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	<title>Marine Money Archives</title>
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	<link>http://marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
	<lastBuildDate>Thu, 04 Mar 2010 06:56:04 +0000</lastBuildDate>
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			<item>
		<title>In Conversation With DVB</title>
		<link>http://marine-money.com/archive/in-conversation-with-dvb</link>
		<comments>http://marine-money.com/archive/in-conversation-with-dvb#comments</comments>
		<pubDate>Fri, 26 Feb 2010 09:33:04 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Company Profile]]></category>
		<category><![CDATA[Dagfinn Lunde]]></category>
		<category><![CDATA[DVB]]></category>
		<category><![CDATA[Wolfgang Driese]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8488</guid>
		<description><![CDATA[CEO of DVB Bank, Mr Wolfgang Driese and Member of the Board of DVB Bank and Head of Shipping Division, Mr Dagfinn Lunde were in Singapore last month and we were very happy to have the opportunity to spend some time with the two affable gentlemen, who shared with us their take on the turmoil that the shipping industry has been through.

Mr Driese is credited with transforming DVB from an unknown generalist domestic German bank into a global player with a specialisation in international transport finance, staying true to its name Deutsche VerkehrsBank AG. Mr Lunde carried out a successful reorganisation of DVB’s shipping division in January 2008, and “sectorised” the previous regional sales team into ten groups focusing on key shipping sectors: Container Box Group, Cruise &#038; Ferry Group, Crude Oil &#038; LNG Tanker Group, Chemical &#038; LPG Tanker Group, Container Vessel Group, Dry Bulk Group, Floating Production Group, Offshore Drilling Group, Offshore Support Group and Product Tanker Group. Ship financing now makes up a substantial chunk of 54.2% in DVB’s lending portfolio, with a total value of USD 13.88 billion as at 30 September 2009.
]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Building On A Successful Formula</title>
		<link>http://marine-money.com/archive/building-on-a-successful-formula</link>
		<comments>http://marine-money.com/archive/building-on-a-successful-formula#comments</comments>
		<pubDate>Fri, 26 Feb 2010 09:31:16 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Singapore]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8485</guid>
		<description><![CDATA[Pro business policies and a tax friendly environment have spurred significant growth in Singapore’s maritime sector over the years, and more good news is on the way. The government has announced a slew of measures to further develop Singapore as an International Maritime Centre and perhaps the most interesting is the introduction of a five-year tax incentive from 1 April 2010 to 31 March 2015, which grants a concessionary tax rate of 10% for ship brokers and forward freight agreement traders.

In addition, ship management fees will soon be exempted from tax and the Maritime Finance Incentive (“MFI”) scheme will be renewed upon its expiry on 28 February 2011 for another five years to 31 March 2016. Under the MFI scheme, ship or container leasing companies, funds, business trusts or partnerships will enjoy a tax concession of 10% on qualifying leasing income.
]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Game Changers?</title>
		<link>http://marine-money.com/archive/game-changers</link>
		<comments>http://marine-money.com/archive/game-changers#comments</comments>
		<pubDate>Fri, 26 Feb 2010 09:24:45 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[East Meets West]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[ABG Sundal Collier]]></category>
		<category><![CDATA[BW Offshore]]></category>
		<category><![CDATA[China Fishery]]></category>
		<category><![CDATA[DnB NOR Markets]]></category>
		<category><![CDATA[Golden Ocean Group]]></category>
		<category><![CDATA[Oslo Bors]]></category>
		<category><![CDATA[SEB Enskilda]]></category>
		<category><![CDATA[SGX]]></category>
		<category><![CDATA[Singapore Exchange]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8478</guid>
		<description><![CDATA[In their 4th quarter earnings release, Golden Ocean Group Limited announced that its application for a secondary listing in Singapore had been approved by the Singapore Exchange (“SGX”). The company already has an operational presence in Asia and saw the opportunity offered by the July 2009 Memorandum of Understanding between SGX and the Oslo Bors (“OSE”), which facilitated a simplified and accelerated dual listing process between the exchanges. This will be the first secondary listing by a Norwegian firm under the new accords.

