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Completes Acquisition

U.S. Shipping Partners Completes Acquisition

U.S. Shipping Partners announced has completed its recently announced acquisition of the Sea Venture, a 19,000 dwt double-bottomed chemical/product tanker. The vessel was re-built in 1983 and is capable of carrying twenty different grades of product in independent cargo tanks. The vessel is being placed in drydock and will be available for trading in April 2006. The transaction was financed utilizing available cash.


Chemoil Completes Acquisition

Chemoil has fully acquired Allround Fuel Trading Chemoil B.V. (AFT). Chemoil had previously acquired a fifty percent stake in AFT during 1998 and recently announced that it has entered into an agreement to acquire another 50 percent stake in AFT. Following this acquisition, AFT will become a wholly owned subsidiary of Chemoil and will be renamed as Chemoil Europe BV.


Acteon Completes Acquisitions

Acteon has completed the acquisition of three companies from the Aberdeen-based Craig Group. They are Seatronics, International Mooring Systems (IMS) and Chain Corporation International (ChainCo). David Currie will continue to lead Seatronics; and Alan Duncan will head IMS and ChainCo. Both will report to Acteon Vice President Bernhard Bruggaier. The activities of IMS and ChainCo are very much in line with existing Acteon companies InterMoor and Trident – the two new companies will


United Defense Completes Acquisition of Honolulu Shipyards Assets

United Defense Industries, Inc. has completed its acquisition of the U.S. Navy ship repair business of Honolulu Shipyard Inc. (HSI) for $16.1 million. HSI had revenues of $40 million in 2003. The new company, Hawaii Shipyards, Inc., will continue to partner with Southwest Marine (SWM), a unit of United States Marine Repair (USMR), a UDI subsidiary. The Company recently announced a teaming agreement with Bath Iron Works, a subsidiary of General Dynamics, for work on the USS CHAFEE (DDG 90)


Cal Dive Completes Acquisition of Horizon

Cal Dive International, Inc. announced has completed its acquisition of Horizon Offshore following approval by Horizon's shareholders on December 10, 2007. As a result of the acquisition, each share of Horizon common stock has been converted into the right to receive $9.25 in cash and 0.625 shares of Cal Dive common stock. Information regarding the exchange of share certificates will be sent to Horizon shareholders as soon as practicable.


Nordic American Tankers Acquires Scandic American Shares

Nordic American Tankers Ltd. ("NAT") Completes Acquisition of Scandic American Shipping Ltd., the Business Manager of NAT.   On December 17, 2012 NAT (NYSE: NAT) announced that it had acquired 100% of the shares of Scandic American Shipping Ltd. ("Scandic"), its management company since 2004. This transaction has now been completed. The Company acquired Scandic from a company controlled by Herbjørn Hansson, NAT's Chairman and CEO, and his closest family


CP Ships and Dannebrog Agree To End Nordana Acquisition

CP Ships and Dannebrog have decided not to proceed with the planned acquisition of Nordana Line by CP Ships. In the month since the acquisition plan was announced on November 14, further discussions revealed a number of issues that prevented the transaction from being completed to both parties' satisfaction. CP Ships remains committed to its strategy of making selective acquisitions to reinforce its position in its principal regional markets.


Drew Marine Completes Acquisition of Chemring Marine

Affiliates of Drew Marine (Drew Marine) completed of the previously announced acquisition of Chemring Group PLC’s (Chemring) maritime interests for cash consideration of £32 million. Under Drew Marine's ownership, the acquired business will be named Drew Marine Signal and Safety (DMSS). DMSS is the world's leading supplier of marine distress signals including handflares, manoverboard buoys, line-throwers and other required rescue products under established brands including Pains


Aker Sells Mooring and Loading Unit to MacGregor

Photo: Aker Solutions

Cargotec's MacGregor has completed the acquisition of the mooring and loading systems unit from Aker Solutions. Cargotec announced the agreement to acquire the unit in October 2013 for an enterprise value of approximately €180 million. The unit will be consolidated into MacGregor's results as of February 1, 2014. "The addition of the mooring and loading systems' team members, technologies and products further positions MacGregor as a true leader in the marine and offshore


Dynagas LNG Completes Acquisition of Arctic Aurora

Dynagas LNG Partners LP

  Dynagas LNG Partners LP announced today that it has completed its previously announced acquisition of the ownership interests in the entity that owns and operates the 2013 built ice class liquefied natural gas carrier Arctic Aurora from Dynagas Holding Ltd., Dynagas Partners’ sponsor, for a purchase price of $235.0 million. On June 19, 2014 Dynagas Partners entered into a new $340 million senior secured revolving credit facility which was used to refinance $214


