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Announces Agreement

Genco Takes Delivery of Second Capesize Vessel

Genco Shipping & Trading Limited has taken delivery of the Genco Tiberius, a January 2007-built 175,000 dwt Capesize vessel. The Genco Tiberius is the second vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Genco Tiberius is currently on charter with Cargill International S.A. at a rate of $45,263 per day, less a 5% third party brokerage commission. The charter is due to expire between January 2010 and May 2010.


Navios Agrees to Acquire Four Newbuilds

Navios Maritime Holdings Inc. Announces Agreement to Acquire Four New Build Capesize Vessels with Secured Long-Term Employment Generating Approximately $43.33 million of EBITDA Annually - Issuance of $165.22 million of Mandatorily Convertible Preferred Stock - $52.82 Million Reduction in Cash Requirements for Three Existing New Build Capesize Vessels - Conference Call and Webcast: Tuesday, June 23, 2009 at 08:00 am EDT


Northrop Grumman To Acquire TRW for $60 per Share in Stock

Northrop Grumman Corporation and TRW Inc. jointly announced that they have entered into a definitive merger agreement. The combination will position Northrop Grumman as the nation's second largest defense contractor with projected annual revenues of more than $26 billion and approximately 123,000 employees. Following the separation of TRW's automotive business and completion of the sale of TRW's Aeronautical Systems business, Northrop Grumman will be a Fortune 100 company.


ENSCO and Chiles Offshore Announce Agreement to Merge

ENSCO International Incorporated and Chiles Offshore Inc. announced that they have signed a definitive merger agreement by which ENSCO will acquire Chiles. The Boards of both companies have approved the transaction. Under the terms of the merger agreement, Chiles' stockholders will receive 0.6575 shares of ENSCO common stock, plus cash of $5.25, for each share of Chiles' common stock. Total value of the transaction is approximately $578 million based on ENSCO's closing price as of May 14


General Maritime Announces Agreement With Creditors

New York - General Maritime Corporation announced that it had reached an agreement on a modified plan of reorganization with the Official Committee of Unsecured Creditors, funds managed by Oaktree Capital Management, L.P. and their investment entities and holders of more than 40 percent of the Company's Senior Notes.  The Modified Plan is also supported by 66-2/3 percent of the Company's key senior lenders, including its bank group, led by Nordea Bank Finland plc


GasLog to List on NY Bourse

Image courtesy of GasLog

LNG carrier owners and operators, GasLog Partners LP, inform it has priced its initial public offering of 8,400,000 common units representing limited partner interests at $21.00 per common unit. The common units will begin trading on the New York Stock Exchange on May 7, 2014 under the ticker symbol “GLOP”. The offering is expected to close on May 12, 2014. The underwriters have a 30-day option to purchase up to 1,260


ACL Announces Three Year Agreement for Employees and Teamsters Local 89

American Commercial Lines Inc. announced that the company has secured a three year agreement for its shipyard employees with the General Drivers, Warehousemen & Helpers (Teamsters), Local Union No. 89. The three year agreement, which was ratified by over 95% of the voters, provides for first year wage increases ranging from 5% to 18% for various job positions resulting in an overall average wage increase of approximately 11%.


Wolong Signs Agreement

Singapore-based Wolong International has announced the signing of a licensing agreement with Fr. Fassmer Gmbh of Germany for the production of Wolong (Fassmer Licensed) totally enclosed lifeboats. The agreement, signed on October 1, 2001, serves to synergize the West and East. Production of the Wolong lifeboats is to b e carried out in China and is expected to commence within the month. Fassmer with this agreement will be providing the technical support to Wolong International in upgrading


Dryships Agreement with Nordea Bank

DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that it has reached final agreement and received formal approval from Nordea Bank Finland Plc, DnB NOR Bank ASA and HSH Nordbank AG regarding the previously announced covenant waiver in connection with the $800m Primelead facility consistent with the terms previously announced on February 9, 2009.


Topaz Successfully Arranges Refinancing

Phase One of US$ 330 million loan agreement signed.   UAE-based Topaz Energy and Marine Ltd. (Topaz), a leading oilfield services multinational and a subsidiary of Renaissance Services, announced that it has signed phase one of a US$ 330 million loan agreement with a syndicate of banks towards the refinancing of some of its existing loans. The deal paves the way for extra liquidity and new investments in Topaz’s Offshore  Support Vessel (OSV) operations.  


GTT Receives Order for LNG Bunker Barge

Image: GTT

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of LNG liquefied natural gas (LNG), announced that its U.S. subsidiary GTT North America (GTTNA) has received an order for one LNG bunker barge.  


