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Horizon Lines Completes Transactions to Reduce Debt

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 Acquires Bulk Carrier

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

Latest DofD Navy Contracts

HOS Dominator: Photo credit MSC

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

JFMS Vessel Completes its First 2 Charters

Courtesy of James Fisher Marine Service

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

NORDEN Takes $230m Provision

Nord Hakata (Photo: NORDEN)

NORDEN has taken a $230 million provision with no cash flow effect for onerous time charter contracts in Dry Cargo and reduces full-year guidance – underlying operations unchanged.   Following an updated market evaluation, NORDEN has concluded that it is no longer likely that certain time charter contracts predominantly entered into 3-6 years ago on vessels chartered in will become profitable. As a consequence

China Shipping 21,000 teu Order for SWS

Image: China Shipping Group

 China Shipping Group's CSCL has agreed a deal to bareboat charter up to 11 units of 21,000 teu containerships, of which five will be options exercisable after six months of charter for the first six ships, says local media reports.   It has confirmed the 21,000 teu containerships to be built at Shanghai Waigaoqiao Shipbuilding (SWS). The ships will be chartered from China Shipping Nauticgreen Holdings, subsidiary of China Shipping (Group) Company.  

Fleet Privatizations Expected Soon For Lithuanian Companies

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 to Acquire Two Tankers for $92M

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 Q1 Results

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.

CMA CGM Holds Firm in Difficult Environment

 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

Work Maintenance Vessel Delivered to Otto Marine

Nautical Aliya (Photo: Otto  Marine)

Otto Marine Limited, an offshore marine company, announced that further to a long-term bareboat charter contract that was secured in June 2015, it has taken delivery of a 238-man work maintenance Vessel to fulfill that charter.   The delivery ceremony for the vessel, Nautical Aliya

SCA Circular on Requirements‏ of Ships' Documents, Drawings

Courtesy Suez Canal Authority

  Circular issued by Suez Canal Authority concerning ships' documents and drawings which are required to be ready onboard before transiting the canal for first transit or each transit to avoid any fine and/or delay. Those concerned are requested to take note and be guided by the instructions

NewLead Fixes Tanker

  NewLead Holdings Ltd. announced today that the Company has entered into a new time charter contract for one of its bitumen tanker vessels, the MT Newlead Granadino for a minimum of six months with the charterer's option to extend the contract at the end of the first six months for

Danaos buys 3 Boxships via new JV

Photo Danaos Corporation

  Danaos Corporation announced today the acquisition of three vessels through a newly-formed joint venture, capitalizing on depressed asset prices in the resale market. The vessels were acquired by Gemini Shipholdings Corporation, a newly-formed entity ("Gemini") beneficially

EMGS - Vessel update for 1Q 2015


  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

Global Ship Lease Extends Ville d'Aquarius Time Charter

Global Ship Lease, Inc. has agreed to extend the time charter for the Ville d'Aquarius, a 1996-built, 4,113 TEU vessel currently on charter with Sea Consortium Pte Limited, doing business as X-Press Feeders. The extension is for an additional four to six months, at charterer's option

Laborde Repowers Much of Stone Oil Fleet

Photo: Laborde Products

In January 2014, Laborde Products sold its first Mitsubishi engine to John W. Stone Oil for the vessel John W. Stone. Since then, Laborde has supplied the Gretna, Louisiana-based oil distributor with seven more Mitsubishis, repowering half of its fleet.  

TGS Signs Vessel Charter Deal with Polarcus for 2016

Polarcus Adira. Photo by Polarcus DMCC

 TGS-NOPEC Geophysical Company ASA (TGS) signs letter of intent (LoI) for charter of an estimated six months of 3d vessel capacity from Oslo-listed seismic vessel operator Polarcus.   TGS intends to charter a vessel from Polarcus in 2016 to acquire a number of individual projects in

China's State Audit Uncovers Misdeeds in Cosco

Photo: Cosco

 Intensifying crackdown on corruption China’s National Audit Office released an audit report for state-run shipping conglomerate Cosco Group in which it has uncovered substantial financial irregularities.   The report found that Cosco had falsely left out a sum of RMB298m ($48m)

Otto Marine Secures $131 mln in New Contracts

Otto Marine Limited, an offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, has announced that in the second quarter of financial year 2015 (Q2FY2015) till date

Global Ship Lease Extends Panamax Charter with X-Press Feeders

Image: Global Ship Lease (GSL)

 Global Ship Lease, Inc. has agreed to extend the time charter for the Ville d'Orion, a 1997-built, 4,113 TEU vessel currently on charter with Sea Consortium Pte Limited, doing business as X-Press Feeders.    The extension is to between November 26, 2015 and February 26, 2016

Diana Agrees Charter for M/V Coronis

mv Coronis Photo Rene Bergh

  Diana Shipping Inc. announced today that through a separate wholly-owned subsidiary, it entered into a time charter contract with Sandgate Maritime Ltd for one of its Panamax dry bulk vessels, the m/v Coronis. The gross charter rate is US$6,500 per day

Diana Extends Containership Time Charter

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract for one of its Post-Panamax container vessels, the m/v Pucon

Diana Finds Work for Panamax Duo

Dianas Panamax

  Diana Shipping Inc., today informed that through a separate wholly-owned subsidiary, it entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Naias. The gross charter rate is US$6,800 per day minus a 4

Vallianz Bags $ 458 Mln in Charter Renewals

Courtesy  Vallianz Holdings Limited

  Vallianz Holdings Limited a fast growing provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has signed new contracts valued up to US$458 million that has lengthened the charter duration for 19 of its offshore support vessels currently deployed

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