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]
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
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
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
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
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
The Shipping Ministry of India has announced the details of various ongoing major projects for development of National Waterways (NWs), which are as under four divisions. The government also revealed the techno–economic feasibility studies and Detailed Project Report
More than 1,000 migrants were plucked from overcrowded boats and 16 bodies were recovered in the past two days, Italy's coastguard said on Monday, adding to the already record number of arrivals this year. Coastguard ships recovered some 800 migrants from nine different vessels on Sunday
Cobham SATCOM and SpeedCast International Limited have concluded a global framework agreement covering the provision of maritime stabilized antennas, which offers high speed connectivity at sea. The commercial framework was awarded following a multi-vendor selection process by SpeedCast
A former Montague resident, Elizabeth Reynolds Boyd has always been looking for a way to give back to her home province. The respected naval architect and owner of Nautican Research and Development joined Premier Wade MacLauchlan and Babcock Canada Vice President Jake Jacobson to announce a new
AP Moller-Maersk's Maersk Line shipping arm said it is considering proposals from the Suez Canal Authority for a new toll system that could involve advance payments, reports Reuters. "They have proposd a new payment method and presented it to us, and we are looking at it now
Kobe Steel, Ltd. said it has received an order to supply the first two screw compressors for use with marine dual fuel engines. The compressors will be installed in an LNG carrier to be owned by a 50/50 joint venture between Mitsui O.S.K. Lines Co., Ltd
South Korean shipyard Hyundai Heavy Industries emerged from the third quarter with a black bottom line, although with a smaller profit than in the previous quarter, thanks in part to reduced costs and improvement in its non-shipbuilding business.
Japan's big three shippers will report earnings on Monday as yen strength threatens to widen annual loss estimates, in a sector shaken by shrinking demand and over capacity that has already sunk a major carrier. Nippon Yusen KK (NYK), Mitsui OSK Lines Ltd (MOL) and Kawasaki Kisen Kaisha Ltd
Intellian launched the dual-band, 3-axis s100HD WorldView satellite TV system, featuring the company’s latest generation LNB (Low Noise Block-Down Converter) technology. The new system, set to debut this week at the Fort Lauderdale International Boat Show
The ports of Long Beach and Los Angeles are partnering with shipping company Maersk Line to measure the environmental benefits of a $125 million upgrade for 12 Maersk containerships. The initiative will involve the installation of high-tech equipment to track vessel emissions and
A decision to undertake development of National Waterways (NWs) declared under The National Waterways Act, 2016 is based on Techno Economic Feasibility Study and Detailed Project Report, commissioned on each of them, by the Inland Waterways Authority of India (IWAI).
The International Organization for Standardization (ISO) has now published the long-awaited ISO 19030, a new standard conceived to measure changes in ship-specific hull and propeller performance. According to Jotun, which has led the industry in the standard’s development
A record number of migrants have reached Italy by boat from North Africa in 2016, according to official data, as pressure on Italy's shelter and asylum systems grows. Italy has borne the brunt of new arrivals since the implementation in March of an agreement between the European
London Thamesport has signed an agreement with UK shipping agent and logistics company The Armitt Group for a purpose-built, 120,000 square feet specialist steel handling facility at the Kent port. Construction of the first phase of 60,000 square feet is well underway
British engineering company Rolls-Royce said it would cut a further 800 jobs in its marine business to save an extra 50 million pounds ($63 million) a year, responding to weak demand from shipping and energy customers. The marine business