Wellard Shrinks Debt with the Sale of MV Ocean Shearer

first_imgAustralia’s largest livestock exporter Wellard Limited is on track to complete its recapitalization program having secured a term sheet to sell the MV Ocean Shearer.  One of the main reasons behind the sale of the giant vessel has been its underutilization, according to Wellard Executive Chairman John Klepec.“The Ocean Shearer has been predominantly deployed in the South America-Turkey trade route, which has twice been closed suddenly, leaving Wellard with fixed financing and overhead costs but without revenues,” he added.The world’s largest purpose-built livestock vessel is being bought by Livestock Transport & Trading Co KSC, a Kuwaiti publicly listed company, controlled by Al Mawashi Limited, which trades in Australia as Kuwait Livestock Transport and Trading Company (KLTT) and which is one of the largest exporters of sheep from Australia to the Middle East.As such the Ocean Shearer will be assigned to the Australia–Middle East trade route, benefiting Western Australian farmers andother businesses in the related supply-chain.The vessel has the capacity to transport 20,000 cattle or 75,000 sheep or a combination of both and is suited to trans-hemisphere routes. In addition, the vessel’s fodder capacity is 3,000 t.The 2016-built vessel will be sold for USD 53 million. Wellard intends to apply approximately USD 42.3 million to reduce the company’s debt to USD 16.7 million.“The remaining USD 10.7 million will be retained as cash for operations, significantly strengthening Wellard’s working capital position,” the company said.“The sale of the MV Ocean Shearer cuts Wellard’s financial debt to very manageable levels while crystallizing value from an under-utilized vessel in our fleet,” Klepec said.“Given our comparable sized vessel, the MV Ocean Drover has completed three times the number of voyages as the MV Ocean Shearer in 2019, it makes financial sense to release value and reduce debt from an under-utilized asset, adding AD 15.8 million to our cash reservesand reducing our annual debt servicing by USD 8 million.”Klepec added Wellard’s high debt load, which had become a millstone around its neck, would be consigned to history on the successful settlement of the transaction, enabling the company to focus on charter utilization and running its vessels efficiently.The vessel sale leaves Wellard’s fleet right-sized to three vessels, two owned and one exclusively leased.“The company can now focus exclusively on maximizing earnings and profits from the company-owned MV Ocean Drover and MV Ocean Ute, and the long-term chartered MV Ocean Swagman,” Wellard explained.Over the past year, Wellard has been busy with the recapitalization efforts through asset sales. In October, the company got a nod for the sale and leaseback of Ocean Swagman to Heytesbury Holding Company. At the time, the company said that the unit would be sold at a price of USD 22 million.The transaction also includes a bareboat charter of the 7,850 DWT livestock carrier back from Heytesbury to Wellard immediately upon completion of the sale.last_img read more

Take back bad pupils, schools told

first_imgNZ Herald 18 July 2013Figures raise concerns ministry is putting on pressure to accept potentially dangerous students.More than 100 schools that kicked out students for bad behaviour, including arson, physical assaults and drug use, have been made to re-enrol the same students again.From 2003 to 2012 there were 163 incidences where a school was directed by the Ministry of Education to take back a student the school had previously excluded or expelled. In some cases primary school students were asked to leave following harmful or dangerous behaviour, including assaults on staff and classmates.The figures have raised concerns that schools are being pressured into accepting potentially dangerous students who shouldn’t be in mainstream education. Family First NZ, which received the figures from the Ministry of Education, said schools were pressured to ignore dangerous behaviour.“Schools are having no choice but to accept students who should not be in mainstream education at the moment,” said Bob McCoskrie, national director of Family First NZ. “The rights of children and teachers to be safe are being sacrificed in favour of the rights of students who place other children at risk.”However, principals associations have sympathised with the Ministry of Education, saying the measure is a rarely used last resort.The release of the figures comes after a high-profile backtrack last month by the ministry on the case of Paeroa Central School. It had instructed the school to re-enrol a 10-year-old who had assaulted a teacher and told other students he would “cut them up with a knife”.http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10899563last_img read more

