Tag: Alissa

Tanker Investments Closes Deals for Four Tankers

first_imgzoom Tanker Investments Ltd. has entered into four Memoranda of Agreement (MoA) to acquire four vessels. The procurement of the four vessels is in line with the company’s strategic plan to grow its fleet through attractively-priced acquisitions.The first two vessels, slated for delivery in late May or early June 2014, are 2012-built coated Aframax tankers and have been bought for US$ 47.5 million each. Upon delivery, the vessels will continue to trade in the Teekay Taurus Pool.If the vessels are not ready for delivery by July 15, 2014, the company has the option to cancel the MoA, and, if the seller fails to complete a legal transfer of the vessels due to proven negligence, the company can claim compensation for documented losses and expenses incurred due to the non-delivery.A purchase agreement to acquire the entire membership interests in the companies Alpha VLCC L.L.C. and Beta VLCC L.L.C., each of which owns one 2010-built Very Large Crude Carrier was signed as well. The agreement wasentered into between Teekay Tankers Ltd. and the company. The consideration for the entire membership interests is US$ 154 million.Tanker Investments Ltd. intends to finance the acquisition of the four vessels with existing cash balances and by drawing a portion of the company’s new US$ 200 million revolving credit facility, which is expected to be finalized in May 2014.“The investment in the VLCCs is an opportunistic addition to the Company’s tanker portfolio timed to take advantage of expected rally in VLCC freight rates and assets prices that the Company believes may occur earlier than other segments. The coated Aframax investment provides Tanker Investments with optionality to trade these ships in the crude or clean products trade,” the company commented in a release.Press Release, May 13, 2014last_img read more

Women hold key to reaching development goals – Migiro

Efforts to meet international development goals must focus on empowering women, Deputy Secretary-General Asha-Rose Migiro said last night in a speech delivered at the Council on Foreign Relations in New York. “Empowering women is not just an end in itself; it is a prerequisite for reaching all of the Millennium Development Goals – our common vision to build a better world in the 21st century,” she said of the targets, known as MDGs, that aim to slash a host of global ills by 2015. At the moment the news is quite sobering, she said: systematic discrimination against girls and women in the world’s poorest countries will make it impossible for these States to meet the priority goal to halve the number of people living in extreme poverty by that year. “Women and girls form the majority of the world’s poor and hungry, girls are dropping out of primary school at rates far greater than boys, and the spread of HIV disproportionately affects women and girls,” Ms. Migiro said, adding that efforts to cut maternal mortality rates were also lagging. As national legal structures were still not adequately addressing this situation, women’s leadership was crucial, she said. In that context, the Deputy Secretary-General noted that MDG number three, promoting gender equality and women’s empowerment, recognized this by including an indicator for women’s political leadership. To achieve this, it was crucial to promote affirmative action, human rights protection and leadership training, including apprenticeship programmes for young women in political parties, as well as programmes to develop a “women’s manifesto of policy priorities.” In addition, she said, it was imperative to boost women’s economic leadership and to protect women against violence. Secretary-General Ban Ki-moon’s recent launch of a UN campaign to end violence against women would bring about the kind of high-level commitment needed to fight that global scourge. To strengthen all these efforts, she supported the creation of one “dynamic and strengthened gender entity” that would consolidate existing UN structures, to advance the cause of women’s empowerment and realize gender equality worldwide. 12 March 2008Efforts to meet international development goals must focus on empowering women, Deputy Secretary-General Asha-Rose Migiro said last night in a speech delivered at the Council on Foreign Relations in New York. read more