Analyst Meetings in relation with the Company's voluntary offer to Camillo Eitzen & Co ASA
The company wishes to announce that Analyst Meetings in relation with the Company's voluntary offer to Camillo Eitzen & Co ASA will be held with details as follow:
Date : 13 Oct 2009
Event : Analyst Meeting
Time : 13.30
Venue : Ikat, Ulos, Songket Room Four Seasons Hotel Jakarta
Date : 16 Oct 2009
Event : Analyst Meeting
Time : 13.30
Venue : Straits Room, The Fullerton Hotel Singapore
Thank you
Friday, 9 October 2009
Tuesday, 29 September 2009
Shortage of seafarers
There is a desperate shortage of seafarers throughout the entire world. Despite the prevalence of opportunities available on the sea, there was still a huge shortage of seafarers throughout the world, with the situation expected to worsen in the next two years.
As of August 29, 2009, there was a shortfall of 10 000 seafarers worldwide, and that number is expected to rise to 30 000 by 2011.
The fact that no matter how technologically advanced ships become, there will always be a need for seafarers to man ships and therefore countless opportunities existed, especially for young people.
No matter how much automatic facilities are introduced onto ships, there will always be a need for people to keep that ship going in areas such as piloting, marine engineering and maintenance, food and beverage and live on board entertainment. There is also the need for pilots, ship managers, marine superintendants and surveyors, amongst other jobs.
Skilled personnel such as coastal protection, marine biology, maritime security and environmental planning are also required.
As of August 29, 2009, there was a shortfall of 10 000 seafarers worldwide, and that number is expected to rise to 30 000 by 2011.
The fact that no matter how technologically advanced ships become, there will always be a need for seafarers to man ships and therefore countless opportunities existed, especially for young people.
No matter how much automatic facilities are introduced onto ships, there will always be a need for people to keep that ship going in areas such as piloting, marine engineering and maintenance, food and beverage and live on board entertainment. There is also the need for pilots, ship managers, marine superintendants and surveyors, amongst other jobs.
Skilled personnel such as coastal protection, marine biology, maritime security and environmental planning are also required.
Sunday, 27 September 2009
Japanese Investors Eyeing Indonesian Sectors
With a nod of approval toward the country’s economic prospects, a group of Japanese corporate leaders has indicated their intention to invest in Indonesia, particularly in the consumer and infrastructure sectors, a leader of the group said. Koken-Kai is a group of about 200 Japanese corporate executives from Tokyo, Osaka and Fukuoka. Its members are involved in industries ranging from manufacturing to financial services. “I see a lot of potential in Indonesia,” said Kenichi Ohmae, who led a delegation of about 40 Koken-Kai members to the country last week to meet with political and business leaders.
“That’s why Japanese colleagues of mine will come to Indonesia to take advantage of the country’s very dynamic economic growth.” Ohmae, president of Business Breakthrough and an author of popular business books, said the country was now seen as one of the world’s new economic growth engines, behind China and India.
“People have high expectations for the new government and new cabinet, with Vice President-elect Boediono directing economic policy,” he said. Ohmae noted that Japan was already one of the country’s largest investors as well as one of its biggest export markets, but added that trade between the two sides should increase. “Our member companies will focus on investing in the consumer products and infrastructure sectors,” Ohmae said. “With a huge population of more than 200 million people, I think it would be a mistake for Japan not to pay close attention to the domestic market in Indonesia.”
He added that he was urging Japanese companies to invest in production facilities in Indonesia as well as in China and Vietnam to take advantage of low costs, abundant natural resources and skilled labor. “In my opinion, Indonesia is well-practiced at global competitiveness,” he said. Eric Alexander Sugandi, an economist at Standard Chartered Bank who met with the Koken-Kai delegation, shared Ohmae’s view about the resilience of the economy and the prospects for investment in the domestic consumer goods sector. “Indonesia’s economy is expected to grow by 4 percent this year and by 5 percent next year,” he said during a presentation to Koken-Kai on Friday.
Eric said the second government of President Susilo Bambang Yudhoyono would likely be stronger than the first, giving it more power to enact its reform agenda and providing Boediono greater influence on economic policy. “Indonesia has been less affected by the global crisis and the consumer sector was the most resilient to the downturn,” he added.
