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.
From 1 January 2020, a new global sulphur cap on marine fuels will come into effect which will turn the whole bunker industry upside down; and World Fuel Services is urging the shipping, bunkering and energy sectors to work together to meet this new challenge.
Brand owners and representatives from the international shipping industry have joined forces in signing an historic declaration of intent aimed at preventing the maritime transport of counterfeit goods. Leaders from global shipping firms, freight forwarders
Cobham SATCOM and SpeedCast International Limited have concluded a global framework agreement covering the provision of maritime stabilized antennas, which offers high speed connectivity at sea. The commercial framework was awarded following a multi-vendor selection process by SpeedCast
DP World will partner with a Canadian pension fund in a $3.7 billion investment vehicle that primarily looks at brownfield projects in investment-graded countries, says Drewry Maritime Equity Research. The terminal operator will retain operational control of the fund with 55 percent stake
Responding to reports that the Association of Arctic Expedition Cruise Operators (AECO) had reconfirmed its support of a ban on heavy fuel oil (HFO) from Arctic shipping during its annual general meeting, Clean Arctic Alliance advisor Dr Sian Prior said:
ABS Chairman, President and CEO Christopher J. Wiernicki addressed attendees at the dedication ceremony for the new ABS Engineering Center at Stevens Institute of Technology on 17 November 2016, encouraging students to use these facilities to work toward solving industry challenges.
The U.S. Navy’s Guided-missile destroyer USS Nitze (DDG 94), currently deployed to the Arabian Gulf in support of maritime security operations, assisted three Iranian mariners in distress, November 18. Nitze received notification from aircraft carrier USS Dwight D
The following memorandum of understanding (MOU) and Agreements have been signed by India with foreign countries during the last two years for the development of ports and manufacture of ships in the country:- (i) Memorandum of Understanding between the Government of the Republic of
Aiming to develop the infrastructure, storage and technical support needed to enable safe liquefied natural gas (LNG) operations for customers in the north of the U.K. and North Sea, including bunkering, partners ExxonMobil, Babcock International Group, Bernhard Schulte Shipmanagement (BSM)
African governments and businesses are important partners of European shipping companies and the region has become one of the most promising global growth markets. The “blue” economy offers a lot of opportunities
PALFINGER MARINE and Harding Safety recently signed a contract to provide lifesaving equipment and cranes for two fishing vessels being built in Tersan Shipyard. Each vessel will be equipped with two PALFINGER MARINE knuckle boom cranes, one A-frame fast rescue boat davit, and one fast rescue boat
International law firm, Watson Farley & Williams (“WFW”), advised CMB Financial Leasing Co. Ltd (“CMB”) in respect of: (i) the sale of eight container vessels by NOL Liner (Pte.) Ltd to certain Singapore incorporated SPVs wholly owned by CMB International Leasing
SEA\LNG, which works to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, has welcomed two new partners, each representing key aspects of the LNG maritime value chain: ABS and Keppel Offshore & Marine’s Gas Technology Development.
The European Council has extended Operation Atalanta’s mandate to deter, disrupt and repress acts of piracy off the coast of Somalia through December 31, 2018. Operation Atalanta’s two-year mandate extension, enacted on November 25, 2016
Warships, submarines and aircraft from all over the country are converging on Bass Strait for the final week of Exercise OCEAN RAIDER, one of the Royal Australian Navy’s largest maritime warfare activities. HMAS Adelaide lead six ships south from Sydney