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Teekay Amends Note Offering to USD 250 Mn
Bermuda-based shipping group Teekay Corporation has decided to reduce its note offering by USD 50 million.
The company would offer USD 250 million of 9.25% senior secured notes due November 2022, instead of the earlier announced USD 300 million due 2024.
The reduction comes as a result of Teekay Corp s deal to sell its remaining interests in Teekay Offshore Partners to Brookfield Business Partners, together with its institutional partners, for USD 100 million in cash.
Teekay expects to use the net proceeds from the offering to partially fund its tender offer to purchase any and all of its outstanding 8.5% Senior Notes due 2020 and any fees and expenses thereof.
The remainder of the tender offer is expected to be funded with the USD 100 million of proceeds from the sale of interest to Brookfield, up to USD 160 million of existing cash and, if necessary, borrowings under Teekay s equity margin loan facility, the company explained.
The offering is conditioned upon the receipt of consents of at least a majority of the aggregate principal amount of the outstanding 2020 notes and the effectiveness of certain proposed amendments to the indenture governing the 2020 notes.
The notes will initially be guaranteed on a senior secured basis by certain of Teekay s subsidiaries and will be secured by first-priority liens on two of Teekay s FPSO units, a pledge of the equity interests of the Teekay subsidiary that owns all of Teekay s common units of Teekay LNG Partners and all of Teekay s Class A common shares of Teekay Tankers and a pledge of the equity interests in the Teekay subsidiaries that own its three FPSO units.
The offering of the notes is expected to close on May 13, 2019, subject to customary closing conditions.
Samsung Heavy Fetches Its 8th LNG Carrier Order in 2019
South Korean shipbuilder Samsung Heavy Industries has secured another order for the construction of a liquefied natural gas (LNG) carrier.
The shipbuilder said that the deal, revealed on May 3, has a value of around KRW 221.6 billion (USD 190 million).
Samsung Heavy is scheduled to deliver the new vessel to an undisclosed Oceania region shipowner in March 2022.
With the latest unit, the shipbuilder s orderbook for 2019 stands at USD 2.6 billion, or 33 percent of its yearly goal, and includes eight LNG carriers and one FPSO.
Samsung Heavy s 2019 orderbook target was set at USD 7.8 billion, up 24 percent over last year’s goal amid a strong appetite in the newbuilding market, particularly for LNG and container ships.
Hyundai Mipo Gets AiP for LNG-Fueled MR Tanker Design
Hyundai Mipo Dockyard has received an approval in principle (AiP) for an LNG-fueled 50,000 dwt class MR tanker design from classification society Lloyd s Register (LR).
The South Korean shipbuilder incorporated an LNG-fueled propulsion system into its most successful design, following technical cooperation with LR, ensuring that the design complies with the new International Code of Safety for Ships using Gases or other Low-flashpoint Fuels (IGF Code) as well as LR s gas fueled rules, covering other applicable requirements.
"We have focused on developing both a technically reliable and commercially feasible solution for an LNG dual-fueled propulsion system. We are glad to be one step closer to making this solution a reality," Jeon Seung-Ho, HMD Executive Vice President, said.
The commercially feasible LNG-fueled MR tanker design "will provide the shipping industry with more practical options to comply with the upcoming global sulphur in fuel oil limit where they can be confident with the safety and operability of the LNG burning system," Jin-Tae Lee, Ph.D, LR s Korea Chief Representative & Marine Manager, added.
Hyundai Mipo is reviewing other types of vessels for LNG-fueled application, such as bulk carriers and container ships.
The South Korean shipbuilder has been focusing its efforts on LNG-fueled ships in an effort to aid shipowners compliance with the global sulphur cap, which comes into effect on January 1, 2020.
Taiwan s Brave Line Receives Second Austal-Built Ferry
Australian shipbuilder Austal has delivered the second of two catamaran ferries to Taiwan’s Brave Line from its Philippines shipyard.
The 50-meter high-speed catamarans were built in Balamban, Cebu under an AUD 44 million contract signed between the parties in September 2017.
The first vessel under the shipbuilding deal was delivered in mid-March 2019, with both ferries capable of carrying 550 passengers and including a hull form optimised for improved fuel efficiency.
"This vessel further demonstrates how Austal Philippines has established itself as a trusted and successful shipyard that produces high quality vessels for the worldwide market," David Singleton, Austal CEO, said.
Singleton added that the company expects more orders of the platform based on the interest of other customers following the delivery of the first Brave Line unit in March.
