Marine Link
Friday, October 20, 2017

Dnb Nor

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

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

Eimskip to Acquire Nor Lines

(Photo: Eimskip)

Eimskip has entered into an agreement to acquire the Norwegian shipping and logistics company Nor Lines. The business, with about 200 employees and an estimated annual turnover of approximately EUR 110 million, will be restructured in order to be aligned with Eimskip’s current operations in Norway.   Ingvald Løyning, CEO of DSD, said, “DSD started the process of finding a strategic solution for Nor Lines early this year

Nordic American Appoints New CFO

Photo: Nordic American Offshore Ltd

 Nordic American Tankers (NAT) and Nordic American Offshore (NAO) has appointed Bjørn Giaever (50) as Chief Financial Officer (CFO).    He is expected to join us later this year and as early as possible. Giaever joins NAT/NAO from the well reputed firm of Fearnley Securities AS with main office in Oslo, Norway.    This is an investment bank with special focus on the maritime sectors, where he served as a director and partner in the Corporate Finance division

MPC Containerships to Use USD 100mln Bond Proceeds for Fleet

Image: MPC Container Ships Invest B.V

 MPC Container Ships Invest B.V., a wholly owned subsidiary of Oslo-listed MPC Container Ships AS, has successfully completed the issuance of a new senior secured bond issue of USD 100 million.    The bond issue has a 5 year tenor, carries a floating interest rate of 3m LIBOR + 4.75% and has a borrowing limit of USD 200 million. The bond issue received strong demand and was oversubscribed.   The net proceeds from the bond issue will be used to finance acquisitions of

Giaever to Take Over as CFO at NAT, NAO

 Bjorn Giaever will take up his position as the new chief financial officer (CFO) at Nordic American Tankers Limited (NAT) and Nordic American Offshore Ltd. (NAO) from October 16, 2017.   Giaever joins NAT/NAO from maritime focused investment bank Fearnley Securities AS, where he served as a director and partner in the Corporate Finance division. Giaever has served as a corporate advisor in the John Fredriksen group in London

Seadrill Files Chapter 11 Bankruptcy Protection

WEST GEMINI. Photo: Seadrill Limited

 Seadrill Limited, one of the world’s largest offshore drilling companies, has filed for Chapter 11 bankruptcy protection at the Southern District Texas court, Reuters reported.   The indebted oil rig firm controlled by Norwegian billionaire John Fredriksen is seeking to restructure its roughly $10 billion  debts as the petroleum industry continues to grapple with low prices.   Seadrill announced that the court overseeing the Company's chapter 11 restructuring

Wärtsilä Launches HY Hybrid Power Module

A typical system arrangement with the Wärtsilä HY for a tugboat application, in diesel-mechanical configuration with shaft motor/generator. (Image: Wärtsilä)

First of its kind hybrid power module Wärtsilä HY makes its debut at Nor-Shipping; first order received from Rimorchiatori Riuniti Leveraging its technical strengths in both engine design and electrical and automation (E&A) systems, Wärtsilä is launching a fully integrated hybrid power module combining engines, an energy storage system and power electronics optimized to work together through a newly developed energy management system (EMS)

Banks Backs Responsible Ship Recycling Standards

Photo: NGO Shipbreaking Platform

 Dutch banks ABN AMRO, ING Bank and NIBC, together with the Scandinavian DNB, announced that they are all introducing Responsible Ship Recycling Standards (RSRS) for their ship financing.    The banks took the opportunity of making this announcement during the biannual industry gathering in order to raise awareness with the intention of including more banks into the initiative.    The Norwegian fund, KLP

RSC Bio Solutions, Drew Marine Ink Distribution Deal

Mike Guggenheimer (Photo: RSC Bio Solutions)

RSC Bio Solutions and Drew Marine announced a new global marine distribution partnership at a press event held at Nor-Shipping’s annual conference in Oslo, Norway. This strategic alliance creates enhanced global availability for RSC Bio Solutions’ high performance environmental lubricant offerings. With Environmentally Acceptable Lubricants (EALs) growing quickly in the global marine market and demand from shipowners expanding into a wider range of auxiliary lubricant

Norsepower CEO Scoops Young Entrepreneur Award

Tuomas Riski, CEO, Norsepower, Nor-Shipping Young Entrepreneur Award 2017 winner  (Photo: Norsepower)

Norsepower Oy Ltd., a leading provider of low-maintenance, software operated, and data verified auxiliary wind propulsion systems, has announced that its CEO Tuomas Riski is this year’s recipient of the ‘Young Entrepreneur Award’. The accolade was presented to Tuomas yesterday, by His Royal Highness Prince Haakon of Norway, during the opening ceremony of the 2017 Nor-Shipping Conference.  

