Fibria Inks $636 mln Ship Deal with Pan Ocean
Brazil's Fibria Celulose SA , the world's largest producer of eucalyptus pulp, signed a $636 million shipping deal with South Korea's Pan Ocean Co Ltd, according to a securities filing on Friday. The deal, approved by Fibria's board in November, involves a so-called "consecutive voyage contract" for five ships until 2035, with an option for the pulp maker to extend the deal by five or 10 years. Reporting by Brad Haynes
Standard Chartered Closes $1.6 bln+ in Shipping Finance
Standard Chartered said on Tuesday it had completed three shipping deals worth more than $1.6 billion in recent months. The deals include in December a $684.5 million up to 12-year facility for BW Gas JuJu LNG, a joint venture between BW Group and Japan's Marubeni. In November, the bank also structured a $350 mln Islamic facility for National Shipping Company of Saudi Arabia (Bahri). The month before it closed a $572 mln loan to subsidiaries of India's Reliance Group, the bank said in a statement. Reporting by Tom Arnold
Aker Yards Wins Cruise Ship Deal
Aker Yards has announced that the Aker MTW Werft GmbH yard in Germany has won a $377.9 million deal to build two cruise liners. The liners, ordered by Aida cruises Ltd., will be 662.7 ft. (202 m) long and have a capacity for 1,600 passengers. Delivery will occur in the first quarter 2002 and the first quarter 2003.
SembCorp Gets BP Shipping Deal
Singapore's Sembawang Shipyard Pte Ltd., a subsidiary of SembCorp Marine, has entered an agreement to repair the Far East fleet of BP Shipping Ltd. for an indeterminate amount of time. Sembawang Shipyard managing director Heng Chiang Gnee said the company expects to refit and drydock about 12 of BP Shipping's fleet of 30 in a typical year. He said he expected a typical contract value of about $1.2 to $1.7 million to repair each of the vessels.
Latvia Shipping Asks Hyundai To Extend Tanker Deal
State-owned Latvian Shipping has asked Hyundai Heavy Industries for an extension of the deadline for signing a $200 million tanker order. Latvian Shipping is in the process of having a 44 percent stake sold off, and it must receive approval for the shipping deal from the Latvian privatization body - a process that has been bogged down in political infighting. A deadline for signing a deal with South Korean was to expire today (Oct. 22). Latvian Shipping officials said they have asked for an extension, but have not yet received a reply. The order calls for two Panamax-type 70,000 dwt tankers to be built immediately, with an option for four more.
$392m Loan Secired for 10 New Chem Tankers
Samba Financial Group reportedly has signed an agreement with National Chemical Carrier (NCC)for a $392 million (SR1,470) million facility to finance 80 percent of the total cost for building 10 new chemical tankers, according to a report on www.menafn.com. It is considered to be the largest single shipping deal in the history of the local market in terms of amount and number of ships funded by a single bank for a single borrower. According to an official from the shipping company, the deal is within the framework of plans to expand the fleet, which is composed now of 14 vessels with a total capacity of 554,000 tons. By 2011 the company plans to have 32 ships with a total capacity of 1.4 million tons.
Romania and Britain Investigate Ship Deal
According to reports, Romanian and British anti-fraud officials said on Friday they were investigating a 2003 deal in which two used British naval ships were refurbished by defence company BAE Systems and sold to Romania. Romania's anti-graft watchdog said it launched an inquiry into the $214m deal to buy former Royal Navy type 22 frigates, HMS Coventry and HMS London, but did not specify which part of the deal was under investigation. It is said that British officials were looking into suspected corruption linked to the refurbishment deal for the ships, noting that in connection with its probe two people had been arrested and released without charge this week in London. Source: Reuters
COSCO, Vale Ink 27-year Iron Ore Transport Pact
China COSCO Shipping Corporation and Vale have signed a 27-year-long agreement that will see the Chinese shipping giant carry 16 million tonnes of iron ore per year for the Brazilian miner. The agreement was signed between the two companies at a ceremony in Beijing on Friday, the Chinese company said in a statement. "The signing of the agreement marks the commencement of a new chapter of the cooperation between the two companies," it said. China COSCO Shipping Corporation was…
DRS gets $7M Daweoo ship deal
DRS Technologies Inc. has won a $7m contract from Daewoo Shipbuilding & Marine Engineering Co. to provide a high-speed network to expand communications on a Korean destroyer. DRS already outfitted another Korean destroyer with the same technology under a contract previously awarded by the Special & Naval Shipbuilding Division of Hyundai Heavy Industries Co. The Buffalo, N.Y.-based division of DRS is expected to complete the work by May 2010. The company will manufacture, install and test the network to insure communications between the legacy systems and the latest commercial off-the-shelf-based systems. Source: Business Week
Korean Shipyards Still in Rough Sea
South Korean shipyards are still struggling to cut costs through unpaid leave for their workers and shutting down dry docks idled amid a lack of orders, Yonhap reported quoting industry sources. The report said that for decades, the shipbuilding sector has been one of the key growth drivers for Asia's fourth-largest economy. The top three shipyards in the country - Hyundai Heavy Industries Co (HHI), Samsung Heavy Industries Co. (SHI) and Daewoo Shipbuilding & Marine Engineering Co.