The shipyard is also building the 109-meter high speed catamaran for Fjord Line of Norway and a 118-meter trimaran for Fred. Olsen s operations in the Canary Islands.
South Africa Concerned over IMO s STCW Delisting Action
The International Maritime Organization s intentions to delist over 80 countries, including South Africa, from its STCW Whitelist has major implications for the country s maritime sector.
Sobantu Tilayi, the CEO of the South African Maritime Safety Authority (SAMSA), confirmed that the agency was extremely concerned by IMO s planned action.
"Even as we have a serious situation in our hands, and should never have found ourselves in this position, I am confident that we will act with speed and do so correctly to ensure that the intended action by the IMO s Maritime Safety Committee is not finalized to South Africa s disadvantage," Tilayi said.
SAMSA explained that the planned response action plan involves three broad activities; securing of IMO assistance with compilation of the report required in terms of the convention, hastening of a SAMSA process setting in place a relevant quality management system, and constant engagement with stakeholders.
In February 2019, IMO revealed its plans to remove all countries that are not compliant with requirements of the 1978 Standards of Training, Certification and Watchkeeping for Seafarers (STCW) Convention as amended from its Whitelist. The organization also released a list showing that as many as 87 countries would be affected by the move.
The circular stated the intention but provided no set date for implementation of the action, however, Tilayi commented that the delistings could possibly be undertaken later in 2019.
The 1978 STCW Convention stipulates standards of training, certification and watch-keeping for seafarers.
"The main purpose of the convention is to promote safety of life and property at sea and the protection of the marine environment by establishing in common agreement international standards of training, certification and watchkeeping for seafarers," according to the IMO.
Iranian VLCC disabled, under tow in Red sea
Crude oil tanker HAPPINESS I loaded with some 140000 tons of oil loaded at Kharg Island Oil Terminal, Iran, suffered reportedly, engine and steering failure in Red sea south of Jeddah, while sailing in Red sea, in the morning Apr 30, with Suez shown as port of destination. Tanker drifted until morning May 1, reportedly issuing distress call and asking for assistance.
Teekay Offshore Agrees USD 100 Mn FPSO Fleet Refinancing
Teekay Offshore Partners has secured a new USD 100 million revolving credit facility to refinance three of its FPSO units.
The vessels in question are the Piranema Spirit, Voyageur Spirit, and Petrojarl Varg. The previous credit facility matured at the same time with a balloon payment of USD 35 million.
Bangladesh s 2nd LNG Terminal Starts Operations
Bangladesh has commissioned its second LNG terminal with the launch of operations of FSRU Summit LNG offshore Moheshkhali Island in the Bay of Bengal.
According to Excelerate Energy, the FSRU completed commissioning of the LNG terminal, owned by Summit LNG Terminal, on April 29, 2019. The terminal has a send-out capacity of 500 million standard cubic feet per day (MMscf/d) of natural gas.
King Abdullah Port ranked world s 2nd-fastest-growing in 2018
Alphaliner has ranked King Abdullah Port at King Abdullah Economic City (KAEC) second among the world s fastest-growing ports in 2018.
The port was ranked eighth in 2017. Its CEO Rayan Qutub said this indicates that it is on the right track.
British Ports Association Urging Ports To Enter Inaugural Maritime UK Awards
The British Ports Association is calling on the ports industry to enter the inaugural Maritime UK Awards.
A brand-new, national awards programme celebrating the breadth of the UK s £37.4bn maritime sector is set to be launched today (April 26) by Maritime UK.
SOHAR Port and Freezone launches SOHAR Navigate
SOHAR Port and Freezone recently launched SOHAR Navigate, a unique online route planner, which provides information on available connections to hinterland destinations. The platform is the first of its kind in the region and will comprise of sea schedules connecting to 550 ports worldwide.
LAUGFS LPG Transshipment Terminal inaugurates operations at Hambantota Port
LAUGFS Terminals Ltd. inaugurated operations of its state-of-the-art LPG Transshipment Terminal at the Hambantota International Port, the largest of its kind in South Asia, with the first of its LPG cargo brought in by the Sri Lankan flagged vessel Gas Success, part of LAUGFS Maritime s own LPG vessel fleet.
Ports Revoke Scrubber Ban After Publication Of Academic Research
The Clean Shipping Alliance 2020 (CSA 2020) has received written approvals and no-objection letters from several Port Authorities around the world indicating they have no intention of banning the use of open-loop scrubbers in their waters.
Following successful meetings between port officials and CSA 2020 Executive Committee members, the ports approached indicated that they do not intend to submit any papers to IMO pertaining to EGCS operation unless new, compelling research comes to light.