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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.


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


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.


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


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


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.


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"


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


Greenpeace Ship Detained in Spain

Greenpeace ship Arctic Sunrise protests oil prospecting in the Canary Islands (Photo: CopterClouds/ Greenpeace)

A Greenpeace ship was detained by Spanish authorities today in the port of Arrecife, Lanzarote, following last Saturday's protest against Repsol’s potential oil drilling in the Canary Islands. Spain’s Ministry of Public Works and Transportation (Ministerio de Fomento) has detained


Newbuild Chemical Tanker Employs Innovative Tank Design

The 12,500MT Sunrise Hope is the worlds first chemical tanker to use a combination of duplex stainless steel and stainless clad steel in the construction of its cargo tanks.

The world's first chemical tanker to use a combination of duplex stainless steel and stainless clad steel in the construction of its cargo tanks was delivered to Oita-based Hiro Naviera S.A. November 15, 2014 by Usuki Shipyard Co., Ltd., Japanese classification society ClassNK reported.


In Gazprom Deal, JPMorgan Takes on Business

  When JPMorgan Chase & Co agreed to lead a $700 million bond offering for Russian gas producer Gazprom OAO, it was doing business that some U.S. banks are afraid to do, several lawyers and a banker said. Gazprom faces U.S. sanctions after the U.S


Minimize the Risks, Think Cold Bonding

Plate bonding repair on equipment

Cold bonding: a safer alternative to hot work Hot work required for welding, grinding and cutting operations presents certain potential hazards when conducted in potentially explosive and flammable environments. According to the Health and Safety Executive guidance 2013


Z-Drive Tech Spreads on US Waterways

The Nolan Rhodes, from the John Bludworth yard, on the job for Enterprise Marine Services near Channelview Texas. (Photo by Jeff L. Yates courtesy of Cummins Marine)

Enterprise Marine Services, a subsidiary of Enterprise Products Partners L.P., is making a major commitment to Z-Drives for the U.S. inland waterways. They currently have four Z-Drive boats in service and have taken delivery of two new Z-Drive vessels from Sneed Shipbuilding in Texas with three


Transocean to Raise Money with Caledonia Offshore Offering

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that Transocean Inc., its wholly-owned subsidiary, intends to proceed with an unregistered offering of shares of Caledonia Offshore Drilling Company, a wholly owned subsidiary of Transocean, in connection with an offering being made to eligible


Port of Cleveland Approves Refinancing

Photo: Port of Cleveland

The Port of Cleveland’s Board of Directors voted today to provide up to $161 million to support the combined refinancing of four previous economic development projects, as well as approved the acceptance of a Homeland Security grant. At its monthly board meeting, the Port approved:


Moody’s Upgrades Port Canaveral’s Bond Rating

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Moody’s Investors Service has upgraded Canaveral Port Authority’s $30.2 million in outstanding revenue bonds to A2 from A3 and rated its financial outlook stable. The upgrade was attributed to low leverage, cruise growth, stable finances and proactive capital plan management.  


FMC Recovers $503,000 in Penalties

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Chairman Mario Cordero announced that the Federal Maritime Commission has completed compromise agreements recovering a total of $503,000 in civil penalties. The agreements were reached with five non-vessel-operating common carriers (NVOCCs)


Fujifilm Debuts Silicone Fouling Release System

Fujifilm Smart Surfaces said its latest silicone fouling-release system solution will help save fuel and time during drydocking, helping tackle indigenous and invasive species that continue to propagate rapidly, infesting multiple waters and causing vast ecological and economic damage.


$310 Billion 'Energy Efficiency' Market Grows Rapidly

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IEA report sees energy efficiency finance becoming established market segment in its own right ... $310B & Growing Rapidly   The global energy efficiency market is worth at least $310 billion a year and growing, according to a new report from the International Energy Agency that


Knightsbridge and Golden Ocean to Merge

Golden Ocean’s capesize bulker, Channel Navigator. Image courtesy Golden Ocean

  Knightsbridge Shipping Limited and Golden Ocean Group Limited have today entered into an agreement and plan of merger pursuant to which the two companies have agreed to merge, with Knightsbridge as the surviving legal entity. The Combined Company will be renamed Golden Ocean Group Limited


Warning Sign: High-Yield Bonds Drive Energy Sector Growth

Energy companies have become a larger presence in the US high-yield bond market this year, relying on debt to fund capex as they expand exploration and production activity, but months of heavy issuance and weaker oil prices are taking their toll.


Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Yamal megaproject

  Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin, Gennady Timchenko


Brazil's Óleo e Gas, OSX Renegotiate FPSO Contract

Óleo e Gas Participações SA, the Brazilian oil producer that is under bankruptcy protection, and former sister company OSX Brasil SA completed on Friday a plan to renegotiate contractual terms related to the rental of a ship.






 
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