From our perspective, this is an interesting transaction. Not only is this an example of a western company seeking equity capital in the East, it also raises the question of whether the market would follow the trendsetter, John Fredriksen, who was the first to bring his company to the U.S markets. The successful listing of Golden Ocean will blaze the trail for more to follow and strengthen Singapore’s position as a maritime and financial hub.
]]></description>
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		</item>
		<item>
		<title>GMF Launches Badaro #14</title>
		<link>http://marine-money.com/archive/gmf-launches-badaro-14</link>
		<comments>http://marine-money.com/archive/gmf-launches-badaro-14#comments</comments>
		<pubDate>Fri, 26 Feb 2010 09:12:41 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[Calyon]]></category>
		<category><![CDATA[Credit Agricole]]></category>
		<category><![CDATA[Global Maritime Financing]]></category>
		<category><![CDATA[GMF]]></category>
		<category><![CDATA[HMM]]></category>
		<category><![CDATA[Hyundai Merchant Marine]]></category>
		<category><![CDATA[KEXIM]]></category>
		<category><![CDATA[Korea Exim Bank]]></category>
		<category><![CDATA[Mirae Asset Securities]]></category>
		<category><![CDATA[Sungdong Shipbuilding & Marine Engineering]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8471</guid>
		<description><![CDATA[Global Maritime Financing (“GMF”) has successfully closed its latest ship fund under the Ship Investment Company (“SIC”) Act in South Korea. This could well be the first SIC created since the financial crisis broke out in 2008. Market reports suggest that the fund Badaro No. 14 Ship Investment Co. raised 72 billion won (USD 63 million) and acquired a newbuilding 180,000 DWT Capesize bulk carrier at Sungdong Shipbuilding &#038; Marine Engineering. The vessel upon delivery in May 2011 will be chartered to Hyundai Merchant Marine under the bareboat charter hire purchase (“BBCHP”) structure.

40% of the financing comes from a junior loan provided by local institutional investors and underwritten by Mirae Asset Securities while the remaining 60% is satisfied by a 5 year senior loan from Calyon (now rebranded as Crédit Agricole Corporate and Investment Bank). Korea Exim Bank provided the refund guarantee for the newbuilding.
]]></description>
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		</item>
		<item>
		<title>Lessons Learnt But Not Forgotten</title>
		<link>http://marine-money.com/archive/lessons-learnt-but-not-forgotten</link>
		<comments>http://marine-money.com/archive/lessons-learnt-but-not-forgotten#comments</comments>
		<pubDate>Sat, 13 Feb 2010 04:40:59 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Commentary]]></category>
		<category><![CDATA[Alvin Cheng]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8425</guid>
		<description><![CDATA[The world of ship owners, shipbuilders, financiers and, ultimately the investors, entered into an age of anxiety and confusion when the financial markets collapsed at the end of 2008. But then, is it the latter which led to the former, or the writings were clearly on the wall since the beginning of 2008 (or maybe even earlier)? Some analysts suggested that the industry was overwhelmed by the euphoria of the “unstoppable growth” of the BRIC nations, especially China, and the explosive supply of credits and spending power of the Developed nations. Therefore, is it excusable that the industry will be laden with excessive capacities for years to come, and it is no one’s fault since everyone has been misled? 

