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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


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


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


New Bibby Offshore Vessel Christened

Olympic Bibby (Photo: Bibby Offshore)

On Thursday, April 9, the official naming ceremony took place for inspection repair and maintenance (IRM) light construction vessel Olympic Bibby, at the Kleven Shipyard, Norway.   The ceremony saw the vessel’s official Godmother Connie Brown


Spliethoff Chooses Imtech for VSAT Network

Photo courtesy of Spliethoff Group

Spliethoff Group, one of the largest ship management companies in the Netherlands, has awarded Imtech Marine a three-year extension contract for the supply of a broad-ranging Ship to Shore Communications service on the global VSAT network of Radio Holland


Employee Representatives Elected to NORDEN Board of Directors

NORDEN headquarters (Photo: NORDEN)

The employees in Dampskibsselskabet NORDEN A/S have elected the following employee representatives and alternates to the Company’s Board of Directors for a three-year period:   Employee representatives: Lars Enkegaard Biilmann, Captain (reelected)


Indian Oil Corporation to set LNG Terminal

Image: Indian Oil Corporation

 Indian Oil Corporation (IOC), the country’s largest refiner and fuel retailer, is all set to invest around Rs 45,000 crore ($7.5 billion) over three years to build petrochemicals plants and LNG terminal.   IOC is the largest enterprise in the country and the foremost ranked


Hapag-Lloyd Quits Portland

Image: Hapag-Lloyd

 Hapag-Lloyd has notified its Pacific Northwest customers that it has ended its service to Portland because of “schedule integrity” problems.    The last vessel to call at Portland as part of Hapag-Lloyd’s MPS was the 4


ECDIS for 28 More Vessels in Caspian Fleet

The Babek owned by Azerbaijan Caspian Shipping Company is one of the vessels due to be fitted with PC Maritime’s Navmaster ECDIS. (Photo courtesy of PC Maritime)

PC Maritime and its Estonian trading partner Marine Technics have won a contract to supply Navmaster ECDIS to 28 Azerbaijan Caspian Shipping Company (ACSC) vessels.   The order follows the operation of Navmaster ECDIS on 13 ACSC vessels over the past three years


ICTSI Oregon on Hapag Lloyd’s Service Termination to Portland

Logo

  ICTSI Oregon, Inc. is very disappointed to hear the news of Hapag-Lloyd's decision to cease its direct MPS service calling Portland. Hapag-Lloyd has been very supportive and loyal to the Portland market. Coupled with Hanjin's recent announcement to leave Portland and discontinue its Asia


India's First Indigenously Built Attack First Scorpene Submarine Launched Into Water

INS Kalvari: Indian Navy

 Indian Navy's first Scorpene class stealth submarine, Kalvari, on Monday was undocked at the Mazagon Docks Limited (MDL) in Mumbai.   The diesel-electric vessel INS Kalvari was built by Mazagon Dock Limited in collaboration with France’s DCNS


NYK Recognised Again as "Nadeshiko Brand"

Nadeshiko 2015 logo

  NYK was named “Nadeshiko Brand,” for the second consecutive year, following fiscal 2013, selected jointly by the Tokyo Stock Exchange (TSE) and the Ministry of Economy, Trade and Industry of Japan (METI).   Nadeshiko Brand is composed of companies that encourage


OOCL Orders Six Ultra-Large Container Ships

Pic: Orient Overseas (International) Limited.

 Orient Overseas (International) Ltd. has placed a new order for six mega 20,000 teu container ships from South Korean shipbuilder Samsung Heavy Industries Co. for US$951.6 million.   Orient Overseas, controlled by the family of former Hong Kong chief executive Tung Chee-hwa


Greece Will Sell Piraeus Port Stake in Weeks

Port of Piraeus

  The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency, a flip-flop from the leftist government as it seeks funds from its creditors.


Ukraine Arrests Turkish Ship for Visiting Crimean Port

A Master Shipping Ltd Vessel

 Turkey owned merchant ship flying the flag of Tuvalu was arrested by Ukrainian authorities over a visit it made to a port in Crimea, reports Reuters. The ship's captain detained.    Tuvalu-registered 5,095 deadweight ton ship Kanton was being held in the Ukrainian port of Kherson


Ukraine Arrests Turkish Cargo Ship Over Crimea Port Call

  Ukrainian authorities have arrested a Turkish-owned cargo ship and detained its captain over a visit it made to a port in Crimea after Russian annexed the peninsula from Ukraine last year. Prosecutors said the Tuvalu-registered 5,095 deadweight tonne ship Kanton was being held in the


Huge Heavy Lift Project Wraps up in Colombia

Mammoet crane at Reficar Refinery, Cartagena, Colombia (Photo: Mammoet)

Mammoet concludes multi-year heavy lifting and transport project for refinery in Cartagena, Colombia   Mammoet USA informs it has completed a heavy lifting and transport project at the largest refinery in Colombia, the Reficar Refinery.  


Brent Oil Rises as Euro Gains Against Dollar

Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone's top two economies. The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0






 
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