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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]


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


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


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


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


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


DryShips exercises option for Chartered VLGC

DryShips Inc Marshall Islands registered company Courtesy DryShips

 DryShips Inc. announced today that it has exercised its first option under the previously announced option agreement to acquire one Very Large Gas Carrier (“VLGC”) currently under construction at Hyundai Heavy Industries (“HHI”) for a purchase price of $83.5 million


GAC, Valero Ink Terminal & Marine Services Deal

The Valero refinery at pembroke Photo GAC

GAC UK has signed a three-year terminal and marine services deal with Valero Logistics UK Ltd. Under the agreement, from 1 February 2017, GAC UK will manage and support the discharge of 12-14MT of clean petroleum products each from up to 180 tankers a year at the ports of Cardiff and Plymouth


Forum Delivers 350th RT Torque Machine

David Neill of TAM International (left) receives a plaque from George Hendry, business development manager for Forum AMC, recognising the purchase of the 350th RT torque machine. (Photo: TAM)

Forum Energy Technologies, Inc. said it has designed, manufactured, tested and delivered its 350th rotational torque (RT) torque machine to TAM International, a globally recognized downhole inflatable packer leader.   The torque machine, or bucking unit as it is commonly referred


Incheon port Targets 3m teu Throughput

Participants are vowing to reach 3,000,000 TEUs early at Incheon Port  Photo Incheon port

The Incheon Port Authority or IPA (www.icpa.or.kr, IPA) proclaimed a new voyage to make the top 30 ports in the world in a ceremony to celebrate the achievement of 2.5 million TEU annual container volumes at Incheon New Port located in Songdo-dong, Yeonsu-gu, Incheon, on December 16.


Aramco Extends Seadrill Jack-up Deals

AOD1. Photo: Seadrill Limited

 Seadrill, a London-headquartered offshore drilling contractor, said that Asia Offshore Drilling (AOD) has received three-year contract extensions for two jack-up rigs from Saudi Aramco.    The jack-ups AOD I and AOD II received three year contract extensions from Saudi Aramco


MANSA opposes MbPT's Revision of Ship Agents' Bank Guarantee

Bank Guarantee levied at other ports

Mumbai and Nhava Sheva Ship Agents Association (MANSA) has requested the Mumbai Port Trust to re-consider the proposed bank guarantee amount levied on vessels calling at the port.   In a letter addressed to the Mumbai Port Trust, MANSA said


Incheon Port Cargo Volume Crosses 2.5mln TEUs

Participants are vowing to reach 3,000,000 TEUs early at Incheon Port while shouting a catchphrase in a ceremony commemorating 2.5 million TEU annual container traffic volumes at Incheon Port on Dec. 16.  Photo: Incheon Port Authority

 Incheon Port's annual container volume surpassed 2.5 million TEUs as of December 16, the largest-ever volume in the history of Incheon Port, in 11 years since hitting 1 million TEUs in 2005 and in three years since reaching two million TEUs in 2013.  


Busan Port May Hit by Shipping Alliance Reshuffle

Photo: Busan Port Authority

 The upcoming reorganization of global shipping alliances is likely to hit Korea’s largest port in Busan and  the harbor volume of Busan Port is expected to drop by 3.5 percent from next year, the Korea Herald reported quoting Korea Maritime Institute (KMI)’s report.  


Inland Waterways to Get Boost in India

Image: The Inland Waterways Authority of India (IWAI)

 The National Waterway Act, 2016 declaring 111 national waterways, including the 5 national waterways declared earlier has been enforced w.e.f. 12th April, 2016.    The process for preparation of techno economic feasibility (TEF) study/Detailed Project Report (DPR) of new national


Shanghai, Trinidad and Tobago to Host Maritime Technology Centres

Photo: International Maritime Organization (IMO)

 International Maritime Organization (IMO) has announced the first two institutes selected to host regional Maritime Technology Cooperation Centres (MTCCs) under an ambitious project, funded by the EU and implemented by IMO, to help mitigate the harmful effects of climate change.  


Lebanese NGO “KAYANY” Bags CMA CGM Corporate Foundation 2016 Prize

Photo: CMA CGM

 On Thursday, December 22, the President of CMA CGM Corporate Foundation, Mrs. Naïla Saadé, handed over the 2016 Prize of the Corporate Foundation to Mrs. Nora Joumblatt, founder and president of the NGO “KAYANY” at CMA CGM head office in Beirut.  


Long Beach Approves MSC's Bid for Hanjin Terminal

Photo: Port of Long Beach

The Port of Long Beach’s Harbor Commission on Wednesday approved an agreement to replace the bankrupt operator of its largest cargo terminal. The Long Beach Board of Harbor Commissioners greenlighted the move by a subsidiary of Mediterranean Shipping Co


Megaware KeelGuard Debuts PontoonGuard

PontoonGuard is the newest boat protection product Photo Megaware KeelGuard

Megaware KeelGuard, Inc., a worldwide supplier of products designed to protect the smallest fishing boats to the largest Coast Guard fleets since 1992, announced today the launch of its newest boat protection product – PontoonGuard.


Long Beach Weighs Offer for Hanjin Terminal

Photo: Port of Long Beach

The Long Beach Board of Harbor Commissioners will consider a proposal by a terminal investor to take over a majority stake in a long-term lease to operate the largest container terminal in the Port of Long Beach.   If approved, the pact could bring in business to replace the cargo volume


Israeli Police Trial its Latest Patrol Boats

Photo: SAFE Boats International

Israel Marine Police delegation visits SAFE Boats International to sea trial final patrol boats under multi-year contract   The Israel Marine Police (IMP) visited SAFE Boats International (SBI) this week to inspect and sea trial the final three vessels of 10 new patrol boats under contract






 
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