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Glencore International News

03 Nov 2017

Grain Trade Boosts Brazil's Itaqui Port

Brazil's Itaqui port, the country's closest deepwater gateway to the Panama Canal, has projected a rise in 2017 shipping volumes thanks to a record grain harvest and development of a new northern farming frontier. Most of Itaqui's export cargo arrives by train instead of roads. It is the deepest public port in Brazil, and its travel time to Europe and North America is seven days shorter than from rivals in the South. Itaqui can handle minerals, grains, fertilizers, fuel and woodpulp consignments. Until recently, it was strategic to oil company Petroleo Brasileiro, which accessed its deepwater berth to import fuel in large vessels. With a change in Petrobras' strategy causing its fuel transshipment activity to fall to almost zero…

03 Jul 2014

New Director-General Appointed at Gazprom Export

Gazprom informs that due to a considerable increase in the day-to-day business and its geographical expansion, as well as product diversification within the Company’s international activities, Elena Burmistrova has been appointed Director-General of the Russian energy major's Gazprom Export subsidiary. Gazprom explains that Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee will supervise the international business sector as well as social development and sports programs. “Gazprom’s geographical expansion and far-reaching plans in the foreign markets require new structural and functional decision-making,” said Alexey Miller, Chairman of the Gazprom Management Committee. Elena Burmistrova was born in Moscow.

25 Apr 2013

Wisdom Marine Takes Loan for Japanese Orders

Wisdom Marine Group signed a two-tranche syndicated loan agreement for $5.92 million (USD) and ¥11.88 billion ($119.43 million, USD) with six domestic banks to finance its orders with three Japanese shipbuilders, Taipei Times reported. The syndicated loan was co-led by First Commercial Bank and Bank of Taiwan, with participating loans from Taiwan Cooperative Bank, Hua Nan Commercial Bank, Bank SinoPac and Bank of Kaohsiung. Wisdom Marine and its subsidiaries placed orders with three Japanese shipbuilders Oshima Shipbuilding Co Ltd, Sasebo Heavy Industries Co Ltd and Tsuneishi Shipbuilding Co Ltd to build six bulk vessels. Delivery is anticipated sometime between this year and 2015.

15 Apr 2011

Omega Navigation Announces Entering Into an Amendment of the Maturity Date

Athens, Greece, April 12, 2011 - Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a provider of Global Marine Transportation services specializing in product tankers, announces that it has reached an agreement with its lenders to amend the maturity date of both the current senior and junior loan facilities. With this agreement the new maturity date will be May 10, 2011 on both facilities, amended from the current maturity date of April 12, 2011. About Omega Navigation Enterprises, Inc. Omega Navigation Enterprises, Inc.

14 Feb 2011

Megacore Shipping Gets Tankers, Adds Partner

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a provider of Marine Transportation services specializing in product tankers, announced that Megacore Shipping Ltd., its previously announced joint venture with a wholly owned subsidiary of Glencore International AG, has taken delivery from Hyundai Mipo Dockyard in S. Korea of the Megacore Philomena during the fourth quarter of 2010 and of the Megacore Pacifica and the Megacore Philothea during January 2011, each a 74,000 dwt. coated Panamax product carrier. Megacore Shipping Ltd. has contracted to acquire two Handysize double hull chemical / product tankers and seven Panamax double hull product tankers to be constructed at Hyundai Mipo Dockyard in South Korea. The two handysize vessels, the 37,000 dwt.

21 Oct 2010

Omega Navigation Enterprises, Q2 Results

Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the second quarter and six months ended June 30, 2010. For the quarter ended June 30, 2010, Omega Navigation reported total revenues of $19.0 million and Net Income of $2.4 million, or $0.15 per basic share, excluding losses on interest rate derivative instruments, incentive compensation grants expense and a one-time settlement fee for the termination of a purchase agreement. Including these items, the Company reported Net Loss of $0.9 million or $0.05 per basic share. Adjusted EBITDA for the second quarter of 2010 was $6.1 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities.