Recently, I have the chance of catching up on my readings, and particularly one by Mr. Kazuo Inamori, the founder of Kyocera and KDDI - both being world market leaders in their respective industry sectors. Whilst reading this book, it became clear to me that the issues we (the shipping industry) are facing are created not because the statistics were misleading, but due to two very basic human defects: Greed and Arrogance. In the book, it was quoted that “Life is an expression of our mind”.   
]]></description>
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		</item>
		<item>
		<title>Wikborg Rein Sees More Listings in Singapore</title>
		<link>http://marine-money.com/archive/wikborg-rein-sees-more-listings-in-singapore</link>
		<comments>http://marine-money.com/archive/wikborg-rein-sees-more-listings-in-singapore#comments</comments>
		<pubDate>Sat, 13 Feb 2010 04:38:45 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[Oslo Bors]]></category>
		<category><![CDATA[Singapore Exchange]]></category>
		<category><![CDATA[Wikborg Rein]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8422</guid>
		<description><![CDATA[Last week, Wikborg Rein provided an outlook for listings in Singapore in 2010. The Norwegian law firm pointed out that a large part of market capitalisation has been eroded by the privatisation of several listed companies but it expects to see a greater number of listing candidates, both in primary and secondary in Singapore this year. In view of the Memorandum of Understanding (MoU) signed between Singapore Exchange (“SGX”) and Oslo Børs on 8 July 2009 to promote dual listings on the two markets and an improving global economic outlook, Wikborg Rein believes that secondary listings of Oslo-listed companies will re­ceive increased attention.

For those IPO aspirants, Wikborg Rein has the following advice.

-          Companies contemplating primary lis­tings on the SGX should commence the process sooner rather than later due to the proposed changes to the listing rules in Sin­gapore which will, inter alia, tighten the admission requirements and raise the minimum issue price. In this regard, timing is the key for any company which wishes to list on the SGX - the candidate should either decide to do so quickly before the changes take place, or wait until the new regime is in place.
]]></description>
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		</item>
		<item>
		<title>Shipping IPO in Asia: Where Else But China</title>
		<link>http://marine-money.com/archive/shipping-ipo-in-asia-where-else-but-china</link>
		<comments>http://marine-money.com/archive/shipping-ipo-in-asia-where-else-but-china#comments</comments>
		<pubDate>Sat, 13 Feb 2010 04:35:05 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[China Shipping Haisheng]]></category>
		<category><![CDATA[Haikou Port Holdings]]></category>
		<category><![CDATA[Hainan Strait Shipping]]></category>
		<category><![CDATA[Haitong Securities]]></category>
		<category><![CDATA[Shenzhen Yantian Port Holdings]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8419</guid>
		<description><![CDATA[We could barely contain our excitement when we picked up news that Hainan Strait Shipping had successfully raised net proceeds of RMB 1.28 billion (USD 187 million) on the Shenzhen Stock Exchange last December. The news might be a little old but any shipping company that managed to pull off an IPO last year deserves some recognition in our newsletter.

Hainan Strait Shipping, a ro-ro operator based in Hainan Island in China sold 39.5 million new shares at RMB 33.6 (USD 4.92) a piece, making this the second shipping IPO in Asia last year. Established by Haikou Port Group together with co-investors Shenzhen Yantian Port Holdings and China Shipping Haisheng (a listed subsidiary of state-controlled China Shipping Group), Hainan Strait Shipping operates a fleet of 17 vessels including 15 ro-ro passenger ferries and 2 passenger vessels between Hainan Island and Guangdong province in China. Its main shareholder Haikou Port Group has a 75% stake prior to the IPO and is 95% owned by the central government. For those who are not familiar with Hainan, the island is located in the southern most of China and Hainan Strait Shipping operate ferry services in the shallow, narrow Qiongzhou Strait that separates the island and Guangdong’s Leizhou Peninsula.
]]></description>
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		</item>
		<item>
		<title>From Selling Compact Discs To Buying Offshore Vessels</title>
		<link>http://marine-money.com/archive/from-selling-compact-discs-to-buying-offshore-vessels</link>
		<comments>http://marine-money.com/archive/from-selling-compact-discs-to-buying-offshore-vessels#comments</comments>
		<pubDate>Sat, 13 Feb 2010 04:32:20 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[CH Offshore]]></category>
		<category><![CDATA[Falcon Energy]]></category>
		<category><![CDATA[Scomi Marine]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8416</guid>
		<description><![CDATA[Underneath this rather intriguing headline lies an interesting story. What would you do if you want to list your privately held offshore support services business on the Mainboard of the Singapore Exchange? Falcon Energy took a different approach and executed a back-door listing through Sembawang Music – a well known music retailer in Singapore in May 2006. Sembawang Music was an ideal acquisition target back then: It had only one business, with hardly any liability and more importantly controlled by only one major shareholder who was willing to sell out. And the rest is history. After selling its music retail chain store business, Falcon Energy grew steadily into an oil and gas operator with a focus on the production phrase of oilfield activities. It currently owns and operates nine offshore vessels, mainly work/accommodation vessels.

