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Three Years

Petrobras Launches $8.5B Six-part Bond

By Paul Kilby, IFR Petrobras has launched a $8.5 billion six-bond offering after generating a $22 billion plus order book. The trade was launched as a $1.6 billion three-year fixed at Treasuries plus 250bp, $1.4 billion three-year FRN at 3mL+236bp, $1.5 billion six-year fixed at plus 330bp, $500 millio six-year FRN at Libor plus 288bp, $2.5 billion 10-year at Treasuries plus 350bp, and $1 billion 30-year fixed at plus 360bp. This comes after leads revised guidance to T+250-260bp on the three-year fixed-rate tranche, 3mL+236-246bp on the three-year FRN, T+330-340bp on the six-year fixed, 3mL+288-298bp on the 6-year FRN, T+350-360bp on the 10-year fixed, and T+360-370bp on the 30-year fixed-rate tranche. Initial price thoughts were T+260bp, 3mL+246bp, T+340bp, 3mL+298bp, T+360bp and T+370bp, respectively. Ratings are on the SEC registered deal are Baa1/BBB/BBB. Bookrunners are BOCHK, BB Securities, Bradesco BBI, Citigroup, HSBC and JPMorgan. Comanagers are Banca IMI S.p.A and Scotiabank.


Thirty-Four Foss Vessels Win Safety Awards

Leiv Lea, Director of Global Towing & Transportation, accepts the award on behalf of Foss (Photo courtesy Foss)

The Chamber of Shipping of America (CSA) presented the Foss vessels with Jones F. Devlin Awards at the Annual Safety Awards Luncheon held this year in New Orleans, Louisiana.  The awards are given to self-propelled merchant vessels that have operated for two full years or more without a crew member losing a full turn at watch because of an occupational injury. Altogether, the Foss ships achieved the equivalent of 144 years without a lost-time injury.


Chiles Offshore Signs a Three-Year Contract With BP

Chiles Offshore has executed a three-year contract with BP Trinidad and Tobago LLC for the use of the ultra-premium jackup drilling rig the Chiles Coronado, formerly known as Tonala. The Chiles Coronado is currently undergoing limited modifications and upgrades before leaving the Gulf of Mexico for Trinidad. The rig is currently expected to arrive in Trinidad during the month of September. During the contract period, contract revenues are estimated to approximate $80 million


Nigerian Navy Arrests 236 Ships in Three Years

The Nigerian Navy has arrested over 236 ships, tugboats, and barges engaged in crude oil theft, illegal bunkering and other vices on the high seas resulting in about 80 per cent reduction in crude oil theft within the last three years. [source: Allafrica.com]


Hercules Offshore Announces Rig Contracts

Hercules Offshore, Inc. said that Oil and Natural Gas Corporation Limited (ONGC) has awarded three-year contracts for the Hercules 258 and Hercules 260 jackup rigs for drilling operations offshore India. The contract for the Hercules 258 is expected to commence in mid-second quarter 2008 following the completion of an existing contract commitment offshore India. The contract for the Hercules 260 is expected to commence in late first quarter 2008 following the completion of shipyard work on the


Boskalis Wins Hefty German Dredging Contract

Image credit Boskalis

Royal Boskalis Westminster N.V. (Boskalis) contracted by Wasser- und Schifffahrtsamt Cuxhaven to maintain 110-km of the River Elbe fairway. The contract is for a period of three years and has a value of approximately EUR 75 million and the dredging operations are to commence in May 2013. The dredging activities are related to maintaining the shipping fairway of the River Elbe between the city of Wedel northward in the direction of Cuxhaven


POSCO to Boost Production of Steel Plates

POSCO will increase production of ship steel plates by 30 percent from 3.6 million tons to 4.7 million tons over the next three years. The steelmaker said Wednesday it will invest in improving facilities of three ship steel production lines at its Pohang ironworks. Demand for ship steel is on the rise since the shipbuilding industry will need 6 million tons of steel this year, but steelmakers can only produce 4 million


TEN Announces Three-Year Charters for Tankers Selecao

Tsakos Energy Navigation Limited announced three-year time- charters for Panamax newbuildings "Selecao" and "Socrates" to a major South American state oil company. The charters are expected to generate gross revenues in excess of $57 million for the Company over the corresponding charter period. The vessels are expected to be delivered in February and March of this year. After delivery of the "Selecao" and the "Socrates


Naming & Delivery of Stena Polaris

Concordia Maritime took delivery of the product tanker Stena Polaris from Brodosplit Shipyard in Croatia and at the same time a naming ceremony was held. The vessel has been signed to a three-year charter with ST Shipping, part of Glencore, for the transport of refined petroleum products. The Stena Polaris is the eighth unit in the P-MAX series and the first of two P-MAX tankers with the highest ice class, 1A. Her sisters, the Stena Penguin with delivery planned for Q4, 2010


Greek Ferries Chartered Out to Ease Cash Flow

A HSW Ferry: Photo credit CCL 2 Georgios Pazios

Several Greek coastal shipping firms have resorted to chartering their ferries on foreign routes in order to secure some liquidity and continue operating. Companies believe that their smooth operation is being threatened by the negative course of the domestic maritime transport market as losses over the last three years have reached up to 1 billion euros, reports Greece insiders 'Kathimerini'. Sources say that at least three ferry companies have chartered their vessels on routes outside


