Charlotte, N.C. - Horizon Lines Inc. today announced that it has completed transactions with more than 99 percent of its note holders, and with Ship Finance International Limited ("SFL") and certain of its subsidiaries, to substantially deleverage the Company's balance sheet and terminate vessel charter obligations related to its discontinued trans-Pacific service. These simultaneous transactions eliminate virtually all of the remaining $228.4 million of the Company's 6.00 percent Series A and Series B Convertible Secured Notes, partially offset by the issuance of $40.0 million of debt to SFL as part of the full and final settlement of the vessel charter obligations, resulting in a net debt reduction of $188.4 million. The Company's earnings and cash flows will be further improved by the termination of $32.0 million in annual vessel charter obligations for the five ships leased from SFL, as well as the elimination of approximately $3.0 million of annual lay-up costs for the idle vessels. "These transactions successfully close a chapter in the history of Horizon Lines which we have been working diligently to complete for these past many months," said Stephen H. Fraser, interim President and Chief Executive Officer. "Horizon Lines moves forward today from a stronger financial position that will enable us to better focus on customers in our core Jones Act trades and to invest in the future of our business
TBS International Limited reported that it has entered into an agreement to acquire a handysize bulk carrier, the M.V. Elsa Oldendorff. TBS agreed to acquire the vessel charter free for $29m. The vessel is expected to be delivered to TBS between November 1 and December 30, 2007. The 24,021 dwt vessel, to be renamed the M.V. Arapaho Belle, was built in 1998. Following this acquisition, as well as the recently announced acquisition of the 1990-built 42,475 dwt M.V
Following are financial details of a planned fleet privatization in Lithuania. JSC Klaipeda Transport Fleet (KTF) is one of the largest Lithuanian shipping companies, whose principal activities are transportation of refrigerated cargo by sea and lease of sea transport vessels. The authorized capital of the company as of December 31, 2001 amounted to about $38.3 million. KTF owns and operates 16 small- and medium-sized cargo reefers
Arlington Tankers Ltd. entered into an agreement to acquire two modern 47,000 deadweight tonne double-hulled Product tankers from the Stena Group for an aggregate purchase price of $92 million in cash. The new vessels, Stena Contest and Stena Concept, were built in 2005. Arlington expects to take delivery of the vessels in January 2006. In conjunction with the purchase, Arlington will enter into fixed rate charter hire agreements with Stena Bulk AB for both vessels
Scorpio Tankers Inc. reported its results for the three months ended March 31, 2010. The company recorded net income of $1.2 million or $0.21 basic and $0.21 diluted earnings per share for the three months ended March 31, 2010 compared to net income of $2.8 million or $0.50 basic and $0.50 diluted earnings per share for the three months ended March 31, 2009. The weighted average outstanding number of outstanding shares (basic and diluted) for both periods was 5,589,147.
Volumes carried rose by 10% year-on-year to 2,604 million teus in the third quarter of 2011, confirming that CMA CGM is benefiting from the size and modern technology of its ships. Over the first nine months of the year, volumes carried were up by 9.4%, for a total of 7.42 million teus. Consolidated revenue stood at $3,856 million for the quarter, up 2.8% over the prior-year period, and at $11,086 million for the first nine months, up 5.2% year-on-year
Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to enter into a time charter for the Genco Augustus, a 2007-built Capesize vessel, with Cargill International S.A. for approximately 10.5 to 12.5 months at a rate of $39,000 per day, less a 5% third-party brokerage commission. The time charter for the Genco Augustus is subject to the completion of definitive documentation and is expected to commence on or about January 23
“In a market environment that continues to be difficult, Bourbon can today report third-quarter 2010 revenue growth of 6.4%. This confirms the upturn in our Offshore activity, announced previously and already in evidence in the second quarter. It also confirms our strategic choices and reflects our unique positioning on the market. Our clients are enthusiastic about the new BOURBON vessels which are proving to be more innovative, safer and capable of keeping their operating costs down
Bourbon reported that the recovery expected in the 4th quarter of 2010 was confirmed In the 1st quarter of 2011. Q1 2011 revenues up 23.8% year-on-year up 6.4% over the previous quarter. Commenting on the first quarter results, Christian Lefèvre, Chief Executive Officer of BOURBON, said: “As anticipated at the end of 2010, the market recovery is contributing to pushing vessel utilization rates up to 83.1% whilst daily rates are slightly higher than those in the fourth quarter of
And Why Knowing the Answer is Critical to Your Business On December 23, 2012, the restrictive measures against Iran contained in Council Regulation (EU) No 1263/2012 came into force. The measures supplement those already contained in Regulation 267/2012 of March 23, 2012. While extending the restrictive measures in areas already legislated for, such as over the transfer of funds and financial services, it introduces new prohibitions which affect the shipping industry in a number of
67km route cleared at depths of 640 metres Ecosse Subsea Systems has completed a major seabed clearance project on the Laggan-Tormore project west of Shetland on behalf of Total E&P Ltd and its partner Dong E&P (UK) Ltd. The Aberdeen subsea technology company deployed its SCAR1
Oceaneering International, Inc. (NYSE:OII) has announced that it has entered into a five-year charter for use of the Cade Candies, a multi-service subsea support vessel owned by Otto Candies LLC. The charter is expected to commence during the second quarter of 2013.
