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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


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


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


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


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


Hydroid Wins Gold at MassEcon Impact Awards

11th Annual Team Massachusetts Economic Impact Awards

  Hydroid, Inc., a subsidiary of Kongsberg Maritime and a leading manufacturer of autonomous underwater vehicles (AUVs), today announced that it has been named the Southeast division gold winner in the 11th Annual Massachusetts Economic Impact Awards


USS Constitution Not to Set Sail Until 2018

USS Constitution gets underway in Boston Harbor for the ships 217th birthday cruise.

  The crew of USS Constitution embarked on their final Boston Harbor underway demonstration aboard Old Ironsides this year, Oct. 17. Constitution set out into the harbor for her fifth and final underway of 2014 at 10 a.m. with more than 600 guests in attendance aboard America's 'Ship of


Smith Brothers Chrtisten New Tug

Capt. Kenneth

Smith Brothers, Inc., Chesapeake Bay-based barge and marine equipment charter company, recently added the tug Capt. Kenneth to its fleet of inland and truckable tugs. With the 99-year-old namesake looking on alongside his son, Jeffrey Smith, company president


Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships


Mariner's 'Command Bridge' Helps Keep Baltimore Celebration Safe

Baltimore security monitoring: Photo Mariner Group

The Mariner Group informs that it augmented the security efforts of Maryland's Natural Resources Police and other federal, state and local agencies for Baltimore's recent Star-Spangled Spectacular and Sailabration. Mariner provided CommandBridge situation awareness support to the Incident


CD-adapco Agree FS Dynamics CFD Software Deal

CD-adapco, the largest privately held CFD focused provider of Computer Aided Engineering software, says it has recently finalized a three-year contract, worth over €1M, with FS Dynamics. Since it was founded 10 years ago, FS Dynamics has rapidly grown to become the leading supplier of CAE


The Great Lakes Ballast Water Challenge Explained

Ballast water discharge: File photo

Skuld P&I Club in a members advisory explores the regulatory framework and practical issues that exist in both Canada and the USA with input from BLG of Montreal and Chalos & Co of New York. The situation Members will be aware of the continuing progress of the Ballast Water Treatment


Total Refinery Plans Revealed by Next Spring

La Mede/Lavera plant merger project failed; Total may invest 300 mln euros in La Mede near Marseille. Total, Europe's biggest oil refiner, is giving itself until the spring of 2015 to review its options for the French refining sector, which could include capacity cuts but no site closures


Ivory Coast to File Legal Complaint over Ghana Border Row

Ivory Coast to file legal complaint over Ghana border row

  Ivory Coast said on Friday it would file a complaint with an international jurisdiction after Ghana took legal action to resolve a dispute over the two nations' maritime border in an area rich in hydrocarbons. British firm Tullow Oil has licences in Ghanaian waters near to the boundary


New Inspection Requirement for Ships in Paris MOU

Lloyd’s Register advises that the St. Vincent and the Grenadines Maritime Administration has issued Circular No. PSC 033 which requires additional inspections (termed ‘occasional surveys’) to be carried out for all vessels whose next port of call is within a Paris MOU member


Holland America Line Donates $25K to Seattle Children’s Hospital

Ks for Kids

  Holland America Group CEO Stein Kruse presented a check for $25,000 to Seattle Children’s Hospital’s Uncompensated Care Fund Saturday, Sept. 27, 2014, at the Seattle Mariner’s home game at Safeco Field. The company made the donation as part of its partnership with the


TEN Extends Charters for Three Product Tankers

Photo courtesy of TEN

Three new charters to generate total revenues of $40 million; spot rates increase in Q4 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) announced the charter extension for three product tankers, including two Panamaxes and one MR


APM Named 'Best Inland Service Provider'

ELSC Award

8th Annual Express Logistics & Supply Chain Conclave, prominent Indian-based business gathering recognizes service excellence. APM Terminals India Pvt. Ltd. was named “Best Inland Service Provider” for the third time in three years at the recently concluded 8th Annual Express


Workers End Strike at Haifa

Workers at Israel's state-owned Haifa Port ended their strike on Tuesday, a day after they walked off the job in protest at a government plan to build private, competing ports. A spokesman for the Chamber of Shipping said the port workers returned after Israel's labour court ruled that the


Minister Awards MCA’s Trainee of the Year

Jonty Turnbull

The “hard work and dedication” of a 25-year old Merchant Navy officer cadet has been recognized with an award that will be presented by the U.K. Shipping Minister at a ceremony in London tomorrow, Wednesday, October 15, 2014. Jonty Turnbull of Blackpool and the Fylde College






 
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