Premuda News

Pillarstone Italy said on Friday it had finalized the acquisition of 100 percent of Italy's Premuda and would invest 50 million euros ($53.5 million) to support the relaunch of the troubled shipping company. Pillarstone Italy is a platform set up by U.S. private equity firm KKR to restructure ailing companies. The shipping industry is in an eight-year downturn due to slowing international trade. Pillarstone also said Popolare Emilia Romagna had joined rivals Intesa Sanpaolo, UniCredit and Carige in transferring to the platform credits towards Premuda. (Reporting by Valentina Za)

I.T.S. “Fondazione G. Caboto” continues its incredible growth, counting over 100 graduates following the ceremony held on Friday, February 17th, for the 41 young students who achieved their diplomas in December 2016. This historical milestone confirmed the winning formula of the “I.T.S.” tertiary education model and the Caboto institute in particular, which brings the world of education closer to the labour market and guarantees employment. As per tradition, the graduates awarded a certificate as “Advanced Technician for mobility of people and goods – Ship Machinery and Equipment” received a letter of commitment for recruitment by the companies that participated in the training process: Amoretti Armatori Group…

Pillarstone Italy, owned by U.S private equity firm KKR, will take on the bulk of the debt owed by Italy's Premuda to a group of banks, in a first move that could make Pillarstone one of the main shareholders of the shipping company. Under the deal, Banca Carige, UniCredit and Intesa Sanpaolo will transfer around 250 million euros ($281 million) in loans to Pillarstone, making it the main creditor of Premuda, a spokesman for the KKR unit said on Friday. "Pillarstone will enter talks with other creditor banks to reach a final deal aimed at restructuring the whole debt," Premuda said, referring to its total net debt of 320 million euros at the end of 2015. It added that a part of the debt held by the KKR unit could be converted into shares.

23 letters of employment delivered to new graduates in the presence of the Institutions of the School. Eleven Italian shipping companies “christened” the courses at the I.T.S. Fondazione “G. Caboto” (Caboto Foundation), an Institute of Advanced Technology, addressed to 50 students who will be recruited and taken aboard their ships once having completed the two-year training period, during which they will already have the opportunity to sail the seas worldwide as part of their education.

Premuda, has returned for more SPS Overlay steel reinstatement, this time on board one of its Panamax bulk carriers, the 1984-built Four Earth. The 78,000 dwt vessel, classed by Lloyd’s Register, was repaired at Cosco Guangdong Shipyard in , formerly known as Cosco Guangzhou. The project on board the Four Earth involved tank top reinstatement and some repairs to lower areas of bulkhead stools covering a total area of 2,876m². The shipyard’s own personnel carried out the preparatory steelwork, involving the blasting and cleaning of existing tank top plate, and the welding of perimeter bars and new top plate to create cavities. The injection process was carried out by SPS Overlay specialists…

Discussion at INTERTANKO's Council and Executive Committee meetings in London last week emphasized the depth work by the association and its members since the last Council meeting in April. This has reached from lobbying to both industry and politicians, to discussions and negotiations at IMO; from work in the EU and US to Asia; from environmental issues to industry relationships and chemical issues; and also an increasing range of member services. INTERTANKO has actively engaged in matters arising from the Prestige accident - specifically the accelerated phase-out of single-hull tankers, restriction on the carriage of heavy oils to double-hull tankers, expansion of the Condition Assessment Scheme (CAS).

Premuda, founded in 1907, and the first Italian shipping company to be publicly listed on the stock exchange, has achieved certification to the rigorous international quality and environmental standards of ISO 9001-2000 and ISO 14001-1996. The Genoa based operator of tankers, bulk carriers and an offshore production unit has also achieved certification to the voluntary Safety, Quality and Environmental (SQE) management standards of ABS, one of the world’s leading classification societies. The company is the first Italian based shipping company to achieve this integrated certification. Premuda is a prominent provider of international maritime transportation for the carriage of liquid and dry bulk cargoes, deploying a fleet of 25 ships aggregating more than 1.6 million deadweight tonnes.

Twenty-four prominent shipping industry executives have been elected as new Members of ABS bringing the classification society's worldwide membership to 817. The members, each eminent in their maritime field of endeavor, provide broad governance and oversight of ABS. Members are drawn from various sectors of the marine, offshore and related industries worldwide. Timothy J. Lawrence R. James J. John R. RADM. Robert C. Vittorio Portunato, Managing Director, Portunato & C.S.R.L. John F. Reinhart, CEO, Maersk Line. William J. H. W.

Keppel Shipyard has secured three new FPSO contracts worth a total of around S$160 million. These conversion contracts are from regular customers Single Buoy Moorings Inc (SBM), Prosafe Production Pte Ltd and newcomer Four Vanguard-Servicos e Navegacao Lda. The preferred shipyard of SBM in the Far East, Keppel Shipyard is expected to complete the conversion of Amazon Eagle for SBM by the second quarter of 2003. Amazon Eagle is the sixth conversion project that Keppel is undertaking for SBM, which owns and operates the world’s largest fleet of FPSO and FSO. The 307,431 dwt tanker, which has arrived in the yard, will be deployed to the Zafiro field off Equatorial Guinea upon completion.

Keppel Shipyard, the wholly owned subsidiary of Keppel Corporation Limited (KCL), has delivered the first Floating Production Storage and Offloading (FPSO) vessel for the joint venture of Vanguard and Premuda. Said Michael Barraclough, Managing Director of Vanguard Floating Production Limited (Vanguard), “We are very pleased with the quality of work and the safety performance of this FPSO and have decided that Keppel Shipyard should be a preferred yard to undertake future FPSO projects. Premuda and its partner Vanguard are based in Italy and United Kingdom respectively. The FPSO has been converted for their joint company, Four Vanguard SNL.

Italian shipping company Premuda SpA has completed a $30.9 million bond issue in order to acquire more ships. The bond issue will give Premuda greater liquidity and allow it to acquire further bulk ships following a significant upward trend in dry cargo shipping markets, company officials said. Premuda officials said the company's affiliate, United Bulk International, recently acquired two 1993-built Panamax bulk carriers for about $26.7 million. The bonds will mature in five years and are limited to existing shareholders. The new bulk carriers, due to be delivered in the next few weeks, will take the group's fleet to 20 vessels including four oil tankers being built in Korea for delivery in 2001.