24 Dec 2009

Megacore Shipping New Product Tankers

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced that it has formed an equal partnership (50/50) joint venture company with Topley Corporation, a wholly owned subsidiary of Glencore International AG (Glencore). The name of the joint venture company is Megacore Shipping Ltd. Companies owned by Omega and the Glencore group have novated their respective original shipbuilding contracts entered into with Hyundai Mipo, consisting in total of 10 newbuilding 37,000 dwt product/chemical carriers (MR1s) (5 vessels each partner), to companies wholly owned by Megacore. This order has now been converted to two 37,000 dwt product/chemical tankers (MR1s) and seven 75,000 dwt.

22 Dec 2009

Omega Navigation Q3 2009 Results

For the quarter ended September 30, 2009, Omega Navigation reported total revenues of $14.3 million and Net Income of $1.9 million, or $0.12 per basic share, excluding losses on interest rate derivative instruments and incentive compensation grants expense. Including these items the Company reported Net Income of $ 0.1 million or $0.01 per basic share. Adjusted EBITDA for the third quarter of 2009 was $8.0 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities. Operating Income included revenue of $0.8 million attributable to profit sharing. The company owned and operated an average of eight product carriers during the third quarter of 2009, the same number as in the third quarter of 2008.

10 Sep 2009

Omega Navigation Q2 2009 Results

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the quarter ended June 30, 2009. For the quarter ended June 30, 2009, Omega Navigation reported total revenues of $16.7 million and Net Income of $3.4 million, or $0.23 per basic share, excluding a loss related to the termination of a purchase agreement, a loss on interest rate derivative instruments and incentive compensation grants expense. Including these items the Company reported Net Loss of $1 million or $0.06 per basic share. EBITDA for the second quarter of 2009 was $6.6 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.

04 Jun 2009

Omega Navigation Releases 1Q Results

Omega Navigation Enterprises, Inc. said that for the quarter ended March 31, 2009, it reported total revenues of $18.7 million and Net Income of $6.3 million, or $0.41 per basic share, excluding a loss on its interest rate derivative instruments, a gain on warrants revaluation and incentive compensation grants expense. Including these items the Company reported Net Income of $5.7 million or $0.37 per basic share. EBITDA for the first quarter of 2009 was $13.2 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.

03 Jun 2009

Omega Navigation 1Q 2009 Results

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SES: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the first quarter ended March 31, 2009. For the quarter ended March 31, 2009, Omega Navigation reported total revenues of $18.7 million and Net Income of $6.3 million, or $0.41 per basic share, excluding a loss on its interest rate derivative instruments, a gain on warrants revaluation and incentive compensation grants expense. Including these items the Company reported Net Income of $5.7 million or $0.37 per basic share. EBITDA for the first quarter of 2009 was $13.2 million.

22 May 2009

Omega Navigation Joint Venture for Omega Duke

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced it has taken delivery of the first of its newbuildings, the 47,000 dwt. Omega Duke. It further announced that it has taken several measures to better position itself to fund its newbuilding commitments from internally generated cash flow. As previously announced, Omega has commitments from commercial banks to provide 75% financing at delivery of all of its remaining newbuildings based on contract prices or fair market values at the time of delivery. In May 2008, Omega announced it had entered in to an agreement with an unrelated third party to purchase two newbuilding 47,000 dwt.

07 Nov 2008

New Time Charters for ONAV

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX:ONAV50), a provider of global marine transportation services focusing on product tankers, announced that an agreement has been reached to charter to ST Shipping (a wholly owned subsidiary of Glencore International, AG) the vessels Omega Lady Sarah and Omega Lady Miriam, from the third or fourth quarter of 2009 for a three year period. The new charters ensure full employment for these vessels for all of 2009, 2010, 2011 and at least the first half of 2012. Omega and ST Shipping have agreed on rates which are higher than those under their current employment. The new rates for both vessels will consist of a base rate of $25…

20 May 2008

Omega Acquires Two Tankers

Payment terms provide for a 10% deposit payment, payable now, and the balance of 90% at the respective deliveries of each vessel. The Company has secured bank financing at competitive terms for 90% of the deposit payment and 75% of the entire purchase price. Each vessel has currently secured employment to ST Shipping, a subsidiary of Glencore International, AG, under a three year time charter commencing at the time of delivery at a gross daily rate of $21,135. The time charters on both vessels include profit sharing arrangements settled on a quarterly basis, pursuant to which earnings from the vessels in excess of $21,135 per day will be divided equally between owners and ST Shipping.