Patrick John accepts Jack Warner’s resignation; open to contest the elections for presidency

first_img 164 Views   one comment Share Sharing is caring! LocalNews Patrick John accepts Jack Warner’s resignation; open to contest the elections for presidency by: – June 22, 2011 Sharecenter_img Share Tweet President of the Dominica Football Association Mr. Patrick John. President of the Dominica Football Association, Mr Patrick John has hinted his possible intentions to run for the presidency of the International Football Federation (FIFA), with the recent resignation of Austin Jack Warner.Warner reportedly resigned from his post in international football immediately, according to a brief statement from FIFA.Mr John says the Dominica Football Association has been an ally of Jack Warner for many years, and will continue to liaise with him for advice and counsel.‘If its open, my name is in there. But for another post on the board, I would go for that. Because I would rather see that the guys who have been with Jack building the Caribbean, let them be in the forefront. If they leave it open, then Patrick John jumps in. If they don’t leave it open, then I seek a position on the board’, says John.The world governing body for football said Warner’s resignation has been accepted, acknowledging his contribution to international football and to Caribbean football and in particular the CONCACAF Confederation.Mr John says in Dominica, Mr Warner has left his mark with the advent of the Football House Building and the FIFA Goal 2 project.‘This building was the first success, the Football house located here in Bath Estate. And when that project was successful, we had no problems when we applied for the second goal project. Even before we had plans settled, we just had an idea, we brought it to Jack, he said its approved. One of the things that Jack was really into was the welfare of the smaller countries’, says John.Mr John had some words to leave with Mr Warner, on his resignation.‘I would just like to tell him that he has been my friend and we will continue to be friends. I respect his decision to pull out from the football arena, but as a member of CONCACAF and CFU, I will still be in touch with him. I will continue to get his assistance and expertise in moving Dominica forward, as it relates to football,’ John concluded.The resignation was prompted by an allegation against the 67-year-old football supremo that he and former FIFA Presidential candidate Mohamed Bin Hammam had offered us$40 000 to national associations of the Caribbean Football Union (CFU).It is alleged that the moneys were paid to the CFU members in return for their votes in the FIFA Presidential Election on June 1st.Dominica Vibes Newslast_img read more

Magath: Win showed Fulham’s desire

first_img Press Association But the visitors were not to be denied and in the 86th minute half-time substitute Rodallega flicked Holtby’s cross into the bottom corner. Magath revealed he has given his players two days off as a reward, saying: “You can imagine now how the players in the locker room are happy, happy and they forced me to give them two days off, so I have. They deserved it today.” Fulham’s happiness was Villa’s despair, with Paul Lambert’s side left looking nervously over their shoulders again after a third straight defeat. Lambert was left with little choice but to play Holt up front after the blow of Christian Benteke being ruled out for the season with a torn Achilles, while Gabriel Agbonlahor failed to recover from a stomach bug. Villa were also without key midfielder Fabian Delph after he picked up an injury. Lambert said: “We lost Fabian this morning and Gabby hadn’t recovered from the bug and throw (Karim) El Ahmadi into it – that’s a big chunk of our team. “Looking at the table and fixtures, there are some real hard games for everyone. You have to go and get over that line as quickly as you can. “I’d rather be in our position than a lot of teams. You have to look after yourself.” He said: “It was very important we won here after losing our last home game. I think today was our last chance for us to stay in the league. Therefore, it was a very difficult game and very spectacular. “We were one goal in front, there was an equaliser, and that was the situation last week that put us down. Today we came back and we fought. “Even the great chance for Lewis Holtby didn’t stop us. For us to win in the last five minutes is a signal to everybody that we are back in the league. Everyone at the game could see we want to stay in this league. “We have to win our games now. It doesn’t matter which team we play. We need to win three of the last games at least to stay in the league. We will fight every game. Today we have won and this win will give us confidence.” There was a feeling after Fulham’s home defeat by Everton last weekend that they were virtually condemned to life in the Championship. But they received vociferous support from their travelling fans at Villa Park and took the lead in the 61st minute when Richardson rifled in a shot from outside the area. It was a very open game, and it took Villa only nine minutes to find an equaliser as Grant Holt headed in his first goal for the club. Fulham looked certain to retake the lead when Lewis Holtby rounded Brad Guzan only to see Matthew Lowton pull off a miraculous clearance with virtually the whole of the ball over the line. Magath celebrated his first away win since taking charge of the Cottagers as goals from Kieran Richardson and Hugo Rodallega earned them a 2-1 triumph at Villa Park. Fulham remain five points adrift of safety with five games remaining after West Brom and Crystal Palace also won, but Magath believes the victory will give them impetus for their survival push. Felix Magath described Fulham’s victory over Aston Villa as their last chance to stay in the Barclays Premier League.last_img read more

