ODYSSEA MARINE

Drew Marine Acquires Chemring Marine

Affiliates of Drew Marine (“Drew Marine”) have reached a definitive agreement with Chemring Group PLC (“Chemring”) to acquire Chemring’s maritime interests (“Chemring Marine” or the “Company”) for a cash consideration of £32 million, subject to standard closing adjustments.  Under Drew Marine’s ownership, the business will be named Drew Marine Signal and Safety (“DMSS”).    Chemring Marine is the world’s leading supplier of marine distress signals including handflares, manoverboard buoys, line-throwers and other required rescue products under established brands including Pains Wessex, Comet, Aurora and Oroquieta.  The Company’s products are produced in Bremerhaven, Germany; Pamplona, Spain; and Lara, Australia.  The business will continue to be headquartered in Hampshire, UK.   Len Gelosa, President and CEO of Drew Marine, said: “The acquisition of Chemring Marine is a perfect fit with our strategy to provide essential products for safety, reliability and compliance to the global maritime industry.  Like Drew Marine, Chemring Marine is known for supplying the highest quality and best performing products to the markets that we serve.  The addition of these high quality brands is in keeping with Drew Marine’s philosophy of bringing the best of the market to our customers

Yank Marine Upgrades Marine Travelift Hoist at Tuckahoe Yard

A new 300 mt marine lift for Yank Marine is being installed at its Tuckahoe, NJ shipyard. This new 300 metric ton marine lift was transported from Marine Travelift in Sturgeon Bay, Wisconsin on ten trucks and is currently being erected on site. It was purchased using a $961,676.00  grant from the Maritime Administration under the Assistance to Small Shipyards Grant Program, and will replace Yank Marine Inc.’s  existing 200 metric ton Marine Travelift.

News: New Marine Diesel Regs Adopted by EPA

Last month the Environmental Protection Agency (EPA) announced that it is adopting emission standards for new marine diesel engines that will be installed on vessels flagged or registered in the U.S. While the new regulations apply mainly to large oceangoing ships, they are merely the first strike in a series of moves designed to reduce emissions from all marine vessels The near-term, Tier 1 standards in this rule are equivalent to the internationally negotiated emission limits for oxides

Harley Marine was Pivotal Private Equity Speaker at Marine Money

Harley Franco, Founder and Chairman of Pacific Coast operator Harley Marine Services, Inc., was a pivotal private equity speaker at a recent Marine Money conference held in New York City. Mr. Franco represented the private equity position on a finance panel consisting of public maritime companies including Overseas Shipholding Group and Horizon Line. In his presentation, Mr. Franco outlined the various finance structures utilized which enabled him to remain private

Marine Software Ltd Delivers Marine Planned Maintenance

U.K.-based software house Marine Software Ltd has successfully delivered its DNV type approved Marine Planned Maintenance system on QinetiQ’s Trimaran demonstrator vessel R.V. Triton . This innovative test vessel comes after ten years of research and is the largest motor powered trimaran demonstrator ever built, also being the worlds first of class ship based on this new concept triple-hull design. QinetiQ, formerly known as the Defense Evaluation and Research Agency ( DERA )

Sumitomo And Mitsui Finalize Merger Conditions

Sumitomo Marine & Fire Insurance Co. and Mitsui Marine & Fire Insurance Co. on Tuesday announced terms under which they will merge next October, creating Japan's largest non-life insurer with assets of 5.7 trillion yen ($51.6 billion). In a joint statement, the companies said 1.09 Mitsui Marine shares will be allocated for one Sumitomo Marine share. The merged entity will be named Mitsui Sumitomo Insurance Co. with Mitsui Marine president Takeo Iguchi and Sumitomo Marine president

Cummins Announces IMO Emissions Compliance

Cummins Marine, a division of Cummins Engine Company, is the first marine diesel engine manufacturer to receive IMO MARPOL 73/78 Annex VI emissions Statements of Compliance from the U.S. EPA for its marine engines. The Statements of Compliance cover Cummins' B, C, QSM11 and K series of marine propulsion engines, ranging from 180-2,000 hp. Cummins expects to receive similar compliance statements for its N14 and QSK19 propulsion engines and C series of generator drive engines.

Cummins,CitiCapital Launch Alliance for Finance

Cummins Inc. and CitiCapital have reached an agreement to promote a co-sponsored marine finance program. Under the agreement customers who purchase Cummins engines for various commercial vessels will receive exclusive finance products provided by CitiCapital. This agreement demonstrates the cooperative efforts of both companies by bringing together the premier manufacturer of marine engines and the world's largest financial services conglomerate. The agreement will initially cover the U.S

Transas Marine and VEI Form Alliance

Transas Marine (USA), Inc. of Lynwood, WA, and Valhalla Enterprises, Inc. (VEI), of Fort Lauderdale, FL, have announced a manufacturers’ alliance aimed at benefiting marine electronic dealers and recreational boaters. The agreement brings together VEI, a world leading manufacturer of flat panel displays and marine computers with Transas Marine, a world leader in electronic navigation products, vessel traffic systems and training solutions, marine surveillance, and simulation systems

Shanghai Office Moves to Caterpillar Marine Center

Caterpillar Marine Asia Pacific, the regional headquarters of Caterpillar Marine Power Systems in Shanghai, P. R. China, have moved to a new office at Yan’an West Road. This is also the location of the marine group of Lei Shing Hong Machinery Ltd., Caterpillar’s marine dealer for Eastern China. Together both entities now reside in the Caterpillar Marine Center building. Caterpillar Marine Asia Pacific’s regional headquarters are on the