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KEY EQUIPMENT FINANCE

Crowley Announces Promotions

Ismael Estrada has been promoted to director of Port Operations for Crowley Liner Service's Isla Grande terminal in San Juan, Puerto Rico. In his new role, he is responsible for all operational activities of the terminal including equipment control, freight services, security and maintenance. Estrada joined Crowley in 1990 as Supervisor of Vessel Cargo Operations and was subsequently promoted to Manager of Terminal Operations. Estrada will report to Roberto Lugo, Jr., Vice President and General Manager. Jose F. Nazario has been promoted to Director of Finance and Administration for Crowley Liner Service's Puerto Rico operations. In his new role, he is responsible for the direction and administration of the budget process, forecasting, tax interpretation, financial planning, accounting services and other reporting activities. Nazario joined Crowley in 1985 and has held a number of key managerial positions including his latest as Director of Port Operations. Nazario will continue to report to Roberto Lugo, Jr., Vice President and General Manager.


Petrobas Signs for US$1.5-Billion Japanese Bank LOC

The lines of credit are for Petrobras to purchase equipment & services from Japanese companies in Brazil & abroad, based on an earlier MOU that established a strategic partnership between JBIC and Petrobras.
 Petrobras has signed two financing programs with the Japan Bank for International Cooperation - JBIC for the offer of two lines of credit amounting to US$ 1.5 billion. Mizuho Bank, Ltd. is the agent bank for these programs and the lines of credit will be 60% financed by JBIC and


Offshore Wind Investment Survey – Summit Planned

A  'Wind Energy Update' survey identified key factors determining investor's choice of contracts; an offshore wind risk summit is planned “Experience of the team” was recently named as the principal trait to accumulate capital for current offshore wind projects as found in Wind Energy Update’s survey on offshore wind investment and finance. Further to this, survey participants also saw that: ”the use of proven technologies’’ and the


Offshore Wind Spend to Average $21B per year

Douglas-Westwood (DW) forecast offshore wind installations averaging 3.2 GW per year over the next ten years with capital expenditure hitting a peak of $24.1B in 2016. The fifth edition of DW’s World Offshore Wind Market Forecast launched today presents a new longer-term forecast and examines the key commercial developments since the last publication to provide detailed insight to established players and new entrant alike.


Multi-National Consortium to Construct Russian Far East Shipyard

Russia's Rosneft, Gazprombank, Sovcomflot with Korean shipbuilding company Daewoo Shipbuilding & Marine Engineering Co. (DSME) have signed a Memorandum of Understanding (MOU) on key terms of co-operation to establish a shipbuilding and industrial cluster in the southern part of Primorskiy Krai (Russian Far East). The parties agreed to jointly complete the construction and launch a new shipyard – shipbuilding complex Zvezda – in 2016


Cat Financial Announces Second-Quarter 2014 Results

CAT Brand

  Cat Financial reported second-quarter 2014 revenues of $728 million, an increase of $34 million, or 5 percent, compared with the second quarter of 2013. Second-quarter 2014 profit after tax was $146 million, a $35 million, or 32 percent, increase from the second quarter of 2013. The increase in revenues was primarily due to a $36 million favorable impact from higher average earning assets. Profit before income taxes was $206 million for the second quarter of 2014


Awilco Exercises Option for Jackup Drilling Rig No. 8

Awilco Offshore (AWO) has exercised an option with PPL to build a 375-ft. jackup drilling rig with drilling depth of 30.000 ft. The rig will be named WilConfidence. The rig is to be delivered in the second quarter of 2009, and has a delivered cost of $149m. The delivered cost includes contract price with the yard, site supervision, pipe handling equipment, spare parts and finance costs during construction.


K-Sea Acquires Integrated Tug Barge Unit

K-Sea Transportation Partners L.P. has acquired the 140,000 barrel capacity double-hulled barge S/R New York and the 8,000 horsepower tugboat S/R Everett. This integrated tug barge unit, built in 2000, had been leased by SeaRiver Maritime, Inc., a subsidiary of Exxon Mobil Corporation, from a financial institution. The purchase price of $34 million was financed using available cash and $25 million in borrowings under a new term loan


BRAZIL: U.S. Find New Opportunities

iStock brazil web.jpg

While the U.S. economy may be in the doldrums, smart U.S. companies are looking increasingly to exports to help their bottom lines.  A major market for U.S. exports is Brazil.  This article examines new market opportunities in the oil and gas, shipbuilding and port infrastructure in Brazil, and identifies certain financing sources available to U.S. companies seeking to participate in these markets.   Brazil’s growth in recent years has been amazing


Atlas Copco Names Business Development Manager

Stephen Nelson, business development manager for Atlas Copco

Stephen Nelson appointed business development manager for Atlas Copco Construction Equipment.   Stephen Nelson has been appointed to the position of business development manager at Atlas Copco Construction Equipment, Commerce City, Colo., effective Jan. 3. In his new role Nelson will report directly to Erik Sparby, president and general manager of Atlas Copco Construction Equipment. Nelson has more than 20 years of sales and management experience working in the construction equipment


