Kuwait Oil Tanker Co. orders three LPG tankers from Hyundai

KOTC Chief Executive Officer Sheikh Talal Khaled Al-Sabah made the announcement. (File/AFP)
Updated 25 November 2018
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Kuwait Oil Tanker Co. orders three LPG tankers from Hyundai

  • The first vessel should be delivered at the end of 2019
  • The LPG tankers cost of $213.3 million

DUBAI: Kuwait Oil Tanker Co. (KOTC) has ordered three giant liquefied petroleum gas tankers (LPG) from Hyundai Heavy Industries at a cost of $213.3 million, the state-run Kuwait New Agency (KUNA) reported on Sunday.
The first vessel should be delivered at the end of 2019, said KUNA, citing an announcement by KOTC Chief Executive Officer Sheikh Talal Khaled Al-Sabah.


Shareholders of India’s Jet Airways approve debt-for-equity swap

Updated 23 February 2019
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Shareholders of India’s Jet Airways approve debt-for-equity swap

  • The plan will mean the lenders will have a bigger holding than any other shareholder
  • Currently, Chairman Naresh Goyal owns a 51 percent stake in the company and Abu Dhabi’s Etihad Airways owns 24 percent

MUMBAI: India’s Jet Airways said late on Friday that its shareholders approved a plan to convert existing debt to equity, paving the way for the troubled company’s lenders to infuse funds and nominate directors to its board.
Jet’s board last week approved a plan by lenders, led by State Bank of India, for an equity infusion, debt restructuring and the sale or sale-and-lease-back of aircraft.
The plan will mean the lenders will have a bigger holding than any other shareholder.
Currently, Chairman Naresh Goyal owns a 51 percent stake in the company and Abu Dhabi’s Etihad Airways owns 24 percent.
Jet, which had net debt of 72.99 billion rupees ($1.03 billion) as of end-December, has debt payments looming next month, according to rating agency ICRA. It has been unable to pay pilots’ salaries and has outstanding bills to aircraft lessors.
The company, India’s biggest full-service carrier, is struggling with competition from budget rivals, high oil prices and a weaker rupee. The share price took a beating in 2018, losing nearly 70 percent of its value.
In a regulatory filing, Jet said on Friday that 98 percent of its shareholders voted to increase the share capital to 22 billion rupees ($309.8 million) from 2 billion rupees at a special meeting.
Jet, whose financial woes are set against the backdrop of wider aviation industry problems, has been in the red for four straight quarters.