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Global Marine Transportation News

04 Apr 2022

SUNY Maritime Announces $24.8 Million in Campus Improvements

(Photo: SUNY Maritime College)

SUNY Maritime College on Monday announced three major construction projects totaling $24.8 million that will enhance and build on the campus’s state-of-the-art facilities for students pursuing the global marine transportation industry. Ground-breaking and ribbon-cutting ceremonies today with state and local leaders celebrated Maritime College’s new Student Learning Center and its fully renovated Marine Engineering Systems Laboratory, made possible through significant New York…

03 Jan 2020

2 Shahid Ports Join Chabahar

The Members of Parliament (MPs) of Iranian Parliament (Majlis) approved the general outlines of a bill on attaching Shahid Kalantari Port and Shahid Beheshti Port to Chabahar Free Trade Zone in southeast of Iran.The attachment of two ports to Chabahar Free Zone has been put on agenda aiming at increasing investment attraction, encouraging production and exports, taking the most advantage of these two ports for increasing Iran’s share of global marine transportation and transit, attracting more shipping lines to the country and finally helping job creation in the region.Shahid Kalantari Port and Shahid Beheshti Port are the two main ports of Iran’s port city of Chabahar on the Gulf of Oman which is the home for Iran's only oceanic port.Due to its strategic geographical positioning…

03 Sep 2018

Evergreen Group Celebrates 50th Anniversary

Evergreen Group celebrated its 50th Anniversary at the Chang Yung-Fa Foundation, home of the charity set-up by Evergreen Group Founder and Chairman Dr. Y.F. Chang, said a press release from the company.In addition to senior executives and employees of the Group’s businesses, the event was also attended by public officials, customers and business agents from both the shipping and airline industries as well as representatives of supply chain partners from more than fifty countries.The celebration commenced with a performance by the choir of the Yihsing branch of Jiahsing Elementary School from Hsinchu County. The choir was a gold medal…

23 Dec 2016

Great Ships of 2016: Lindanger

(Photo: Hyundai Mipo)

Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. Launched at the Hyundai Mipo dockyard in Ulsan, South Korea, the newly built Lindanger has become the world’s first methanol fueled ocean-going vessel. The ship is the first of two dual-fueled 50,000 dwt tankers owned by Norwegian firm Westfal-Larsen that will be chartered to global marine transportation company Waterfront Shipping. With a MAN designed Hyundai–B&W 6G50ME-9.3 ME-LGI dual-fuel…

21 Apr 2016

First Methanol-fueled Tanker Launched

Launched at the Hyundai Mipo dockyard in Ulsan, South Korea, the newly built Lindanger is the world’s first methanol fueled ocean-going vessel. The ship is the first of two dual-fueled 50,000 dwt tankers owned by Norwegian firm Westfal-Larsen that will be chartered to global marine transportation company Waterfront Shipping. With a MAN designed Hyundai–B&W 6G50ME-9.3 ME-LGI dual-fuel, two-stroke engine on board, the Lindanger can run on methanol, fuel oil, marine diesel oil or gasoil. The Lindanger has been assigned the additional notation LFL FUELLED to demonstrate her compliance with the DNV GL rules for low flash point marine fuels.

05 Jan 2016

Cenac Towing Acquires Main Iron Works, Christens New Tug

Cenac Towing Company (Cenac Towing), a third-generation owned global marine transportation company, announced continued growth despite the oil and gas industry’s downturn. Recently, Cenac Towing acquired Main Iron Works, a tug construction company, and this week, Cenac Towing will christen its brand new 2000 Hp Twin Screw Conventional Tug, The Jean Pierre Cenac. The innovative marine transportation company, run by industry veteran Arlen “Benny” Cenac, attributes the growth to continued innovation, quality service and the unique familial culture that is experienced not only by employees but also by customers and partners. “The importance of hospitality in everyday life is too often overlooked.

15 May 2014

Signet Closes $209m Financing Facility

Wells Fargo Equipment Finance, through its Energy and Marine and Capital Markets Groups, acting in the capacity of lead arranger, closed a $209 million financing facility today for Signet Maritime Corporation, a global marine transportation company based in Houston. The new facility refinances Signet’s existing bank debt and provides acquisition financing for the purchase of Harvey Gulf International Marine’s ocean towing vessel (OTV) fleet, which includes eight OTVs. Signet will also use proceeds of the financing facility to complete the construction and purchase of three newbuild escort ASD reverse tractor tugs, and the purchase of three existing bareboat chartered vessels.

