Ocean (Merged)

[Rusland AN12]

Just found out on the web:

Press Release

Source: OligarchWatch


OligarchWatch: Russian Billionaire Roman Abramovich to Buy Italian Airline
Thursday October 25, 12:01 am ET
NEW YORK--(BUSINESS WIRE)--Russian businessman Roman Abramovich, the owner of Chelsea football club and the governor of Chukotka province, plans to buy a controlling stake in a private all-cargo Italian airline Ocean Airlines for approximately 300 million euro, according to a source close to the negotiation.
After RIA Novosti, a state-owned Russian news agency, reported the story, Mr. Abramovich’s spokesperson denied the existence of negotiations between the Russian businessman and Ocean Airlines. However, aviation industry experts explain that it is only logical for Mr. Abramovich and his company to try to avoid publicity before the deal is closed. They add that the timing for purchasing the all-cargo airline is right – the international cargo business between Europe and Asia is growing at a robust pace.
Ocean Airlines, established in 2003, is an all-cargo airline whose headquarters are in the Brescia Montichiari Airport (Italy). The airline’s fleet is composed of Boeing 747 all-cargo aircrafts. It mostly provides cargo services to destinations in Asia and Europe. Ocean Airlines is said to be planning an IPO in the UK, Mr. Abramovich’s current home country.
Millhouse Capital, an investment firm controlled by Roman Abramovich, holds stakes in many businesses in Russia and around the world, but does not yet have any interest in the transportation industry. However, Mr. Abramovich is not a novice in the industry: he owns a private Boeing 767 jet called “The Bandit” and, according to The Times, is buying the new A380, the largest passenger aircraft in the world. When used by commercial airlines, the A380 is capable of accomodating up to 800 economy-class passengers.

Contact:
OligarchWatchIrina Pavlova, [email protected] ([email protected])www.oligarchwatch.com (http://www.oligarchwatch.com/)

[Engineer]

An Initial Public Offering (IPO) is the first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking capital to expand, but can also be done by large privately-owned companies looking to become publicly traded.

In an IPO, the issuer may obtain the assistance of an underwriting firm, which helps it determine what type of security to issue (common or preferred), best offering price and time to bring it to market.

Also referred to as a "public offering".

IPOs can be a risky investment. For the individual investor, it is tough to predict what the stock will do on its initial day of trading and in the near future since there is often little historical data with which to analyze the company. Also, most IPOs are of companies going through a transitory growth period, and they are therefore subject to additional uncertainty regarding their future value.

[masterairwaybill]

Impossible to believe that an airline with 6 clapped out 747-200F fuel guzzlers, some of which they probably dont own, could fetch money like this. If it is even half true Abramovich has more money than sense....

Thats without taking into account calibre of its management team !!!!

[Hunter58]

What is impossible exactly? Those fuel guzzling 747-200F (ex Air France BTW) are the very few aircraft you can get in today's market.

It is not the aircraft that says anything about the solidity of the airline but what they make out of it.

Some people manage to make 727-100F a worthwile aircraft for their operation...!

[ZeBedie]

Maybe he wants a cargo airline to move around those toys which are too big to fit in the 767?

[masterairwaybill]

Exactly Hunter 58
Its what they do with them
With who they have there and their modus operandi its doomed

[Hunter58]

MasterAWB

let me guess... You applied and they rejected you? :}

By now they are surviving in a difficult market, that usually says that they must be doing something right.

But since you defer from this opinion, why don't you start an airline and show us how it's done?

[FlyLowCost]

Is the 747-200F fuel guzzler?
Yes, it is.
Could I find today for next month a B747/200F?
Yes, it's likely
There are B747/400F or MD-11F available in the short term?
NO
Which is the average month leasing rate for a B747/400F?
At least 1m USD
In this scenario if you want to enter today in the air freighter market (I mean the medium/long haul) you have to go with a B747/200F. For a B744F you need to wait at least 8 months.

[EAM]

By now they are surviving in a difficult market, that usually says that they must be doing something right.

Yes, they take their time off from time to time, specialy when fuel prices are high, like this they save a lot of money, if would have some.:}

[Mercuzio]

30-Oct-2007 : RUSSIAN oil billionaire and owner of Chelsea Football Club, Roman Abramovich, is in talks to take a controlling interest in Italian freighter operator, Ocean Airlines.

The airline has been suffering financial problems recently, following its decision to abandon an IPO flotation in August.

Air Cargo News has learned that the delicate negotiations are at an advanced state, and are likely to have been conducted through Abramovich’s investment firm, Millhouse Capital.

Reports in the Russian press, state that Abramovich will invest some €300 million to take control. A new injection of cash is needed to keep the airline afloat.

Rossano De Luca, Ocean Airlines’ chief executive officer admits that the airline has faced difficult times, and says the future now looks bright.

A spokesperson for Abramovich has denied the existence of negotiations between the Russian businessman and Ocean. However, a source, with inside knowledge of the deal, confirmed to Air Cargo News that talks were taking place.

Read the full story in November 2 issue of Air Cargo News

:oh:

[Zoner]

Freight Carrier Postpones Dulles Service

Facing mounting debts, lawsuits and a possible ownership change, Ocean Airlines postponed the launch of freighter service to Washington that was supposed to be a centerpiece of the cargo carrier's international expansion.

The Italian freighter operator was to have launched service between Brescia and Washington Dulles International Airport on Oct 28, but said in a statement that it was delaying the trans-Atlantic service until early 2008. The airline cited "impediments beyond its control," including what it called an "unprecedented bureaucratic slow-down" by the Italian Bureau of Civil Aviation and a delay in gaining a required Air Operator Certificate.

