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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]


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


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


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


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


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


QinetiQ Signs Contract with ASV

Photo: ASV

QinetiQ, as part of a new Marine Surface Target Service, has signed a contract with Autonomous Surface Vehicles (ASV) for the supply and operational support of autonomous surface target vessels.    The partnership is part of a new initiative enabling QinetiQ's Marine Surface


Study: An Arctic Oil Well Blowout Could Spread More Than 1,000km

Oil from a spill or oil well blowout in the Arctic waters of Canada's Beaufort Sea could easily become trapped in sea ice and potentially spread more than 1,000 kilometres to the west coast of Alaska, a World Wildlife Fund study showed on Friday.


Jones Act Tanker Chartered for Airline Refinery

Delta Air Lines Inc's refining unit has chartered a U.S.-flagged oil tanker for the first time, allowing it to tap directly into cheap Texas shale oil as the company overhauls its supply strategy. Monroe Energy LLC, the Delta subsidiary that runs the airline's 165


Russian Navy Expansion Gathers Momentum

Borey-class submarine: Photo Russian Navy

The Russian Navy celebrates its professional holiday by putting two new submarines into service and expects a new warship in the fall and several additional ships for its Black Sea Fleet off the Crimean coast in the next three years, reports official news agency Ria Novosti.


SloShield Monitors LNGC Tank Sloshing

GTT introduces SloShield real-time monitoring of liquid motion in tanks to improve LNGC efficiency Gaztransport & Technigaz (GTT) and its partner Cryovision announced the launch of a monitoring system to help reduce the effects of liquid motion in Liquefied Natural Gas Carriers (LNGCs)


Paris MoU Issues Report on Port State Control

The Paris MoU published its report on 2013’s worldwide flag performance, “White, Grey and Black Lists.” The report indicates further improvements towards quality shipping. Last year Thailand and the United States of America were moved up to the White List


EURONAV to Buy 4 Japanese-built VLCCs

EURONAV VLCC Olympia (Photo courtesy of EURONAV)

EURONAV has entered into an agreement for the purchase of four modern Japanese built VLCC vessels for an aggregate purchase price of $342 million. The vessels are on average three years old. This acquisition fits into the company’s strategy to further strengthen its position as the leading


India's JSW Raises Iron Ore Imports

JSW Steel, led by billionaire Sajjan Jindal and India's third-largest maker of the alloy, will import 6 million metric tons of iron ore this fiscal year compared with no shipments a year earlier due to production cutbacks at home. JSW's return to the sea-borne iron ore market after a gap of


Ivory Coast Increases Budget on Higher Cocoa, Gas, Port Revenues

Ivory Coast has increased its 2014 budget by nearly 4 percent on expectations of higher earnings from cocoa, natural gas and the country's ports, a government spokesman announced on Wednesday. Ivory Coast, the world's top cocoa grower and French-speaking West Africa's largest economy


Carnival Extends Deal with Port of New Orleans

The 3,646-passenger Carnival Dream (left) and the Carnival Elation are pictured berthed at the Ports Erato Street and Julia Street Cruise Terminals in April. The Carnival Dream sails year-round seven-day eastern and western Caribbean itineraries from New Orleans, while the Carnival Elation sails year-round four- and five-day itineraries to Mexico. (Photo Port of New Orleans)

New agreement keeps at least two Carnival ships sailing through 2019 The Port of New Orleans and Carnival Cruise Lines signed a new agreement that will keep the world’s largest cruise line sailing at least two ships year-round from New Orleans through 2019.


Maersk Continues Exit from Crude Transport

(Photo : Maersk)

Maersk Tankers, a unit of A.P. Moller-Maersk, said on Thursday it had quit four unprofitable crude oil charter contracts by buying out supertankers and selling them onwards, continuing its exit from crude oil transportation. The company now has charters for just two supertankers


USCG Cutter Drydocked in Curtis Bay

Coast Guard Cutter Diligence up for repair in Curtis Bay, Md. (USCG photo)

The Wilmington, N.C.-based Cutter Diligence recently entered the U.S. Coast Guard (USCG) Yard in Curtis Bay, Md. for drydock availability. The 50-year-old medium endurance cutter will spend the next three months drydocked for approximately $2 million worth of “critical maintenance work


Scotland Beach Radium Clean-up: UK MOD to Pay Up

Dalgety Beach background: Photo credit Gordon Brown Photo

Former UK Prime Minister and local MP Gordon Brown says that he welcomes the Ministry of Defence (MOD) agreement to pay costs of the radium contamination clean up of Dalgety Bay and estimates it will cost 10 million pounds. The pollution resulted from dumping 800 WWll wartime planes with


HII Completes Sea Trials on Fourth National Security Cutter

Fourth National Security Cutter

Huntington Ingalls Industries (HII) announced today the successful completion of builder’s sea trials for the company’s fourth U.S. Coast Guard National Security Cutter, Hamilton (WMSL 753). The ship, built by HII’s Ingalls Shipbuilding division


Stanford Secures Long Term PSV Charter in Mexico

PSV Stanford Bateleur has secured a three-year contract with Mexiship in Mexico (Photo: Stanford Marine)

Stanford Marine announced today from its Dubai headquarters that it has secured a three-year contract for one of its 87-meter Platform Supply Vessels (PSV), Stanford Bateleur, in Mexico. Stanford Bateleur was awarded a long term contract with Mexiship in Mexico.






 
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