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	<title>Marine Money Archives</title>
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	<link>http://www.marine-money.com</link>
	<description>The Ship Finance Publication Of Record</description>
	<lastBuildDate>Mon, 26 Mar 2012 04:37:58 +0000</lastBuildDate>
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		<title>Indonesian Cabotage Regime: Implications for foreign owners, operators and financiers</title>
		<link>http://www.marine-money.com/archive/indonesian-cabotage-regime-implications-for-foreign-owners-operators-and-financiers</link>
		<comments>http://www.marine-money.com/archive/indonesian-cabotage-regime-implications-for-foreign-owners-operators-and-financiers#comments</comments>
		<pubDate>Mon, 26 Mar 2012 04:37:58 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Commentary]]></category>
		<category><![CDATA[Norton Rose]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=12018</guid>
		<description><![CDATA[Contributed by: Norton Rose: Stephen Woods (Senior Associate, Singapore), Ben Rose (Partner, Singapore) and Susandarini (Partner, Jakarta). In May 2011, broad cabotage rules applying to the Indonesian domestic sea carriage sector came into effect which significantly increased the practical and compliance obstacles for vessel owners operating in Indonesian waters.  A year on, estimates suggest a [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/indonesian-cabotage-regime-implications-for-foreign-owners-operators-and-financiers/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Ezra and Swiber Place Out New Shares for Growth</title>
		<link>http://www.marine-money.com/archive/ezra-and-swiber-place-out-new-shares-for-growth</link>
		<comments>http://www.marine-money.com/archive/ezra-and-swiber-place-out-new-shares-for-growth#comments</comments>
		<pubDate>Mon, 26 Mar 2012 04:26:18 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[Credit Suisse]]></category>
		<category><![CDATA[DBS]]></category>
		<category><![CDATA[Ezra Holdings]]></category>
		<category><![CDATA[Religare Capital Markets]]></category>
		<category><![CDATA[Swiber Holdings]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=12015</guid>
		<description><![CDATA[On March 9, Ezra Holdings entered into a placement agreement with Credit Suisse and DBS in order to issue 110 million new shares at a price of SGD 1.10 per share, a discount of approximately 8.4% to the weighted average trading price of shares the day prior. The anticipated SGD 118.8 million (USD 94 million) [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/ezra-and-swiber-place-out-new-shares-for-growth/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>China Rongsheng Mulls Over MTNs</title>
		<link>http://www.marine-money.com/archive/china-rongsheng-mulls-over-mtns</link>
		<comments>http://www.marine-money.com/archive/china-rongsheng-mulls-over-mtns#comments</comments>
		<pubDate>Mon, 26 Mar 2012 04:23:04 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[China Rongsheng Heavy Industries Group]]></category>
		<category><![CDATA[Minsheng Bank]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=12011</guid>
		<description><![CDATA[Last Wednesday, China’s largest private shipbuilder, China Rongsheng Heavy Industries, announced plans to issue RMB 3.6 billion (USD 570 million) medium term notes to fund its general working capital requirements and repay part of its loans with higher interest rates. The first tranche of three year RMB 2 billion is expected to be issued on [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/china-rongsheng-mulls-over-mtns/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Defaults and Bankruptcies</title>
		<link>http://www.marine-money.com/archive/defaults-and-bankruptcies</link>
		<comments>http://www.marine-money.com/archive/defaults-and-bankruptcies#comments</comments>
		<pubDate>Mon, 26 Mar 2012 04:18:36 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Commentary]]></category>
		<category><![CDATA[Berlian Laju Tankers]]></category>
		<category><![CDATA[Dongfang Shipbuilding]]></category>
		<category><![CDATA[Grand China Logistics]]></category>
		<category><![CDATA[PT Humpuss Sea Transport]]></category>
		<category><![CDATA[Sanko Steamship]]></category>
		<category><![CDATA[Sekwang Heavy Industries]]></category>
		<category><![CDATA[Titan Petrochemicals]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=12006</guid>
		<description><![CDATA[The global shipping industry has been grabbing headlines lately, unfortunately for less admirable reasons. As the industry continues to grapple with depressed freight rates due to overcapacity across all shipping segments, continued high bunker prices and the pertinent problem of reduced lending from the traditional ship financiers, bankruptcies are expected to accelerate for the rest [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Time will tell</title>
		<link>http://www.marine-money.com/archive/time-will-tell</link>
		<comments>http://www.marine-money.com/archive/time-will-tell#comments</comments>
		<pubDate>Mon, 26 Mar 2012 04:09:13 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Commentary]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=12001</guid>
		<description><![CDATA[It has been a long time coming, and we all suspect it has been going on for the last year or two, but in the last six months shipping bankruptcies and restructurings have become more public and more talked about. And it is likely that such will continue with more companies, small and large, having [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/time-will-tell/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Conference Takeaways</title>
