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Tsai Joins DnB NOR Asia in Singapore

Photo courtesy Helix Media

Teddy Tsai, an Asia shipping and transport sector analyst with more than ten years’ expertise in investment research, has joined DnB NOR Asia at the bank’s regional headquarters in Singapore. Tsai has been appointed Deputy Head of Research in Asia and comes to the bank from his role as Head of Research at CLSA Capital Partners, in Hong Kong, where he worked as part of the investment team, developing overviews of the sectors including offshore supply, product tankers, dry bulk and container shipping. He was also involved in producing the fund’s business plan and in investment activities including due diligence, pre-investment evaluation, and negotiations. Previously, Mr Tsai held the position of Vice President – Asia Pacific Transportation Research (Shipping) at Merrill Lynch, from 2003-2008, where he was responsible for equity research covering shipping stocks in Asia. As part of that role, he was involved in a variety of external and internal broker surveys, and developed innovative products such as a proprietary dry bulk supply-demand model and Baltic Dry Index forecasts. Prior to 2003, Mr Tsai worked in equity research for Morgan Stanley in Taipei and Insight Pacific Investment Research in Taipei and San Francisco. Tsai holds a BA in Economics and another in Political Science & International Relations, both from the University of California, San Diego, and a Lloyd’s Maritime Academy diploma in ship finance.


MC Shipping Shareholders Approve Merger

MC Shipping Inc. announced that, at a special meeting of shareholders held today, its shareholders approved the merger agreement pursuant to which Mast Acquisition Ltd., a newly-formed affiliate of Bear Stearns Merchant Banking ("BSMB"), will acquire the outstanding shares of MC Shipping for a price of $14.25 per share in cash. Approximately 97.5% of MC Shipping's common shares present and voting at the special meeting were voted in favor of the proposed merger, representing approximately 75


Hornbeck Offshore Closes New Revolving Credit Facility

Hornbeck Offshore Services, Inc. has closed on a new five- year senior secured revolving credit facility that increased the amount of the borrowing base, extended the maturity, lowered the interest rate and improved the financial flexibility of the covenant package of the Company's prior revolving credit facility, commensurate with its enhanced credit standing. The new revolving credit facility has increased the Company's borrowing base from $60 million to $100 million


Euronav NV Gets $1.6B Bank Facility

Euronav NV signed a $1.6 billion senior secured credit facility with Nordea and DnB NOR acting as lead arrangers, Nordea as sole bookrunner and facility agent and Calyon, Citibank, Deutsche Schiffsbank, HSH Nordbank, Hypo-Vereinsbank, Royal Bank of Scotland and Scotiabank acting as co-arrangers. The credit facility, which was oversubscribed by more than 58%, consists of a term loan of USD 865 million, a non-amortising revolving loan facility of USD 500 million and additional term loan of up to


Ship Finance: Where is the Money?

By Greg Trauthwein While capital for the maritime industry remains tight, lenders insist that funding is available for well- managed public companies. At the 17th Annual Joint Shipping Conference held at the Waldorf Astoria Hotel February 8, 2011 - a conference co-sponsored by the Hellenic-American/Norwegian-American Chambers of Commerce - finance leaders addressed the question of capital availability. "There is a flight to quality," said Martin Lunder, SVP, Nordea Bank


Odfjell: Strategic Partnership with Lindsay Goldberg

Reference is made to the stock exchange announcement of 18 May 2011, in which Odfjell announced its intentions to enter into a strategic partnership with Lindsay Goldberg LLC to grow its tank terminal business in Europe and North America. Odfjell signed definitive agreements for a strategic partnership with Lindsay Goldberg LLC, a US-based private equity firm. The partnership enhances our platform for organic and strategic investments and expansions in the tank terminal business in Europe and


Call For Entries For Clean Ship Award and Next Generation Ship Award

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Nor-Shipping announces the call for entries for the Nor-Shipping Awards 2011, which are the Clean Ship Award and the Next Generation Ship Award. The deadline for submissions is April 1, 2011.  The Clean Ship Award pays tribute to the ship that has contributed to the greatest reduction of emissions to air or discharges to sea in relation to its function and operation. Only ships delivered after the previous Nor-Shipping in June 2009 are eligible


General Maritime Refinancing Initiative

General Maritime Corporation.bmp

Refinancing Initiatives Strengthen Company's Balance Sheet and Capital Structure NEW YORK, May 9, 2011 /PRNewswire via COMTEX/ -- General Maritime Corporation (NYSE: GMR) announced today that it has completed the syndication of an Amendment of its 2005 revolving credit facility of $550 million and $200 million payment-in-kind toggle floating rate secured notes ("Secured Notes") with Oaktree Capital Management L.P. ("Oaktree")


DnB NOR Global E&P Spending Report: Growth Continues

The 65 oil companies covered in DnB NO’s fifth annual E&P spending report expect a spending increase of 14% in 2011, 8% in 2012 and 7% in 2013. For 2011 we expect activity growth in line with last year; however, service costs are increasing and expected to contribute one third of the total growth rate. We believe that this, combined with fundamentals such as an organic Reserve Replacement Ratio of 87% and increased focus on deepwater and challenging areas