Heavy defeat for Republic U21s

first_img Press Association The Republic of Ireland Under-21s suffered a heavy friendly defeat on Thursday night as they went down 4-1 to their Norwegian counterparts in Drammen. The Norwegians made 10 changes at half-time but that did not halt their momentum with Petter Strand grabbing a third eight minutes after the break. Kristoffer Normann Hansen scored the goal of the night soon after as he curled home from the edge of the box before Browne converted 14 minutes from time to hand the score some respectability. center_img Noel King’s troops were hoping to lift spirits after finishing fourth in their European Championship qualifying group but had only an Alan Browne consolation from the penalty spot to show for their efforts as they were outclassed by the Scandinavians. Mohamed Elyounoussi opened the scoring for the home side after 27 minutes and Veton Berisha doubled the advantage six minutes later. last_img read more

Local cross-country teams, runners have strong days at weekend meets

first_imgSULLIVAN — Hancock County enjoyed two strong days in cross-country over the weekend with local teams and runners earning wins and other solid results in weekend meets in Sullivan and Old Town.On Friday, this year’s Seacoast Invitational was held at Sumner Memorial High School. Runners from Sumner, Bucksport, George Stevens Academy and Deer Isle-Stonington formed the Hancock County contingent in the 3.05-mile race.GSA freshmen won both the boys’ and girls’ events with Sol Lorio claiming first on the boys’ race side a time of 18 minutes, 38 seconds and Thea Crowley winning the girls’ crown in 21:24. The Eagles won the boys’ meet with 25 points as Narraguagus earned 27 points in the girls’ meet to nip GSA’s 28.Ellsworth and Mount Desert Island traveled to Old Town for Saturday’s Old Town Invitational sectional meet. MDI completed an impressive sweep of the boys’ and girls’ titles as the Ellsworth boys placed fifth. The Eagles did not field enough runners to earn a girls’ team score.This is placeholder textThis is placeholder textIndividually, MDI’s Ponce Saltysiak (second place) and Ellsworth’s Nick Cormier (third place) finished as the top-two local runners with times of 18:02.80 and 18:15.34, respectively. Ellsworth’s Caitlin MacPherson placed fourth to finish as the top Hancock County girl, and MDI’s Callan Eason (fifth place), Katelyn Osborne (sixth place) and Grace Munger (eighth) also finished in the top 10.Local cross-country runners will return to action next Saturday, Oct. 5, for the Festival of Champions at Troy Howard Middle School in Belfast. The event will begin at 11 a.m.Listed are the top-10 boys’ and girls’ finishers and all local team scores from both meets.Boys’ individual, Seacoast InvitationalSol Lorio, George Stevens Academy, 18 minutes, 38 secondsLuke Barnes, Sumner, 18:47Logan Carter, Sumner, 18:51Caden Mattson, GSA, 19:06Clark Morrison, GSA, 19:13David Hileman, Bucksport, 19:15Ian Renwick, GSA, 19:17Henry Penfold, Deer Isle-Stonington, 19:54Oliver Wilson, GSA, 19:59 Jason Weaver, Machias, 20:04Girls’ individual, Seacoast InvitationalThea Crowley, GSA, 21:24Sophia McVicar, Calais, 23:30Jaydin Anderson, Machias, 23:32Ashlee Morang, Shead, 23:41Josie Czuj, GSA, 24:07Ashlyn Cashman, Narraguagus, 26:14Dayana Ortiz, Narraguagus, 26:19Bianka Alejo, Narraguagus, 27:06Skye Howard, Sumner, 27:20Sarah Bartlett, Shead, 27:39Boys’ team scores (local), Seacoast InvitationalGSA, 25Bucksport, 60Sumner, 74Girls’ team scores (local), Seacoast Invitational2. GSA, 28Boys’ individual, Old Town InvitationalJordan Duplissie, Caribou, 18:00.06Ponce Saltysiak, Mount Desert Island, 18:02.80Nick Cormier, Ellsworth, 18:15.34Dylan Fowler, Hermon, 18:19.71Jon Genrich, MDI, 18:20.40Ben Zapsky, Hermon, 18:20.69Stephen Grierson, MDI, 18:28.42Malachai Willey, Caribou, 18:28.83Tucker Ellis, Orono, 18:28.94Calvin Partin, MDI, 18:29.42Girls’ individual, Old Town InvitationalOlivia Mosca, Brewer, 20:33.25Anna Jandreau, Presque Isle, 20:38.44Kay Bell, Caribou, 21:02.30Caitlin MacPherson, Ellsworth, 21:10.92Callan Eason, MDI, 21:36.12Katelyn Osborne, MDI, 21:38.68Erin Gerbi, Orono, 21:42.25Grace Munger, MDI, 21:58.86Julia White, Orono, 22:06.42Teagan Ewings, Houlton, 22:13.97Boys’ team scores (local), Old Town Invitational1. MDI, 405. Ellsworth, 68Girls’ team scores (local), Old Town Invitational1. MDI, 37last_img read more