“That’s why Japanese colleagues of mine will come to Indonesia to take advantage of the country’s very dynamic economic growth.” Ohmae, president of Business Breakthrough and an author of popular business books, said the country was now seen as one of the world’s new economic growth engines, behind China and India.
“People have high expectations for the new government and new cabinet, with Vice President-elect Boediono directing economic policy,” he said. Ohmae noted that Japan was already one of the country’s largest investors as well as one of its biggest export markets, but added that trade between the two sides should increase. “Our member companies will focus on investing in the consumer products and infrastructure sectors,” Ohmae said. “With a huge population of more than 200 million people, I think it would be a mistake for Japan not to pay close attention to the domestic market in Indonesia.”
He added that he was urging Japanese companies to invest in production facilities in Indonesia as well as in China and Vietnam to take advantage of low costs, abundant natural resources and skilled labor. “In my opinion, Indonesia is well-practiced at global competitiveness,” he said. Eric Alexander Sugandi, an economist at Standard Chartered Bank who met with the Koken-Kai delegation, shared Ohmae’s view about the resilience of the economy and the prospects for investment in the domestic consumer goods sector. “Indonesia’s economy is expected to grow by 4 percent this year and by 5 percent next year,” he said during a presentation to Koken-Kai on Friday.
Eric said the second government of President Susilo Bambang Yudhoyono would likely be stronger than the first, giving it more power to enact its reform agenda and providing Boediono greater influence on economic policy. “Indonesia has been less affected by the global crisis and the consumer sector was the most resilient to the downturn,” he added.
Eitzen calls bond holders meeting
As part of the process of putting forward a new financial plan, on 21st September 2009, Eitzen Chemical called for a bond holders' meeting.
This was called to propose certain amendments to the loan agreement for the FRN Eitzen Chemical Callable Bond Issue 2006/2011.
It will be held on 29th September 2009.
The company has proposed to change the maturity date of the bond loan to October 2014 and to remove certain covenants.
Eitzen Chemical is also in the process of negotiating amendments to its current credit facility agreements to achieve a new and more favourable debt repayment schedule and covenant structure.
It has proposed to postpone all scheduled instalments until fourth quarter 2012; however, with a potential for variable instalments from 2010 based on Eitzen Chemical's financial performance.
It also proposed to remove covenants to achieve a new structure, which fits the current market environment and the company's financial position.
Eitzen also plans to complete a new issue of $100 mill to strengthen its liquidity buffer and balance sheet.
The proposed amendments to the loan agreements, including the bond loan, will be conditional upon successful completion of the equity issue, and in turn this will be conditional upon the lenders approving the proposed loan amendments.
This was called to propose certain amendments to the loan agreement for the FRN Eitzen Chemical Callable Bond Issue 2006/2011.
It will be held on 29th September 2009.
The company has proposed to change the maturity date of the bond loan to October 2014 and to remove certain covenants.
Eitzen Chemical is also in the process of negotiating amendments to its current credit facility agreements to achieve a new and more favourable debt repayment schedule and covenant structure.
It has proposed to postpone all scheduled instalments until fourth quarter 2012; however, with a potential for variable instalments from 2010 based on Eitzen Chemical's financial performance.
It also proposed to remove covenants to achieve a new structure, which fits the current market environment and the company's financial position.
Eitzen also plans to complete a new issue of $100 mill to strengthen its liquidity buffer and balance sheet.
The proposed amendments to the loan agreements, including the bond loan, will be conditional upon successful completion of the equity issue, and in turn this will be conditional upon the lenders approving the proposed loan amendments.
Friday, 25 September 2009
Russia could take quarter of world LNG market - Gazprom CEO
Friday, 25 September 2009
Russia could increase its share on the world liquefied natural gas market to 25%, the CEO of Russian energy giant Gazprom said on Thursday. "Russia could take a leading position on the world LNG market and get 25% of the global market," Alexei Miller said at a meeting on the development of gas deposits. The global market for liquefied natural gas (LNG) will double by 2020, Miller said."The [LNG] market has grown 70% since 2000, and according to our forecasts it will double by 2020," Miller said.
