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HPH Trust Acquires Major Stake in Huizhou Terminal

Pic: Huizhou International Container Terminals Limited

 Hong Kong Container port business trust Hutchison Port Holdings Trust (HPH Trust) has reached an agreement to purchase a majority stake in Huizhou International Container Terminals Limited (HICT) in Guangdong from the trust’s sponsor for about $86.26m.   HPH Trust will acquire 65% and 15% of HITC equity interest, respectively through its subsidiaries, Yantian International Container Terminals (Phase III) Limited (YICT III) and Shenzhen Pingyan Multimodal Company Limited (PML).   The company said that, upon completion of the acquisition, HICT will be jointly held by YICT III, Huizhou Port Group (HPG) and PML in the proportions of 65%, 20% and 15%.   The acquisition will be funded from the internal resources of YICT III and PML, and is not expected to have any material impact on the financial position of HPH Trust for the current financial year ending December 31, 2016.   Business Times quoted the trust manager saying that it expects construction of two 50,000-tonne container berths in the Huizhou port to be completed by the end of 2016, and that it believes the Huizhou terminals “will be able to attract more cargoes, in particular intra-Asia cargoes due to its strategic position”.  


FSL Chairman Quits & Share Trading Suspended

First Ship Lease Trust (FSL) chairman Wong Meng Meng has vacated his posiion & the company admits there were differences in opinion in respect of the conduct of a board meeting. Earlier, on 30th June 2013 FSL, had requested a share trading halt, and on 4th July they further requested the Singapore Exchange to suspend trading in its shares First Ship Lease Trust According to the company's website, FSL Trust is a Singapore business trust that provides lease financing solutions to the


P&O Raises Cash For Cruise Ships

P&O has raised $650 million in financing for two new cruise ships to be built by French shipyard Chantiers de l'Atlantique, lead banker SG said. The two new vessels, ordered last December for P&O's U.S.-based Princess Cruises, will be built by the Alstom-owned shipyard in Saint-Nazaire, France, and delivered in October 2002 and June 2003 respectively, SG said. SG, the corporate and investment banking business of Societe Generale, said it had arranged $2


Venture Capital Group Eyes Cammell Laird

Venture capital group Patron Capital has approached the receivers of Cammell Laird about buying parts of the failed British shipbuilder, Reuters reported. Former Lehman Brothers banker Keith Breslauer who runs Patron was quoted as saying he had "expressed an interest in the U.K. business" to receivers PriceWaterhouseCoopers, but "we're not so keen on the international businesses." Last week the Independent newspaper said a private equity group owned by the Royal Bank of Scotland was


FSL Trust Provides Update on TORM Charters

FSL Trust Management Pte. Ltd. (“FSLTM”), as trustee-manager of First Ship Lease Trust (“FSL Trust” or the “Trust”) refers to its earlier announcement “FSL Trust renegotiates charter terms for TORM product tankers” made on 10 April 2012 and wishes to provide an update. On 2 October 2012, TORM A/S (“TORM”) announced the signing of a restructuring agreement with its banks and tonnage providers that will secure for TORM substantial


FSL Trust Secures Relaxation of Loan Covenants

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust wishes to announce that it has secured a temporary relaxation of two of its loan covenants from its lenders. The relaxation of covenants would be in effect for 12 months until end-June 2013. In view of the economic weakness in Europe and further deterioration in the shipping market, FSLTM requested for and was granted a temporary relaxation of two loan covenants from its lenders to address potential


Sumitomo Mitsui to Double Overseas Banking Staff

According to a Bloomberg report, Sumitomo Mitsui Financial Group Inc. will double its overseas banking staff that works on financing for ship construction, as Japan's biggest arranger of such deals tries to take advantage of surging demand for vessels. China's appetite for iron ore will boost demand for vessels with cargo capacity of more than 100,000 tons by 44 percent between last year and 2010, according to a report last month by Mitsui O.S.K. Lines Ltd


Senate Bills Introduced Re Oil Spill Liability

Senator Menendez (D-NJ) introduced two bills relating to oil spill liability. The Big Oil Bailout Prevention Liability Act of 2010 (S. 3305) would raise the limit of liability for oil spills from offshore facilities for costs other than removal costs from $75m to $10b. It would also be retroactive to April 15, 2010. The Big Oil Bailout Prevention Trust Fund Act of 2010 (S. 3306) would eliminate the provision that currently prevents expenditure by the Oil Spill Liability Trust Fund (OSLTF) of


WCI Endorses American Waterworks Act

Michael J. Toohey

New Waterways/Ports funding proposal will create jobs, relieve traffic congestion, increase exports. At its Board of Directors meeting held yesterday in Houston, Waterways Council, Inc.’s Board of Directors unanimously endorsed the  American Waterworks Act, proposed in late October by Senator Lamar Alexander (R-TN) and Senator Lindsey Graham (R-SC) to modernize America’s inland waterways and ports.   The new waterways funding plan would:


Keppel to Focus on its Asset Management Businesses

Ms Christina Tan

Keppel plans to consolidate its interests in business trust, REIT and fund management under Keppel Capital and grow its asset management business. In a major restructuring exercise to grow the contribution from its Investment Division, Keppel Corporation Limited (Keppel Corporation) plans to consolidate its interests in business trust management, real estate investment trust (REIT) management and fund management businesses (collectively


