CHARLOTTE, NC, May 2, 2011 – Horizon Lines, Inc. (NYSE: HRZ) today announced that it has finalized an agreement with CSX Corporation to reduce charter payments on three vessels leased from CSX. Under the agreement, charter hire expense has been reduced by $3 million annually, retroactive to January 2011, through the January 2015 expiration of the charter. The agreement represents a total savings of $12 million for Horizon Lines over the remaining life of the charter. The three chartered vessels, the Horizon Anchorage, Horizon Tacoma, and Horizon Kodiak, serve in the Alaska tradelane and were built in 1987. “We greatly appreciate the willingness of CSX to provide meaningful financial assistance as we work to refinance our debt and position Horizon Lines for long-term success,” said Michael T. Avara, Executive Vice President and Chief Financial Officer. “As our former parent company, CSX remains a valued and very important business partner.” The reduction in charter hire expense of $3 million this year that was achieved by the finalization of this agreement was previously included in company estimated 2011 cost-savings projections of $18 million or greater. Source: Horizon Lines
Offshore Solutions B.V. (OSBV) reported that the OAS, mounted onboard the GDF SUEZ E&P Nederland B.V. (GSEPN) chartered vessel, REM Mermaid, has achieved over 1,000 operational connections without any LTIs. An OAS is a heave compensated telescopic gangway, enabling the safe transfer of personnel from a vessel to an offshore installation (wind turbine, oil or gas platform) designed to operate in 2.5 metre Hs (significant wave height) sea states
Cory Brothers Shipping has been awarded a five year Hub Agency contract by BP Shipping covering the Baltic, Europe, and Mediterranean regions. This is the largest region awarded by BP Shipping within its global system and covers some 6,000 port calls per year. Cory Brothers will be responsible for managing the agency network for BP’s own fleet and voyage chartered vessels employed on BP business. The Hub Agency system ‘ShipTrak’ developed by Cory is linked to BP’s
End March Cecon has completed the installation of four flexible pipelines and umbilical’s for Broron Oil & Gas/Addax Petroleum in waters offshore Nigeria, West Africa. The project was initially awarded (Oct 2011) to Cecon ASA as a fast-track subsea tieback project for the management, transport, installation and tie-ins of two flexible pipelines and two umbilicals between two wells in 130 m water depth and the Okwori FPSO
NEW YORK, March 25, 2011 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) ("Eagle Bulk") announced today that it has reached a comprehensive agreement with the Receivers of Korea Line Corporation ("KLC") regarding twelve time-chartered vessels impacted by KLC's decision to file for protective receivership earlier this year. The agreement follows extensive and highly constructive dialogue between the two parties.
Kongsberg Maritime says it has introduced a series of new on-water training courses for offshore surveyors and survey engineers following the launch of its own chartered vessel, 'True North'. The vessel will enable Kongsberg Maritime Ltd to introduce a practical element to the courses already offered at its training centre in Westhill, Aberdeen, on the company's products for the offshore survey industry. True North, which works out of Stonehaven just a few miles from the training centre
OAO Sovcomflot (SCF Group) today reported results for the nine months and third quarter (Q3) ended 30 September 2014. Nine months 2014 – Financial Highlights (IFRS accounts) USD millions 2014 (9 months to 30 September) 2013 (9 months to 30 September) +/-
Irish Ferries has chartered the Epsilon (built in 2011) to supplement its existing Ireland to Britain services. The ship will provide two additional departures per day in each direction which will result in an increase in the company’s schedule to a maximum of twelve sailings between Dublin and Holyhead each day. The recently built vessel will provide significant vehicle capacity along with modern facilities on board including cabins, bar/cafeteria and self-service restaurant.