26 Apr 2007

Omega Takes Delivery of Product Tanker

Omega Navigation Enterprises, Inc. has taken delivery from STX Shipbuilding Co., South Korea, of the Omega Theodore a new building Ice Class 1A Panamax double hull product tanker with a capacity of 73,000 dwt. Omega Navigation has secured employment for the Omega Theodore under a three year time charter with ST Shipping & Transport PTE, a subsidiary of Glencore International, at a daily rate of $25,500, including profit sharing arrangements, pursuant to which earnings from the vessel in excess of $25,500 per day will be divided equally between Omega Navigation and ST Shipping. This sharing ratio will be adjusted when the vessel trades in ice conditions…

29 Mar 2007

Omega Takes Delivery of Tanker

Omega Navigation Enterprises, Inc. a provider of global marine transportation services focusing on product tankers, announced today that it has taken delivery from STX Shipbuilding Co., South Korea, of the "Omega Emmanuel," a new building Ice Class 1A Panamax double hull product tanker with a capacity of 73,000 dwt. As previously announced, Omega Navigation has secured employment for the "Omega Emmanuel" under a three year time charter with ST Shipping & Transport PTE, a subsidiary of Glencore International, at a daily rate of $ 25,500, including profit sharing arrangements, pursuant to which earnings from the vessel in excess of $ 25,500 per day will be divided equally between Omega Navigation and ST Shipping.

07 Mar 2007

Omega Navigation Announces Charters for the Two Newbuildings

Omega Navigation Enterprises, Inc. has secured three year time charters at a daily rate of $25,500 for its two recently acquired newbuilding product tankers, the Omega Emmanuel and the Omega Theodore, with ST Shipping & Transport Pte Ltd, a subsidiary of Glencore International AG. Both time charters include profit sharing arrangements on quarterly basis, pursuant to which earnings from the vessels in excess of $25,500 per day will be divided equally between Omega Navigation and ST Shipping. This sharing ratio will be adjusted when the vessels trade in ice conditions, so that the profit sharing above the base rate of $25,500 per day between Omega Navigation and ST Shipping will be 65%/35%.

26 Feb 2007

Morgan Stanley May Run Larger Tankers for Oil Trades

Morgan Stanley plans to expand its oil tanker business as global demand for crude rises, according to two people briefed on the discussions, according to Bloomberg. The company is considering operating suezmaxes, 1 million- barrel vessels that would be the largest Morgan Stanley controls, said the people, who declined to be identified because the plan is still being debated. The ships often haul crude from West Africa and the Black Sea to the U.S. and Europe. Morgan Stanley, which has traded crude oil since 1984, wants to bolster its shipping unit to compete with companies such as Glencore International AG and Vitol Group. The New York-based company purchased a tanker operator last year for $200 million.

06 Jul 2006

Omega Delivers Two Product Tankers

Omega Navigation Enterprises Inc. on July 6 took delivery of two product tankers, which will be renamed Omega Princess and Omega Lady Sarah. Omega said so far it has taken delivery of five double hull product tankers and has agreements to acquire one additional double hull product tanker with expected delivery by the end of July 2006. Omega Navigation will receive 100 percent of the Omega Lady Sarah daily time charter earnings between $24,000 and $25,500 per day, and time charter earnings in excess of $25,500 will be divided equally between Omega Navigation and Glencore International AG. The company has granted D/S Norden an option to extend the charter of the Omega Princess for an additional period of 12 months at a minimum daily time charter hire rate of $24,000.

05 Jul 2006

Omega Navigation Announces Delivery Tankers

Omega Navigation Enterprises, Inc., a provider of global marine transportation services announced that it has taken delivery of two product tankers, the Iasonas, to be renamed the Omega Lady Sarah, and the Adonis, to be renamed the Omega Princess. Omega Navigation has taken delivery of five double hull product tankers and has agreements to acquire one additional double hull product tanker with expected delivery by the end of July 2006. The Omega Lady Sarah is a Panamax (LR1) double hull product tanker of 71,500 deadweight tons (dwt), built by STX, South Korea in 2004. This is the third Panamax product tanker delivered to Omega and follows the delivery of the Omega Queen and Omega King"announced on May 31, 2006 and June 16, 2006, respectively.