06 Mar 2014

Coast Guard Foundation Announces 2014 Board

Clockwise from top left: Judith Roos, Duncan Smith, Nicki Candies and Michael Carthew

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced its 2014 board of trustees. Consisting of 117members, the Coast Guard Foundation Board of Trustees and Directors oversees management of the organization and helps to provide resources to advance the Foundation’s mission to support the service of men and women in the United States Coast Guard. This year, the board welcomes three newly elected officers and four new members to its executive committee, as well as three new board members. Robert J.

18 Dec 2013

Contract Makes First Commercial ME-LGI Engine Reality

Vancouver-based Waterfront Shipping has confirmed its Methanol Carrier Project for a series of 50,000-dwt methanol carriers, each powered by an MAN B&W ME-LGI main engine running on methanol. The confirmation stems from a Letter of Intent MAN Diesel & Turbo and Waterfront signed in July of this year. MAN Diesel & Turbo officially designates the ME-LGI engine as ME-B9.3-LGI. In collaboration with leading shipping lines, Waterfront reports that it is behind the 2+1 × 6G50ME-LGI engines ordered by Westfal-Larsen, the 2+1 × 7S50ME-B9.3-LGI by Mitsui O.S.K. Lines (MOL), and the 1+1+1 × 6G50ME-LGI with Marinvest/Skagerack Invest. Hyundai Mipo Dockyard Co., Ltd.

19 Nov 2013

Videotel Works with Industry for Chemical Tanker Training

Chemical Tanker safety comes into sharp focus in a new training course from leading maritime training provider Videotel Marine International. The newly-launched Advanced Chemical Tanker Course has been developed in conjunction with the Chemical Distribution Institute (CDI), with the involvement of some of the biggest names in the chemical tanker industry. Nigel D. Cleave, Videotel CEO, explained the thinking behind the initiative, “Chemical companies employ some of the highest quality workforce and demand the highest quality training for that workforce.

24 May 2011

Omega Navigation Amendment of Maturity Date

Athens, Greece, May 20, 2011 - Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a leading provider of Global Marine Transportation services specializing in product tankers, announces that it has reached an agreement with its lenders to amend the maturity date of both the current senior and junior loan facilities. With this agreement the new maturity date will be June 9, 2011 on both facilities, amended from the current maturity date of May 20, 2011.   Source: Omega Navigation

17 May 2011

Omega Navigation Enters Loan Amendment

Athens, Greece, May 17, 2011 - Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a leading provider of Global Marine Transportation services specializing in product tankers, announces that it has reached an agreement with its lenders to amend the maturity date of both the current senior and junior loan facilities. With this agreement the new maturity date will be May 20, 2011 on both facilities, amended from the current maturity date of May 17, 2011.   Source: Omega Navigation Enterprises

16 May 2011

Omega Navigation Loan Amendment

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a leading provider of Global Marine Transportation services specializing in product tankers, announces that it has reached an agreement with its lenders to amend the maturity date of both the current senior and junior loan facilities. With this agreement the new maturity date will be May 17, 2011 on both facilities, amended from the current maturity date of May 13, 2011.   Source: http://www.omeganavigation.com

15 Apr 2011

Omega Navigation Announces Entering Into an Amendment of the Maturity Date

Athens, Greece, April 12, 2011 - Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a provider of Global Marine Transportation services specializing in product tankers, announces that it has reached an agreement with its lenders to amend the maturity date of both the current senior and junior loan facilities. With this agreement the new maturity date will be May 10, 2011 on both facilities, amended from the current maturity date of April 12, 2011. About Omega Navigation Enterprises, Inc. Omega Navigation Enterprises, Inc.

09 Mar 2011

Omega Navigation Enterprises, Inc. Announces a Change in the Composition of tts Board of Directors

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a leading provider of Global Marine Transportation services specializing in product tankers, announces that Matthew W. McCleery has stepped down from its Board of Directors and Audit Committee and Compensation Committee effective as of March 1, 2011. Mr. McCleery has been a member of the Board of Directors of the Company since April, 2006. His resignation, which was a mutual decision between him and the Company, will allow him to take a more active role in and devote more time to the Company in the area of new business development and planning.

