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, it has been agreed that the hire rate of five Container vessels chartered out to Hyundai Merchant Marine Co., Ltd. (HMM) will be reduced by 20%, as follows: With effect from (and including) July 18, 2016 until (and including) December 31, 2019, hire rate shall be reduced to $24,400 per day pro rata. With effect from (and including) January 1, 2020, hire rate shall be restored to the rate of $30,500 per day pro rata until redelivery. In exchange under the charter restructuring agreement, the Company received: $7.7 million principal amount of senior, unsecured notes, amortizing subject to available cash flows, accruing interest at 3% per annum payable on maturity in July 2024; and 3.7 million freely tradable shares of HMM. In August 2016, Navios Partners sold the 3.7 million shares of HMM generating net cash proceeds of approximately $21.3 million. In June 2016, Navios Partners agreed to sell to an unrelated third party the MSC Cristina, a 2011 South Korean-built Container vessel of 13,100 TEU, for a total net sale price of $125.0 million, with delivery expected by the first quarter of 2017, subject to signing of definitive documentation.
Navios Maritime Partners L.P. announced that the Navios Apollon and her crew were released on Feb. 27 2010. Navios Partners reported that the Captain and crew are healthy and will be reunited with their families shortly. Navios Partners thanks the Captain, the crew and their families for their fortitude through this trying ordeal. Many assisted the company in achieving this outcome. Navios wanted to recognize the special efforts of the Chinese Embassy in Greece, and the Ambassador personally
From Commander, U.S. Naval Forces Europe - Commander, 6th Fleet Public Affairs Commander, U.S. Naval Forces Europe (NAVEUR)/Commander, U.S. Naval Forces Africa Guidance for 2008 was released Jan. 8, by Adm. Mark Fitzgerald, Commander U.S. Naval Forces Europe. The guidance emphasizes Fitzgerald's priority to implement the Maritime Strategy by "building partnerships and advancing partner nations' self-sufficiency."
By Mass Communication Specialist 2nd Class Michael Campbell, Partnership Station Public Affairs High Speed Vessel 2 Swift arrived in Tema, March 30 for its second visit here, as well as its seventh engagement visit as part of Africa Partnership Station (APS). Swift will host a group of 40 Ghanaian fisheries observers in partnership with the National Oceanic and Atmospheric Administration's (NOAA) National Marine Fisheries Service, who will be leading a training workshop.
More than 200 delegates representing 100 countries attended the largest The Chief of Naval Operations (CNO), Adm. Gary Roughead, participated in the 7th Regional Seapower Symposium for the Mediterranean and Black Sea Countries Oct. 15-17 in . The symposium's theme of "Navies Promoting Dialogue & Cooperation in a Comprehensive Perspective," is similar to the maritime strategy with its emphasis on the importance of enhancing cooperation and building partnerships
Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV. The facility is comprised of a $192m term loan facility and a revolving credit facility of up to $148m. Euronav plans to use the funds to refinance four Suezmax tanker vessels, finance the acquisition of four very large crude carrier tankers from Maersk and for general corporate purposes
DNV Navigator certificate no. 2000 has now been installed on the HS Chopin. The event took place while the 3,500 TEU container vessel visited the port of Hamburg today. Navigator is a software package that simplifies port clearance procedures and ensures that the crew have the information needed for any port in plenty of time before the ship arrives at it. The system has been recognised by the industry as the tool that offers the most comprehensive and all-in-one database
Shipbridge announced as new distributing partner. VSTEP, in cooperation with its distributing partner Shipbridge, have successfully delivered and installed a NAUTIS desktop simulator at the National Taiwan Ocean University in Keelung, Taiwan. The Ocean University is a leading institute for maritime education and oceanographic studies in Taiwan. It also harbours the department of merchant marine and the department of shipping & transportation management
DNV Navigator TM facilitates compliance with the requirements of charterers and port authorities and is often referred to as the “Captain’s Best Friend”. Industry feedback indicates a considerable efficiency gain with DNV Navigator on board, and as much as a 90% reduction in paperwork for certain ports. This enables ships’ officers to focus on what should be their primary responsibility, namely to operate their ships in a safe and effective manner
Vessel traffic on the Mississippi River returned to normal Sunday as the remnants of Tropical Storm Karen dissipated. U.S. Coast Guard officials rescinded all restrictions on the River and area waterways about midnight, allowing vessels and mariners to resume normal operations. The Carnival Conquest arrived at the Port’s Erato Street Cruise Terminal about noon, followed by the Carnival Elation berthing at the Julia Street Cruise Terminal a half hour later.