Brazilian ‘butt-lift’ surgeon dies after Rio torch relay

first_imgDR Ivo Pitanguy, one of the world’s top plastic surgeons who helped make Brazil a popular destination for the rich and famous to get work done, died on Saturday. He was 90.Pitanguy’s death came one day after he carried the Olympic flame that later lit the cauldron at the Games’ opening ceremony in Rio’s Maracana Stadium. Suffering various health problems, he carried the flame while sitting in a wheelchair.Pitanguy had a heart attack at his home in Rio de Janeiro, spokeswoman Patricia Sallum said.One of his signature surgeries earned the nickname the ‘Brazilian butt-lift’. His skills with the scalpel helped make beauty-obsessed Brazil a leading international destination for plastic surgery tourism and one of the countries where the most operations are performed.Pitanguy was said to have a long list of international jet-set types whom he operated on, though he was also careful not to release names. He became so successful that he commuted to work in a helicopter from a private island.Despite his fame and wealth, he also liked to help poor accident victims for free. Early in his career, he created a surgical wing of a hospital to treat those with few resources. Other hospitals followed suit, leading to several that offer discounted or even free plastic surgeries to the poor.Called the “philosopher of plastic surgery,” Pitanguy argued that beauty treatments can help people in the same way that psychoanalysis does because it helps break down internal barriers. In other words, changes made on the outside of the body can boost self-esteem.His body was cremated last Sunday. (The Guardian)last_img read more