But the airline, one of several carriers that have started up in the past couple of years in the international air freight arena, also is facing potential management upheaval and allegations that it is losing money and has missed payments to key vendors.

Phoenix Fuel Atlas Aviation has sued Ocean for non-payment of $6 million in jet fuel. Webster, Texas-based Colt International has an outstanding fuel claim for approximately $72,000.

The Aviation Law Center in Williamsburg, Va., which is spearheading the legal efforts against Ocean Airlines. "We're attempting to seize an aircraft at Dulles Airport to prompt payment," said Terence G. Haglund of the Aviation Law Center.

At the same time, Russian billionaire Roman Abramovich is reportedly in talks to take a majority stake in Ocean Airlines. A spokeswoman for the carrier was not immediately available for comment. Representatives at other Ocean Airlines offices referred to the official statement by the airline on its postponement of the Dulles service.

Separately, AAR Parts Trading, a division of Illinois-based AAR, is suing Ocean Airlines over non- payment of two leased engines for a 747 freighter. SRX Transcontinental is suing Ocean Airlines for non- payment of ground handling and fueling services.

Ocean Airlines operates two 747-200 freighters, but recently concluded a deal to acquire six more.

Robert Moorman
http://www.aircargoworld.com/break_news/11022007b.htm

[masterairwaybill]

Anybody have any further update on this ??
Are they still operating with all these threats hanging over them.???.
Are crew and staff being paid ???
What about the four aircraft from Air France where are they now ???

Looks like it could be a slow painful death to Ocean .....

[Zoner]

Ocean Airlines on the brink?
05-Nov-2007 : OCEAN Airlines’ ongoing financial difficulties have taken a turn for the worse. It has postponed the launch of its Washington-Dulles service that was due to begin on 28 October.

The airline stated that the reason for the delay was an unprecedented bureaucratic slow-down by the Italian aviation authorities and a delay in gaining the required operating certificates.

However, Terence G Haglund from the Aviation Law Center based in Virginia, has contacted Air Cargo News, stating that the airline is facing a plethora of lawsuits for defaulting on payments and that there would be an attempt to seize an aircraft in Washington to prompt payment.

Haglund said that the airline “owes Phoenix Fuel, Atlas Aviation and Skyplan, nearly US$6 million for fuel". He added that “Phoenix Fuel has legal actions pending against Ocean in the United States and in a few European Countries hoping to seize Ocean's aircraft to satisfy the delinquent fuel bills".

Air Cargo News has also received copies of two other lawsuits being currently underway in the US. Illinois-based AAR Parts Trading has filed a complaint for breach of contract regarding the non-payment of outstanding debts related to the lease of two engines fitted to its B747-200F. The total outstanding debt, according to the complaint, is over US$750,000.

Additionally SRX Transcontinental has filed a lawsuit in the Florida courts in early August for the recovery of airport handling and fuel services. The amount outstanding is stated as US$386,531.

Other airports and fuel companies have complained to Air Cargo News that Ocean Airlines has not paid its debts, including Almaty Airport in Kazakhstan.

The airline is actively looking for new investment to ensure its survival. Sources within the airline have stated that Ocean is in negotiations with Roman Abramovich, with the intention that he would take-over the company. However, Millhouse Capital, an investment company used by Abramovich, strongly denies that it is in talks to buy the airline. http://www.aircargonews.net/article.asp?art_id=2747

[masterairwaybill]

Latest news is that along with suppliers not getting paid, crew and staff are now out of pocket.
Wonder where the AF aircraft are now, have they being paid for the 4 aircraft they sold to Ocean

[Earl]

Sorry to hear the crews have not been paid.

[Telstar]

I have been told first hand by an Ocean Co-Pilot that he is not receiving his salary.

[Need to Know Basis]

I understand Ocean also dropped the ball with the Bojo wine flights last week from Paris & Brescia. Left alot of very large freight fwders all trying to find B747F capacity to Japan. Certainly street cred with the freight fwding community is fast disappearing. Even less funny for the crew not getting paid. I hope it works out.

The comments ref Roman Ambromavich may be true but even he will be reluctant to pump money in now. Why pay out now ? best to wait until the company is worth zero......much cheaper to buy.

Just my pennies worth.

[Earl]

Sorry to hear this non payment of crews has spread to the 747 side also.
Maybe we should all start a new thread for dead beat Tristar and 747 companies that use the crews and then don't pay them.

[Zoner]

Abramovich has no link with Ocean
29-Nov-2007 : REPORTS linking Chelsea Football Club owner, Roman Abramovich with a possible takeover of ailing Italian all-cargo carrier Ocean Airlines, are entirely false, according to John Mann, a spokesperson for the Russian billionaire.

Mann added that Abramovich gets wrongly connected with assets all over the world and this is just such a case.

It seems likely that Ocean Airlines perpetuated these rumours in an increasingly desperate attempt to reassure its growing number of creditors. The airline’s existence is currently on a knife-edge, as an urgent search for new investment continues.
http://www.aircargonews.net/article.asp?art_id=2851

[masterairwaybill]

Any further update on this sorry saga now that Roman has walked away.
Last I heard their aircraft were still grounded in Italy and HK. .......

[AlphaWhiskyRomeo]

Certainly they have one parked well away from the cargo terminal at HKG, as of 2nd Dec.