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DEFINITIVE

DryShips Ocean Rig Employment Updates

DryShips Inc., an international provider of marine transportation services for drybulk and petroleum cargos, and through its majority owned subsidiary, Ocean Rig UDW Inc., of offshore deepwater drilling services, has announced that Ocean Rig as signed definitive documentation with Total E&P Angola, following the previously announced Letter of Award, for its ultra deepwater drillship "Ocean Rig Skyros." The contract is for five wells or a minimum of 275 days for drilling offshore West Africa, with an estimated backlog of approximately $190 million, and is expected to commence upon delivery of the drillship from the shipyard, in October 2013. The company said it has also received a Letter of Award for its ultra deepwater drillship "Ocean Rig Skyros," from a major oil company for a six-year contract for drilling offshore West Africa, with an estimated backlog of approximately $1.3 billion. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals. The contract is expected to commence in direct continuation of the previous contract before the first quarter of 2015. As a result of this LOA, as of today, Ocean Rig's total contracted backlog (including LOAs) stands at about $6.1 billion, primarily with investment grade or strong counterparties, the company said.


Genco Shipping & Trading Time Charter

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to sign a time charter for the Genco Predator, a 2005-built Supramax vessel, with Pacific Basin Chartering Ltd. for approximately 11 to 13.5 months at a rate of $22,500 per day, less a 5% third-party brokerage commission. The time charter is expected to commence on or about May 7, 2010 and is subject to the completion of definitive documentation


Tidewater Signs Agreement Of Intent

Tidewater, Inc. has signed an agreement of intent to acquire six newbuild vessels from Hvide Marine Incorporated, for an aggregate price of $22 million. Closing, which is expected sometime during July 1999, is subject to customary due diligence matters, including executing a definitive agreement and satisfactory inspections of the vessels by Tidewater.


Genmar Sells Hatteras Yachts to Brunswick

Genmar Holdings, Inc. announces that it has signed a definitive agreement to sell Hatteras Yachts, Inc. to Brunswick Corporation for approximately $80 million in cash. The agreement contains provisions allowing for an additional payment of up to $20 million based on Hatteras achieving certain financial targets over the next 20 months. Consistent with its June 27, 2001announcement, Genmar's Board of Directors considered all appropriate alternatives with respect to Hatteras and concluded a


DryShips Announces Signing of Drilling Contract

DryShips Inc. (NASDAQ: DRYS) announced that its fully-owned subsidiary Ocean Rig UDW Inc has signed definitive documentation following the previously announced Letter of Award. The contract signed with Borders & Southern Petroleum plc is for a two well contract for exploration drilling offshore the Falkland Islands for a period of about 90 days, commencing in the fourth quarter of 2011, immediately after the completion of the current contract. The contract value is approximately $77m


Scorpio Sells Seven Tankers in Construction

Scorpio Tankers Inc. today announced that it has entered into an agreement whereby the company will sell its seven Very Large Crude Carriers (VLCCs) under construction for cash and record a gain of approximately $50 million. The transaction is subject to the execution of definitive agreements and satisfaction of customary closing conditions and is expected to close by the end March 2014. Subsequent to this transaction, the Company has 56 newbuilding product tanker orders with HMD, SPP


Ambassadors International Acquires merican West Cruises

Ambassadors International, Inc., announced that its wholly-owned subsidiary, Ambassadors Cruise Group, LLC has completed its acquisition of American West Steamboat Company LLC and related entities ("American West Cruises"), one of North America's premier river and coastal cruise companies. The signing of a definitive agreement was previously announced on December 27, 2005.


Grandunion Signs LOI for Aries

Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes, announced that it has entered into a letter of intent with Aries Maritime Transport Limited (NASDAQ:RAMS) that contemplates, among other things, the acquisition of three Capesize drybulk carriers with an approximate net asset value of $36m in exchange for 15,977,778 newly issued shares of Aries, and a change of control of the company's Board of Directors.


Sino-Global to Acquire Tanker

RONG ZHOU

  Sino-Global Shipping America, Ltd. a shipping agency, logistics and ship management services company, today announced that it has entered into a Memorandum of Understanding (the "MOU"), between the Company and Rong Yao International Shipping Limited, a Hong Kong corporation (the "Vessel Seller") pursuant to which the Company has agreed to acquire a small oil/chemical tanker (the "Vessel") from the Vessel Seller.


SBM Offshore Invited to Participate in Petrobras Tenders

Netherlands-based floating production solutions provider SBM Offshore announced that its main Brazilian subsidiary has received written notification from Petrobras of its ability to participate in the recently issued Libra and Sépia FPSO tenders in Brazil.   According to SBM Offshore, the invitation follows on a thorough review of the group's compliance standards by Petrobras, including its compliance department.    