‘Beckileaks’ email furore puts brand Beckham on the back foot

first_img(REUTERS) – David Beckham, the former England football captain turned international celebrity, was hit by a media onslaught yesterday after a series of hacked emails raised questions over his charity work after being made public.A staple of British gossip and style columns, Beckham, 41, came under attack from newspapers after emails he allegedly sent were disclosed by the website “Football Leaks”. A spokeswoman for Beckham said the emails had been taken out of context and doctored.Among them were his foul-mouthed reaction when he found out he was not going to be knighted and his reluctance to donate his own money to a charity project.The leaks fly in the face of his ‘man of the people’ public image.Known by the nickname ‘Golden Balls’, the east-London born midfielder shot to fame with Manchester United thanks to his expert free-kick taking and crossing ability. He won six Premier League titles and one Champions League, when Manchester United won the ‘treble’ in 1999.He is the third most-capped England international, and has global appeal having played for Spain’s Real Madrid and U.S. team L.A. Galaxy. He became as famous off the pitch as he was on it, marrying ‘Posh Spice’ singer Victoria Adams in 1999.Beckham told the BBC in a special radio appearance last month that he stayed with Victoria for love rather than to protect ‘brand Beckham’.However, the leaked emails portray a star who carefully maintained his image and who was tetchy when he did not get his way. His spokeswoman said the emails were misleading.“This story is based on outdated material taken out of context from hacked and doctored private emails from a third party server and gives a deliberately inaccurate picture,” she said in a statement.Reuters was not able to verify the source of the emails independently.Many tabloid newspapers that had helped to propel his fame were unrelenting in their criticism of him yesterday.The Daily Mail dedicated four pages to the ‘shame of Saint Becks’, and the affair has been dubbed ‘Beckileaks’ in the British media, although the Daily Mirror said that Beckham had been a victim of a ‘blackmail plot to shame footie hero’.Much of the outrage has centred on Beckham’s work with the UNICEF children’s charity. The leaked emails suggested that Beckham had billed it for a flight which he didn’t need to take, and was reluctant to contribute his own money to the charity.UNICEF said it could not comment on the emails, but defended Beckham’s contribution.“As well as generously giving his time, energy and support to help raise awareness and funds for UNICEF’S work for children, David has given significant funds personally,” it said in a statement.last_img read more

Cricket News Record-breaking Virat Kohli says India lucky to tie Vizag ODI against West Indies

first_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: Virat Kohli thrilled the Vizag crowd with a magnificent 157* and broke several records, including breaking Sachin Tendulkar’s record for the fastest to 10,000 runs. His record-breaking knock was matched by Shai Hope’s brilliant century (123*) and a blazing knock from Shimron Hetmyer (94) as the second ODI ended in a tie.Speaking in the post-match presentation, Kohli said batting first was decided before the game. “In big tournaments like World Cup or Champions Trophy, we might be batting first and we have to embrace everything that comes our way. We put up a challenge in front of us today and luckily we got the draw, we will take it at the end of the day,”Kohli said. Read More | Shraddha Kapoor down with dengue; opts out of Koffee with KaranThe Indian skipper’s knock of 157* broke plenty of records. It was his fourth 150+ score and second as skipper. He went past 1000 runs in a calendar year in ODIs for the second consecutive year and broke Tendulkar’s milestone in record time. Speaking on the achievement, Kohli said he was pleased with his knock.“Personally, I’m pretty proud of my innings and my milestone. We were looking at 275-280 but then I got going and we got those 30-40 runs extra,”Kohli said. Brilliant partnershipWest Indies had lost three wickets in their chase of 322 but Hope and Hetmyer put on a dazzling 143-run stand for the fourth wicket. Hetmyer, in particular, continued his great form after smashing a century in Guwahati and was unlucky to miss out on a century. Kohli said the partnership was great to watch. Read More | Four ‘suspicious’ men arrested from outside CBI chief Alok Verma’s house “Credit to the West Indies team as well, they showed great heart. Especially in the second innings, when they got stuck in despite being three down. Beautiful partnership between both those guys but the way two teams played it was a fair result. I have been watching Shai for a while now. He played that brilliant knock against England when they were chasing in the fourth innings. Hetmyer as well, credit to him. Hats-off to their strokeplay,” Kohli said.Rayudu superbFor the last couple of seasons, India were struggling for a solid No.4 batsman to stabilise the middle order. Ambati Rayudu gave his captain plenty to cheer with a magnificent knock of 73 which laid the platform for India to go past 300. Kohli praised the efforts of the right-hander.“I have mentioned in a press conference before that he is someone we are looking at as a permanent number four. He reads situations very well. He plays spin really well and plays fast bowling really as well,” Kohli said. last_img read more