Samsung Heavy Industries, DNV GL Partner for LNG Carrier Design

At the signing (L to R): Tommy Bjørnsen, Regional Manager Korea & Japan, DNV GL – Maritime, Mun-Keun Ha, Senior Executive Vice President, SHI, and Remi Eriksen, DNV GL Group President & CEO. (Photo: DNG GL)

 DNV GL and Samsung Heavy Industries. Co., Ltd (SHI) signed a joint development project (JDP) agreement focused on the development of new LNG carrier designs. Mun-Keun Ha, Senior Executive Vice President of SHI, and Tommy Bjørnsen, DNV GL’s Regional Manager Maritime Korea & Japan, signed the agreement at the DNV GL Group head office in Høvik, during Nor-Shipping week. The JDP aims to develop two 30K LNG carrier designs

SENER Presents Its Latest Innovations

SENER held a stand in the Spanish Pavilion at Nor-Shipping 2017 (Photo: SENER)

Engineering and technology group SENER presented its recently-launched V80R2.0 version of the FORAN marine CAD/CAM/CAE system, along with the company’s latest ship designs, at Nor-Shipping 2017, held in Oslo from May 30 to June 2   According to SENER, FORAN has been widely used in Norway for some time now, making this biennial event a great opportunity not just to meet new companies interested in FORAN – from Norway and other countries – but also to touch base with a

NordLB Drops Plans to Sell Shipping Loans to KKR

German lender NordLB has abandoned efforts to sell a 1.3 billion euro ($1.5 billion) portfolio of shipping loans to KKR, Handelsblatt reported on Monday, citing a spokesman for NordLB. NordLB had said in April it hoped to complete a deal by the end of June. Neither NordLB nor KKR were immediately available for comment. (Reporting by Maria Sheahan)

Rolls-Royce Inks Service Deal with Siem Offshore, Subsea 7

Photo: Rolls-Royce

Siem Offshore and Subsea 7 have signed a joint three-year service agreement with Rolls-Royce. The agreement covers a total of 74 offshore vessels. This is the first agreement the two Siem owned companies have signed with the same service provider.   Under the agreement, Rolls-Royce will maintain and service all of the equipment it has delivered to the two companies’ offshore vessels.   At present, aftermarket services account for roughly 40 percent of Rolls-Royce

First Ship with IMO Tier III EIAPP Engines Launched

Image: The French Navy’s patrol and polar logistic ice-breaker, L’Astrolabe. Photo: courtesy of PIRIOU.

 The launch of the L’Astrolabe, a 72 metre polar logistics vessel fitted with a complete Wärtsilä propulsion machinery package and Wärtsilä NOR (NOx Reducer) SCR (Selective Catalytic Reduction) exhaust gas cleaning systems for all the main engines, took place on July 12.    This is the first vessel operating with the International Maritime Organisation’s IMO Tier III EIAPP (Engine International Air Pollution Prevention) certified

Samskip Scoops up Nor Lines

(Photo: Samskip)

European multimodal transport provider Samskip said it will acquire activities associated with Nor Lines AS, marking a major expansion of its shipping, transport and logistics businesses in Norway.    Subject to approval by Norway’s competition authorities, Samskip has agreed with the DSD Group to acquire the activities of Nor Lines, which generate an average annual turnover of €110 million ($128.2 million).  

DHT Holdings Completes Delivery of 9 VLCCs

Photo:  DHT Holdings, Inc.

 Bermuda-based DHT Holdings has completed the delivery of the nine VLCCs acquired from the BW and the contracts for the two newbuildings due for delivery in 2018 have been transferred to DHT.    DHT has a fleet of 30 VLCCs, 26 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes. The total dwt of the fleet is 9,502,995.  The average age of the VLCC fleet is 6.8 years.    

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News