SpeedCast Acquires Geolink Satellite Services

SpeedCast International Limited announced the acquisition of Geolink Satellite Services, part of the CETel Group. The closing of the transaction is subject to regulatory approval.   The acquisition follows SpeedCast’s acquisitions of two satellite industry players


NMM lines up Box Buy

Courtesy of Navios Maritime Partners

  Navios Maritime Partners L.P. (NMM) an international owner and operator of container and drybulk vessels, announced today that it has secured, for no consideration, an option to acquire a 2012 South Korean-built container vessel of 13,100 TEU from an unrelated third party


GasLog Post 4Q 2014 Results

GasLog

  GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31, 2014. Highlights •         Agreement to acquire two


Hornbeck Completes $114M Sale of OSVs to U.S. Navy

    The HOS Arrowhead in 2010 (Photo courtesy of Military Sealift Command)

  Hornbeck Offshore Services has closed the sale of three 250EDF class OSVs to the U.S. Navy, the company announced today.   The three vessels were sold for cash consideration of $114 million, the company reported. This is expected to result in a gain on sale of assets of


HII Creates Nuclear Services Company SN3

sn3_hi-resl.jpg

Combining Huntington Ingalls Industries’ (HII) S.M. Stoller Corp. and Newport News Nuclear subsidiaries, the company has created Stoller Newport News Nuclear (SN3), a full-service nuclear operations and environmental services company.  


EnQuest Exits Tunisia

EnQuest

  EnQuest PLC  announced today that it has exited from its small investment in Tunisia. In May 2013, EnQuest announced an agreement to acquire interests in the Didon producing oil field and the Zarat permit, from PA Resources AB and certain of its subsidiaries (‘PAR’)


Sonde Resources Files for Bankruptcy

Sonde Resources Corp.  announced today that it has filed a voluntary assignment in bankruptcy pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada). In conjunction with this filing, FTI Consulting Canada Inc. has been appointed as Trustee in Bankruptcy.


GSL to Acquire 8,063 TEU Vessel

Second sale-and-leaseback agreement provides immediately accretive earnings growth; acquisition expected to generate annual EBITDA of approximately $9.4 million   Global Ship Lease, Inc. (GSL) has agreed to acquire an 8,063 TEU containership from a leading container liner company for a


Keppel Appoints Vestring to its Board

Courtesy Keppel

Keppel Corporation Limited (Keppel) is pleased to announce the appointment of Mr Till Vestring as Independent Director on the Company's Board with effect from 16 February 2015 Mr Vestring, 50, is a partner in Bain & Company's (Bain) Southeast Asia office


Hempel Opens its First Factory in Africa

From left to right: Kim Junge Andersen (Group Executive Vice President and CFO) and Johann Geldenhuis (TCMCs General Manager) shaking hands after the deal was signed. (Photo: Hempel)

Hempel has opened its first factory in Africa, its 26th worldwide, to manufacture coatings for the marine as well as decorative and protective industries to serve customers in Sub-Saharan Africa.    Further boosting its growth plans, Hempel acquired its South African toll manufacturer


Five More Tankers under Crowley Management

Photo: Arya Tankers

Crowley Accord Management Pvt. Ltd., the international ship management venture managed globally by Crowley Maritime Corp.’s ship management group, was awarded full technical management contracts for five new tankers. These tankers will be joined in the coming weeks by three more


Hamburg Buy Out Chilean Shipper

Pic: Hamburg Sud

 German liner company Hamburg Sud said it expects to seal the acquisition of the container shipping operations of Chilean shipping group Compania Chilena de Navegacion Interoceanica [CCNI] by the end of March.   Earlier, Hamburg Süd has confirmed the long-awaited signing of its


M&A Activity Subdued in Transportation, Logistics Sectors

Merger and acquisition (M&A) activity in the transportation and logistics industry remained steady during the fourth quarter of 2014 according to Intersections, a quarterly analysis of global deal activity in the transportation and logistics industry by PwC US


Eurasia Drilling, Schlumberger Merger Update

  Eurasia Drilling Company Limited (the "Company") announces that Schlumberger B.V. ("SLB") and the Company are continuing to cooperate with the Russian Federal Anti-Monopoly Service ("FAS") to respond to requests for information regarding the transaction


Zukunft Delivers State of the Coast Guard Address

U.S. Coast Guard Commandant Adm. Paul Zukunft (USCG photo)

U.S. Coast Guard Commandant Adm. Paul Zukunft delivered the 2015 State of the Coast Guard Address at U.S. Coast Guard Headquarters in Washington, D.C., Tuesday.   "Countries in our hemisphere are on the cusp of instability," Zukunft said






 
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