International classification society Bureau Veritas has published new rules for Polar Class vessels and specific guidance on ice/structure interaction. The rules are aimed at speeding Arctic and Caspian Sea oil and gas development by facilitating the building of tank, cargo and offshore service vessels which can operate unsupported by icebreakers in very heavy ice. The guidance note aims to facilitate floating LNG and oil platform construction in high Arctic conditions. According to Philippe Baumans, director of development, Bureau Veritas, “BV’s new ‘Rules for the Classification of Polar Class and Icebreaker Ships,’ bring together for the first time the requirements for icebreakers and the requirements for Polar Class cargo and other service vessels such as oilfield support vessels. Our Polar Rules covered the requirements for ships operating in the high Arctic, accompanied by an icebreaker, and there are separate rules for icebreakers. But for extracting oil and gas from the Arctic, and also from the very icy and difficult Caspian Sea, there is an increasing demand for vessels which can carry cargo and also ram and break ice unsupported by an icebreaker. Under our new Polar Rules that is possible, and the owner can choose an icebreaker class from 1 to 7 for the cargo vessel, tanker or PSV they need, which will reflect the heaviness of the ice that can be dealt with unsupported.”
Hornbeck Offshore Services, Inc. (NYSE:HOS) announced that it has successfully completed its offer to exchange $250m aggregate principal amount of its outstanding 8% Series A Senior Notes due 2017 (CUSIPs440543 AF 3 and U44070 AC 1), which were issued in a private placement and sold in accordance with Rule 144A or Regulation S under the Securities Act of 1933, for an equal aggregate principal amount of its 8% Series B Senior Notes due 2017 (CUSIP 440543 AH 9)
New Capital Structure Provides Opportunity for Significant Deleveraging. Horizon Lines, Inc. (NYSE: HRZ) today announced that it has completed a comprehensive refinancing of the company's entire capital structure. The new capital structure addresses the company's financial needs by providing adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction
The Manitowoc Company announced that it has completed the previously announced redemption of its 10.5% Senior Subordinated Notes due 2012. The call premium paid to note holders was 105.25% of the principal amount of the notes. The total cash paid was $129 million which included the call price, accrued and unpaid interest and other related costs at the time of redemption. The Bank of New York, trustee for the issue, redeemed the notes through its New York office
Ship Finance International Limited (NYSE:SFL) has agreed to terminate chartering agreements with Horizon Lines, LLC relating to five of its vessels. Ship Finance will receive as termination compensation $40 million in second lien notes issued by Horizon Lines and warrants exercisable into ten percent of the common stock of Horizon Lines, Inc. as part of the restructuring outlined below. The 2,824teu vessels were built in Korea in 2006 and 2007
American Commercial Lines LLC (ACL) announced that on April 15, 2002 it commenced an offer to the holders of its outstanding senior notes to exchange new 11-1/4% cash pay senior notes due January 1, 2008 and new 12% pay-in-kind senior subordinated notes due July 1, 2008 for its outstanding 10-1/4% senior notes due June 30, 2008. In connection with the exchange offer, ACL is also soliciting its noteholders to (1) become party to, and a beneficiary of, a mutual release
AP reported that K-Sea Transportation Partners LP on Friday said one of its tank barges struck an underwater object in the middle of the night, taking in water and leaking unspecified amounts of fuel into the Gulf of Mexico. The company, which runs a fleet of about 100 oil tank barges and tug boats, said the tug boat master reported that the barge rammed an unidentified object in gulf waters. The company noted that it carries both protection and indemnity liability insurance
A cargo vessel operated by China Navigation Company helped rescue 246 people & wins a Lloyd's List Global Award sponsored by Inmarsat. The Amver Assisted Rescue at Sea Award was presented by President of Inmarsat Maritime, Frank Coles, to Captain Vimar Vidanagamage, representing the China Navigation Company, at a ceremony in London on 26 September 2012. The Chinese ship MV Kwangtung, was diverted using the Amver system to save the lives of passengers from the ferry Rabaul Queen which
The Manitowoc Company, Inc., announced its intention, subject to market and other conditions, to raise approximately $175 million, through a private offering of senior subordinated notes due 2012 to certain qualified institutional investors. In addition, Manitowoc’s obligations will be guaranteed by certain of its U.S. subsidiaries. Manitowoc will use the net proceeds from the sale of the notes offered to refinance outstanding indebtedness of Grove Investors, Inc. and its subsidiaries
DryShips Inc. (NASDAQ: DRYS) a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced the pricing of its previously announced public offering of convertible senior notes. The offering size was increased from $300m to $400m. The sale of the convertible notes is expected to close on November 25, 2009, subject to customary closing conditions. The convertible notes
Diana Shipping Inc. today announced that its subsidiary, Diana Shipping Services S.A. (DSS), was sentenced by the United States District Court in Norfolk, Virginia to a fine of $1,100,000 and a period of probation of three years and six months as a result of a conviction earlier this year by which
The European Community Shipowners' Associations (ECSA) and the International Chamber of Shipping (ICS) note in a recent report that the use of private armed guards has increased in recent years and become a necessity to ensure safe passage through the risky waters of the Gulf of Aden.
