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BLUDWORTH BOND SHIPYARD

Sparre to Retire from Bollinger After 51 Years

Bollinger Texas City announces Max Sparre’s upcoming retirement after 51 years of service to the shipyard industry, and names Monty Bludworth as BTC’s General Manager.

Bollinger Texas City, L.P., (BTC) a Bollinger Shipyards, Inc. facility, announced the upcoming retirement of its Vice President and General Manager, Max Sparre. Sparre’s retirement was announced by Bollinger Executive Vice President, Ben Bordelon, giving an overview of Sparre's 51 years of service to the shipyard industry and the Bollinger group of shipyards.  In addition to the announcement of Sparre’s upcoming retirement early next year, Bordelon also announced that Monty Bludworth, Assistant General Manager at Bollinger's Texas City facility, will move into the position of General Manager immediately. The career of Max Sparre started back in Brunswick, Georgia at the age of 12, working beside his father in the family’s boat yard. After his tour in the US Air Force, Sparre relocated to Texas to a career in the shipyard industry with companies such as Hollywood Boat Works, Bludworth Shipyards, New Park Ship Repair, Bludworth Bond Shipyards, and Halter Marine. In 2000, Bollinger purchased the Texas City facility, and Max has been a vital member of the Bollinger family since. When asked about his years in the industry Sparre said, “I am proud to have had a major role in building Bollinger Texas City into the strong shipyard that it is today. For the past 26 years I have been fortunate to work with some very good people at Bollinger Texas City. I consider them my family, and for this I am very grateful


Friede Goldman Halter Withdraws Junk Bond Sale

Friede Goldman Halter Inc. has shelved a junk bond sale expected to total $150 million because it wouldn't pay the high yields investors demanded. The company said it is evaluating alternative financing strategies. Friede Goldman Halter had been expected to privately sell seven-year senior secured notes with a yield of about 12 percent, market sources said. RBC Dominion Securities Inc. was arranging the sale, which was originally expected to be completed last week.


Greek Shipping Company Gets Hit With Defaulted Junk Bonds

A Greek-owned shipping company said on Thursday it would seek damages from holders of its defaulted junk bonds who last week "arrested" one of the company's ships as security for a $175 million repayment claim. The 25,900 gt Ocelotmax has been held in the port of Pusan, Korea since August 4, and is unable to trade until released. Enterprises Shipholding defaulted on the bond's $7.76 million semi-annual interest coupon in July.


Cammell Laird Conducts Strategic Review

Bonds issued by British shipbuilder Cammell Laird held steady at deeply-discounted levels on Tuesday after the company unveiled a strategic review which could include a debt restructuring. Investors quoted Cammell's 125 million euro high-yield bond due October 2010 at 11 to 13 percent of face value at around 1245 GMT, down by around half a percentage point from Tuesday's opening. The bonds have been trading at levels that clearly imply default for some time, dealers said


Trade Dept. Says No Change for Cammell Laird Offer

The UK Department of Trade and Industry (DTI) made no change to its aid offer to British shipbuilder and repairer Cammell Laird, stoking concerns the firm could lose a $500 million contract. Bonds issued by the troubled company have halved in price over the past week as fears grow that the company will not make its first interest rate payment, due on April 15, bankers said. The debt is now worth just 10 cents to the euro.


MOL Completes Settlement, 13th Unsecured Bonds

Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company determined the terms and conditions for the issuance of its 13th series of unsecured bonds (with inter-bond pari passu clause) on December 11, 2009, and completed the issuance and payment on December 17. The details are as follows: 1. Background and objectives for issuance of the 13th series domestic unsecured bonds (with inter-bond pari passu clause) When raising funds to bolster business activities


Court To Decide Fate of Product Tanker Fleet

A dispute has erupted in New York courts over control of a fleet of petroleum product tankers, currently working for oil major Shell. Both the owner of the ships, First International, and an investment fund, which lent most of the $257 million to build the fleet, have asked the court to decide which of them controls the future employment of the six tankers. The tankers have worked for Shell since new on a seven year contract, at a rate described by brokers as "rather generous"


S&P Downgrades Cammell Laird

Standard & Poor's downgraded British shipbuilder and repairer Cammell Laird, stoking fears it will miss the first coupon payment next month on a 125 million euro high-yield bond. S&P cut the company's long-term credit rating to CC from CCC and its senior unsecured debt to "C" from CCC-minus. It said in a statement that the company's ratings would stay on review for a further downgrade. Cammell Laird hit stormy waters in January when Italian customer Costa Crociere cancelled a 51 million pound


ATB Designer Preps For New Release

Ocean Tug & Barge Engineering Corp., is one of the most experienced designers of Articulated Tug/Barge (ATB) units in the marine industry, boasting more than 20 years of experience in the design and engineering of ATBs for ocean and coastwise service. As one of the original co-inventors of the INTERCON tug/barge connection system, as well as having engineered the application of other connection systems to many tugs and barges, such as Bludworth, Bark River, and Articouple


WRRDA: Charting a New Course

Innovative Financing for the Inland Waterways Infrastructure Out of a Congress long on budgetary constraints and short on bipartisanship has come the Water Resources Reform and Development Act of 2014 (WRRDA)—and by wide margins, no less. In my more cynical moments, I am tempted to think that this is because the marine transportation industry is so invisible to most members of Congress that they do not consider it to be worth fighting over


Seadrill Obtains US$1.35-bln Bank Credit Reflnancing

Offshore Drill Ship: Photo courtesy of Seadrill

Seadrill Limited informs it has received commitments from 17 banks for a US$1.35 billion credit facility with a 5 year term and 10 year amortization profile to refinance the credit facilities secured by the West Pegasus, West Gemini, and West Orion.


