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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


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


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


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


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


More than 100 Graduate from SUNY Maritime

Morton Bouchard III, President & CEO of Bouchard Transportation

More than 100 students crossed the stage to receive their degrees at State University of New York Maritime College Jan. 29.   Graduates represent 15 fields of study, a quarter of them at the graduate level. More than 60 of them will also graduate with U.S


GE Extends Royal Canadian Navy Contract

Photo courtesy of GE Canada

GE Canada announced it recently extended a contract with Public Services and Procurement Canada to provide maintenance and logistics support services for a 15th year. The contract covers the Royal Canadian Navy’s (RCN) fleet of LM2500 aeroderivative gas turbines that power Halifax-class


Sea Hawk Debuts VMG Hard & Fast Racing Finish

Fresh Water Boaters Hard, Fast Racing Finish Sea Hawk

Sea Hawk today  announced the introduction of VMG Hard & Fast Racing Finish, a revolutionary new bottom coating geared specifically for fresh water sail boaters and power boaters looking to enhance the performance of their vessels. VMG


U.S.-Georgian Consortium Wins Black Sea Port Contract

A U.S.-Georgian consortium has been awarded a $2.5 billion contract to build and develop a deep-sea port in Anaklia on Georgia's Black Sea coast, as the tiny ex-Soviet republic sets eyes on lucrative cargo transit from Asia to Europe. The Anaklia Development Consortium is a joint venture of


Petrogas to Establish LNG terminal in Andhra

Pic: Krishnapatnam Port Company Ltd

 Petrogas Private Limited, a joint venture company between Isomeric Holdings Bhd from Malaysia and LEPL Ventures Pvt Ltd (LEPL) from Vijayawada, has signed a facilitation MoU with Krishnapatnam Port Company Ltd (KPCL) and Andhra Pradesh government for setting up a regasification and floating


Turbocharger Upgrades Yield High ROI -ABB

Time for Upgrade Photo ABB

Power and automation technology group ABB announced study results show return on investment from turbocharger upgrades. The increased revenue resulting from higher engine output of three engines in a power plant accumulated to approximately $537,000 per year, and in addition, fuel savings of $470


USNS Carson City Christened

Susan Asbury Crowell christens USNS Carson City Photo Austal

  Austal celebrated the christening of Expeditionary Fast Transport USNS Carson City (EPF 7) with a ceremony this morning at its state-of-the-art shipyard here. USNS Carson City is the seventh of 10 Expeditionary Fast Transport vessels (EPF), formerly joint high speed vessels (JHSV)


Mercator Exists Dry Bulk, Divests Fleet

Pic: Mercator Lines(Singapore) Ltd

 As a part of an ongoing portfolio restructuring exercise following booking of losses for three years in a row, Mercator Limited has decided to exit dry bulk business carried on by its arm Mercator Lines(Singapore) Ltd(MLS).   Mercator has 11 bulkers in its fleet, ranging between 70


Global Diving & Salvage Hires VP in Houston

Mike Brown (Photo: Global Diving & Salvage)

Global Diving & Salvage, Inc. has hired Mike Brown as Vice President of Energy Services, working from the company’s Houston office.   In his new position Brown, will focus his efforts to increase Global's position in the domestic and international energy market and will be


Biofuels to Help Power Next US Navy Deployment

USS Princeton refuels with biofuel in 2012. Image: U.S. Navy

 The U.S. Navy on Wednesday launched its first carrier strike group powered partly by biofuel  to conduct operations in the Pacific.   The "Great Green Fleet"  warships powered by alternative energy is a milestone toward easing the military's reliance on foreign oil


NASSCO Delivers Second LNG Containership

Perla Del Caribe (Photo: General Dynamics NASSCO)

 Fueled by liquefied natural gas, the Perla Del Caribe will join its sister ship, the Isla Bella, as the greenest containerships in the world.   U.S. shipbuilder General Dynamics NASSCO today delivered the world’s second containership to be operated by liquefied natural gas (LNG)


Norwegian Cruise to Expand in Europe

Photo: Norwegian Cruise Line

 The Miami-based cruise operator Norwegian Cruise Line has announced its ground-breaking summer 2017 deployment for Europe with for the first time in company history five ships sailing in European waters as well as regular cruises out of Hamburg


Ro-Ro Volumes at Ports of Stockholm Thrive

Courtesy Ports of Stockholm

High volumes of RoRo freight in December generated the strongest end of year monthly figures at Ports of Stockholm since 2011. Freight volumes in the RoRo segment, goods transported by haulage vehicles on ferries, were higher than the December totals for the previous three years


Svitzer Names Manager for Middle East & Africa

As of February 1, Mohammed Ahmed is appointed new Regional Manager of Svitzer Middle East & Africa, including the Indian subcontinent and Sri Lanka.   Ahmed has been with the Maersk Group for 11 years, most recently working as Maersk Line Cluster Manager of Africa Horn Cluster in Addis


U.S. Seaports: Cargo Volumes Rise 3.1%

(Photo: Greg Trauthwein)

Seaports are seeing a steady rise in waterborne cargo volumes according to new numbers from U.S. Army Corps of Engineer’s report. Overall, 2014 freight tonnages increased 3.1 percent over 2013 totals. The Corps of Engineers’ Waterborne Commerce Statistics Center tracks the commercial






 
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