Alpha Bank Raising $510 mln From Securitized Loans
Greece's Alpha Bank is set to raise about $510 million from securitized shipping loans in one of the first European asset-backed deals in the sector for nearly a year, finance industry and Alpha bank sources said on Friday. The deal, which is being arranged and financed by Citigroup and bundles together a portfolio of approximately 35 individual shipping loans, will have an average life of two and a half years with a five-year final maturity, industry sources said. A Citi spokesman declined to comment. "Securitisation transactions are part of Alpha's program. They are a tool to differentiate the bank's funding sources," one Alpha bank source said.
InterManager Welcomes New Member
InterManager, the international trade association for the ship and crew management sector, has started the year by welcoming a new member. Ukrainian crew manager Alpha Navigation has been approved for Full Membership in what InterManager Secretary General Kuba Szymanski says is a significant move. “Ukraine is an important crew-supply area and we are delighted to welcome Alpha Navigation as the first InterManager member from this country and also our first new member of the year,” he said. Based in Odessa, one of the biggest ports in the Mediterranean and Black Seas area, and with branches in most Ukrainian sea ports, Alpha Navigation represents more than 2,500 competent and qualified Ukrainian crew.
Alpha Bank Securitize Shipping Loans
Greece's Alpha Bank has successfully completed its second financing transaction of $250 million through shipping securitization with Citi, following the inaugural shipping securitization issuance of $500 million in 2014. "Alpha Bank has successfully completed its second financing transaction of USD 250 million through shipping securitisation with Citi, following the inaugural shipping securitisation issuance of USD 500 million in 2014," said a press statement. The transaction…
Buchan Alpha Arrives in Shetland for Decommissioning
The Buchan Alpha oil production vessel has arrived safely in Lerwick, Shetland for disposal. A semi-submersible moored floating production vessel, weighing 12,000 tonnes, Buchan Alpha was built in 1973 as a drilling rig and converted for production purposes in Stornoway between 1978-80. The vessel commenced production in 1981 from the Buchan field, located in blocks 21/1A and 20/5A, and has subsequently also produced the nearby Hannay field. Production ceased, as planned, on 12 May 2017 having produced around 148mm barrels of oil.
Cheoy Lee Yachts "Expresses" Interest in Racing
Do yachting and racing mix? Yes, when powerboat veteran Gene Weeks, his wife, Paula and yacht builder, Cheoy Lee Shipyards, join the Powerboat P1 Superstock Series. When the venerable Cheoy Lee Motoryachts took advantage of the market evolution from super-yachts to smaller, sleeker Express Yachts, the company tapped the expertise of Gene Weeks who raced and had helped build brands like Donzi and Statement. Weeks and his wife, a mechanical and motorsports-savvy woman, moved to Doumen, China for two years to help design and build Cheoy Lee's new Alpha Series.
Offshore Wind Farm Transformer Platform – Nordic Yards Steel-cutting
The first steel blank cut has been made at Nordic's Warnemünde shipyard on the largest offshore transformer platform of its type currently under construction worldwide. Wind Farm transformer platform SylWin alpha will be installed west of Sylt to provide the grid connection for DanTysk and Butendiek offshore wind farms. In accord with the date announced at the contract signing in February this year, the first steel blank cut was made in the presence of representatives of the client, Siemens Energy, and the end customer, TenneT, at the Rostock-Warnemünde yard.
Hellenic Shipyards To Go On Block
Greece's development ministry appointed Alpha Finance to advise it on the planned sale of Hellenic Shipyards. Alpha Finance will undertake all activities on finding an investor for Hellenic Shipyards at Skaramanga via an international tender, with an eye to selling up to 100 percent of the enterprise. The ministry said the tender is scheduled to be held in the next four months. Hellenic Shipyards is one of 10 privatizations the development ministry said it has planned for 2001.