Ivory Coast Bond Orders More than Six times Issue Size

Ivory Coast received orders for a $750 million dollar bond of more than six times the issue size, one of the lead managers said on Wednesday. Ivory Coast launched the 10-year bond late on Wednesday at a yield of 5.625 percent, 3-1/2 years after civil war led it to default on restructured dollar


Volumes Up for Cleveland’s New Liner Service

Cleveland Europe Express shows major increase in volume, while established maritime and development finance revenues also up substantially The Port of Cleveland announced that its Cleveland-Europe Express, the dedicated monthly liner service that launched in April


Flirting with Default, Argentina Enjoys Oil Drilling Boom

  Holders of Argentina's  defaulted debt and their supporters have warned the country risks being frozen out from international capital markets unless it finds a way to solve its legal problems by the July 30 deadline. But away from the bad-tempered litigation in U.S


Nanjing Tanker To Be Delisted, First By Central Gov't Backed Firm

 Loss-making shipping company Nanjing Tanker Corp will be delisted from the Shanghai Stock Exchange after a five-day grace period, marking the first time for a company backed by the central government to be dropped from a domestic exchange.  


Oceanteam Financial Transformation Aids 2013 Business

Image courtesy of Oceanteam

Diversified offshore shipping company Oceanteam's CEO, Haico Halbesma, writes in the Annual Report 2013 that it was a year of consolidation and operational focus for Oceanteam Shipping ASA. Exerpts from his letter to shareholders follow: "In addition


Delek Drilling, Avner Oil Raise $2 Bln For Leviathan Field

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  Israel's Delek Drilling and Avner Oil have raised $2 billion in an international bond offering to help fund the development of the huge Leviathan natural gas field off the coast of Israel. An announcement by the firms said demand of $13


Repsol To Sell Argentine Bonds To JP Morgan

  Spanish oil major Repsol said on Tuesday it had agreed the sale of Argentine bonds to JP Morgan for $2.01 billion, the company's second sale of Argentine paper to the U.S investment bank in less than a week. The bonds were part of a $5 billion settlement with Argentina after the


SCIGRIP Adhesive Awarded ABS Certification

Photo: SCIGRIP

In keeping with its commitment to deliver high strength bonding solutions into the most demanding marine and offshore applications, SCIGRIP, a global supplier of smart adhesives, has been awarded the ABS (American Bureau of Shipping) certification for its SG230 HV (high viscosity) range of


Creditors Approve Restructuring Of Batista's Oleo E Gas - Update

Creditors of Brazilian tycoon Eike Batista's Oleo e Gas Participacoes SA approved a restructuring plan for the oil company that could lead to a quick resolution of the largest bankruptcy in Latin America's history, lawyers said on Tuesday.


DP World to Price US$1-Bln Convertible Bond Issue

DP World Jebel Ali: Photo DP World

Dubai's DP World plans to raise $1 billion with a convertible bond issue of 10 years duration on Thursday to fund growth opportunities and diversify its funding sources, the Dubai-based ports operator said in a statement. The issue is a rare example of an international convertible bond from a


DP World Raises $1B

Sultan Ahmed Bin Sulayem, chairman of DP World (Courtesy DP World)

DP World took advantage of strong market conditions and scarcity value to raise a $1 billion convertible bond with a ten year lifespan on Thursday, in order to fund growth opportunities and diversify its funding sources. The issue is a rare example of an international convertible bond from a


Demand for Coastal and Transoceanic ATBs Grows

OSG Vision.jpg

Along the way, ATBs gain speed, efficiency, safety – and popularity.   Operators of articulated tugs and barges, or ATBs, say they like the maneuverability, weather reliability, stability, speed of these units, and the manner in which the tug pushes the barge


Turkish Assets Rise Slightly as Oil Prices Fall

Turkish assets rose on Tuesday as tension eased in neighbouring Iraq, leading oil prices to fall and concern about Turkey's trade balance to diminish. The main Istanbul share index closed up 0.43 percent at 79290.79, outpacing the MSCI index of emerging markets, which was little changed.


Gulf Navigation Cuts Capital, Focus on Turnaround

Gulf Navigation.jpg

United Arab Emirates shipper Gulf Navigation said on Wednesday it had cut its capital by two-thirds and written off accumulated losses worth 1.1 billion dirhams ($300 million), key parts of a turnaround plan designed to solve its debt problems.






 
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