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.
Euronav NV (NYSE: EURN) entered into a five-year sale and leaseback agreement for four VLCC vessels with investment vehicles advised by Wafra Capital Partners Inc., a private equity partnership. The four VLCCs are the Nautilus (2006), Navarin (2007), Neptun (2007) and Nucleus (2007)
The President and CEO of the Montreal Port Authority (MPA), M me Sylvie Vachon, today presented the Gold-Headed Cane to the shipping agent Denis Blondeau SMK Tanker Agency for the captain Danel Ju. Mr. Danel Ju of South Korean nationality and is the commander of Chem Sirius
Owner and operator of container and dry bulk vessels Navios Maritime Partners L.P. said it has taken delivery of a secondhand Capesize bulk carrier vessel. The 180,310 dwt ship, Navios Beaufiks, was built in 2004 in Japan, and delivered on December 30, 2016
The Stena Immaculate, the ninth vessel in a series of 13 new IMOIIMAX MR tankers, was named January 10, 2017 at a ceremony at China’s Guangzhou Shipbuilding International (GSI). A large number of guests, from both corporate management and partners as well as representatives of the
Northern Fund Management America LLC (“Northern Shipping”), an alternative capital provider to the shipping and offshore oil service sectors, said that it has completed a final closing for Northern Shipping Fund III LP, with total investor commitments of $505 million
Radio Holland Malaysia (RHM) secured a contract from Destini Shipbuilding & Engineering for the supply of Navigation and Communication equipment on board of six New Generation Patrol Crafts (NGPC). The vessels are being built for the Malaysian Maritime Enforcement Agency (MMEA).
The ABS-classed Ethane Crystal, the world’s first Very Large Ethane Carrier (VLEC) -- and a Maritime Reporter & Engineering News "Great Ship of 2016" as profiled in the December 2016 edition -- has loaded its first shipment of ethane cargo at Enterprise Products Partner’s
Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. This year 18 ships in total were honored, including many “world firsts.” Lindanger - World’s First Methanol Fueled Tanker
The mantra at Crowley is “safety” and “people,” but it’s not simply words, rather embedded practice starting from the top. Robert Grune, SVP & GM, Crowley Petroleum Services talks to Maritime Reporter regarding this ubiquitous company’s historic success and
Crowley Maritime Corp. said its government services group has achieved worldwide ISO/IEC 27001:2013 information security certification for enhancements made to the security of accessing, transmitting, processing and storing covered defense information related to its management of Military Sealift
Dubai-based Gulf Ship Management, a wholly owned subsidiary of Gulf Navigation Holding, announced on Tuesday a recent tie up with Switzerland’s SeaQuest Group to set up a ship management joint venture and expand operations in the region.
Asia’s most populous democracies and emerging powers, have firmed up a blueprint for enhancing maritime cooperation and resolved to jointly combat terror. India and Indonesia enjoy a good maritime partnership. India has backed Indonesia on the latter’s escalating dispute
The Wilhelmsen group hires Inge André Sandvik as head of digital solutions, starting January 2017. “Accelerating our digital transformation, Inge brings with him a unique combination of digital entrepreneurship, business curiosity and a large network within the digital eco-system
Cavotec SA's previously announced strategic plan and new organisational structure — based on two distinct Business Units (BU), Ports & Maritime and Airports & Industry — entered into effect on January 1, 2017.
The Board of Commissioners of the Port of New Orleans has announced that, effective Jan. 1, 2017, Brandy D. Christian has begun service as the Port’s president and chief executive officer following her two-year tenure as its chief operating officer.