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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.  


Iraq Oil Exports Steady Despite Start of OPEC Cut

Oil exports from Iraq's southern ports in the first nine days of January have held steady at December's record high, according to loading data and an industry source, despite the start of an OPEC agreement to cut production.   Shipments so far this month have averaged above 3


DryShips exercises option for Chartered VLGC

DryShips Inc Marshall Islands registered company Courtesy DryShips

 DryShips Inc. announced today that it has exercised its first option under the previously announced option agreement to acquire one Very Large Gas Carrier (“VLGC”) currently under construction at Hyundai Heavy Industries (“HHI”) for a purchase price of $83.5 million


Cuba, US Sign Oil Spill Deal before Trump Inauguration

© simonovstas / Adobe Stock

Cuba and the United States agreed on Monday to jointly prevent, contain and clean up oil and other toxic spills in the Gulf of Mexico, as they rush to conclude deals before President-elect Donald Trump takes office.   U.S. Charge d'Affaires Jeffrey DeLaurentis, upon signing the agreement


FONASBA, BIMCO launch Agency Appointment Agreement

FONASBA and BIMCO have launched a new Agency Appointment Agreement document. This new form, which is based on BIMCO’s tried and tested box layout, provides a simple, clear and effective means of confirming the details of an agency agreement for an individual or short series of port calls


Gulf Navigation forms JV with Polimar Turkish

Photo: Gulf Navigation Holding

 Dubai-listed Gulf Navigation Holding has announced a partnership with Polimar Turkish Holding to grow its fleet and increase its global reach. Under the agreement, Gulf Navigation said it would be able to serve customers in major trading ports worldwide.  


Aegean Marine Rolls out New Market in Rostock, Germany

Photo:  Aegean Marine Petroleum Network Inc.

 Aegean Marine Petroleum Network Inc. has announced the launch of a new service center in Rostock, Germany that will serve all German Baltic Sea ports and Southern Scandinavian ports.     The operations at Rostock will be managed by the existing team at OBAST Bunkering &


Dryships to Expand into VLGC sector

The Table

DryShips Inc. announced today that, it has agreed to enter into a “zero cost” Option Agreement (“LPG Option Agreement”) with companies controlled by its Chairman and Chief Executive Officer, Mr. George Economou, to purchase up to four high specifications Very Large Gas


DryShips Expands to Gas Carrier Market with Four New VLGCs

Image: DryShips Inc.

 DryShips Inc. has agreed to enter into a "zero cost" LPG Option Agreement with companies controlled by its Chairman and Chief Executive Officer,  George Economou, to purchase up to four high specifications Very Large Gas Carriers (VLGC) capable of carrying liquefied petroleum


ISS Expands Business with Team Tankers International

Inchcape Shipping Services (ISS), the world’s leading maritime and logistics service provider, has greatly expanded its European business with Team Tankers International with a new port agency contract across the region.   Under the new agreement with the chemical tanker specialist


Carmanah Acquires EKTA Marine Aids

Pic from Youtube video. Courtesy: Cybernetica AS

 Carmanah Technologies Corporation  has completed the acquisition of the EKTA marine aids to navigation assets from Cybernetica AS of Estonia.    The company had previously announced its intention to acquire the EKTA branded products and contracts on November 29th, 2016.


HMM in New Alliance Deal

Hyundai Dream Photo Hyundai

Hyundai Merchant Marine (HMM) said it has signed an agreement with intra-Asia trade carriers Heung-A Shipping and Sinokor Merchant Marine to form a container shipping alliance called the HMM + K2 consortium. The HMM + K2 consortium, which is slated to start operation in March after a formal


Wärtsilä, MOL Sign maintenance Deal for Two LNG Carriers

Wärtsilä increases operational safety and predictability for two LNG carriers of MOL LNG Transport (Europe) Ltd. Photo Wartsila

Wärtsilä has signed a ten-year maintenance agreement with MOL LNG Transport Europe Ltd., an affiliate of the Japanese MOL Group. The agreement, which covers two LNG carriers, increases the predictability of the vessels' operations, enhances safety and reduces operational costs


US FMC approves Miami Marine Terminal conference agreement

Federal Maritime Commission Chairman Mario Cordero Photo FMC

An agreement between two marine terminal companies located at the Port of Miami went into force yesterday, permitting those parties to seek cooperation and commonality in both business and operating matters. The Federal Maritime Commission (FMC) voted today not to prevent the "Miami Marine


Skangas, Statoil Pact for LNG Reload at Klaipeda

Photo: Klaipedos Nafta

 Skangas signed an agreement with Statoil, the Norwegian oil and gas company, for a small-scale LNG reload to take place at the Klaipeda LNG Terminal in Lithuania.    The reload will take place early January 2017. This will be the first reload conducted at the terminal and it is


FMC and Technip to Complete Merger in January

Image:  FMC Technologies

USA subsea equipment firm FMC Technologies and French engineering company Technip have jointly announced that they expect their merger to be formally complete by January 16.   Houston-based FMC and Paris-based Technip will form a new entity called TechnipFMC






 
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