Foreign News

SAAM to Sell 35 Pct Stake in Tramarsa

Published

7 years ago

April 24, 2017

As Navios Partners to Buy 14 Rickmers Boxships

Chilean port, towage and logistics services provider SAAM has decided to sell a minority stake in Peruvian Trabajos Marítimos S.A. (Tramarsa) to the Romero Group.

SAAM said that Peruvian Romero Group accepted the conditions established to sell the 35% stake in Tramarsa, which operates a marine port and offers port services.

The shares will be sold for USD 124 million. Following the transaction, SAAM will obtain profits amounting to USD 33 million.

“This decision is part of our strategy of seeking control, either directly or through joint ventures, in our operations and assets”, Macario Valdés, SAAM’s CEO, explained.

“This sale not only allows us to do a good business, but it also provides us with additional resources to take advantage of any opportunities that may arise and that we are constantly evaluating”, Valdés added.

The transaction should be formalized before May 6, when the Romero Group will control 100% of Tramarsa.

Meanwhile, Greek shipowner and operator Navios Maritime Partners has agreed to acquire the entire container fleet consisting of fourteen ships from Rickmers Maritime for about USD 113 million.

“We anticipate acquiring five 4,250 TEU vessels on May 15, 2017. These vessels are employed on charters that have staggered expirations in 2018 and early 2019 at a net daily charter rate of USD 26,850,” Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, said.

The average age of the fleet, which consists of eleven 4,250 TEU containerships and three 3,450 TEU vessels, is 9.5 years.

“Our operating platform was attractive to the Trust and its lending banks because of our disciplined technical and commercial management and favorable operating costs. This acquisition demonstrates our ability to source proprietary deals, and we are continuing to seek exposure to the container sector,” Frangou continued.

Navios Partners said that the acquisition, subject to a number of conditions, is being financed through a USD 20 million equity investment by Navios Partners and a secured loan facility under discussion.

The company plans to acquire these vessels though a wholly owned subsidiary, Navios Partners Containers Inc., which will be an unrestricted subsidiary as defined in the credit agreement dated March 14, 2017, for the shipowner’s term loan B facility.

Earlier in April, Rickmers Trust Management, the trustee-manager of Rickmers Maritime, said that its business would be wound up, as the company’s efforts to reach an agreement with lenders to restructure existing loans fell through.

The trust was given until April 15 by the HSH Syndicate, comprising HSH Nordbank and DBS Bank, to come up with a new restructuring plan which would ensure a higher level of total recoveries than under a winding up of the trust.

Rickmers Maritime said that the operation of the vessels in question is expected to remain unaffected by the proposed sale.

World Maritime News

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Foreign News

Sri Lankan President Thanks Seychelles Defence Forces For Rescuing Sri Lankan Vessel From Somali Pirates

Published

3 months ago

January 30, 2024

Maritime First

…President Ramkalawan says Seychellois military boarded boat with utmost courage to take complete control

The Seychelles Defence Forces (SDF) Special Forces and Seychelles Coast Guards on board Coast Guards vessel Topaz led a successful operation to regain control of a Sri Lankan vessel hijacked by armed Somali pirates.

Seychellois special military forces boarded the boat with utmost courage to take complete control of the vessel and rescue our Sri Lankan brothers.

The Commander in Chief of the Seychelles, President Wavel Ramkalawan has spoken to the Chief of Defence Forces, Brigadier Michael Rosette to congratulate the Special Forces and Coast Guards team on a well-executed and successful mission.

“This is the spirit of the Seychelles Defence Forces. Professionalism, courage, and bravery are the tenets of the new spirit in the force. Though small, we will make our contribution to attaining maritime security, peace, and determination in the fight against terrorism to ensure that the world, especially in our part of the Indian Ocean remains a safe and peaceful region. Once again, I reiterate the pride and confidence of the Seychellois nation in the Seychelles Defence Forces.”

Foreign News

GoG: Promoting Trans-boundary Management For Sustainable Socio-Economic Development

Published

3 months ago

January 25, 2024

Maritime First

……Mission builds upon previous efforts by AU-IBAR in the beneficiary countries (Benin and Togo) for the national validation of the report on the State of the Transboundary Marine Environment (SoME)

NAIROBI, Kenya, January 23, 2024/ — From January 21st to 27th, 2024, AU-IBAR is on a mission in the republics of Benin and Togo. The mission is dedicated to supporting the implementation of a Transboundary Marine Spatial Planning (MSP) initiative between the two nations. Funded by the Swedish International Development Cooperation Agency (SIDA), under the project “Conservation of Aquatic Biodiversity within the Framework of the Africa Blue Economy Strategy,” this initiative holds the promise of fostering socio-economic development through the judicious use of marine resources.

Collaborative Efforts: AU-IBAR is collaborating with the United Nations Environment Programme (UNEP) body, the Abidjan Convention, and the World Bank-funded West African Coastal Area Management (WACA) Project. The SIDA-funded project, implemented by AU-IBAR, involves an assessment to map the extent of Marine Spatial Planning (MSP) usage in Africa as a management tool for the conservation of aquatic biodiversity and ecosystems in the west, central, and northern regions of Africa.

Mission Objectives: This mission builds upon previous efforts by AU-IBAR in the beneficiary countries (Benin and Togo) for the national validation of the report on the State of Transboundary Marine Environment (SoME). The current objective is to secure joint expert validation of the SoME report and obtain high-level political endorsement for the provisions of the jointly validated report, demonstrating the commitment of both countries to the cause. Participants in the joint validation workshop include WACA project-nominated committee members from Benin and Togo, representatives from the Abidjan Convention, and government authorities from both nations, alongside relevant AU-IBAR staff.

Political Commitment: The opening statements during the joint meeting saw representatives from the Governments of Benin and Togo, the Executive Secretary of the Abidjan Convention, and the representative of the Director of AU-IBAR express unwavering commitment to the transboundary marine management process. Both the Director of AU-IBAR and the Executive Secretary of the Abidjan Convention reiterated their support for the Governments of Benin and Togo in realizing their shared vision for the sustainable management of coastal and marine resources in the designated shared maritime boundary.

Key Outcomes: The pinnacle achievement of the joint meeting is the validation of the study report on the state of the marine environment between Benin and Togo. This validation marks a significant milestone towards establishing the transboundary MSP between the two countries. AU-IBAR Director, DR Huyam Salih, emphasized that this accomplishment is a crucial step forward in enhancing aquatic biodiversity conservation and environmental protection in the Gulf of Guinea.

Conclusion: The joint expert consultation workshop serves as a testament to the collaborative efforts aimed at promoting transboundary management of shared marine aquatic ecosystems in the Gulf of Guinea. The validated report and political commitment from Benin and Togo are integral to realizing the socio-economic development potential inherent in the sustainable use of marine resources. As AU-IBAR continues its mission, the hope is that this initiative will serve as a model for other regions seeking to harmonize efforts for the conservation and management of their shared marine ecosystems.

Foreign News

U.S.-British Strikes In Yemen Left 5 Dead, Say Houthi Rebels

Published

4 months ago

January 12, 2024

Maritime First

The U.S. and British military strikes in Yemen have left five Houthi fighters dead and six others injured, the Iran-aligned rebels said on Friday, vowing retaliation.

“The American and British enemy bears full responsibility for its criminal aggression,’’ the Houthi military spokesman Yehya Saree said in a statement.

Saree said the massive attack had targeted several Houthi-controlled areas in Yemen including the capital Sana’a.

“It will not pass unanswered and without punishment.

“The Yemeni Armed Forces will not hesitate to target sources of threat and all hostile targets on the ground and in the sea,’’ he said.