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")
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
Aker Maritime, which wants wide-ranging link-ups with Kvaerner, proposed a new board for Kvaerner before a corporate showdown on Friday. Aker, the top shareholder in Kvaerner with 17.8 percent, put forward Pehr Gyllenhammar, chairman of Britain's biggest insurance group CGNU, as chairman of its proposed board. Kvaerner has said it opposes Aker's plans for link-ups. Gyllenhammar said he hoped he could help resolve the clash between the two Norwegian industrial groups but stressed he would be
Nor-Shipping announced the nominees for the 2013 Nor-Shipping Awards which recognize achievements in three different areas – energy efficiency, innovative ship design and young entrepreneurship. HRH Crown Prince Haakon of Norway will present the awards when they are announced at the Opening
Petrobras CEO, Maria das Graças Silva Foster – named one of the world’s 100 most influential people by Time magazine in 2012 – will be a keynote speaker for the New Frontiers roundtable at Nor-Shipping’s Agenda Offshore conference on June 5.
At less than 10 years old, Nor Crane is a relatively new name in deck machinery. While short on years, it is long on experience, with an impressive order book, too. Nor Crane is not unlike a number of other Norwegian technology companies in that it has a history strongly rooted in the
Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator, today announced that it plans to offer its Series B Cumulative Redeemable Perpetual Preferred Shares (the Series B Preferred Shares) in a public offering under its effective shelf registration statement.
Taking place June 4-7 at Norges Varemesse in Oslo, Nor-Shipping is an international forum for Northern European maritime industry. At the Alfa Laval stand in Hall E, visitors will find a comprehensive approach to easing financial and regulatory pressures
Building on the success of its first offshore conference in 2011, Nor-Shipping will again host Agenda Offshore on June 5, signifying the importance of the maritime industry as it increasingly moves offshore to service the oil and gas industry.
Germany's Raytheon Anschütz to exhibit its new, IMO-certified Synapsis Intelligent Bridge Control system & maintenance-free gyro compass Horizon MF. Horizon MF is Raytheon Anschütz’ new strap down compass system which uses Hemispherical Resonator Gyros to measure angular rates
Nordic American Tankers Limited announced commencement of a public offering of $87 million aggregate amount of common shares pursuant to the Company's effective shelf registration statement. The company then announced a follow-on offering of 9.75 million common shares has been priced at $9
Rolls-Royce plc has received the Green Ship Technology Award for its Environship concept – a revolutionary design and system solution for cargo ships that reduces CO2 emissions by up to 40 per cent compared to similar diesel powered vessels.
Ulsteein received DNB’s Innovation Award 2012 of 1mill NOK in the National Final in Trondheim on March 12, 2013. Ulstein Bridge Vision is a concept for a modern ship bridge where safety in complex operations has been given major focus. Nearly 700 ideas were received for the contest.
FLEX LNG (HQ in Tortola) is in continuing dispute with Samsung Heavy Industries and briefs its shareholders as follows: "As previously announced, FLEX LNG considers the four shipbuilding contracts and the EPCIC that were entered into with SHI in 2008, to have been abandoned.
Nor-Shipping 2013 opens just three months from now with a cast of speakers featuring top executives from world-leading companies covering the entire value chain of themaritime industry – from shipowners and technology and service companies to regulators and financiers.
Survivors of the Costa Concordia grounding win a huge victory in the United States District Court for the Southern District of Florida. The District Judge ordered the claims of 104 survivors remanded to the Florida State Court for continued litigation.
International Shipholding Corporation closes public offering of $25 Million of its 9.50% Series A cumulative redeemable perpetual preferred stock. Dividends will be payable on the Series A Preferred Shares at an initial rate of 9.50% per annum of the stated liquidation preference when
Pacific Drilling S.A. sign a $1 billion senior secured credit facility agreement to finance construction of the Pacific Sharav & Pacific Meltem. The term loan made pursuant to the credit facility will have a maturity of 5 years from the delivery date of the Pacific Meltem