Crowley Raises Market Funds Mainly for Newbuild Program

Crowley Maritime Corporation has successfully raised gross proceeds of $200 million through the sale of 200,000 shares of Series A Income Preferred Securities. The company says it intends to use the net proceeds from this offering in connection with its new vessel build program as well as for general corporate purposes. “We are very pleased to have concluded this important transaction for the company, especially as it offers a new source of capital to pursue our growth plans


WSS: Digital Solution Focus @ Norshipping

(Image: Wilhelmsen Ships Service)

Wilhelmsen Ships Service (WSS) are bringing the maritime digital solutions of the future to life at Nor-Shipping. Unveiling their augmented reality (AR) project at the world’s biggest maritime show, this immersive, interactive tool enables visitors to view the company’s very latest


CrowdStrike: Countering Maritime’s ‘Invisible Pirates’

© donvictori0 / Adobe Stock

“Maritime has been described as ‘the next playground for hackers,’” said John Titmus, Director, EMEA - Cybersecurity Strategy Advisor at cyber security specialist CrowdStrike. “It’s an industry revolving around high value assets, moving valuable cargoes


Vartdal Wins WISTA LeaderShip Award

Birgitte Ringstad Vartdal (Photo: WISTA)

Birgitte Ringstad Vartdal, CEO of Golden Ocean, has been awarded the WISTA LeaderShip Award 2017 by WISTA Norway as recognition of her contribution to the maritime industry, her competency and leadership skills within the traditionally male dominated role of CEO


Nor-Lines, Rolls-Royce Sign Service Agreement

Photos courtesy of Rolls-Royce

Nor Lines and Rolls-Royce have signed a “Power-by-the-Hour” service agreement for the two vessels Kvitbjørn and Kvitnos. The new service offering harnesses the power of “big data” to monitor, plan and perform maintenance and repairs on all the equipment it has


Norwegian Authority Objects Eimskip's Acquisition of Nor Lines

Photo: Eimskip

 The Norwegian Competition Authority has today given a notice of an objection to Eimskip’s acquisition of the Norwegian shipping and logistics company Nor Lines AS.   The notice reflects the Authority's preliminary conclusion


Nordic American Offshore Announces Public Offering

Photo:  Nordic American Offshore

 Nordic American Offshore (NAO) has announced an underwritten public offering of 33,333,333 common shares pursuant to the Company’s effective shelf registration statement.     Morgan Stanley & Co. LLC, DNB Markets, Inc


Public Offering Fetches $47.7mln for Nordic American

Photo: Nordic American Offshore

 Nordic American Offshore (NAO) has closed the follow-on offering of 40,000,000 common shares at a public offering price of $1.25 per share resulting in aggregate net proceeds of approximately $47.7 million.    The proceeds could be slightly in excess of $50 million


Memorial Service Held 30 Years After Ferry Tragedy

More than 400 attend 30th anniversary service marking the Herald of Free Enterprise disaster    Grieving families affected by the Herald of Free Enterprise RO/Ro passenger ferry disaster gathered to mark the 30th anniversary memorial service in Dover on March 6.  


Maersk to Lift the Lid on Digital Disruption

File photo: Maersk Line

Maersk is set to unveil the thinking behind its recent tie-ups with IBM and China’s Alibaba when the firm’s Chief Digital Officer, Ibrahim Gokcen, takes the stage at this year’s Nor-Shipping. The maritime event week, taking place across a series of venues in Oslo and


Look to the Nordics for Digital Maritime Solutions

Birgit Liodden (Photo: Nor-shipping)

Birgit Liodden, Director of Nor-Shipping, argues that Norway, Denmark, Sweden and Finland have the infrastructure, understanding and ambition to drive the digital transformation shipping requires for future sustainability and success. The world isn’t standing still


Acquisition of Nor Lines Rejected

Photo: Nor Lines

 The Norwegian Competition Authority has today rejected Eimskip’s acquisition of the Norwegian shipping and logistics company Nor Lines AS. The result of this decision is that Eimskip is not allowed to acquire Nor Lines.   The potential acquisition of Nor Lines was not taken into


Peace Boat to Showcase Ecoship at Nor-Shipping

Ecoship (Photo: Nor-Shipping)

Peace Boat will showcase its plans for Ecoship, a unique concept cruise vessel, at Nor-Shipping 2017. The Japanese-based organization, which works to promote peace, human rights, sustainable development and respect for the environment, will take one of the largest spaces in the event’s


DNV GL at Nor-Shipping: Digitalization & Environmental Compliance

At Nor-Shipping 2017, DNV GL will be presenting modern classification solutions, focusing on digitalization and environmental compliance. Photo: DNV GL

 DNV GL will be presenting modern classification solutions, focusing on digitalization and environmental compliance at  this year’s Nor-Shipping trade fair in Oslo, May 30 to June 2.   The classification society will kick off the week with the DNV GL Conference


WSS to Trial Drone Deliveries to Ships

Photo Credit:  Nicolai Aass

Marking a shift in how ship agents can support customers, Wilhelmsen Ships Service (WSS) said it will soon begin delivering its agency essentials via drone. A much talked about technology, with obvious applications for the shipping industry, it is WSS’ships agency team


Dellner to Launch Heavy Duty SKD Disc Brakes

Photo: Dellner Brakes

 Dellner Brakes AB said it will introduce two new heavy-duty disc brakes to its SKD range that, through a new modular design, are set to deliver more choice and stopping power for large industrial, marine and offshore applications.  






 
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