Port of LA Container Volumes Down 22.7% in January

Photo courtesy of the Port of Los Angeles

Port of Los Angeles container volumes decreased by 22.7 percent in January compared to January 2014 volumes, the port announced today. The port's January 2015 cargo volumes totaled 529,427 Twenty-Foot Equivalent Units (TEUs), compared to 685,549 TEUs in January 2104.


LA, Long Beach Ports Cooperation Approved

Federal regulators approve expanded working pact for Port of Long Beach and Port of Los Angeles to cooperate on congestion relief   The ports of Long Beach and Los Angeles received federal approval Thursday to cooperate more vigorously on finding new ways to prevent congestion and cargo


VLCCF - 4Q & FY 2014 Results

Photo by Knightsbridge Shipping Limited

Knightsbridge Shipping Limited ( VLCCF ) reports net income of $5.2 million and earnings per share of $0.06 for the fourth quarter compared with a net loss of $6.2 million and a loss per share of $0.11 for the preceding quarter. Net income in the fourth quarter includes $6


GBSL to Drydock 23 Crowley Vessels

Photo: Grand Bahama Shipyard Limited

One of the largest exclusive ship repair fleet agreements in Caribbean history, worth more than $10 million, signed between GBSL and Crowley which will extend to mid – 2017.   Grand Bahama Shipyard Limited (GBSL), the ship repair and refurbishment yard in Freeport Grand Bahama


Concordia Maritime Boosts Suezmax Market Presence

Stena Supreme, a Suexmax vessel owned by Concordia Maritime and employed on the spot market via Stena Sonangol Suezmax Pool controlled by Stena Bulk and the Angolan state oil company Sonangol (Photo courtesy of Concordia Maritime)

International tanker shipping company Concordia Maritime has signed an agreement to charter 50 percent of a vessel in the Suezmax crude oil segment for a period of one year from August 2015, with an option for an additional year.  


Long Beach Cargo Dips with Congestion

Photo: Port of Long Beach

Port of Long Beach feels effects as backlog continues   Lingering congestion at West Coast seaports drove down container cargo by 18.8 percent in January at Long Beach compared to the same month last year, the port announced.  


Retailers to Obama: Bring ILWU, PMA to Washington

Photo: PMA

The National Retail Federation issued the following statement from Vice President for Supply Chain and Customs Policy Jonathan Gold on the ongoing West Coast port contract negotiations between the International Longshore and Warehouse Union (ILWU) and Pacific Maritime Association (PMA):


Eurasia Drilling, Schlumberger Merger Update

  Eurasia Drilling Company Limited (the "Company") announces that Schlumberger B.V. ("SLB") and the Company are continuing to cooperate with the Russian Federal Anti-Monopoly Service ("FAS") to respond to requests for information regarding the transaction


West Coast Port Slowdown Could Cause Two Month Delays

Congestion at the U.S. West Coast ports could take as much as two months to unwind, according to port and trade group officials, with retailers and other companies bracing for further shipment delays after the apparent resolution of a months-long labor dispute.


Jaxport Welcomes Consolidation of Crowley's Jacksonville Operations

  Crowleys Bill Pennella (right), Vice COB/EVP, and JAXPORTs Dr. John Allen Newman (left), Board Vice Chair, agree to the expanded, long-term lease at JAXPORT’s Talleyrand Marine Terminal.

JAXPORT’s Board of Directors today unanimously approved an expanded, long-term lease with Crowley Liner Services Inc. Under the agreement, Crowley will relocate its Puerto Rican service from its private terminal along Jacksonville’s harbor to JAXPORT’s Talleyrand Marine Terminal


Hijacked Tanker Found Aground in the Philippines

A chemical tanker captured by pirates nearly a month ago was found grounded in the Philippines today, the ReCAAP Information Sharing Centre announced in an incident update. The MT Rehobot, an Indonesian flagged tanker carrying 1,100 tons of diesel when it was hijacked by eight masked individuals


Hamburg Sud, CCNI Deal Next Month

Containerized fleet CCNI combines a capacity of 37,980 TEUs. Courtesy: CCNI

 Hamburg Sud has entered into a long-expected purchase agreement for Chilean shipping line CCNI (Compania Chilena De Navigacion Interocea) for an undisclosed sum.    The transaction is expected to close by end-March pending approval by antitrust authorities, said Hamburg Sud


First Skangass LNG Loading in Zeebrugge

LNG was loaded aboard Anthony Veder's Coral Energy, the Skangass time chartered ship, at the Fluxys LNG Terminal in Zeebrugge, marking the first Skangass loading at Zeebrugge under the recent agreement between Skangass and energy company Eni.   


Okeanus to Represent MacArtney Group in Brazil

webLogo Okeanus.jpg

Underwater technology provider MacArtney Group has signed an agreement with Okeanus Ltda. to be the group's official representative in the Brazilian market, MacArtney Group announced today. This is the third such deal MacArtney Group has signed in the South American in the last six months






 
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