ABTO Warns of Liquefaction Problems at Terminals

ABTO Chief Executive Ian Adams speaking to ICHCA members last week in London Photo ABTO

The Association of Bulk Terminal Operators has warned that cargo liquefaction – an issue commonly associated with the seaborne transportation of unprocessed mineral ores and concentrates – is also an issue which bulk terminals need to pay attention to.


An Introduction To Offshore Project CAPEX

Graph: Clarksons Research

 Two high-level indicators of vessel and structure demand in the offshore sector are energy prices and oil company exploration & production (E&P) spending, says Clarksons Research.   A third, slightly more specific indicator is estimated offshore project capital expenditure


'We Will Not Stand by and Wait for Global Regulation' -Maersk Line

Photos: Maersk Line A/S

 Shipbreaking has become commercial due to the recycling of steel becoming a global commodity in demand. This means that the dismantling and recycling of a ship are recognized as part of the value of the ship, which has evolved into a massive challenge for the shipping industry.


SpeedCast to Acquire Harris CapRock

Pierre-Jean Beylier (Photo: SpeedCast)

SpeedCast acquisition of Harris CapRock creates a global and diversified leader in remote communications and network services. SpeedCast International Limited, a global satellite communications and network service provider, today announced it has entered into a definitive agreement to acquire


Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio of marine and offshore aids to navigation offerings.   Julius Signal’s product portfolio includes an array of


Singapore Exchange, Baltic Exchange Continue Transaction Talks

Singapore Exchange (SGX) has agreed with the Baltic Exchange Limited (Baltic Exchange) to extend the period of exclusive discussions regarding a cash offer for 100 percent of the share capital of the Baltic Exchange (Transaction) from June 30, 2016 to August  31, 2016.  


Scorpio Tankers Receives Commitment for Loan Facility

Photo Scorpio Tankers

Scorpio Tankers Inc. announced that it has received a commitment for a loan facility up to $300 million from ABN AMRO Bank N.V., Nordea Bank Finland plc, acting through its New York branch, and Skandinaviska Enskilda Banken AB. The loan facility will be used to refinance the existing


Singapore Exchange Looks to Buy Baltic Exchange

Singapore Exchange Ltd (SGX) said it planned to offer 77.6 million pounds ($103 million) to buy London's Baltic Exchange and was seeking support from Baltic's shareholders for the deal. In a statement on Thursday, SGX said it sought to acquire from Baltic shareholders their issued ordinary


SGX Prods Baltic Exchange Shareholders to Okay Bid

Total valuation of potential deal at least $113 million; Baltic shareholders key to clinching sale agreement. Singapore Exchange Ltd (SGX) plans to buy one of London's oldest institutions, the Baltic Exchange where shipping rates are published


Navios Maritime Charter Restructuring with HMM

MSC Cristina. Photo: Scheepvaartwest

 Navios Maritime Partners has reached an agreement with South Korean shipping company Hyundai Merchant Marine to cut the hire rate of five container vessels chartered out to HMM by 20%.   Pursuant to the charter restructuring documentation executed on July 15, 2016


Trident to Acquire Callenberg

Trident Maritime Systems (Trident), a portfolio company of J.F. Lehman & Company (JFLCO), signed a definitive agreement to acquire Callenberg Technology Group (Callenberg) from Wilhelmsen Maritime Services AS. Callenberg designs, assembles, integrates, and supports HVAC


J.F. Lehman Acquires Oldenburg's Heavy Equipment Group

J .F. Lehman  LOGO

J.F. Lehman & Company (JFLCO) informs it has signed a definitive agreement with Oldenburg Group Incorporated to acquire its Heavy Equipment Group, including both its defense and mining business units.  The new company will be named Lake Shore Systems, Inc


USS Freedom Suffers Casualty

USS Freedom (LCS 1) (Photo: U.S. Navy)

The U.S. Navy's first littoral combat ship USS Freedom (LCS 1) experienced a casualty to one of its main propulsion diesel engines (MPDE) on July 11 reportedly caused by a leak from the attached seawater pump mechanical seal that resulted in seawater entering the engine lube oil system


Samskip Acquires Euro Container Line AS

Norway Ports Map (Photo: Samskip)

Samskip has completed the acquisition of Euro Container Lines AS, building on a strategy for growth in the Nordic area to make its largest ever acquisitive move in Norway.   The ECL acquisition aims to strengthen Samskip’s position in the Norwegian market by enhancing the speed and


ABTO: Cargo Liquefaction A Problem for Bulk Terminals

ABTO Chief Executive Ian Adams speaking to ICHCA members last week in London (Photo: ABTO)

The Association of Bulk Terminal Operators has warned that cargo liquefaction – an issue commonly associated with the seaborne transportation of unprocessed mineral ores and concentrates – is also an issue which bulk terminals need to pay attention to.






 
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