Some voyages are expected to be delayed in the North Sea waters as a very intense low is expected in the South Norwegian Sea on December 5 and is moving E-ward over Scandinavia on December 6. It will cause severe weather conditions in the North Sea with STORM and HIGH to VERY HIGH SEA December
International private maritime security company Sea Marshals Ltd. has expanded into new premises to cope with its growing workload, particularly in the Gulfs of Guinea and Aden. Sea Marshals marked its expansion with an open evening held at its new 4
In response to the Scottish Government's release of the 2014 pre-referrendum White Paper 'Scotland Future', shipping organization Maritime UK members suggest that the publication raises as many questions as it does answers. Maritime UK members have had constructive engagement with the Scottish
At a recent meeting of Gazprom's Management Committee, Chairman Alexey Miller noted that the project was progressing rapidly and on schedule – the first train of an LNG plant will be commissioned in 2018.
With 3.4 million square nautical miles of U.S. waters to survey and chart, Coast Survey is up against some big challenges in keeping nautical charts current, consequently NOAA joins hands with the US Coast Guard to provide the best possible safety service to shipping.
Gulf of Mexico liftboat operators All Coast, LLC, have entered into a contract with SEMCO, LLC, for the refurbishment and enhancement of its L/B 'Barracuda', which was previously out of service. Under this agreement, sponsons will be added to the hull
AIG Commercial Asset Finance (AIGCAF) and its affiliates have provided a $400 million loan for vessels owned and operated by Nautical Solutions, LLC, which is an operating unit of Edison Chouest Offshore (Chouest). Proceeds from the loan were used to refinance existing notes and to provide for the
A global conference for shipbuilding corporate management gathered 74 top executives of the major shipyards from Japan, Europe, China, Korea and the U.S. (JECKU) to exchange views on global economic development, supply and demand prospects as well as important technological and regulatory
Operators of all vessels loading and discharging cargo in Australia are reminded of the need to comply with the requirements of Marine Order 32 (MO32) from the Australian Maritime Safety Authority (AMSA). Recent events have highlighted the consequences of non-compliance
Chemical Tanker safety comes into sharp focus in a new training course from leading maritime training provider Videotel Marine International. The newly-launched Advanced Chemical Tanker Course has been developed in conjunction with the Chemical Distribution Institute (CDI)
New Zealand environmentalists wait patiently aboard their yacht 'SV Tiama' for the arrival of Texas' Anadarko rig 'Noble Bob Douglas' at the deep-sea drilling site about 110 nm west of Raglan. Crew member Bunny McDiarmid sets the scene in her blog post:
The totally transformed 3,006-passenger Carnival Sunshine – the largest Carnival Cruise Lines ship ever to be homeported in New Orleans -- will sail this afternoon on its inaugural voyage from the Big Easy, embarking on a six-day cruise to Cozumel and Grand Cayman.
“Security in this region [off the coast of Nigeria] is often not sufficient,” says maritime piracy attorney Dennis McElwee “Unfortunately, maritime companies are not always taking the necessary precautions to protect crewmembers from this type of attack