SPE Award for Survitec Group

Greg Allanach, European MD of Survitec Courtesy Linkedin

  Two safety and survival systems developed for use in the UK’s offshore sector by the Survitec Group were recognised for their industry-leading importance when they won the Safety Innovations Award in the recent Offshore Achievement Award organised by the Society of Petroleum


Chinese Acquire UK Maritime Firm

QT1000 high powered cable installation and maintenance ROV: By SMD

 UK subsea equipment manufacturer Specialist Machine Developments (SMD) has been acquired by Zhuzhou CSR Times Electric Co, a subsidiary of Chinese company CSR Corporation.   The two companies have signed a sale and purchase agreement for the entire share capital of the SMD group


Australia: Submarines Excluded from Shipbuild Review

Pics: Australian Shipbuilders Association Limited

 The Australian Navy’s future submarine project has been excluded from the country's shipbuilding review on advice from the Abbott government that the new fleet would be built offshore.   The review’s final report, published on Thursday


NAO, Vard Push Back PSV Deliveries

Nordic American Offshore Ltd. (NAO) informs that it has agreed with the Norwegian based Vard Aukra shipyard to extend the delivery of two platform supply vessel (PSV) newbuildings, originally scheduled to be delivered in mid-2015.   Under the new agreement


Ship Ownership is a Closely Held Market

Graph by Clarkson Research

 Even though shipping is a global industry, ownership is fairly well concentrated in a relatively small number of major centres, says a research from Clarksons.   The 20 most popular city locations for shipowners graph is headed, perhaps unsurprisingly, by Athens, with a fleet of 4


MacGregor Appoints Høyesen as VP

Høye Høyesen as Vice President, Offshore Mooring and Loading Division

MacGregor reorganized into seven operative divisions in the beginning of 2015 to improve customer focus.   Offshore Mooring and Loading Division drives the development of Systems and Equipment for Offshore Floating Units. MacGregor appoints Høye G


Port of Cleveland Taps Chris Ronayne to Lead Board

Chris Ronayne will lead the board of the Cleveland-Cuyahoga County Port Authority (photo courtesy of the Port Authority).

The Board of Trustees for the Cleveland-Cuyahoga County Port Authority today unanimously elected Chris Ronayne as new board chair.   As President and CEO of University Circle, Inc., which oversees the growth and direction of one of Ohio’s fastest growing employment district


Shipping Confidence Hits 2.5 Year Low

Richard Greiner, Moore Stephens Partner, Shipping Industry Group (photo courtesy of Moore Stephens)

  Overall confidence levels in the shipping industry fell to their lowest level for two-and-a-half years in February 2015, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.  


Navig8, Ocean Yield in Chemical Tanker Deal

Image: Ocean Yield

 Norway’s Ocean Yield has bought eight chemical tanker newbuildings for $306.8m from Navig8 Chemical Tankers Inc, which will lease the vessels back on 15-year   "hell and high" bareboat charters.   Navig8 Chemical Tankers has options to buy the vessels during the


Eurasia Appoints CFO

  Eurasia Drilling Company Limited has appointed Taleh Aleskerov as Chief Financial Officer commencing April 1, 2015. Mr. Aleskerov has served as Senior Vice President - Finance of the Company's chief Russian subsidiary since 2007. W


Western Port Industry Leaders to Meet

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Port authority CEOs and senior staff from throughout the Western Hemisphere, along with maritime industry leaders, influencers and policymakers are expected to converge on Washington, D.C., April 20-21, to attend the 2015 Spring Conference of the American Association of Port Authorities (AAPA)


Johnsen Joins the Management Team in Akasto

Courtesy Akasto

  Paal E. Johnsen will take the position as Investment Director in Akastor, and will be a part of the company's executive management team. Johnsen comes from a position in DNB Markets, and has extensive experience at management and board level in various companies in industry and finance


Greenpeace Activists Refuse To Leave Shell Arctic Oil Rig

Greenpeace activists hang on a Shell oil rig on board the Blue Marlin. Photo by Greenpeace International

 "Shell wants activists off its rig. We want Shell out of the Arctic," says Annie Leonard, Greenpeace USA’s Executive Director.   Attorneys for Royal Dutch Shell PLC on Tuesday sued in federal court to remove six Greenpeace activists who boarded a vessel carrying an


Vessel Cranes Ordered for Nautilus Vessel

Image courtesy of Nautilus Minerals

An order for cranes to be used on Nautilus Minerals Inc.’s production support vessel has been awarded to MacGregor, headquarter in Kristiansand, Norway.   The contract marks the third major long lead time equipment package to be awarded by the shipyard


B&G Debuts Wireless Pilot Control

Courtesy BG

  B&G, a leader in the manufacture of instruments and marine electronics for sailing, announced today the release of the compact Wireless Pilot Controller. Providing complete control to sailors, no matter where they are on the boat






 
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