Financial Mirror News

The Cyprus Chamber of Shipping has hailed the unanimous decision by MPs to forward for a vote the legislation that will define three new branches of the executive – shipping, tourism and development, reports Financial Mirror. The report quoted the umbrella organisation for the entire maritime sector of shipowners, managers and services saying that  the decision, following the approval by the House Finance Committee on Monday, established an “innovative institutional structure” and will substantially contribute to the further development of Cyprus shipping and the economy, in general. The three State Secretariats will operate independently of the ten-member Cabinet and will report directly to the President.

Cypriot president Nicos Anastasiades has expressed his government’s determination to protect and further develop the shipping sector as per report in Financial Mirror. The industry employs 4,500 people on the island and Cyprus-based shipmanagement companies manage about 20% of the world’s third-party fleet. The industry currently contributes 7% to the island’s GDP, and with the launch of a new maritime strategy, Anastasiades believes maritime will “contribute significantly”, saying that he is devoted to “safeguarding the sector”. President Anastasiades added that despite the international adverse economic conditions and the financial difficulties that our country faces in the last years…

Tankers has received the new double-hull tanker M/T Stavrodromi of 15,500 tons. With the receipt of M/T Stavrodromi, the fleet increased from 14 to 15 tankers. The tanker is time chartered with Lukoil/Litasco for a period of 7 plus 3 years with a daily net charter of $15,300. It is also noted that the time charter with Lukoil/Litasco is active from the first day of its receipt. Source:  Financial Mirror

Ocean Tankers Holdings, the only public company quoted in the ‘Shipping’ sector of the Cyprus Stock Exchange, is planning a $45m rights issue to part fund the acquisition of eight new oil tankers. A previous IPO raised $13.4m to float the company. Since then, the fleet has doubled from three to six tankers of 4,500 to 12,000 tonnes capacity, while two newbuildings are expected to be delivered in the second half of 2008. The new acquisition of eight recently-built ships with an average age of six years, will double the fleet to 16 vessels, with the new additions having a 15,000 to 20,000 tonnes capacity. The new ships, that will carry the Maltese flag, are committed to Lukoil for a ten-year charter. The purchase value is set at $284m, underwritten by ABN Amro.

Ocean Tankers Holdings Public Company Ltd (OCT) announced that within the framework of the company’s policy for the improvement of its fleet, it has reached an agreement for the purchase of a tanker of new generation. The new tanker is the M/T Montauk, year of Manufacture 1999 under US flag, registered with the American Bureau of Shipping – ABS. The ship will be registered in the Cypriot shipping register under the name M/T KALIA. For the acquisition of the ship it has already paid 10% of the purchase price (USS1,082,500) in advance. The acquisition of the new tanker is expected to extend further the company’s turnover and to have positive effect on the profitability of 2007 and of the next years.

The Financial Mirror has reported that Ocean Tankers Holdings Pcl has covered its initial public offering but has requested an extension until November 8 in order to allow time to the CSE to open trading accounts for overseas investors, mainly Greek shipowners who are participating in the issue. Ocean Tankers offered a total of 3 mln shares during the IPO aiming to raise CYP 755.700 and according to confirmed reports has completed the issue at least one time. All the irrevocable applications have also been purchased by investors, mostly Greek shipowning groups. In view of the launch of the Common Trading Platform with the ASE on Monday October 30 and the inability of the CSE to process applications and open accounts mostly from overseas investors…

According to Financial Mirror, Ocean Tankers Holdings Public Co. will be the first ocean-going shipping company to go public on the Cyprus Stock Exchange later this summer, after the Nicosia bourse failed to attract the flotations of three other Cypriot-owned shipping companies. Stelios Haji-Ioannou’s Stelmar, Charalambos Mylonas’ Transmed and the Mouskas family’s Zela Shipping were all companies that took a stab at the island’s exchange and gave up as the CSE authorities deliberated endlessly about the criteria for listing. The Ocean Tankers initial public offering (IPO) of approximately $15m, representing 30% of the company after the flotation…