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
Intellian has won the contract to supply Hanjin Shipping of South Korea, with FleetBroadband FB500 terminals for a fleet of 38 container ships. The installation process has already commenced and will be completed by Intellian over the coming months as the ships arrive into port.
The global shipping industry – represented by the International Chamber of Shipping (ICS), BIMCO, Intercargo, Intertanko, World Shipping Council (WSC), CLIA and IPTA – has voiced continuing concern about serious implementation problems associated with the IMO Ballast Water Management
Genoil to develop hydro cracking unit to produce ECA-compliant LSFO; OW Bunker to provide feed oil and buy one million tons of 0.1% LSFO per annum OW Bunker, a physical distributors and resellers of marine fuels, today announced that it has signed a Memorandum of Understanding (MOU) with Genoil
“The Human Element,” produced by KVH Media Group under the TRAININGlink brand, is a finalist in the “Safety at Sea” category of the Seatrade Awards. KVH Industries, Inc., (Nasdaq: KVHI) is pleased to announce that its 2013 film “The Human Element” has been
The first two in a series of 8 in total Robert Allan design SDP 4600 Class push boats have been named at a ceremony in the UZMAR, Turkey shipyard. The shipbuilders say that these are the world’s most powerful diesel electric triple Z-drive shallow draft push boats ever built
Decom North Sea (DNS), the offshore oil and gas decommissioning forum, is hosting a “lunch and learn” event to give supply chain companies the opportunity to present their offshore decommissioning capabilities and encourage knowledge share among members
Import volume was down 2.7 percent, while exports were up 2.1 percent at the Port of Long Beach in February, compared to the same month last year. Overall cargo volume dipped 2.6 percent due to an 8.3 percent decline in empty containers. A total of 517
The Coast Guard Cutter Polar Star is scheduled to return to their homeport of Coast Guard Base Seattle at 10 a.m., Friday, March 21, 2014, following a 108-day deployment of Operation Deep Freeze 2014. Polar Star departed Seattle Dec
China's leading global provider of telecommunications equipment and network solutions ZTE and shipping conglomerate COSCO have signed an agreement allowing Greece's Piraeus Container Terminal (PCT) as a European logistics center for ZTE products for the wider Southern European region
At its meeting of March 21, 2014, the board of directors of BOURBON noted JACCAR Holding’s proposed bid for shares of BOURBON. It decided to appoint a committee of four independent group directors (Agnès Pannier-Runacher, Guy Dupont
The fund, which will take effect on April 1st, 2014, and run for three years, will be made up of contributions from participating ports and used to subsidize cruise companies to develop and market their cruise products. A major requirement is that cruise lines must deploy vessels to at least two
Together with partner ConocoPhillips, Statoil has been awarded a deep-water exploration block in the Myanmar waters of Bay of Bengal. Block AD-10 cover more than 9,000 km2, and is located 200 km from the coast in water depths of approximately 2,000 meters
The Board of Commissioners of the Port of New Orleans mourns the passing of former Board Chairman Francis E. “Hank” Lauricella. Gov. Mike Foster appointed Mr. Lauricella to the Board in April of 1997 and he served as Board Chairman from October 2001 until June of 2002.
Mitsui O.S.K. Lines, Ltd. (MOL) announced a new three-year midterm management plan that will take effect in April 2014, called "Steer for 2020". MOL Group has been carrying out all plans in single-year plan "Rise 2013" with goals of restoring profitability and laying a
Japan Petroleum Exploration Co (Japex) said on Monday it has begun the country's first commercial production of shale oil in Akita prefecture in northern Japan this month. Daily production from shale layers deep below the Ayukawa oil and gas field was about 220 barrels of crude (35 kilolitres)