India Approves Major Port Authorities Bill

Indian Prime Minister Narendra Modi. Photo: Press Information Bureau

 The government of India has approved a draft bill to empower 12 major ports in India by providing them full autonomy in decision-making for greater efficiency.   According to Union Minister of State for Shipping Mansukh Lal Mandaviya, the Major Port Authorities Bill, 2016 once enacted


New Passenger Ferry for Governors Island

(Image: Blount Boats)

 U.S. shipbuilder Blount Boats together with naval architecture firm Elliott Bay Design Group (EBDG) has been awarded the contract to design and construct a new passenger-only ferry for Governors Island, New York by The Trust For Governors Island.  


Rickmers to Sell its Last 9 Vessels to Navios

File photo: Rickmers Maritime

 HSH syndicate, comprising HSH Nordbank and DBS Bank, has approved the sale of the remaining nine of 14 vessels of Singapore-based Rickmers Trust Management for some $54 million to Navios Partners Containers and Navios Partners Containers Finance.


JNPT Registers 5.11% Growth in Container Traffic

Photo: Jawaharlal Nehru Port Trust (JNPT)

 India's largest container port Jawaharlal Nehru Port Trust (JNPT)registered a growth of 5.11 per cent in container traffic in the first quarter of 2017-18.   According to a press statement, the JNPT handled 1.20 million TEUs in the first quarter of the current financial year as


Cochin Shipyard Delivers 2 RoRo Vessels

Photo: Cochin Shipyard Limited

 The Cochin Shipyard Limited in India delivered two RoRo vessels to the Kochi Municipal Corporation (KMC), Press Trust of India reported.   The vessels with modern equipment are expected to provide a great relief to the transportation problems in Kochi


Foss Enlists ABS for Sub M Compliance Service

(Photo: Foss Maritime)

Seattle based Foss Maritime, owner and operator of a fleet of tugs offering maritime transportation and logistics services, has awarded a contract to classification society ABS to support compliance with U.S. Coast Guard (USCG) Subchapter M requirements.  


SES Supports Medical Ship Project in Peru

SES - Vine Trust new medical ship MV Forth Hope (Photo courtesy of SES)

In support of the Vine Trusts’ latest project in the Peruvian Amazon, Ships Electronic Services (SES) will provide and install a comprehensive navigation and communications system aboard the Trusts’ new medical ship MV Forth Hope.  


WCI Meets the Press, Addresses FY 2018 Budget Request

Mike Toohey, WCI President/CEO

Consolidated Appropriations Act of 2017; FY 2017 Corps' Work Plan and Infrastructure Plan Addressed.  Waterways Council, Inc. (WCI) today held its annual briefing for the news media to address the President’s FY 2018 budget request, the FY 2017 Consolidated Omnibus Appropriations Act


Nitin Gadkari Lays Foundation of USD 173 mln Projects at Mumbai Port

Nitin Gadkari, Indian Shipping Minister. Photo: Official FB Page

 To boost port infrastructure, Indian Shipping Minister Nitin Gadkari laid foundation stone of eight connectivity projects worth Rs 1,117.03 crore  (USD 173 mln ) at Jawaharlal Nehru Port Trust (JNPT), Mumbai.   The projects include integrated common rail yard facility at JNPT


Navios Partners Buys Five Rickmers Containerships

Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has acquired five containerships from Rickmers Maritime Trust Pte for $59 million.   The five 4,250 TEU vessels are employed on charters with a net daily charter rate of $26


Russia Wants to Sell Sovcomflot to Small-stake Investors

Photo: Sovcomflot

Russia plans to sell part of state shipping firm Sovcomflot next month, hoping to draw in a wide range of small-stake investors rather than a strategic buyer who could threaten Moscow's control of the group, banking and industry sources say.  


Eagle Bulk Takes Delivery of Stonington Eagle

Photo:  Eagle Bulk Shipping

Eagle Bulk Shipping has taken delivery of the M/V Stonington Eagle, the third of nine Crown-63 Ultramax dry bulk sister vessels acquired from Greenship Bulk Trust for an aggregate price of $153 million. With the addition of the M/V Stonington Eagle


Elbit Bags Order to Supply Equipment to Brazil Marine Corps

Photo: Elbit Systems Ltd

 Elbit Systems announced that it won a $40 million contract from the Brazilian Marines to supply advanced systems for computerization, electronic warfare, radio, and communications.   The contract will be performed over a two-year period.  


WCI Applauds FY 2017 Omnibus

Michael Toohey (Photo: WCI)

 Waterways Council, Inc. (WCI) praised today’s passage of the FY 2017 Omnibus Appropriations bill that provides funding for the U.S. Army Corps of Engineers through the Consolidated Appropriations Act of 2017.    FY ’17 funding for the Corps’ Civil Works mission


FSL Q1 Earnings Rise

 Pic: First Ship Lease Trust

FSL Trust Management (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), reported a net profit of $3.4 million for the three months ended March 31, 2017, compared to $2.3 million reported in 1QFY16.  This positive result was achieved despite challenging industry conditions and






 
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