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 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
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%.
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 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
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
Marport and Harbor Wing Technologies, Inc., a developer of unique wind-powered Autonomous Unmanned Surface Vessels (AUSVs), announced a strategic alliance agreement. Under the terms of the agreement, Marport and Harbor Wing will explore strategies and opportunities for integrating their capabilities to perform military and homeland defense missions and assist commercial companies in offshore oil, gas and minerals exploration
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 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 $800m Primelead facility consistent with the terms previously announced on February 9, 2009.
Phase One of US$ 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.
Statoil's office in Stavanger is subject to an inspection visit by the EFTA Surveillance Authority (ESA), assisted by the Norwegian Competition Authority (Konkurransetilsynet). The inspection is carried out on request of the European Commission
Long-term service agreement improves lifecycle cost control and fleet reliability. ABB signed a long-term Preventive Service agreement with China LNG Shipping International Co. Ltd (CLSICO) to provide maintenance services to all ABB equipment onboard of its six LNG vessels in the next five years
Harkand, the international subsea inspection, repair, maintenance and light construction group, announced an agreement to acquire the main assets and business of Veolia Marine Services (VMS). The acquisition will add 150 onshore and offshore staff
At their recent meeting the circumpolar states of the Arctic Council have agreed to tackle oil spill disasters as a team. The Agreement on Cooperation on Marine Oil Pollution Preparedness and Response in the Arctic—the Council’s second ever binding agreement—was signed by all
Chief Executive Officer of Harvey Gulf International Marine, Shane Guidry announced the execution of three agreements for vessels totaling $540 million. These purchases will raise the total capital expenditures of Harvey Gulf to $1.7 billion since August of 2008.
MAN Diesel & Turbo has signed a significant engine maintenance concept (EMC) agreement with German shipowner Rörd Braren covering 3 ships. MAN PrimeServ – MAN Diesel & Turbo’s after-sales service brand – recently agreed a closer
$1 Million Settlement Enhances Land and Sea in the Eastern District of Texas. BEAUMONT, Texas — U.S. Attorney John M. Bales announced a settlement reached with a European shipping corporation has resulted in significant enhancements to nature conservation groups in the Eastern
Interlake Steamship moves toward upgrading its fleet to energy efficient, more environmentally friendly LNG fuel. The company has announced that it has reached an agreement in principle with Shell to supply liquefied natural gas (LNG) to support Interlake’s conversion of its vessels
ClassNK and maritime software company Napa have announced that Taiwan-based Wan Hai Lines Ltd. has chosen ClassNK-Napa Green ship efficiency software for use on Wan Hai 516, a 4680 TEU vessel delivered by CSBC in April 2013. This marks the first time that the operational optimization and
PortStar announces a 10-year National Partner License Agreement with AlliedBarton Security Services, the industry’s premier provider of highly trained security personnel, for use of its Seaport Security Training System. This agreement gives AlliedBarton access to the PORTSTAR Seaport
U.S. Coast Guard ond Bureau of Safety and Environmental Enforcement sign agreement to improve offshore oversight. U.S. Coast Guard Rear Admiral Joseph Servidio, Assistant Commandant for Prevention Policy and Bureau of Safety and Environmental Enforcement (BSEE) Director James Watson and
Golden Pass Products LLC (GPP) affiliates Qatar Petroleum International (QPI) and ExxonMobil signed a framework agreement for the proposed liquefaction project at the Sabine Pass, Texas terminal. The agreement establishes a commercial framework to sell up to the full 15
The Westbound Transpacific Stabilization Agreement (WTSA) recently filed an amendment with the Federal Maritime Commission (FMC). The following statement regarding the WTSA amendment was issued today by Commissioner William P. Doyle of the FMC.
Austal announce new strategic partnerships in the Asia-Pacific region to enhance its support to the US Navy & others in the region. Following on from the strategic partnership with Singapore’s Sembawang Shipyard Pte Ltd announced in January 2013
Kinder Morgan announces land purchase, plans to construct dock and expand terminal capacity on Houston Ship Channel. Kinder Morgan Energy Partners say they will invest $106 million to purchase approximately 20 acres adjacent to its Pasadena, Texas, terminal