Private Equity Knocks on Shipping's Door
Shipping is currently attracting a great deal of interest from investors in the private equity sector, according to UK-based accountants Moore Stephens, members of shipping trade organization Maritime London and as reported in its fortnightly 'London Matters'. In its Shipping Group newsletter 'Bottom Line' Moore Stephens notes that it has been estimated that at least USD7-bn of private equity funding could find its way into shipping this year. The shipping industry, however, still accounts for only a tiny percentage of overall private equity investment, so there is arguably scope for significantly more. The timing appears to be good. A shipping industry emerging from a protracted slump offers potentially exciting opportunities for private equity investors.
Shipping to See Further Consolidation
The CMA CGM's move to buy Singapore’s Neptune Orient Lines (NOL), could lead to one of the biggest acquisitions in the shipping container industry in years. If it goes through, NOL and CMA's merger would be the biggest container shipping deal in years. The buy-out may contribute to the consolidation of container shipping at a time when scale was more critical than ever, according to observers in the field. A report in CNBC says that the deal is a sign of further consolidation in the global shipping industry on the back of a collapse in freight rates as growth in China slows…
Latvia Shipping Asks Hyundai To Extend Tanker Deal
State-owned Latvian Shipping has asked South Korean Hyundai Heavy Industries to extend the deadline for signing a $200 million tanker order because of political delays. Latvian Shipping is in the process of having a 44 percent stake sold off. It must receive approval for the shipping deal from the Latvian privatization body - a process, which has been bogged down in political infighting. A deadline for signing a deal with South Korean expires on Oct. 22. "We have asked for an extension, but have not received a response yet,"a Latvian Shipping spokeswoman said. The Privatization Agency board was expected to send the issue for a review to its council, a body of MPs, supervising the selloff process, an agency spokesman said.
Moore Stephens Recommends Exploring Leasing Solutions
International accountant and shipping adviser Moore Stephens said shipping companies should explore leasing opportunities as a way of adjusting their self-owned and chartered-in tonnage balance in response to the radical changes that have taken place in ship financing in recent years. Phil Cowan, the firm’s Head of Corporate Finance, said, “The traditional thinking of a company needing to own all the resources it uses to operate has been successfully challenged for many years in the shipping industry by the use of extensive outsourcing.
KMSS Signs Royal Caribbean Deal
Cruises Limited (RCCL), out of the Meyer Weft shipyard in Papenburg, Germany. The contract is worth $3.2 million in total. to leave the yard imminently. launched next year and in 2004. Each ship will be fitted with 4500 detectors and 1000 Control & Indication interface units for doors, fire dampers, low location lights, sprinkler valves and other systems. In addition, three Autromaster 5000 Color Graphic Indication and Control System units will be installed to control each ship's Fire Detection System. and smoke concentration to high voltage lines. all cruise ships should install local buzzers in all cabins. after 90 seconds, allowing the public address system to be heard. need for extra cabling, which drastically reduces the cost of installing this important safety measure.
KMSS Wins Contract for Fire Detection Systems
to supply Fire Detection Systems to four Radiance Class ships run by Royal Caribbean Cruises Limited (RCCL), out of the Meyer Weft shipyard in Papenburg, Germany. The four ship deal will see KMSS installing its Autrosafe Fire Detection System with Self Verifying Detectors on the currently sailing ‘M/S Radiance of the Seas’ and the M/S Brilliance of the Seas, which is due to leave the yard imminently. In addition, KMSS will also supply the same systems to two more Radiance Class ships currently in production, to be launched next year in 2004. Each ship will be fitted with 4500 detectors and 1000 Control & Indication interface units for doors, fire dampers, low location lights, sprinkler valves and other systems.
