BLUDWORTH BOND SHIPYARD
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 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.
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
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.
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
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
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.
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
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
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
Federal Maritime Commission Chairman Mario Cordero announced that the Commission has completed compromise agreements recovering a total of $1,227,500 in civil penalties. The agreements were reached with seven non-vessel-operating common carriers (NVOCCs) and one vessel-operating common
Philippines port operator International Container Terminal Services Inc (ICTSI) said on Wednesday it is raising $450 million through a bond issue. In a disclosure to the local stock exchange, ICTSI said its board of directors approved on Tuesday night the offering of new senior perpetual
US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn. Lower-quality names, especially in exploration and production, are already struggling to stay afloat
In the second quarter, CMA CGM demonstrated the strength of its business model by significantly outperforming the market, despite a sharp fall in freight rates and industry overcapacity: * Volumes carried during the second quarter increased by 6.2% year-on-year, to 3
IN.MOTION Technology Distribution, LLC, announced the launch of a new milling disc designed for fast, efficient beveling, weld preparation and weld repair. According to the manufacturer, these new discs offer a higher material removal rate than any conventional abrasive
DP World, one of the world's biggest port operators, wants to issue a dollar-denominated bond and could announce plans to market the deal to fixed-income investors as soon as next week, three sources aware of the matter said on Thursday. The Dubai-based firm could raise between $750 million and
An accident report into the loss of the Cheeki Rafiki mid-way through a transatlantic crossing last May, found that undetected damage to fittings around the keel after a string of earlier groundings are among the likely causes, says the Telegraph.
Polarcus Limited released its first quarter 2015 financial statements, reporting revenues of $81.1 million, down 33 percent from same quarter the previous year. The company’s gross cost of sales were $68.7 million, down 13 percent from same quarter the previous year
'Move America Act of 2015' would help fund landside improvements to U.S. ports -APPA The American Association of Port Authorities (AAPA)—the unified and recognized voice of seaports in the Americas—publicly voiced support for the bi-partisan Move America Act of 2015
DUBAI, May 11 (Reuters) - Dubai's DP World has released initial price guidance for a $500 million bond expected to be sold on Tuesday, a document from lead managers showed. The deal is earmarked to price in the area of 180 basis points over midswaps
Hoegh LNG (HLNG) has successfully completed the issuance of a USD 130 million senior unsecured bond in the Nordic bond market with maturity date expected to be 5 June 2020. The bond issue will be swapped from floating to fixed interest rate.
Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and (iii) that it will not exercise the options to purchase two LR2s currently under construction (with deliveries expected in the fourth
Mississippi Gov. Phil Bryant visited Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division May 28 to participate in a ceremonial signing of a $20 million bond bill supporting Ingalls' "Shipyard of the Future" project.
A recovery in LatAm debt spreads opened a window for Colombia's Ecopetrol on Tuesday when it printed a US$1.5bn 11-year bond - the state-owned oil company's first debt issue in nine months. Optimism over Greek debt talks spurred risk buying on Tuesday
Voyager IP, the Irish marine telecoms solutions specialist, has partnered with the Irish National Space Center to win a €500,000 contract to manage the entire satellite communications service for the Irish Naval Fleet at home and abroad