The Gazprom CEO said that the project for the construction of a liquefied natural gas plant on Yamal Peninsula in West Siberia would be ready by 2015-2017."Currently we are at the pre-project stage; I don't believe this will happen earlier than 2015-2017," Miller said in response to the question about when the project would be ready and Gazprom would start selecting foreign partners for its implementation.Russian Energy Minister Sergei Shmatko said earlier in the day that the potential of natural gas production at explored fields alone on Yamal Peninsula was estimated at 360 billion cubic meters a year for many years to come, with the peninsula's reserves estimated at over 50 trillion cubic meters.
Source: RIA Novosti
Russia could increase its share on the world liquefied natural gas market to 25%, the CEO of Russian energy giant Gazprom said on Thursday. "Russia could take a leading position on the world LNG market and get 25% of the global market," Alexei Miller said at a meeting on the development of gas deposits. The global market for liquefied natural gas (LNG) will double by 2020, Miller said."The [LNG] market has grown 70% since 2000, and according to our forecasts it will double by 2020," Miller said.
The Gazprom CEO said that the project for the construction of a liquefied natural gas plant on Yamal Peninsula in West Siberia would be ready by 2015-2017."Currently we are at the pre-project stage; I don't believe this will happen earlier than 2015-2017," Miller said in response to the question about when the project would be ready and Gazprom would start selecting foreign partners for its implementation.Russian Energy Minister Sergei Shmatko said earlier in the day that the potential of natural gas production at explored fields alone on Yamal Peninsula was estimated at 360 billion cubic meters a year for many years to come, with the peninsula's reserves estimated at over 50 trillion cubic meters.
Source: RIA Novosti
Middle East gas demand to remain strong
Friday, 25 September 2009
Gas demand in the Middle East will remain strong for the foreseeable future, due to the needs of the power sector, according to an industry analyst. While demand for gas in the rest of the world has fallen, domestic requirements have remained steady in the Middle East, and much of this due to the increasing amount of power needed in the region reported George Sarraf, principal at Boooz and Company. “If you look at most of the Middle East countries, the gas demand is pretty strong. In Abu Dhabi there is a strong demand for gas mainly due to the need of the power sector which has had to grow significantly,” said Sarraf.“
It is the same story for all the other countries, the demand for gas domestically is high and it’s primarily driven by the growth in the power sector. There is an over consumption of electricity so this is driving all these projects building big power plants which require gas as a feedstock,” Sarraf added. Before the recession hit analysts were predicting world gas demand to rise 2% per annum for the foreseeable future, however due to gas demand correlating with industrial output, this has not been the case.
Source: Arabian Oil & Gas
Gas demand in the Middle East will remain strong for the foreseeable future, due to the needs of the power sector, according to an industry analyst. While demand for gas in the rest of the world has fallen, domestic requirements have remained steady in the Middle East, and much of this due to the increasing amount of power needed in the region reported George Sarraf, principal at Boooz and Company. “If you look at most of the Middle East countries, the gas demand is pretty strong. In Abu Dhabi there is a strong demand for gas mainly due to the need of the power sector which has had to grow significantly,” said Sarraf.“
It is the same story for all the other countries, the demand for gas domestically is high and it’s primarily driven by the growth in the power sector. There is an over consumption of electricity so this is driving all these projects building big power plants which require gas as a feedstock,” Sarraf added. Before the recession hit analysts were predicting world gas demand to rise 2% per annum for the foreseeable future, however due to gas demand correlating with industrial output, this has not been the case.
Source: Arabian Oil & Gas
Wednesday, 23 September 2009
Eitzen Chemical - Summons for bondholders' meeting
As previously announced, Eitzen Chemical ASA is in the process of developing a long term financial plan. The plan is built around a new debt repayment schedule and covenant structure to fit the current market conditions in addition to a new equity issue. Eitzen Chemical is currently in the process of negotiating amendments to its main loan agreements. The Company has proposed that installments are deferred and certain covenants are amended, among other proposed changes in the main loan agreements.As part of the restructuring process, the Company has called for a bondholders' meeting to consider a proposal for amendments to the loan agreement for the FRN Eitzen Chemical ASA Callable Bond Issue 2006/2011 bond loan, consisting of a USD tranche with ISIN NO 00133433.7 and a NOK tranche with ISIN NO 001033434.5.The meeting will be held in the premises of Norsk Tillitsmann ASA (the loan trustee for the bond loan).
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