kvitbjørn. Photo: Nor Lines, Vikebladet

 Ro-ro cargo vessel Kvitbjørn ran aground off Ulsteinvik port, Norway, in the afternoon June 28, while approaching the port.    The vessel, owned by Norway-based Nor Lines, was refloated at 2145 LT same day with the help of tugs at high tide, and taken to port

Big Data: Big Value or Big Risk?

Danelec Marine proposes to use the ship’s VDR as a data hub for ship telematics.   (Credit: Danelec Marine).

We wish we had a dollar for every time we heard or read the words Big Data at the Nor-Shipping exhibition last month.  We might even have collected enough cash to buy a round of expensive Norwegian beers for the gang at the Fridtjof bar.

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