SeaBird Exploration, through a subsidiary of Ordinat Shipping AS, charters the 3D vessel 'Geo Pacific' from Fugro. The vessel has been fixed on a 4 month time charter, intended to be converted into a 3 year bareboat charter with four one-year options to extend the contract.
Farstad Shipping ASA has been awarded charter contracts with a value of about US$ 58-million. The contracts awarded to Farstad are as follows: Statoil has awarded contracts to PSV Far Spica (2013, PSV 08 CD, 4,000 DWT) and PSV Far Scotsman (2012, PSV 08 CD, 4
Company Will Conduct Orderly Transition to Minimize Supply Chain Disruptions. Last Voyage of FSX Service from China Expected on November 2; Final Sailings to Guam on November 8 and 10. Horizon Lines, Inc. (OTCQB: HRZL), the nation's leading domestic ocean shipping company
Tidewater Inc. announced today the following update with respect to its negotiations with Sonangol, the national oil company of Angola, regarding Sonatide, the joint venture between Sonangol and Tidewater through which Tidewater markets its boat services to energy companies for operation in
Charlotte, N.C. --- Horizon Lines Inc. announced that it has signed a restructuring support agreement with more than 96 percent of its note holders to further deleverage the Company's balance sheet in connection with, and contingent upon
In March, Cargotec secured new orders for two 100-ton active heave-compensated offshore cranes from the wholly-owned subsidiaries of a Malaysian shipbuilding and vessel chartering group, Coastal Contracts Bhd (together with its subsidiaries "Coastal Group").
Financial performance reflects negative impact of multiple factors in Horizon Lines 4th quarter 2011 results Horizon Lines, Inc. have reported financial results for the fiscal fourth quarter ended December 25, 2011.Financial results are being presented on a continuing operations basis
GAC Bunker Fuels, part of global shipping, logistics and marine services provider GAC, has announced the appointment of Maurice Lara as its Bunker Manager for East Coast USA. He is based in Norwalk, Connecticut and accountable to Nicholas Browne, Global Director of GAC Bunker Fuels, and Bob Bandos
ABS Nautical Systems has signed a contract with Arina Offshore (Fze) for use of its NS5 Enterprise software, marking the fourth new customer win in this region. The Dubai based company which specializes in vessel chartering and brokerage will utilize the Maintenance Manager module on one of
Swiber Holdings Limited clinch US$ 830-million contracts in Asia Pacific & Middle East for offshore construction, vessel charters These awards include offshore construction projects and vessel chartering services in the Asia Pacific region
Asia-bound fuel-oil cargoes from Western countries in August rise to 3.44-million tons Fuel-oil shipments to Asia from Western countries for August delivery rose from a week earlier to 3.44 million metric tons, according to vessel-charter data and information from traders compiled by Bloomberg.
Hornbeck Offshore expands OSV new-build program, anounces retrofits & other related developments. The Company has exercised the first four of its 48 options to build additional HOSMAX vessels at an aggregate incremental cost of approximately $180 million
Höegh Autoliners enters into 12 year bare boat charters for two 6, 500 car capacity Pure Car Truck Carriers (PCTC) to be delivered by DSME in 2014. The vessels will be owned by Ocean Yield AS and will be built by Daewoo Shipbuilding & Marine Engineering's (DSME) shipyard in Mangalia