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MARITIME PARTNERS

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, 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 Apollon Released from Captivity

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


NAVEUR's Guidance – Executing Maritime Strategy

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."


APS, Swift Returns to Ghana in Support of NOAA, Fisheries

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.


CNO Participates in Seapower Symposium

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  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


WFW Advises ING Bank on $340m Loan Facility for Euronav

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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


Milestone for DNV Navigator

From left: Jörg Langkabel, DNVs Country Manager in Germany, Lawicki Marek, Master of the HS Chopin and Holger Bender, Sales Executive in Hamburg office.

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


NAUTIS Simulator Delivered to Taiwan University

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 Acquires COEX AS

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


New Orleans Vessel Traffic Returns to Normal

Carnival Conquest

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.


PensionDanmark, Danica Roll Out $300mln Maritime Investment Fund

Photo: PensionDanmark A/S

 PensionDanmark, Danica and Navigare Capital Partners have established the Maritime Investment Fund I, which, based on capital from the founders, shall build a diversified portfolio of maritime assets including dry bulk, container, offshore, product, crude oil and chemical tankers


GasLog Partners buy GasLog Greece

Photo: GasLog

 Greece-based GasLog Partners LP has reached an agreement to buy 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) tanker GasLog Greece from GasLog Ltd.   The aggregate purchase price for the Acquisition will be $219 million


Rolls-Royce Signs MoU to Develop Smart Ships

Photo courtesy of Rolls-Royce

Rolls-Royce and the Technology Center for Offshore and Marine, Singapore (TCOMS) have signed a Memorandum of Understanding to form a strategic partnership to develop smart ship technologies.    The partners will work on world leading research to develop fundamental technologies


George H.W. Bush CSG Conducts OIR Missions Against ISIS

Photo: United States Navy

 The George H.W. Bush Carrier Strike Group (CSG) is currently launching missions against the Islamic State of Iraq and Syria (ISIS) in support of Operation Inherent Resolve (OIR) from the Arabian Gulf.   Rear Adm. Kenneth R. Whitesell, commander, CSG 2


Austal Opens New Patrol Boat Building Facility

Image: Austal

 Austal has opened a new Pacific Patrol Boat Replacement (PPB-R) Shipbuilding Facility in Naval Base, Western Australia.   Australian Defense Industry Minister Christopher Pyne cut the red ribbon at the 10,500m² facility in front of defense industry stakeholders


WMU, DNV GL Maritime Academy Partner on New Program

Photo: DNV GL

 The World Maritime University (WMU) and the DNV GL Maritime Academy have launched a new Postgraduate Diploma in Maritime Safety and Security (MSS) to help people involved in shipping operations, as well as the associated regulatory framework


US Navy, JMSDF Complete MultiSail 17

Photo:  United States Navy

 Commander, Destroyer Squadron (DESRON) 15 and the Japan Maritime Self-Defense Force (JMSDF) completed the annual bilateral training exercise MultiSail 17, March 10.   The six-day exercise consisted of surface action group maneuvers, anti-submarine training


Kongsberg, TKMS, Atlas Elektronik JV for Submarine

From left: Eirik Lie, President Kongsberg Defence Systems, Dr. Peter Feldhaus, CEO of thyssenkrupp Marine Systems and Dr. Rolf Wirtz, CEO of Atlas Elektronik. Photo: Kongsberg Gruppen

 Kongsberg, ThyssenKrupp Marine Systems GmbH(TKMS) and Atlas Elektronik enter into a comprehensive teaming agreement for submarines.   The companies join resources and establish a joint venture company in Norway that will be the international strategic and exclusive supplier of combat


Panama Canal to Launch Vessel Scheduling and Management System

A view from inside the Panama Canal’s Marine Traffic Control Center, responsible for the scheduling, coordination and monitoring of vessel traffic through the Panama Canal. (Photo: ACP)

In response to growing traffic through the waterway, the Panama Canal has announced that it will launch a state-of-the-art vessel scheduling and maritime resource management system to further optimize costs, improve safety and increase the overall efficiency and reliability of the service it


Finnish Firms Present Oil Recovery Project Results

Hanna Suutarla, Arctia’s Development Manager, presents the results of the IMOR Project. (Photo: Arctia)

 A recent seminar held March 7 and 8 in Porvoo, Finland, saw Finnish companies Arctia and Lamor Corporation present the results of the IMOR (Ice Management & Oil Recovery) project, which seeks to enhance oil recovery in ice conditions.  


ROTC Trains Maritime Staff of Emodraga in Mozambique

Pic: ROTC

 Empresa Moçambicana de Dragagens E.P. has recently formed some of its maritime people so that they are trained according to the standards and requirements of the International Maritime Organization (IMO) and STCW Convention (Convention – Standards of Training


USS Carter Hall enters Black Sea

Photo: Official U.S. Navy web site

 The amphibious Harpers Ferry-class dock landing ship USS Carter Hall has entered the Black Sea, the Naples-headquartered US 6th fleet press service said. "The amphibious dock landing ship USS Carter Hall (LSD 50) and embarked Marines from the 24th Marine Expeditionary Unit


Marshall Islands Registry is "Number Two"

The Republic of the Marshall Islands (RMI) fleet now stands at 223,262,177 deadweight tons (DWT), making it the second largest registry in the world in terms of DWT. International Registries, Inc. and its affiliates (IRI) have provided administrative and technical support to the RMI Registry since


USS Laboon Makes Second Drug Bust in a Week

Photo: United States Navy

 For the second time in five days, guided-missile destroyer USS Laboon (DDG 58) intercepted a small, stateless dhow in the international waters of the Arabian Sea and seized 500 kilograms of Hashish, March 17.   Laboon, conducting maritime security operations in the region as part of


MOL Holds Graduation Ceremony for Filipino Seafarers

A commemorative shot of graduates with guests. Photo: Mitsui O.S.K. Lines

 Mitsui O.S.K. Lines announced the graduation of 88 students in the sixth class of the "3rd Year Program," which MOL introduced with the goal of developing crewmembers who will uphold strict safety standards in vessel operation.  






 
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