Greece's Alpha Bank Raises Over $500 mln Via Shipping Loan Deal
Greece's Alpha Bank raised more than $500 million from a transaction backed by shipping loans, it confirmed on Thursday, one of the first of its kind by a Greek bank since 2008. Reuters reported in November that Alpha Bank, Greece's fourth-largest bank, was to raise about $510 million by bundling together shipping loans. The fundraising, arranged by Citigroup, has a five-year maturity. Reporting by Angeliki Koutantou
Smedvig Secures Contract for West Alpha
Smedvig has been awarded a letter of intent by Shell U.K. Exploration and Production for a drilling assignment for the fourth-generation semi-submersible drilling rig West Alpha. The contract is for drilling of a HPHT (high-pressure-high-temperature) exploration well in the UK sector of the North Sea. The drilling period is estimated to approximately 110 days, and the contract value is $13 million. Start-up of operations is scheduled for August 2002.
Smedvig Secures Contract for West Alpha
A letter of intent has been awarded to Smedvig by Statoil for the assignment of the fourth generation drilling rig West Alpha. The contract includes drilling of two water injection wells at the Heidrun field in the Norwegian Sea, with an option for additional 30 days. The estimated contract value for the firm part of the contract is approximately $ 15 million. The drilling period is estimated to approximately five months. Start-up of operations is scheduled for the second part of June, after completion of the assignment for Pertra. West Alpha is currently drilling for Britannia at the U.K. continental shelf.
Keppel Appoints New CFO
In a move towards succession planning, the Board of Directors of Keppel Corporation Limited ("Keppel" / the "Company") announced that Mr Teo Soon Hoe will relinquish his role as Group Finance Director with effect from 1 January 2012. Mr Teo, 62, will continue to serve as Senior Executive Director and remain on the Keppel Board. He will remain as Chairman on the boards of Keppel Telecommunications & Transportation Ltd and M1 Limited. He will assist the CEO, Mr Choo Chiau Beng to strategize and grow Keppel's competencies in Sustainable Development, and oversee Keppel's investment portfolio and special projects such as the Sino-Singapore Tianjin Eco-City.
Van Oord Orders Two New Dredgers
Rotterdam-based dredging and marine contractor Van Oord has recently ordered two trailing-suction hopper dredgers as part of its continuous investment program. The vessels will be constructed at CNN LaNaval Shipyard in Sestao, Spain with delivery dates scheduled for 2017. Each vessel will feature a complete MAN Diesel & Turbo propulsion package with MAN 6L48/60CR engines, RENK gearboxes with PTO, MAN Alpha CP Propeller systems, AHT (Alpha High Thrust) Propeller nozzles and MAN Alpha AT3000 propulsion-control systems.
Talisman Sinopec Closes North Sea Platform Ahead of Storm
Talisman Sinopec Energy UK has closed its Buchan Alpha platform in the North Sea, the company said on Wednesday, ahead of an expected severe winter storm. The Buchan Alpha is a floating production installation that contributes less than 5,000 barrels of oil per day to the Forties crude stream. A spokeswoman for the company, a joint venture between Canada's Talisman and China's Sinopec, said 61 non-essential personnel had been taken from the installation to Aberdeen, Scotland, in advance of the storm. "This was completed on December 8. A team of 15 remain on board and production remains shut down for the time being," she said. Britain's Met Office has issued an amber "be prepared" warning for Scotland…
ST Electronics, Alpha Ori to Drive Digital Transformation
Singapore Technologies Electronics Limited (ST Electronics) and Alpha Ori Technology Holdings Private Limited (Alpha Ori) has signed a Memorandum of Understanding (MOU) to co-create digitalization solutions for shipborne and shore-based maritime fleet control and management. STARRI (ST-Alpha Ori Reliable & Intelligent platform), a unified, secured and smart data lake platform equipped with communications connectivity, ship and environment converged data, data analytics and machine…
Cyber SAFE Ship Delivered
The first ships to be classed with Lloyd’s Register’s cyber notations have been delivered to Global United in Korea. Built by Hanjin Heavy Industries, in collaboration with Alpha Ori Technology, the ships have been awarded the notation Cyber (AL-SAFE) certifying the autonomous systems onboard as safe. This is the first real example of the digital transformation in shipping – the ships will operate in an autonomous mode for selected functions using cutting edge digital technology. The new cyber-enabled features allow crew to operate ships more efficiently.
Keppel to Focus on its Asset Management Businesses
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, "Asset Management") under Keppel Capital Holdings Pte. Ltd. (Keppel Capital), a wholly-owned subsidiary of Keppel Corporation.
