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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


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


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


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.


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.


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.


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


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


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.  


Trieste Terminal Selects N4 TOS

Trieste Marine Terminal (Photo: TMT)

Navis has announced a new N4 terminal operating system (TOS) licensing agreement with Italian terminal, Trieste Marine Terminal (TMT). TMT selected the Navis TOS to optimize the terminal’s operational cycle and lower costs.   The ultimate goal is to increase TMT’s efficiencies


BP Puts Tab for Gulf Disaster at $62 Bln

Logo

BP announced today that following significant progress in resolving outstanding claims arising from the 2010 Deepwater Horizon accident and oil spill, it can now reliably estimate all of its remaining material liabilities in connection with the incident.  


Petrobras, SBM Offshore, Brazilian Authorities Reach Settlement

Logo Courtesy SBM offshore

The Ministry of Transparency, Oversight and Control (Ministério da Transparência, Fiscalização e Controle - "MTFC"), the Public Prosecutor's Office (Ministério Público Federal - "MPF")


Navig8 Acquires Tanker from SPP Shipbuilding

Courtesy Navig8

Navig8 Product Tankers Inc. (the “Company”) (N-OTC: EIGHT), an international shipping company focused on the transportation of petroleum products, today took delivery of the Navig8 Pride, a 74,000 DWT LR1 tanker from SPP Shipbuilding Co., Ltd.


Elcome Scores Service Agreements in the Middle East

Marine technologies and system integrator Elcome International has signed fleet service agreements with two major ship operators in the Middle East, the company announced today.   Elcome will provide shore-based maintenance and service for navigation


CCS is Authorized RO for Maritime Cook Islands

CCS Chairman and President, Sun Licheng. photo MCI

Maritime Cook Islands (MCI) has authorized the China Classification Society (CCS) as a Recognized Organization (RO), to conduct survey and certification of ships flying the Cook Islands flag. The formal agreement between MCI and CCS which is a full member of the International Association of


TORM Secures Financing for LR2 Newbuilds

TORM said it has entered into a financing agreement for the four LR2 newbuildings to be delivered in 2017 and 2018. The vessels are all in the LR2 class, i.e. of a size of approximately 114,000 dwt.   The financing agreement for an amount of up to $115 million has been concluded with The


Germany Accedes to Treaty Covering Fishing Vessel Safety

Photo: International Maritime Organization (IMO)

 International Maritime Organization (IMO)'s work to enhance fishing vessel safety received a boost today when Germany became the sixth State to accede to the 2012 Cape Town Agreement.    The Agreement involves a basic set of safety measures for larger high seas fishing vessels


TTIP Free Trade Deal Between U.S. and EU at Dead End

A free trade deal being negotiated by the European Union and the United States is at a dead end and an agreement with Canada is also at risk, Italy's industry minister said on Tuesday.   "I think (the TTIP deal) will fall through


Qatargas, RWE Ink SPA Deal for LNG Deliveries

Al Hamla Q-Flex Photo Qatargas

Qatargas, the World’s Premier LNG Company, today announced a flexible Sale and Purchase Agreement (SPA) with RWE Supply Trading (RWEST), a leading European electricity and gas company. Qatargas will deliver up to 1.1 million tonnes of Liquefied Natural Gas (LNG) per annum to RWEST in North


Mersey Maritime: Small Business at Heart of Isle of Man Partnership

Chris Shirling-Rooke, CEO Mersey Maritime; Lars T Ugland, chairman of IOMSA; and Coin Lavelle, Legal Director, Hill Dickinson (Photo: Mersey Maritime)

UK Industry trade body Mersey Maritime has announced a new trade agreement with the Isle of Man Shipping Association (IOMSA) which aims to supercharge bilateral trade, particularly among small to medium sized businesses.   The agreement was announced at a special reception during


Agthia Signs 25-year Lease in Abu Dhabi

Photo: Abu Dhabi Ports

 Abu Dhabi Ports and Agthia Group PJSC have signed a lease agreement aimed at expanding the group’s existing Grand Mills Flour and Animal Feed facilities at Zayed Port.   The new agreement was signed by Captain Mohamed Juma Al Shamisi


FMC's Doyle Addresses VGM Rules

William P. Doyle (Photo: FMC)

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday, June 24, 2016, I voted to allow the Port Operations and Safety Discussion Agreement to


AWO Authorizes ClassNK to Perform RCP Audits

Pictured left to right: Ed McCain - Manager, Client Relations, ClassNK America; Toru Urushihara, Manager - ClassNK; Tom Allegretti - President & CEO, AWO; Jennifer Carpenter - Executive Vice President & COO, AWO; John Kim - General Manager, ClassNK (Photo: American Waterways Operators)

The American Waterways Operators (AWO) and ClassNK have signed an agreement under which ClassNK will be authorized to conduct audits of AWO's Responsible Carrier Program, a safety management system for towing vessels with which all AWO members must comply as a condition of association membership


Hapag-Lloyd Agrees on Merger Terms with UASC

Photo: Hapag-Lloyd

German container shipping line Hapag Lloyd AG on Tuesday said it has reached an agreement on terms and conditions of a business combination agreement with Arab peer United Arab Shipping Company (UASC).   The deal, which would involve all shares in UASC being moved to Hapag-Lloyd






 
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