SES S.A. (Euronext Paris and Luxembourg Stock Exchange: SESG) today announced the launch of its global SES Maritime+ service that will deliver high-speed connectivity to vessels traversing oceans. SES Maritime+ will enable maritime customers to have easy access to customisable bandwidth and
ALP Striker achieved an impressive and most satisfactory bollard pull results of 309.6 tonnes during her sea trials. The DP II Anchor Handling Salvage Tug was delivered on 12 September to ALP Maritime Services. The vessel is designed for towing very large floating objects while also offering
A consortium of global and domestic funds, backed by investors including China Investment Corp, agreed to buy Australia's busiest port for a higher-than-expected A$9.7 billion ($7.3 billion), a sign that tough equity markets are helping fuel appetite for infrastructure.
Pavilion Energy Pte Ltd (Pavilion) and Exxon Mobil Corp. (ExxonMobil) will work together to develop liquefied natural gas (LNG) bunkering in Singapore, as well as other downstream projects, reports the Straits Times. Both companies will also look at developing other downstream
The luxury cruise ship Crystal Serenity is set to become the largest vessel to ever sail across the Northwest Passage as the 250-meter-long vessel carries a record-breaking 1,070 passengers and 655 crew members on a 32-day voyage from Anchorage, Alaska to New York
ENGIE, Mitsubishi Corporation and NYK Line have launched Gas4Sea, a new brand for their joint marketing of liquefied natural gas (LNG) as a marine fuel around the world. Gas4Sea aims to lead innovation through the ship-to-ship supply of LNG for the maritime sector.
Electrochemical technologies firm De Nora has announced a brokerage agreement with MARCAS, a buying group for the maritime industry. The deal means that MARCAS members representing close to 1,700 vessels can access aggregate purchasing deals with De Nora for its BALPURE ballast water
At the SMM maritime trade show in Hamburg, the Bremen-based shipbuilding supplier and provider of consulting and ship-related services LOEWE MARINE announced that it has received an order from shipbuilders Flensburger Schiffbau Gesellschaft (FSG) to supply the rudder systems for five
SMM 2016, Hamburg, 8 September 2016, Hall B6 Stand 104 – Kongsberg Maritime and Siemens have signed a partnership agreement based on delivery of components on Variable Frequency Drives systems for offshore and maritime vessels. Siemens has been chosen as a partner for Kongsberg Maritime
Boskalis, the leading global dredging and marine expert, and GoodFuels Marine, the leading provider of sustainable marine biofuels to the global commercial shipping fleet, has announced to have performed successful live tests on a sustainable wood-based drop-in biofuel called UPM
DNV GL has signed a letter of intent with the Hamburg Port Authority (HPA). Claudia Flecken, Member of the HPA Executive Board, and Torsten Schramm, President of DNV GL – Maritime, agreed to join forces in boosting the sustainability of the existing HPA fleet and all new acquisitions.
Over forty-five leading companies in the shipping and offshore maritime sector are among those who have contributed to the funding for the first ever exhibition in the Netherlands dedicated to the offshore sector, to be housed at The Maritime Museum Rotterdam for the next seven years
On Friday, September 16, 2016, consulting naval architects and marine engineers OSK-ShipTech A/S will celebrate half a century in marine consulting and the past 50 years’ journey and development from a company founded and run by a single man to a bustling and continually growing organization
Wärtsilä has proactively planned and developed its range of Ballast Water Management System (BWMS) solutions in anticipation of the ratification of the International Maritime Organization's (IMO) ballast water convention. The minimum levels of acceptance have now been achieved and the
The International Maritime Organization's (IMO) International Convention for the Control and Management of ships' ballast water and sediments (BWM Convention) has been ratified and will enter into force on September 8, 2017. The treaty will ultimately require vessels in excess of 400 GRT to have a