AGGREGATE MATERIALS

Ingram to sell its Materials Unit

Ingram Industries Inc. of Nashville, Tennessee, and Pine Bluff Sand and Gravel Co. of Pine Bluff, Arkansas, announced today they have entered into an agreement for Ingram to sell its Ingram Materials LLC subsidiary to Pine Bluff. Ingram Materials is one of the nation’s premier producers of fine aggregate used by the construction industry for concrete, asphalt and masonry projects in Middle Tennessee, Western Kentucky and Northern Alabama. Ingram Materials operates three sand dredges on the Ohio River in Paducah, Kentucky, and has distribution facilities in Nashville, Clarksville and New Johnsonville, Tennessee; Paducah, Kentucky; and Decatur and Florence, Alabama. The Ingram Materials business was first established in 1927 by other owners who called it the Ohio River Sand Company. A successor to this business, called the Cumberland River Sand and Gravel Company, was purchased by the Ingram family in 1962 and renamed Ingram Materials. At that time, the business included a large sand yard facility on the east bank of the Cumberland River, visible from downtown Nashville. Ingram Materials relocated its operations to its current Nashville location at Visco Drive in 1997 – to make room for Nashville’s then-new NFL stadium built for the Tennessee Titans. Orrin Ingram, President and CEO of Ingram Industries Inc

TBS International Limited Takes Delivery of Vessel

TBS International Limited has taken delivery of the M.V. Kibishio Maru, which it had previously agreed to acquire, thereby expanding its controlled fleet to 32 vessels. The M.V. Kibishio Maru, renamed the M.V. Aztec Maiden, is a 19,777 dwt multipurpose tweendecker that was built in 1984. TBS agreed on December 29, 2005 to acquire the M.V. Kibishio Maru for $8.1 million. It was delivered in Ho Chi Minh City, Vietnam on May 2, 2006. The acquisition of the M.V

G E Shipping to Buy a Suezmax Crude Carrier

The Great Eastern Shipping Company Limited (G E Shipping) has signed a contract to buy a 1,47,092 dwt, modern (double hull) Suezmax crude tanker. The 2000 built ship is expected to join the Company's fleet during the second quarter of FY 2007-08. The decision to induct the said vessel is with the objective of modernizing the tanker tonnage and to enhance the Suezmax fleet. The company's current fleet of 46 ships with an average age of 12.2 years aggregating 3

GE Shipping to Buy Bulk Carrier

Great Eastern Shipping Company sai has contracted to buy a modern Supramax dry bulk carrier. The 2001 built ship, of about 52,179 dwt. is expected to join the company's fleet during Q3 FY 2007-08. The rationale behind the purchase of this ship is to consolidate on the dry bulk segment and to participate in the increasing opportunities arising out of strong global commodity demand. The company's current fleet of 46 ships with an average age of 12.2 years aggregates to 3.22 mn dwt

GulfMark To Redeem 8.75% Senior Notes Due 2008

GulfMark Offshore, Inc. called for redemption all of its $130,000,000 aggregate principal amount of 8.75% Senior Notes due 2008 that remain outstanding on the redemption date,August 23, 2004. The redemption price is 102.917% of the principal amount of the Notes, or $1,029.17 per $1,000 principal amount of Notes, plus interest accrued and unpaid to the redemption date. On July 2, 2004 the Company commenced a tender offer and consent

Intelsat Announces Proposed Offering of Senior Notes

Intelsat S.A. announced that its subsidiary, Intelsat (Luxembourg) S.A. intends to offer $1,500,000,000 aggregate principal amount of senior notes due 2021.   Intelsat Luxembourg's obligations under the notes will be guaranteed by Intelsat S.A. The net proceeds from the sale of the notes are expected to be used by Intelsat Luxembourg to redeem $915,000,000 aggregate principal amount of its outstanding 11½/12½% Senior PIK Election Notes due 2017 (the "2017 PIK

Odfjell Sells Two Smaller Ships

Odfjell has entered into an agreement to sell the two sister ships M/T Bow Giovanni (11,290 dwt./built 1987) and M/T Bow Marino (11,289/1988) for an aggregate of USD 12 million. The sales price is slightly above the book value for the two ships. The two ships were acquired in connection with the merger with Seachem in 2000 are have primarily been operating in our regional trade, both in Americas and in Asia. Odfjell expects that the ships will be delivered to their new owner by the end

Bulker Repaired

Repairs were completed on November 5 to the Canadian-flag bulker Algowood, damaged when it sank on June 2 at Bruce Mines, Ontario, Reuters reported. The 31,940 dwt Algowood sank in a dock at Bruce Mines while loading aggregate and was re-floated on July 8.

Tidewater To Purchase Platform Supply Vessels

Tidewater, Inc. has signed agreements, (which are subject to completion of normal due diligence matters), to buy two 220 ft. UT755 type platform vessels at an aggregate purchase price of $2.4 million. The vessels are currently being built by Norwegian shipyards for scheduled deliveries in December 2000 and May 2001.

Bill Introduced on Double Hulls

Senator Lautenberg (D-NJ) introduced the Oil Spill Prevention Act of 2008 (S. 2699) to require new vessels carrying oil fuel to have double hulls, and for other purposes. This bill, if enacted into law, would require new vessels with an aggregate capacity to 600 cubic meters or more of oil fuel to comply with MARPOL requirements relating to protective location of the fuel tanks and would provide for establishment of a merchant marine medical program.