In the greater scheme of things, Falcon Energy announced a surprise major acquisition last Friday. It will be acquiring the entire 29.07% stake in CH Offshore, 205 million shares at SGD 0.70 per share from Malaysia’s Scomi Marine Berhad for SGD143.5 million (USD 101.7 million). Scomi Marine will pocket a profit of USD 18.6 million from the investment it made in 2005 and proceeds will be used to repay its existing borrowings.
]]></description>
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		</item>
		<item>
		<title>Priced to Sell</title>
		<link>http://marine-money.com/archive/priced-to-sell</link>
		<comments>http://marine-money.com/archive/priced-to-sell#comments</comments>
		<pubDate>Sat, 13 Feb 2010 04:28:56 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[J.P. Morgan]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>
		<category><![CDATA[R.S. Platou]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8413</guid>
		<description><![CDATA[Last Wednesday, Berlian Laju Tanker sold USD 100 million five year convertible bonds with joint bookrunners J.P. Morgan and RS Platou Markets. The bonds were priced to sell with an attractive coupon fixed at 12% and come with a conversion premium of just 10% and a one time reset after six months. The modest conversion premium could well suggest that BLT and its advisors are looking for a more equity like transaction, which will help improve its leverage risk profile in the medium term, should the bonds be converted into shares.

The proceeds from the offering will be used for, among other things, investments in the expanding cabotage trade in Indonesia, based upon its long-standing relationship with Pertamina and other oil and gas operators in Indonesia. The proceeds may also be used to repay or redeem existing debt, including outstanding convertible bonds guaranteed by the company, and for general working capital. BLT needs fresh capital to cover a potential put on its outstanding USD 125 million convertible bonds in May 2010. As we understand from RS Platou Markets, these proceeds are not expected to be used for the on-going acquisition of Eitzen Group.
]]></description>
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		</item>
		<item>
		<title>Plan B(LT)</title>
		<link>http://marine-money.com/archive/plan-blt</link>
		<comments>http://marine-money.com/archive/plan-blt#comments</comments>
		<pubDate>Sat, 13 Feb 2010 04:23:47 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[East Meets West]]></category>
		<category><![CDATA[Mergers & Acquisitions]]></category>
		<category><![CDATA[Camillo Eitzen & Co.]]></category>
		<category><![CDATA[Eitzen Chemical]]></category>
		<category><![CDATA[Eitzen Maritime Services]]></category>
		<category><![CDATA[PT Berlian Laju Tanker]]></category>
		<category><![CDATA[R.S. Platou]]></category>
		<category><![CDATA[R.S. Platou Markets]]></category>

		<guid isPermaLink="false">http://marine-money.com/?p=8410</guid>
		<description><![CDATA[Berlian Laju Tanker (“BLT”)’s acquisition of Camillo Eitzen &#038; Co ASA (“CECO”) may have hit a speed bump when its initial transaction structure, which involved the issuance of mandatory exchangeable bonds (“MEBs”), was rejected by the Indonesian market regulator. But we understand that the company and its advisor RS Platou Markets remain resolute and are working hard on an alternative plan. Since then, a series of developments have occurred that added uncertainty to BLT’s quest for CECO and we hereby provide a summary of these developments in chronological order.

On 1 October 2009, Eitzen Chemical ASA (“ECHEM”) reached an agreement with most of its lenders (all syndicate loans and most bilateral loans) on the restructuring of its bank debt. However, this was conditional upon a new equity issue of a minimum USD 100 million by November. ECHEM was in dire need of capital injection.
]]></description>
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