Marine link
 

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


Norec Summons to bondholders' meetings

  In the previous stock exchange notices where Norwegian Energy Company ASA has informed of expected impairments of Oselvar and Huntington and negative developments in production performance, including its announcement on 19 November 2014 where it was reported that deferral of certain bond payments due on 9 December 2014 would need to be obtained. As also stated in connection with its Q3 earnings release on 28 November 2014


Los Angeles Port Issues $35.2 mln in 'Green' Bonds

The Port of Los Angeles

The Port of Angeles has expanded its commitment to sustainability by issuing $35.2 million in green bonds as part of a larger debt refinancing successfully completed this week. The move marks the first time a U.S. port has entered the growing sustainability bond market where investors support projects and companies making positive social and environmental change.   “Running a competitive and environmentally responsible port permeates every facet of our operations


Teekay LNG Completes Norwegian Bond Issuance

Oak Spirit LNG carrier. Photo: Teekay LNG Partners

 Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021.    All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%.   The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes


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.


Euronav’s $235m Maersk Venture

Euronav’s $235m Maersk Venture.

  Euronav NV announces today that following the closing of its Initial Public Offering (“IPO”) of its ordinary shares on NYSE, the Company will repay the USD 235.5 million bond issued to partly finance the acquisition of 15 VLCCs from Maersk Tankers Singapore Pte Ltd announced on 5 January 2014. The Company issued a redemption notice on 28 January 2015 and expects to repay the bond on or around the 19th of February 2015


Drewry Launches Credit Research Services

APMA CMA CGM HL Bond Map

 Drewry Financial Research Services Ltd., the investment research arm of global shipping consultancy Drewry, launched  a new credit research service on the global maritime sector. Through this extension to its established maritime equity research offering Drewry is now able to provide a full investment research service which includes in-depth analysis of the credit instruments that underpin corporate capital structure and provide an investment proposition in asset allocation for


Teekay Contemplates Norwegian Bond Issuance

Photo Teekay LNG

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announces that it intends to issue new senior unsecured bonds in the Norwegian bond market through an add-on to its existing Norwegian bonds due in October 2021 (TKLNG04 - ISIN: NO0010777089)


Hapag-Lloyd Successfully Places Additional Notes

Pic: Hapag-Lloyd

 Hapag-Lloyd AG has successfully placed Additional Notes and was able to upsize the volume from the originally announced EUR 150 million to EUR 200 million due to high demand.    The Additional Notes are issued under the indenture dated 1 February 2017 with a maturity of five


Drewry Launches Credit Research Services for Maritime Sector

Image: Drewry Shipping Consultants Limited

 Drewry Financial Research Services Ltd., the investment research arm of global shipping consultancy Drewry, is pleased to announce the launch of a new credit research service on the global maritime sector.   Through this extension to its established maritime equity research offering


Moody's Upgrades HMM Credit Rating

Photo: Hyundai Merchant Marine

 South Korean Container carrier Hyundai Merchant Marine (HMM), which collaborates with the 2M alliance, has had its rating improved from the default rating D to instead BB, informs the carrier.   "Korea Investor Service (a Moody’s Affiliate)  has upgraded Hyundai


Teekay LNG May Issue Bonds to Fund Newbuilds

Photo:  Teekay Corporation

 Teekay LNG Partners intends to issue new five-year senior unsecured bonds in the Norwegian bond market.    Net proceeds from the bonds are expected to be used to fund newbuilding installments, as well as to refinance NOK bonds maturing in May 2017 and general partnership purposes


Teekay Completes Norwegian Bond Issuance

Courtesy Teekay

Teekay LNG Partners L.P. announced that it has issued NOK 900 million in new senior unsecured bonds that mature in October 2021 in the Norwegian bond market. The new bond issuance, which was significantly oversubscribed, has an aggregate principal amount equivalent to approximately USD 110 million


Rickmers’ Investors Demand Prompt Bond Repayment

Photo: Rickmers Maritime

 Singapore-based shipping trust Rickmers Maritime announced that it has already received a letter from lawyers representing a group of bondholders demanding for the immediate payment of their share of  bonds, reports Bloomberg.  


DSME Creditors Mull Equity Swap

Image: Daewoo Shipbuilding and Marine Engineering

 Creditors of Daewoo Shipbuilding & Marine Engineering (DSME) are set to announce a debt-for-equity swap and other measures, worth 3 trillion won (US$2.62 billion), reports Yonhap.   Korea Development Bank (KDB), a main creditor of DSME


S.Korea State Banks to Inject $2.4 Bln into Daewoo Shipbuilding

Struggling Daewoo Shipbuilding & Marine Engineering Co Ltd's will receive an injection of 2.8 trillion won ($2.4 billion) from two state-run creditor banks to save it from being delisted, one of the lenders said.   Daewoo's main creditor, Korea Development Bank (KDB)


McAllister Sells Two Tugs to Port City Marine

Photo: Marcon International

The 4,300HP tugs Colleen McAllister (ex-Ellena Hicks, Hull 685) and Katie G. McAllister (ex-Libby Black, Hull 671) have been sold and delivered to new owners Port City Marine Services of Muskegon, Mich., reported Marcon International, Inc.  


Shipbuilding Looks Up in India

Photo: PIB, Govt of India

 Global recession in the shipbuilding industry has affected the financial position of a number of yards especially in the private sector.    Due to market downturn post 2008 and the lack of government policy support, all shipyards other than the defense shipyards are facing


Gloomy 2017 for Korea Shipyards

3D Image of Logistics Support Vessel HHI to Build Under New Zealand Defence Force’s MSC Project. Photo: Hyundai Heavy Industries

 South Korea‘s three majors shipbuilders are forecast to get much fewer orders next year, Yonhap reports quoting industry sources.   The three shipyards - Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - are


The Top 10 Ships of 2016

COVER PG MR.jpg

Maritime Reporter & Engineering News (www.marinelink.com), published since 1939, annually publishes details on the world’s “Great Ships of the Year.” Of the 18 selected as “Great Ships of 2016,” here we rank the Top 10 Ships of 2016


Hapag-Lloyd Rolls out Euro Bond Offering

Photo: Hapag-Lloyd

Global container shipping company Hapag-Lloyd has launched a euro bond offering with a volume of EURO 150mln ($159mln) and a maturity of five years.    Part of the proceeds, initially amounting to USD 50 million converted (approx


Oil and Trump: Russians Full of Optimism in Davos

What a difference a year makes. Twelve months ago, the mood of the Russian delegation at the World Economic Forum in Davos was distinctly gloomy, with oil prices near 12-year lows below $30 per barrel and Western sanctions depressing their economy and financial markets.






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright