Cheng Completes Deal with Louis Dreyfus, DVB Nedship
Fred Cheng’s new shipping company, Shinyo International, has purchased the 1998-built 43,000dwt bulk carrier Bara from Louis Dreyfus Armateurs SNC of France. The ship is chartered back to CETRAGPA (Louis Dreyfus) for a period of four years. The transaction marks the first post-Golden Ocean acquisition by Cheng. It also reflects the core industrial shipping approach taken by Cheng over his twenty five years as a shipowner. DVB Nedship Bank provided the mortgage finance for the acquisition out of the bank’s Hong Kong office. The ship will be managed by Univan Ship Management, also of Hong Kong. Dagfinn Lunde, Chairman and CEO of DVB Nedship Bank stated…
Fred Cheng Completes Deal with Louis Dreyfus, DVB Nedship
Fred Cheng's new shipping company, Shinyo International, has purchased the 1998-built 43,000dwt bulk carrier Bara from Louis Dreyfus Armateurs SNC of France. The ship, which will be managed by Univan Ship Management of Hong Kong, is chartered back to CETRAGPA (Louis Dreyfus) for a period of four years. Mortgage finance for the acquisition was provided by DVB Nedship's Hong Kong office.
Cammell Laird Close To Luxus Cruise Ship Contract
Cammell Laird Holdings, which has been a strong shipbuilding and repair success story for several years, announced that it was to build two cruise ships, breathing further life into the struggling U.K. shipbuilding industry. Cammell Laird, however, said the contract with Luxus (UK) Ltd. for two 28,000-ton ships was conditional on the go-ahead from the UK government and Shipbuilding Intervention Funding, as well as ship mortgage finance guarantees to Luxus's bankers. The deal could be worth a reported $497.9 million, with the work expected to be shared between Merseyside in the northwest, Teeside and Tyneside in the northeast and Gosport on the south coast. Cammell Laird lost out last month on orders for six army roll-on roll-off transport ships.