Carnival Cruise Line Returns to Europe

Carnival Vista, Image: Carnival Cruise Lines

Carnival Cruise Lines is to return to Europe next year with its biggest ship ever, the 3,936-passenger Carnival Vista.  The Doral-based cruise line revealed details about the new 133,500-ton vessel. The ship, which starts sailing in May of 2016, will include the first IMAX Theatre at sea


Glasgow-Singapore Green Ship Deal On

(Image: The Maritime and Port Authority of Singapore)

A new research collaboration between A*STAR’s IHPC, Sembcorp Marine Ltd, University of Glasgow and UGS aims to  make a ship’s voyage more smooth sailing by improving its hydrodynamics and energy efficiency.  The four organizations today signed a memorandum of understanding


China's COSCO Group Returns to Profit

Logo

China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , had a profit of 5.04 billion yuan ($809


Arab Shipping Firm Orders 2,000 New Reefer Containers

Reefer containers. Picture by United Arab Shipping Company

Container shipping line United Arab Shipping Company (UASC) has ordered 2,000 reefer containers from Daikin.  As part of the emerging global carrier’s investment in the cutting-edge, energy-efficient solutions for the carriage of frozen and chilled cargoes


Navios Acquisition Announces Fleet Update

Photo courtesy: Navios

Tanker vessel owner and operator Navios Maritime Acquisition Corporation announced the delivery and employment of one VLCC and one MR2 product tanker and the employment of one VLCC and two product tankers. VLCCs The Nave Synergy, a 2010 Japanese-built VLCC of 299,973 dwt


India: Shipping Firms Should Consider Loan Restructuring

Nitin Gadkari

Indian minister for shipping, Nitin Gadkari, says that was a dire need for restructuring of shipping companies’ debt and suggested the finance ministry to talk to banks for more flexibility towards the maritime sector.   Nitin Gadkari, the minister for shipping


New ISSA President: Innovation, Cooperation Are Top Priotities

Abdul Hameed Hajah (Photo courtesy: ISSA)

The new President of the International Shipsuppliers & Services Association (ISSA), Abdul Hameed Hajah, has outlined his priorities for the year ahead with innovation and cross industry cooperation sitting at the top of his agenda. Hajah


N-Sea, Siem Offshore Extend Charter Agreement

Siem N-Sea (Photo courtesy of N-Sea)

Inspection, maintenance and repair (IMR) specialist N-Sea has extended its charter agreement with Siem Offshore following three years of operations. The renewed agreement, concerning Siem Offshore’s offshore subsea construction vessel, Siem N-Sea (previously Siem Stork)


Boston Whaler Holds Ribbon Cutting Event

Boston Whaler celebrated major expansion with an  exclusive ribbon-cutting event

  In 2014, Boston Whaler broke ground on a new era in its history, introducing its largest model ever with the new 420 Outrage. On Jan. 13, 2015, Whaler celebrated the expansion to its facility that makes production of the 420 Outrage possible: the addition of nearly 60


P&O Pulls out of Australian Icebreaker Tender

Aurora Australia (Phots Courtesy: P&O Maritime)

P&O Maritime, which operates the Aurora Australia, has quit the tender process to build a new Antarctic icebreaker by the Federal Government, reports ABC. The reason cited for P&O's pulling out of the long-running tender process after three years of work, an unusual procurement process.


North Star Shipping Chooses ZF Thrusters

Image courtesy of ZF

A fleet of offshore vessels operating in the North Sea rely on ZF thrusters    Three years ago, North Star Shipping installed ZF thrusters in the Grampion Don, the first in a series of new Emergency Response and Rescue Vessels (ERRVs)


Ingalls Starts Fabrication on NSC Kimball

Paul Bosarge, a burner specialist workleaderman at Ingalls Shipbuilding, initiates a cut of steel on the National Security Cutter Kimball (WMSL 756) using the Avenger 3 Plasma cutter (Photo by Andrew Young/HII)

Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division has officially started fabrication on the U.S. Coast Guard's seventh National Security Cutter (NSC), Kimball (WMSL 756).   "We continue to increase our learning on this shipbuilding program


New Satellite System to Track Illegal "Pirate Fishing"

About 20 percent of the world's fishing catch is taken illegally by poachers, experts estimate, but a new satellite tracking system launched on Wednesday aims to crack down on the industrial-scale theft known as "pirate fishing."


Satellites to Track Illegal 'Pirate Fishing'

File photo

About 20 percent of the world's fishing catch is taken illegally by poachers, experts estimate, but a new satellite tracking system launched on Wednesday aims to crack down on the industrial-scale theft known as "pirate fishing."  


Lindner Sees Strong 2015

Mikael Lindner, President, Scania North America

On the last day of what proved to be a busy Workboat show in New Orleans, Mikael Lindner, President, Scania North America, sat with Maritime Reporter & Engineering News to reflect on the current and future direction of the power company’s marine business in North America.






 
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