New coach preaches what he knows best

first_imgMichael Cooper built his reputation as a defensive stopper — the type of player who shut down the other team’s top scorer night in and night out.Larry Bird went so far as to call him the best defender he ever played against.Changing of the guard · Senior guard Heather Oliver brings veteran leadership back to the Women of Troy. Oliver will have to step up her offensive production after Camille LeNoir and Nadia Parker graduated. – Dieuwertje Kast | Daily TrojanBut for all the superlatives heaped upon him as a player, the most important one was winner. Cooper won five NBA championships with the Los Angeles Lakers and now brings his winning pedigree to a USC women’s basketball team that is on the cusp of success.For the Women of Troy to reach their goal, Cooper said the team has to play at the same level of defense his Lakers did.“That was always our battle cry or mission,” Cooper said. “Defense wins championships, offense wins you some games.”Entering his first season as coach of the Women of Troy, Cooper inherits a talented but injury-prone squad that made a surprise run to the Pac-10 Championship last season. Two key performers from that team — high-scoring guard Camille LeNoir and center Nadia Parker — are gone, but the Women of Troy return three other players who earned All-Pac-10 honors last season.Senior Heather Oliver and sophomores Briana Gilbreath and Ashley Corral spearhead the attack for USC. The trio accounted for almost 40 percent of the team’s offense last season and will need to take on even bigger roles to replace the void left by the departures of LeNoir and Parker.Still, Cooper is counting on the entire team to contribute.“This isn’t going to be a one-or-two player team,” he said. “Our success is going to be dictated by how we play as a team.”Two other players who should play a significant role for the team are senior Hailey Dunham and junior Kari LaPlante.“It’s a big year for us, trying to get to the tournament,” Dunham said. “We haven’t made it in about three years, so I’m hoping to do it in my last year.”LaPlante might be the most important player on the team this season. Cooper said it will be important for the 6-foot-5 center to stay on the court and out of foul trouble for a USC team that is short on size.“It’s going to be a mental challenge for me that I’m willing to take,” LaPlante said. “I’m up for it [and] ready to battle with those girls.”Despite their issues, the Women of Troy have the pieces in place to make another run at the Pac-10 championship — provided they can stay healthy.Injuries have plagued the team for several years now and have already factored into this season. Redshirt sophomore Stefanie Gilbreath and freshman Vicky Tagalicod both suffered torn ACLs this fall and will have to sit out the season. For Gilbreath, it will be the third consecutive season she has missed with a knee injury.In Gilbreath and Tagalicod’s absence, USC will look for contributions from two players who have never suited up for the Women of Troy. Highly touted freshman Christina Marinacci comes to USC as one of the top recruits in the country and should help the team get past its injury woes.“Marinacci is definitely going to be an important factor for us,” Cooper said.Another former top recruit, redshirt junior Jackie Gemelos, should finally be healthy enough to deliver on the enormous promise she showed as a prep athlete. Gemelos arrived at USC four years ago as the top recruit in the country but has suffered four knee injuries in that time span. She should be ready for action sometime in January.“Jackie’s a heck of a player,” Dunham said. “I remember playing pickup games with her a couple of summers ago before she got injured and she’s a great passer.”If USC can overcome some of the challenges it will face this year, the team has a good chance at its first NCAA tournament berth since the 2005-2006 season.The Women of Troy have already hurdled perhaps their biggest obstacle of the season — adjusting to a new coach and a new system.“Usually teams kind of butt heads with a new coach, but we really bought in from the start and we’re ready to win some games,” Dunham said.The team has devoted three quarters of its practice time this fall to shoring up the defense.“Defense is something we struggled [with] last year,” LaPlante said. “We were at the bottom for giving up points.”Expectations for the team this season are modest. The Women of Troy sit well outside the preseason polls, although they did receive a handful of votes in the AP poll.“Obviously people are picking us nowhere near the top so we have nothing to lose,” Cooper said. “We’re just asking all the people to come out and be supportive of us and see a new product that is going to be out there.”USC will get its first chance at a victory on Friday when it hosts No. 11 Xavier in the season opener for both teams. The Women of Troy also take on Fresno State this Sunday at the Galen Center.last_img read more