"Will the Fate Of Seychelles Oil Tankers End Up Same As Air Seychelles?"

We/I have noted the many pictures added to SFP blog alongside the articles.

We are oblige for whatever reason the author of that article "Will the Fate Of Seychelles Oil Tankers End Up Same As Air Seychelles?" the content of our earlier comment - Hon Christopher Gill/Oil exploration - how the Mauritian will react when they will have to call for accountability from the Multinational intending to explore the joint Economic Zone and catastrophic events in Mauritius.

With out to be shouted on SFP Blog SIROP shut the Bake/pot de chambre limited details in our Greece/Cyprus threads and comments - still stressing that during the era of President FA Rene there existed a very important and strong working - just to give a glimpse, we mentioned the issues of Christina Onassis, her daughter and events - we got superbly sworn at.

We tried again at the SIROP blog to address the issues particularly in relation to Venezuela and President Hugo Chavez, what drove/impacted the Latin American Nation to form their Union - certain very special workings and relations. All along concern over the Petrol Tanker fleet because we were importantly involved - those if you who specialism in swearing will have to go and find /locate Madame Bareau to develop new swear word vocabulary.

We have been monitoring development withing the Greek/Cypriots community in Britain their very special role and events of that Bail out and the new approach by the EU-demanding that savers with Euro 100,000 contribute take a hit.

This Hon Christopher Gill could/ought to have been avoided - you too is required to listen and you will learn - as we have. Were you in our shoe your reaction - we have stated we have the capacity to influence OPEC workings and None OPEC workings and this for some near 30 years. Those out there who know and their Benchmark.

President FA Rene judge/decide we must/ought not be paid for our work, important input and contribution to this National industry and his international workings. Yet his High responsibilities - had we been paid or compensated an iota of what we are due that money could have been used to develop and support many aspects of SIROP workings and technical support and our greater EU Community workings.

Instead after all the hard slog and work he believes and Seychelles government not just to treat use like Terrorist - those who know the issues, to starve us from funds and still expect us to work/contribute very positively.

Between him and President JA Michel who have become blinded by events surrounding them and the Indian Ocean the past 30 years - we state it again, Seychelles has very few capable individuals if the die/disappear what will ensue. The need to find other alternative ways/means to get things moving - those involved and responsible.

Now you are quoting on your Blog SEPEC is to take 40% hit given Cyprus new banking legislation. (By the way the many powerful Russian who know some of the issues and their investment in Cyprus) This will not change and deter FA Rene and President Michel approach.

in 2009 when we come Home and tried to find/negotiate a solution - they refused and one year later the country almost when bankrupt without having to repeat the details here. This 40% hit in comparison/ratio to what we are owned/due by those who were and have been responsible for SEPEC and the National Tanker Fleet - demand the nation to ask /question the rationality of those managing our country's workings and economic.

What about the devastation upon greater global workings economic workings - yet we boast of Super capabilities and the large numbers of highly distinguish doctorates and academic Finish.

Please refer to our earlier comment about the second world war film and the $16 millions in gold bar.

[Only admins are allowed to see this link]

German lender defers Sepec’s debt repayment


The Seychelles Pride, one of the tankers in Sepec’s fleet. The deferred repayment will provide substantial cash flow relief to Sepec’s tanker operations over the medium term

The Seychelles Petroleum Company Limited (Sepec) has announced that it has concluded a comprehensive debt refinancing agreement with KfW IPEX-Bank GmbH (KfW).

This covers the balances outstanding on the five credit facilities originally extended by the German lender to finance the purchase of Sepec’s oil tanker fleet.

Under the terms of the US $61 million agreement, 100% of the principal repayments due in the second half of 2013, and almost 40% of the repayments due between 2014 and the first half of 2017 will be deferred over a period of three years.

This adjustment to the amortisation profile of the loans will provide substantial cash flow relief to Sepec’s tanker operations over the medium term, and will nearly double the average life on the tanker loan portfolio.

This important debt refinancing agreement follows an extensive period of negotiations between a combined Sepec /Ministry of Finance team on the one hand, and KfW and its insurers on the other.
During the discussions, the extent of the downturn affecting the global oil tanker market was considered, and both sides analysed the level of additional repayment flexibility required by Sepec’s tanker operation as it waits for the expected recovery in the global market to materialise.

Sepec’s impeccable track record as a borrower and oil tanker operator were cited during the discussions as the principal reasons for the German lender’s willingness to explore ways to support Sepec at this time.

Speaking soon after concluding the agreement, the Minister for Finance, Trade and Investment Pierre Laporte said although Sepec has operated a very profitable tanker business up to 2008, the downturn in the global market since has placed a strain on the finances of its tanker business.

“The deal that has just been struck with KfW will shield what is an otherwise profitable business from the worst of the global downturn, and will also bring significant benefits to the broader Seychelles economy by adding further momentum to the improving trend in the country’s balance of payments through the market-friendly deferral of foreign currency debt service.”

Sepec’s chief executive Conrad Benoiton said: “We are very pleased to have reached this important milestone. We thank our partners at KfW for their constructive and cooperative approach to the discussions.”

[Only admins are allowed to see this link]

Seychelles Paradise returns from dry dock in Colombo

03-September-2014
Seychelles’ tanker Paradise has returned to Port Victoria following a 10-day dry dock period in Colombo, Sri Lanka.

This is its fifth year class renewal survey as required by the International Association of Classification Societies (IACS) standards and the Seychelles Maritime Safety Administration (SMSA) requirements.

Paradise left Seychelles for Colombo, Sri Lanka on July 25, 2014 with an 11 crew team. She arrived in Colombo on August 3 and entered the dock two days later.

She went through strict class inspections, engines and equipment overhauls, namely for valves, machineries, the main engines, the generators and all other equipment on board as well as a complete repainting of the vessel.

Paradise now boasts a newly painted black hull structure identical to the rest of the Seychelles Petroleum Company’s (Seypec) fleet of tankers.

She completed the in-dock works on August 15 and departed Sri Lanka on the August 18, arriving back in Port Victoria on August 26 after eight days of sailing.

The purpose of the five-year renewal survey is to ensure that as per class rules, the vessel is certified fit to sail and trade, otherwise the vessel will not be able to offer services for oil cargo deliveries, it will not be insured and will thus lose the inspections and survey scheduling programming of the classification society.

which also plays a very important role in the general upkeeping of the vessel.

According to Seypec’s shipping and crewing manager Pierre Prosper, preparations for Seychelles Paradise’s first dry dock began early this year based on requirements and the various work submitted, to be completed during the dry dock. This was followed by the assessment of the selected dockyards in the region and Colombo dockyard in Sri Lanka was selected based on its proximity, its quality of service, its past experience with similar vessel types and its ability to complete and deliver quality work in a timely manner.

An agent, CEYLINE Ltd, was also appointed to coordinate logistics in Colombo.

It is to be noted that the Paradise crew has also been instrumental in assisting with the work carried out during the dry docking, something which has boosted their experience and knowledge of the vessel.

Seychelles Paradise is now ready to resume its key role in ensuring that Praslin is supplied with its fuel requirements every six weeks as well as promoting the sale of bunker both within port vicinities and at offshore level in the Indian Ocean region.

The vessel’s technical management is currently being done in partnership with German Tanker Shipping GmbH and Seypec’s shipping office, based locally.

[Only admins are allowed to see this link]