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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


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.  


Intellian, Kymeta Announce Agreement

   Dr Nathan Kundtz, Kymeta President and CTO (left) and Eric Sung, Intellian President and CEO with a Kymeta mTenna™ Prototype

  Intellian, a global provider of stabilized marine satellite antenna systems, is partnering with Kymeta corporation to commercialize next generation Ku-band maritime satellite terminals. Intellian announced the partnership today at the SATELLITE 2015 conference in Washington, D.C.   The terminals, built by Intellian, will integrate Kymeta’s thin, flat, lightweight, electronically beam-steered mTenna satellite antennas, which are built on metamaterial-based technology.


Diana Containerships Adds Two Panamax Ships

Diana Containerships Inc. announces agreement to acquire two Panamax container vessels   Through two separate wholly-owned subsidiaries, Diana Containerships Inc. has signed two Memoranda of Agreement to purchase two Panamax container vessels from an unaffiliated third party.  


Capesize Bulk Ship Delivered to Seanergy

Seanergy Maritime Holdings Corp., a shipping company specializing in the ownership and operation of dry bulk vessels, announced the delivery of the 171,199 dwt Capesize dry bulk vessel M/V Leadership. The vessel was acquired from an unaffiliated third party and was built by Imabari-Koyo


VIKING Extends Liferaft Exchange Program to Japan

Photo courtesy of VIKING

Leading marine and fire safety equipment and service provider, VIKING Life-Saving Equipment (VIKING) is stocking ready-packaged liferafts to provide fixed-price liferaft exchange to vessels calling Japanese ports. “The world of shipping is dominated by a small group of countries


Hapag-Lloyd CFO Ganz Steps Down

Peter Ganz (Photo: Hapag-Lloyd)

Hapag-Lloyd CFO Peter Ganz steps down from position; CSAV CFO Nicolas Burr appointed his successor   Peter Ganz will step down from his position as company CFO effective April 1, 2015, also leaving the company on the same day, as announced during today’s meeting of Hapag-Lloyd’s


SpeedCast Partners to Expand Satellite Mobility Portfolio

logo-speedcast-2014PMS_copy.jpg

SpeedCast International Limited has established a distributor agreement with Thuraya Telecommunications Company, a Mobile Satellite Services (MSS) operator.  The new agreement brings new options for satellite mobility solutions for SpeedCast’s global customer base and expands


Bedeschi Bags Cargo Handling Equipment Order

An order for cargo handling equipment to be used on Nautilus Minerals’ production support vessel has been awarded to Italy’s Bedeschi SPA, marking the second major equipment contract to be awarded by the shipyard, Fujian Mawei Shipbuilding Limited.   


ABG Shipyard Denies Sale to L&T

Image: ABG Shipyard

 ABG Shipyard Ltd has clarified with reference to the news item appearing in the Media on March10, 2015 titled "L&T in race to buy ABG Shipyard stake".   The Bombay Stock Exchange had sought clarification from ABG Shipyard Ltd with respect to news published in ET Now that


India, Seychelles Ink Pacts on Maritime Security

Indian PM Narendra Modi with President James Michel of Seychelles (Pic: FB Modi Page)

 India on Wednesday signed four agreements with the Indian Ocean island nation Seychelles to boost security and maritime partnership.   Prime Minister Narendra Modi held talks with Seychelles President James Alix Michel and said Seychelles "is a vital partner in our Indian Ocean


NYK Shipping Exec Jailed for Price Fixing

Photo: NYK

Third ocean shipping executive pleads guilty to price fixing on ocean shipping services for cars and trucks   An employee of Japan-based Nippon Yusen Kabushiki Kaisha (NYK) pleaded guilty today and was sentenced to 15 months in a U.S. prison for his involvement in a conspiracy to fix prices


Derecktor Shipyard Named Licensed Damen Builder

Photo courtesy of Robert E Derecktor Inc.

Damen licenses another U.S. shipbuilder   Robert E. Derecktor Inc. and Damen Shipyard Group have entered into a license agreement authorizing Derecktor to act as an official builder of Damen designs.   The agreement will see Derecktor offer its customers pilot boats and wind farm


NATO, Promostudi Sign Maritime Research Agreement

  The Promostudi Foundation and the NATO Centre for Maritime Research & Experimentation (CMRE) today finalized a three-year maritime research and development agreement.   The agreement between the two organizations, both based in La Spezia, Italy


Promostudi, NATO Ink Deal for Maritime Research

Delivering sea-proven maritime innovation and interoperability solution. Courtesy CMRE

On 13 March RAdm Hank Ort (Rtd), director of the NATO Centre for Maritime Research & Experimentation (CMRE) and Mr. Dino Nascetti, president of Promostudi foundation, signed a three-year framework agreement between the two entities. The protocol makes provision for joint innovation


Ocean Conservancy and NAMEPA Partner to Fight Marine Debris

  NAMEPA (North American Marine Environment Protection Association) and the Ocean Conservancy signed a memorandum of understanding (MOU) this month, the two group announced in a press release.   The agreement aims to foster a collaborative effort that encourages marine pollution


Nordic Shipholding Rebounded in 2014

  Danish ship owner Nordic Shipholding turned a profit in 2014 following its 2013 restructuring, the company announced today.   The company earned a profit of $2.3 million in 2014 due to improved earnings and a one-off gain of $5


Zamakona Inks Agency Deal with Stewart Group

Zamakona Yards has signed an agency agreement with the Stewart Group, owned by RS Platou&Clarksons, the shipyard announced.   The agreement will see the Stewart Group will offer its customers Zamakona Yards repair and maintenance services both afloat and in our shipyards.  






 
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