In a curious twist of events which amply shows the lure, the determination, and the difference in fates between east and west, the Greek Prime Minister was in China last week to drum up investments, with shipping and ports being near the top of the list.

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During the visit of Prime Minister Samaras to Beijing several shipping loans from Chinese banks were confirmed or at least discussions was initiated.

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Standard Chartered Bank acted as coordinating bank to arrange a $1.85 billion bridge finance to SapuraKencana Drilling Pte. Ltd. This came as part of the $2.9 billion acquisition price comprising both debt and equity elements by SapuraKencana of the Seadrill tender rig business involving 18 offshore rigs in total.

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In welcome news NOL reported a net profit of $76 million in 1Q13 compared to a $254 million loss in the same period last year. Great, the tide is turning. Well, not quite, because reading further down we see that the profit is attributable to the sale of NOLs main headquarter building in Singapore which shows a profit of $203 million.

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The Ofer family outfit in Singapore, Quantum Pacific Shipping, has hired Mr Ken Crambie from his role as CFO of Orient Overseas (International) (OOIL).

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The continuing poor dry bulk rates and weaker offshore results has resulted in a THB 257 million ($8.7 million) net loss for the Q1 2013 compared to a THB 205 million ($6.9 million) loss a year ago.

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As previously advised, STX Dalian is in financial difficulties and there were rumours that the Korean parent would just get up and walk away, leaving the assets in the hands of the Dalian Municipal Government. This message, but with few concrete details, was announced in a regulatory notice to the Korea Stock Exchange adding that additional details would be announced later in the year.

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According to OCBC Investment Research, Ezion Holdings (Ezion) has announced a letter of intent with a contract value of about US$80.3 million over four years to provide a service rig for an Asian-based national oil company.

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