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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.

Supramx Ship Delivered to Seanergy

Dry Bulk shipping company Seanergy Maritime Holdings Corp. announced today the delivery of a 56,819 dwt Supramax dry bulk vessel, renamed M/V Gladiatorship.   The vessel, which was built in 2010 by CSC Jinling Shipyard, has been employed in the spot market

Rieber Amends Dolphin Deal

Polar Duke. Photo: GC Rieber Shipping ASA

 Norwegian shipping company GC Rieber Shipping ASA has entered into an agreement with Dolphin Geophysical to increase Dolphins competitiveness in a challenging market.    Rieber has agreed to take early redelivery of the survey vessel Polar Duke from Dolphin  as part of an

Port of Piraeus Privatisation Delayed

Image: Piraeus Port Authority S.A

 The Greek government plans to delay the privatization process for its largest Port, Piraeus, by a few weeks due to delays caused by the September 20 election to the works of the ministries involved in the procedure, reports Reuters.  

Indonesia, Australia on Joint Sea Patrol to Combat Illegal Fishing

Indonesia’s Fisheries Minister Susi Pudjiastuti met Austalia’s Barnaby Joyce in Jakarta. Photo: Indonesian Government

 Indonesian and Australian authorities have signed an agreement to combat illegal, unreported and unregulated (IUU) fishing and to promote sustainable fisheries governance across the region.   The Ministry of Maritime Affairs and Fisheries has signed a cooperation agreement with the

Scorpio Tankers to Sell Assets, Upsize Credit Facility

Press release - Scorpio Tankers announced an agreement to sell STI Highlander, newbuilding vessel deliveries, and the upsizing of a previously announced credit facility. The company reached an agreement to sell its 2007-built Handymax product tanker, STI Highlander, for approximately $19

Wärtsilä to Optimize GasLog's LNG Carriers

GasLogs Santiago vessel (Photo: Wärtsilä)

Wärtsilä informs it has signed a maintenance agreement with the GasLog LNG Services Limited that aims to ensure the reliability of operation of GasLog's seven LNG carriers, each having a cargo capacity of 155,000 cbm.   According to Wärtsilä

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

Acta Marine Inks VSAT Deal with Alphatron Marine

(Photo: Alphatron Marine)

Alphatron Marine announced it has signed a leasing agreement with Acta Marine for to provide satellite hardware and data solution packages for 13 vessels.   Alphatron Marine’s VSAT system including Wireless access will be integrated into the IT infrastructure on the Acta Marine fleet

Teekay Secures $1bln from Chinese Bank

 Teekay Corporation announced today it has entered into a framework cooperation agreement with the Export-Import Bank of China (CEXIM) for up to $1 billion in new loan facilities.   The loan facilities would be made available to Teekay and its subsidiaries

Hapag-Lloyd Secures Financing for Five Newbuilds

The new ships are being built by the South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI). (Photo Hapag-Lloyd)

Container shipper Hapag-Lloyd announced it has signed a 12-year $372 million facility agreement with a banking syndicate to finance the construction of five new vessels ordered from a South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) in April 2015.  

Rand Takes Delivery of Newest Self-Unloader

Bulk freight shipper Rand Logistics, Inc. has taken delivery of its newest Canadian self-unloading vessel, increasing its fleet to 16 ships, including 10 Canadian flagged and six U.S. flagged vessels.   According to Rand, the new vessel will have the largest carrying capacity of any

RigNet Partners Inmarsat to Offer Fleet Xpress

Mark Slaughter, RigNet’s CEO and President Courtesy Linked in

  RigNet, Inc., a global provider of remote managed offshore communications solutions, telecoms systems integration services and collaborative applications to the oil and gas industry, today announced that it has signed an agreement with Inmarsat to offer Fleet Xpress

MARAD to Fund Study on LNG Conversions

Midnight Sun will be converted to dual fuel LNG propulsion starting in December 2015 (Photo: TOTE)

MARAD provides funding to further study LNG as marine fuel for containerships The U.S. Maritime Administration (MARAD) announced it has entered a $900,000 cooperative agreement with Totem Ocean Trailer Express Inc. (TOTE) to study the costs and benefits of converting vessel to liquefied natural

UASC Expanding its Reefer Business

Photo courtesy of UASC

United Arab Shipping Company (UASC) has confirmed  that its reefer business will continue to expand. Following several initiatives including investment in new reefer units, and a cooperation agreement with Hamburg Süd opening up new services to South America

MARAD Backs Emissions Reduction Projects

The U.S. Department of Transportation’s Maritime Administration (MARAD) announced it will provide more than $1 million to support the development of two new emission-reducing maritime solutions. The first is a liquefied natural gas (LNG) conversion demonstration project

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