Nakilat-Keppel Offshore & Marine (N-KOM) has received the first Qatargas-chartered vessel “Al Wakrah” to dry dock at the Erhama Bin Jaber Al Jalahma Shipyard, Qatar’s new, world-class offshore and marine hub at the Port of Ras Laffan. “Al Wakrah”, which is owned by a Japanese consortium led by Mitsui O.S.K. Lines, Ltd. (MOL) and managed by MOL LNG Transport Co., Ltd. (MOLLNG), will undergo general maintenance works such as main and generator turbine
Jeppesen optimization solutions to be used aboard BP's LNG, Product & Crude Oil vessels to increase efficiency, reduce risks & save fuel. The contract will result in the installation of Jeppesen’s Vessel and Voyage Optimization Solution (VVOS) on 52 BP vessels carrying crude oil and LNG shipments globally. The contract also provides for integration of Jeppesen’s FleetManager shoreside component into BP Shipping operations
Charterers’ future procurement decisions will be driven by an increasing drive to improve sustainability within shipping supply chains. The Sustainable Shipping Initiative (SSI), a pioneering coalition of companies from across the global shipping industry focused on uniting commercial
Mike Rodriguez, U.S. Merchant Marine Academy Alum, was sworn in as Deputy Administrator of the U.S. Department of Transportation Maritime Administration (MARAD). Rodriguez has more than 35 years experience as a maritime industry professional in both the public and private sectors
At SMM today, a cooperation agreement was signed between DNV GL and Marorka. Under the cooperation, the companies will join forces to integrate DNV GL ECO Insight performance management portal with Marorka onboard data collection platform and decision support tools –thereby providing
Bourbon published its first half results for 2014, recording adjusted revenues up 8.9% at constant rates, reflecting an increase in the size of the fleet, despite a lower utilization rate (adjusted revenues increased 1.5% at current rates). Adjusted EBITDAR as a percentage of adjusted revenues
The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the second quarter of 2014.
Danaos Corporation purchased a NAUTIS DNV Class A FMB Simulator and Instructor Station for training of its fleet members. The simulator will be delivered and installed by VSTEP at Danaos Shipping Co Ltd. Headquarters in Piraeus, Greece.
U.S. Coast Guard (USCG) crews are assisting a disabled passenger vessel approximately 13 miles east of Nahant, Massachusetts, Monday. Watchstanders at Coast Guard Sector Boston received notification at approximately 4:30 p.m., that the 83-foot passenger vessel Cetacea had a line entangled in
Leading U.S. carrier in the Pacific, Matson, Inc., informs it will release its financial results for the Second Quarter 2014 on Thursday, July 31, 2014. President and Chief Executive Officer Matthew Cox and Senior Vice President and Chief Financial Officer Joel Wine will discuss the results for
The Coast Guard is searching for a possible missing kayaker in the Kaulakahi Channel off Kauai, Sunday. Watchstanders at Coast Guard Sector Honolulu received notification from the charter vessel HOLO HOLO that reported sighting an unmanned 15-foot yellow
The Board of Directors of Matson, Inc. a leading U.S. carrier in the Pacific, informs it has declared a third quarter dividend of $0.17 per common share. The dividend represents a one-cent increase, or 6.25 percent, over the previous quarter's dividend and will be paid on September 4
Coast Guard and Coast Guard Auxiliary crews across the Great Lakes rescued 9 people during multiple cases from different locations across the Coast Guard 9th District Saturday. The names of those rescued are not being released and there is no imagery or video for any of the
Terntank proclaims its options on two sister ships to the two LNG powered product tankers ordered in the autumn of 2013. The oil company NEOT also confirmed that they are taking in two of these on time charter. Terntank Rederi AS now has four LNG powered 15
Cargo growth on intra-Asia routes is attracting deep-sea carriers due to the availability of cheap charter vessels and economies of scale between China and SE Asia, but regional players also know how to form defensive alliances, reports Drewry Maritime Research in its latest 'Container Insight
The U.S. Coast Guard (USCG) rescued six people from the Portage River near Port Clinton, Ohio, Thursday, after the vessel they were aboard began taking on water. Shortly before 1:30 p.m., a member of Rescue Marine Salvage Company notified the watch stander at Coast Guard Station Marblehead
Wells Fargo Equipment Finance, through its Energy and Marine and Capital Markets Groups, acting in the capacity of lead arranger, closed a $209 million financing facility today for Signet Maritime Corporation, a global marine transportation company based in Houston.