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
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.
The latest US Department of Defense, Navy, contracts include: to Defense Support Services LLC for 'COLDS' cargo training, and to Hornbeck Offshore Services for the time charter of an offshore supply vessel for submarine rescue diving support services. Details as follows: 'COLDS' training Defense Support Services LLC, Mount Laurel, N.J., is being awarded a $24,903,892 indefinite-delivery requirements contract for instructional support services to conduct basic and advanced courses on the
James Fisher Marine Services’ offshore support vessel successfully completes two charters in quick succession at Round Three sites in the offshore renewables industry James Fisher Marine Service (JFMS) announces the successful completion of the SMV 24 vessel’s maiden charter and immediate subsequent charter at Round Three wind farm sites. The vessel accomplished its first charter working with offshore wind energy developer Forewind to support the Dogger Bank development
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
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
Offshore Installation Services Ltd (OIS), an Acteon company, launched a new service designed to help operators fulfill their suspended well decommissioning plans. Wellintel is a well data collection and review service that gathers and prepares the information operators require before they start a decommissioning program. OIS engineers with extensive well abandonment knowledge and detailed understanding of the entire decommissioning process will deliver the service.
Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering programme for the first 20 days of August, brokers said on Friday. The pause would come after charter rates from the Middle East to Asia jumped this week to their highest levels since February 27 after falling on Monday as owners resisted charterers' attempts to push prices lower, brokers said.
Cargo growth on intra-Asia routes is attracting deep-sea carriers due to the availability of cheap charter vessels and economies of scale between China and SE Asia, but regional players also know how to form defensive alliances, reports Drewry Maritime Research in its latest 'Container Insight
Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity and utilisation 4-5 working days after the close of each quarter. The Company defines "vessel utilisation" as the percentage of the vessel charter period spent on contracted or multi-client data
Otto Marine Limited, an offshore marine company which owns and operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, informed that the group has secured charter contracts worth approximately $404 million in the first half of 2014 (1H2014).
US Department of Defense informs of placement of contracts for Chesapeake Bay dredging, dry-docking of USS Pearl Harbor, and charter of surface escort vessels. Details as follows: 1. Dredging Norfolk Dredging Company, Chesapeake, Virginia, has been awarded $18,784
Navios Maritime Partners L.P., owner and operator of dry cargo vessels, chartered out the Navios Joy, a newbuilding Capesize vessel for three years. The Navios Joy has been chartered out to an investment grade counterparty for three years at a rate of $19,000 net per day ($20,000 gross)
Ownership of key vessels will remain in Finland Neste Oil is planning to exit its shipping business. According to the plan, the company would sell all its own vessels and outsource the ship management functions currently covering them
Offshore Solutions BV (OSBV), the joint venture between AMEC and Cofely Nederland NV, has signed a North Sea contract with Maersk Oil UK to provide marine access support to the floating production, storage and offloading (FPSO) unit Global Producer III.
Capital Product Partners L.P. (CPLP) has announced the chartering of the M/T Avax to BP Shipping. The M/T Avax (47,834 dwt, IMO II/III Chemical Product Tanker built 2007 Hyundai Mipo Dockyard, South Korea) was chartered in October 2013 to BP Shipping for a minimum charter term of one year
Diana Shipping subsidiary Gala Properties Inc. has received a notice from the charterers of the 'M/V Houston' claiming that they are entitled to terminate the vessel's charter effective November 26, 2013 for purported breaches by the owners. A claim they firmly dispute as follows:
Singapore-based Otto Marine say they have secured a long-term charter contract for their AHTS 'Go Pegasus', which was recently deliverd from their own Indonesia shipyard in Batam, Indonesia. Go Pegasus will soon be mobilized and deployed to the North Sea where she will work for the summer season
Delta SubSea LLC (DSS) signed a long term charter on DP II IMR Support vessel VOS Sympathy for international scopes of work. DSS mobilized two FMC Technologies Schilling Robotics HD 150 HP systems, complete tooling, and full survey suite provided by UTEC Survey
Greece-based container ship & drybulk ship owners and operators Euroseas have released its results for the three month period and full year ended December 31, 2013, with the following highlights: Full year 2013 Net loss of $103.4 million, or, $2
Horizon Lines has released its fourth-quarter 2013 financial results showing an adjusted EBITDA increase of 33.1%, which is its 4th consecutive quarter of double-digit Improvement . "Horizon Lines fourth-quarter adjusted EBITDA increased 33
Norway-based TGS informs that it has signed a Letter of Intent with Seabird Exploration to charter up to four 2D seismic vessels to be used over the next 36 months. The Letter of Intent gives TGS priority rights to the vessels subject to the issuance of seismic acquisition permits for the
Angola's new liquefied natural gas (LNG) export project aims to charter out its entire tanker fleet for at least a couple of months after a major rupture on a flare line crippled output at the $10 billion plant last month. The project partners led by U.S