21 Oct 2010

Omega Navigation Enterprises, Q2 Results

Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the second quarter and six months ended June 30, 2010. For the quarter ended June 30, 2010, Omega Navigation reported total revenues of $19.0 million and Net Income of $2.4 million, or $0.15 per basic share, excluding losses on interest rate derivative instruments, incentive compensation grants expense and a one-time settlement fee for the termination of a purchase agreement. Including these items, the Company reported Net Loss of $0.9 million or $0.05 per basic share. Adjusted EBITDA for the second quarter of 2010 was $6.1 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities.

09 Aug 2010

Omega Navigation, Capital Injection by Founder & CEO

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV, SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced that it agreed to a capital infusion of $5.25m through a loan by its founder, CEO and largest shareholder, George Kassiotis. The capital infusion will be made through a company owned and controlled by George Kassiotis in the form of a secured convertible promissory note which, under certain circumstances and at the option of the holder, may be convertible into a maximum of 8.75 million common shares of the company at any time after the one year anniversary of the Note or upon an event of default under the note. Interest on the note will be 4.0% per annum.

06 Jan 2010

Gulf Offshore Selects CapRock VSAT

CapRock Communications announced a three-year contract with Gulf Offshore – a wholly owned subsidiary of GulfMark Offshore Inc. – to deploy its broadband maritime service, SeaAccess Communications, onboard its fleet operating in the North Sea and along the coast of Africa. SeaAccess’ VSAT (Very Small Aperture Terminal) services will enable GulfMark to extend its corporate IT network and applications to its vessels and provide onboard crew morale services. The GulfMark Group operates significant fleets in the North Sea, Southeast Asia and the Americas. Having evolved into a global marine transportation provider focused on the continuous development of its technologically advanced fleet, deploying the always-on VSAT service is a natural extension of its mission.

04 Jan 2010

Jensen Maritime Designs Two New Barges

Image courtesy Crowley

Jensen Maritime Consultants, Inc., a Crowley company, has designed two new barges for Global Marine Transportation, Inc. Both 10,000-barrel tank barges are scheduled to be constructed and delivered in 2010. Designed for lightering services, the barges are being built by Trinity Marine Products, Inc., and will be chartered to Maxum Petroleum, Inc. The tank barges are designed with corrugated cargo tank bulkheads to ease tank stripping and cleaning. All cargo tanks are completely smooth-sided except for the deck stiffeners above.

24 Dec 2009

Megacore Shipping New Product Tankers

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced that it has formed an equal partnership (50/50) joint venture company with Topley Corporation, a wholly owned subsidiary of Glencore International AG (Glencore). The name of the joint venture company is Megacore Shipping Ltd. Companies owned by Omega and the Glencore group have novated their respective original shipbuilding contracts entered into with Hyundai Mipo, consisting in total of 10 newbuilding 37,000 dwt product/chemical carriers (MR1s) (5 vessels each partner), to companies wholly owned by Megacore. This order has now been converted to two 37,000 dwt product/chemical tankers (MR1s) and seven 75,000 dwt.

18 Dec 2009

Omega Navigation Release of Q3 Results

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced that it will release its results for the third quarter ended September 30, 2009, after the close of the market on Friday, December 18, 2009. (www.omeganavigation.com)

10 Sep 2009

Omega Navigation Q2 2009 Results

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the quarter ended June 30, 2009. For the quarter ended June 30, 2009, Omega Navigation reported total revenues of $16.7 million and Net Income of $3.4 million, or $0.23 per basic share, excluding a loss related to the termination of a purchase agreement, a loss on interest rate derivative instruments and incentive compensation grants expense. Including these items the Company reported Net Loss of $1 million or $0.06 per basic share. EBITDA for the second quarter of 2009 was $6.6 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.

03 Jun 2009

Omega Navigation 1Q 2009 Results

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SES: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the first quarter ended March 31, 2009. For the quarter ended March 31, 2009, Omega Navigation reported total revenues of $18.7 million and Net Income of $6.3 million, or $0.41 per basic share, excluding a loss on its interest rate derivative instruments, a gain on warrants revaluation and incentive compensation grants expense. Including these items the Company reported Net Income of $5.7 million or $0.37 per basic share. EBITDA for the first quarter of 2009 was $13.2 million.

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