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.
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 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
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]
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
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 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
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
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
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
Jacqueline Tan, Senior Claims Executive at the UK P&I Club, commented on the ballast water management controls coming into force: “The coming into force of the Ballast Water Management Convention 2004 (“BWMC”) is now imminent
Crowley Petroleum Services will be awarded the Exceptional Compliance Program (ECOPRO) award for excellence in marine safety and environmental stewardship from the Washington Department of Ecology this Thursday at Odyssey Maritime Discovery Center in Seattle.
The crew of USS Constitution commemorated the bicentennial of Old Ironsides' final battle during the War of 1812, her unprecedented dual-victory over Royal Navy ships HMS Cyane and HMS Levant Feb. 20 in Charlestown Navy Yard. Constitution Sailors fired the ship's saluting battery at noon to
Maersk is considering ordering 11 container megaships in the second quarter of 2015, the Wall Street Journal reported today. "We need to grow with the market and increase our capacity by 425,000 containers from 2017 onward for three years
Analysts disappointed by 2015 financial targets; shares fall over 6 percent. Danish wind turbine maker Vestas proposed its first dividend payment in 12 years after beating fourth-quarter profit forecasts, though its shares fell on what analysts described as conservative targets for 2015.
Royal Dutch Shell Plc and the United Steelworkers union (USW) negotiated for hours on Tuesday over a new labor contract for U.S. refinery workers, the company said on day 10 of the biggest refinery walkout since 1980. They have been unable to agree since this year's talks started on Jan
Captain Francesco Schettino was sentenced to 16 years in prison after an Italian court found him guilty of manslaughter today for his role in the 2012 sinking of the Costa Concordia. The 52-year old was captain of a cruise liner carrying 4
World’s largest carriers part of 2M Alliance offering two weekly services from New Orleans Maersk Kotka called the Napoleon Avenue Container Terminal on February 9, signalling Maersk Line’s return of vessel service to the Port of New Orleans
German line Hapag-Lloyd Cruises said the number of English-speaking guests on its newest ship, Europa 2, increased 230% in 2014. The company, which operates four ships in Germany, Austria, and Switzerland, also recorded a 52% in the number of international guest across its whole fleet
South Africa plans to improve its pipelines and ports to allow for more gas imports for use in power generation, the acting director general of the department of energy said on Tuesday. Africa's most advanced economy is dependent on coal for power and also uses relatively expensive diesel for
Dozens of iron ore and coal carriers idled as Baltic dry index falls to all-time low. A second dry cargo shipper has filed for bankruptcy following a collapse in freight rates that has forced many companies to idle vessels used to haul iron ore
Europe is luring twice as many liquefied natural gas (LNG) tankers as last year and more are expected in what is now the premium-priced market after a year-long demand slump in Asia. In just a week, seven new LNG tankers embarked for Belgian
The container segment was one of the big surprises during 2014 with a very high scrapping activity in the year’s first half and a dwindling low one in the second, says the Baltic and International Maritime Council (BIMCO)
Class-leading offshore energy crew transfer vessel operator Seacat Services today launches Seacat Courageous, the firm’s second 26-metre crew transfer vessel, as it continues to support the growth of the European offshore wind market.
The largest U.S. refinery strike in 35 years entered its fourth week on Sunday as workers at 12 refineries accounting for one-fifth of national production capacity were walking picket lines. Sources familiar with the negotiations said talks may resume by mid-week to end the walkout by 6