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36 Maritime Reporter & Engineering News business processes. Both Auger and
Nicklin report to Ian Webber as does
Iain Torrens, who continues to be responsible for treasury and tax func- tions. Another new position, VP
Taxation, has been filled by Sarita
Sood. Tod Sizemore joins CP Ships as
VP Finance Americas & Asia based in
Tampa, Fla., reporting to Auger. He suc- ceeds Julie Harte who has assumed the new role of VP Finance Systems
Implementation.
Creel to Head FMC
Harold J. Creel, Jr., was sworn in as a the Federal Maritime Commission (FMC) Commissioner for a term to expire on June 30, 2009. Creel was con- firmed by the Senate on November 20, 2004.
OSG To Acquire Stelmar
Overseas Shipholding Group, Inc. (OSG) signed a definitive merger agree- ment to acquire Stelmar Shipping Ltd.
Holders of Stelmar's common stock will receive $48 per share in cash upon the closing of the merger, implying an aggregate equity market value of $843 million for Stelmar. Taking into account
Stelmar's outstanding debt, the total value of the transaction is approximate- ly $1.3 billion. The Stelmar fleet includes 24 Handymax product tankers, 13 Panamaxes and 3 Aframaxes. OSG will finance the transaction with cash and funds available under its existing credit facilities. The transaction is expected to close by the end of January 2005. UBS Investment Bank is acting as
OSG's sole financial advisor and
Cravath, Swaine & Moore LLP is acting as legal counsel.
Jurong Completes FPSO
Singapore's Jurong Shipyard Ltd (JSL) announced that the upgrading of the
FPSO Sendje Berge was completed on
December 7. Measuring 1145 x 170.6 x 88.6 ft. (349 x 52 x 27 m), the 274,000 dwt FPSO vessel underwent major upgrading and installation works to boost its production and storage capabil- ities. On delivery, the FPSO was char- tered to Addax Petroleum, a subsidiary of Addax & Oryx Group, for exploration and development works in the Okwori
Field, offshore Nigeria.
German Shipowning Up
German shipowners have moved up globally to rank number four in terms of tonnage. At the mid-point of this year they controlled 5.8% of the global fleet, said the German owners' association
VDR. German owners continue to dom- inate the containership segment, control- ling about 28% of global tonnage. By the end of the year German owners will control about 2,560 ships with 40 mil- lion gt capacity, 160 ships and six mil- lion gt more than a year ago.
SkyFile Increases Compression Ratio
The new version of France Telecom’s
SkyFile communication software starts with a single-button automatic installa- tion or update. Windows-compatible, the software has a standard web-mail interface so registered users can manage their e-mail via the Internet, even onshore from any PC. Besides e-mail,
SkyFile can send and receive text mes- sages (SMS) and e-faxes. Connection time is now cut by up to 90% through
WinZip-type data compression, shorter dial-in times and reliable transfers.
Circle 38 on Reader Service Card
MAN B&W to Open Jadaf Facility
MAN/B&W is about to complete the construction of a new state-of-the-art turbocharger service and repair facility at Jadaf. This new facility will be opera- tional during the first quarter of 2005 and will reportedly house some of the most technically-advanced machines, such as the Schenk H4/20 and HM 10
Cab 803 balancing machines.
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