Fishing Vessel and Tanker Collide
Humber Coastguard received a MAY DAY call from the 13 metre fishing vessel Aquarius reporting they were taking in water with 3 persons on board approximately 16 miles East of Amble. Aquarius reported that they had been involved in a collision moments earlier with the 56,000 Tonne Bahamian tanker Alpha Germania, which was in ballast and on passage to Teesport. Humber Coastguard requested the launch of RNLI Amble Lifeboat and the Rescue Helicopter from RAF Boulmer, which is standing by with Coastguard pumping equipment. A near by fishing vessel called Rejoice attended the scene and has secured a tow line to Aquarius which has lost all steering but is not sinking.
Dunlin win for Aker Solutions
Aker Solutions in has been awarded a three-year contract, plus options, to provide Fairfield Energy with engineering, procurement and construction services on the Dunlin Alpha platform in the northern . The contract is valued at between GBP 20 and 30 Million annually and will create around 100 new jobs. The award to one of the businesses of the global engineering and construction group comes in the wake of 's purchase of the Dunlin field cluster from Shell in December 2007. Aker Solutions will undertake a number of initial studies on the installation, followed by an aggressive programme of modifications, including onshore engineering work, procurement and offshore construction.
Subsea 7 Awarded Contract from Ithaca Energy
Subsea 7 Inc, has been awarded a contract by Ithaca Energy (UK) Limited for installation works in Block 12/21c of the UK Sector North Sea approximately 10.5km north east of the existing Beatrice Alpha facilities. The contract is valued in excess of $22m. Subsea 7 will provide project management, fabrication, installation and offshore pre-commissioning of a 10.5km production and water injection pipeline and power cable tie-back of the new Jacky platform to the Beatrice Alpha platform with a 1km production and water injection pipeline tie-back of the Beatrice Bravo platform to a mid-line manifold structure. The offshore installation of…
Star Bulk Takes Delivery of Supramax Vessel
Star Bulk Carriers Corp. has taken delivery of the Star Alpha (ex A Duckling), a Capesize vessel of 175,075 dwt built in 1992. Star Alpha is currently under a preexisting time charter employment contract at a gross daily rate of USD 47,500 which continues until October 2009. Star Bulk has agreed to acquire a total of nine dry bulk vessels including two Capesize, one Panamax and six Supramax vessels. As of today, the company has taken delivery of two Capesize and six Supramax vessels, thereby expanding its operational fleet to eight vessels. The ninth vessel, a Panamax, is scheduled for delivery within February 2008.
Germany Offshore Transmission Station Contract Awarded
Seaway Heavy Lifting contracted by Siemens AG for the transportation & installation of the German North Sea jacket & transmission station. The contractors say that the 5,800 tonnes jacket will be installed by Heavy Lift Vessel “Oleg Strashnov”. The 14,000 tonnes transmission station will be installed as a float-over with Seaway Heavy Lifting to perform the float-over operation with the assistance of its subcontractor Dockwise. The work is scheduled to be performed in 2013/2014. The transmission station SylWin Alpha will be installed in the German exclusive economic zone of the North Sea, in the so called “SylWin Alpha” clusters. Seaway's CEO Jan Willem van der Graaf says: “We are very pleased that Siemens has awarded this important contract to Seaway Heavy Lifting.
Dutch Team Installs Huge Power Socket in the North Sea
A combination of three Dutch offshore companies realized a unique operation in the North Sea, installing a giant ‘power socket’, the SylWin alpha platform. Siemens commissioned Seaway Heavy Lifting to perform an unusual operation that in turn called in the assistance of maritime service provider Dockwise and engineered heavy lifting and transport specialist Mammoet. Weighing 14,000 metric tons, the 83-meter long, 56-meter wide and 26-meter high SylWin alpha platform, built by Siemens, is the largest in its kind.
MAN Propulsion Packages for New Icelandic Trawlers
MAN Diesel and Turbo inform that Icelandic owners, HB Grandi, Vinnslustodin hf. and Hradfrystihusid Gunnvör, have ordered newbuildings based on two different ship designs from specialist fishing-vessel consultants and designers, Nautic and Skipasýn. Optimised for safety, operational economy and pulling power, the 50-metre-plus vessel series differ in their choice of specified propeller, aft-ship and propeller-nozzle configurations, apart from their principal design differences.