River Dee Shiprepairers Awarded Contract
Aberdeen’s River Dee Shiprepairers, part of the A&P Group, has won a second drydocking contract from BP Oil following the successful completion of the scheduled repair to the 2,734 dwt coastal tanker Border Jouster. River Dee initially quoted for the repair of the Border Jouster but were then asked to make it a two-ship deal; involving the 2,257 dwt Border Warrior. Work on the Border Jouster, which arrived in Aberdeen on May 13th, included overhaul of the main engine and auxiliary engine room equipment, tailshaft and underwater valves, refurbishment of the cargo pumps and the boiler unit, and washing and painting the ship’s hull. The tanker has now passed sea trials and will go back into service by May 29th.
Shipbuilders Pin Merger Hopes on Orders for Military Vessels
According to reports, BAE Systems and VT Group plan to relaunch their British shipyards as big exporters of warships if a planned restructuring of their interests can be agreed. BAE and VT, formerly Vosper Thornycroft, are in talks to merge their shipbuilding assets, which include the Govan and Scotstoun yards on the Clyde and VT’s Portsmouth dock. The Times has learnt that the operational plans are well advanced and the aim is to create an entity capable of representing the UK in international markets. Britain’s once-dominant shipbuilding industry has been in decline since the end of the Second World War. British yards still build equipment for the oil industry and some specialist vessels…
Seminar Helps Strengthen Security in West/Central Africa
More than 60 participants from the 20 coastal Member States[i] of the Port Management Association of West and Central Africa (PMAWCA) joined international experts for a seminar on maritime and port security, held in Cotonou, Benin, from July 22-25, organized by the International Maritime Organization (IMO), in conjunction with PMAWCA. Experts from France, the United States Coast Guard, the United Nations Regional Office for Central Africa (UNOCA), the United Nations Office on Drugs and Crime (UNODC), the United Nations High Commissioner for Refugees (UNHCR) and the international police organization, Interpol, shared their knowledge and respective areas of expertise on a range of issues…
Security Experts Confer on West Africa Maritime Security
More than 60 participants from the 20 coastal Member States of the Port Management Association of West and Central Africa (PMAWCA) joined international experts for a seminar on maritime and port security, held in Cotonou, Benin & organized by the International Maritime Organization (IMO). Experts from France, the United States Coast Guard, the United Nations Regional Office for Central Africa (UNOCA), the United Nations Office on Drugs and Crime (UNODC), the United Nations High Commissioner for Refugees (UNHCR) and the international police organization, Interpol, shared their knowledge and respective areas of expertise on a range of issues…
Temasek to Sell Entire NOL Stake for $1.61 Billion
Singapore sovereign wealth fund Temasek Holdings has agreed to sell its entire 67 percent stake in Neptune Orient Lines (NOL) to France’s CMA CGM, the world’s third-largest container shipper. CMA CGM will pay S$1.30 a share in cash for the 2.6 billion shares in NOL, 6 per cent above the last closing price on the Singapore Exchange, and a 33 per cent premium to the three-month volume-weighted average price to July 16. Temasek has accepted the offer. Tan Chong Lee, Head of Portfolio…
China Rolls-out World's Second-Largest Ore Carrier
The second-largest ore carrier in the world was officially named Yuanhehai and delivered to China Ore Shipping, affiliated with China Cosco Shipping Corporation, in Shanghai, the state media reported. The 400,000-dwt mega ship, which is 362 meters long, 65 meters wide and 30.4 meters high, was delivered almost a year after the deal was made in 2016, China News Service reported. The Yuanhehai is the second-generation very large ore carrier (VLOC) designed by Shanghai Waigaoqiao Shipbuilding Company. The delivery was the first ship of the second-generation VLOC.
Lawmaker Wants Review of Cruise Ship Deal
A top House Democrat called on federal officials to justify their decision to sign a $236 million deal with Carnival Cruise Lines for Hurricane Katrina housing, saying the six-month contract is overpriced. In a letter, Rep. Henry Waxman of California asked Homeland Security Secretary Michael Chertoff to release documents indicating how the price was calculated. Waxman said he had Carnival documents from 2002 showing the company normally earns revenue of $150 million over six months. "A comparison of this information to the federal contract raises serious questions about whether the Carnival contract is a responsible use of taxpayer funds," Waxman wrote.