		<link>http://www.marine-money.com/archive/conference-takeaways</link>
		<comments>http://www.marine-money.com/archive/conference-takeaways#comments</comments>
		<pubDate>Mon, 12 Mar 2012 02:43:16 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Market Commentary]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11998</guid>
		<description><![CDATA[Cold, wet and grey are the defining characteristics of Hamburg in winter and the same adjectives could well be used to describe the current mood of the shipping industry. At the recent Marine Money conference in Hamburg, there were concerns over the rapidly shrinking of the maritime clusters in Germany, the troubled KG market as well [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/conference-takeaways/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Bank of Communications Signs New Leasing Agreement with CSC Phoenix</title>
		<link>http://www.marine-money.com/archive/bank-of-communications-signs-new-leasing-agreement-with-csc-phoenix</link>
		<comments>http://www.marine-money.com/archive/bank-of-communications-signs-new-leasing-agreement-with-csc-phoenix#comments</comments>
		<pubDate>Mon, 12 Mar 2012 02:34:37 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Leasing]]></category>
		<category><![CDATA[Bank of Communications Financial Leasing]]></category>
		<category><![CDATA[CSC Phoenix]]></category>
		<category><![CDATA[CSC Sinotrans Group]]></category>
		<category><![CDATA[ICBC Leasing]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11995</guid>
		<description><![CDATA[Shenzhen listed CSC Phoenix, a subsidiary of state owned CSC Sinotrans Group, has executed a RMB 375 million (USD 59.3 million) sale and leaseback transaction with Bank of Communications Financial Leasing. The eight year lease agreement will involve seven vessels with the lease rates pegged to the five year People’s Bank of China lending rate. [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/bank-of-communications-signs-new-leasing-agreement-with-csc-phoenix/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>TeraSea Inks USD 53 million Buyer’s Credit from JBIC</title>
		<link>http://www.marine-money.com/archive/terasea-inks-usd-53-million-buyer%e2%80%99s-credit-from-jbic</link>
		<comments>http://www.marine-money.com/archive/terasea-inks-usd-53-million-buyer%e2%80%99s-credit-from-jbic#comments</comments>
		<pubDate>Mon, 12 Mar 2012 02:30:53 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bank Debt]]></category>
		<category><![CDATA[Ezion Holdings]]></category>
		<category><![CDATA[Japan Bank of International Cooperation]]></category>
		<category><![CDATA[Nippon Export and Investment Insurance (“NEXI”)]]></category>
		<category><![CDATA[Seabridge Marine]]></category>
		<category><![CDATA[Sumitomo Mitsui Banking Corporation]]></category>
		<category><![CDATA[TeraSea]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11993</guid>
		<description><![CDATA[TeraSea, a joint venture between Singapore listed Ezion Holdings and Seabridge Marine, has secured a USD 53 million export credit loan from Japan Bank of International Corporation (“JBIC”) and Sumitomo Mitsui Banking Corporation (“SMBC”).  Nippon Export and Investment Insurance (“NEXI”) will provide a 6 year USD 26 million buyer’s credit insurance to cover the loan [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/terasea-inks-usd-53-million-buyer%e2%80%99s-credit-from-jbic/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Market Review: Shipping Bond Issuance Hit Record USD 8 billion</title>
		<link>http://www.marine-money.com/archive/market-review-shipping-bond-issuance-hit-record-usd-8-billion</link>
		<comments>http://www.marine-money.com/archive/market-review-shipping-bond-issuance-hit-record-usd-8-billion#comments</comments>
		<pubDate>Mon, 12 Mar 2012 02:26:35 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[Market Commentary]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11989</guid>
		<description><![CDATA[In the past, bonds were hardly seen as a typical source of ship finance. Bond issues by shipping companies were infrequent and were typically sold in relatively small tranches to complement larger bank debt facilities. But this picture has changed dramatically since 2009. In 2011, total shipping bond issues in Asia surged an astonishing 90% to [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/market-review-shipping-bond-issuance-hit-record-usd-8-billion/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>SK Shipping Plans KRW 150 billion Bonds</title>
		<link>http://www.marine-money.com/archive/sk-shipping-plans-krw-150-billion-bonds</link>
		<comments>http://www.marine-money.com/archive/sk-shipping-plans-krw-150-billion-bonds#comments</comments>
		<pubDate>Mon, 05 Mar 2012 02:55:10 +0000</pubDate>
		<dc:creator>rwong</dc:creator>
				<category><![CDATA[Asia]]></category>
		<category><![CDATA[Bonds]]></category>
		<category><![CDATA[SK Shipping]]></category>

		<guid isPermaLink="false">http://www.marine-money.com/?p=11977</guid>
		<description><![CDATA[Shortly after STX Pan Ocean’s announcement to sell KRW 250 billion (USD 223.5 million) three year convertible bonds, another Korean shipping company is planning to tap the domestic bond market in a big way. SK Shipping plans to issue unsecured three year bonds of KRW 150 billion (USD 133 million), and out of which KRW [...]]]></description>
		<wfw:commentRss>http://www.marine-money.com/archive/sk-shipping-plans-krw-150-billion-bonds/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
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