Marine link

Completes Sale

Keppel Hitachi Cuts Workforce

The recently completed sale of Keppel Marine Industries Limited's marine-related businesses to Keppel Hitachi Zosen for about $99.4 million has allowed Keppel to "carry out a reduction of headcount in the three yards that will result in savings of about $2.9 million a year. Following the consolidation of Keppel Shipyard, Hitachi Zosen Singapore and Keppel Singmarine Dockyard, under Keppel Hitachi Zosen, the Keppel Group is rationalizing its operations to remain competitive.

BAE SYSTEMS Completes Sale of Communications Equipment Facility

BAE SYSTEMS North America has completed the sale of its Advanced Systems' Gaithersburg operation to Integrated Defense Technologies, Inc. The negotiated $146 million cash sale to Integrated Defense Technologies was originally announced Sept. 13. Closing of the sale today followed completion of regulatory reviews and approvals. At the Gaithersburg, Md. Operation, more than 300 employees design and manufacture high performance radio frequency surveillance equipment used in signals

Quintana Maritime Ltd. Reports 3Q Results, Dividend

Quintana Maritime Limited (NASDAQ: QMAR), a leading international provider of dry bulk transportation services, announced its operating and financial results for the three months and nine months ended September 30, 2007. Highlights include: initiated strategic review process to enhance shareholder value; increased net revenues by approximately 156% to $64.0m from $ 25.0m in the third quarter of 2006; increased Adjusted Net Income by approximately 262% to $22.1m from $6

Push Boat for Sale


A river and bay push boat built for the U.S. Army Corps of Engineers has been posted for immediate sale. The vessel features include: •    Complete rebuild 2006 •    Regularly dry-docked and serviced •    Good working condition 2009 •    47 ft long x 17 ft wide •    Weight: 44 tons •    Two 300HP Cummins NT855 Diesel Engines

Heesen Yachts Contracts for Superyachts

According to a Feb. 2 report from the, the sale of the first of these, YN 16551, a 51-metre, full-displacement vessel was completed in December 2010 to create an enviable total of seven vessels sold during that year. The first sale of 2011 – YN 15850, a 50-metre, all-aluminium semi-displacement vessel – was completed in January 2011. The contract has been signed thanks to a fruitful collaboration with Burgess. (Source:

Sea Containers Sells Remaining Properties in Newhaven Port

Sea Containers Ltd. has completed the sale of Newhaven Marina, West Quay and Railway Quay in Newhaven, East Sussex, England to Oakdene Homes PLC for $20.7 million (GBP11.25 million) in cash. Sea Containers will report a profit on the transaction of $10.4 million in the fourth quarter of 2005 and proceeds from the sale will be used to reduce company debt. Sea Containers has now sold almost all of its port property interests in the UK and the sale forms part of Sea Containers' ongoing

BOURBON Continues to Sell Vessels

BOURBON completes vessel sales to ICBC Financial Leasing and Standard Chartered Bank and announces new sale and bareboat charter agreement with Minsheng Financial Leasing Co.   BOURBON has completed the transfer of ownership under the agreements with ICBC Financial Leasing (ICBCL) and Standard Chartered Bank (SCB) as part of the sale and bareboat charter agreements signed in 2013, the company announced today.  

Hanøytangen Deal Reached – Again

Photo: Bergen Group

Agreement concluded for the sale of Hanøytangen; new ownership takes over as from today   Bergen Group has reached an agreement with Semco Maritime on sale of the rig service activity and with Hellik Teigen AS for sale of the real estate at Hanøytangen. The parties have agreed to uphold the sales price of NOK 245 million, as set out in the agreement which was terminated two weeks ago.   The transaction, expected to close by the end of today

Hellman & Friedman Sells Out of GTT

Gaztransport & Technigaz S.A. (GTT) announces that H&F Luxembourg 1 S.à.r.l., an affiliate of Hellman & Friedman, has completed the sale of its remaining holding in the share capital of GTT in a private placement to institutional investors.    Hellman & Friedman acquired its stake in GTT in 2008 and became a shareholder alongside Total S.A. and GDF Suez S.A. In February 2014, GTT completed its successful initial public offering (IPO)

SES Signed Contracts for delivery of Electrical and Automation Systems

Bergen, Norway based Scandinavian Electric Systems(SES) has secured orders worth around NOK 350 million for delivery of complete Diesel-Electric propulsion and Automation systems for two plus option for three Jackup Vessels with Lamprell plc in Dubai. The Shipowner is Seajacks International Ltd.. The contract for the two first vessels of NOK 140 million are fixed and firm with optional contracts for the three next vessels worth approx. NOK 210 million.

Barge Master Launches Fit-for-Purpose Gangway

Image Barge Master

Press release - Barge Master has announced the official launch of a motion compensated gangway after building a track record in motion compensated lifting. ‘The overall offshore logistics consists of safe and efficient transfer of cargo and people.

MacArtney, Moog Focal in Expansion Mode

Trained MacArtney Inc. technicians servicing a Focal slip ring

  Moog Focal Technologies Corporation and the MacArtney Group have agreed to intensify their multi-service partnership aiming at expanding their long-term business cooperation in favour of their extensive customer portfolio. MacArtney has accepted responsibility for the in-field sales and

CMA CGM Seeking Funds for NOL Takeover

Pic: Neptune Orient Lines Ltd

 France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg.   The world’s No. 3 container shipping company is in talks with banks including BNP Paribas SA

EuronavSells Suexmax Cap Laurent

Photo: Euronav

Euronav NV announced the sale of its Suezmax Cap Laurent for $22.25 million. The 1998-built 146,145-dwt vessel was wholly owned by Euronav.    The vessel was delivered to its new owner on November 26, 2015.   The capital gain on that sale of about $11

Euroseas Sells C/V Marinos

CV Marinos Courtresy Euroseas

  Euroseas Ltd.  an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today the sale of C/V Marinos (a 1,599 TEU Container vessel, built in 1993) to an unaffiliated third party (the

SSI Hires Holder for US Sales

SSI has hired CAD/CAM specialist Robert Holder as part of its sales force in the U.S. market.    According to SSI, the hiring is intended to meet the expanding demand for SSI's design and manufacturing solutions in the shipbuilding and offshore industries.  

BTӦ Orders Damen ASD Tug

Photo courtesy of Damen Shipyards

Sweden-based BogserTeam Ӧresund (BTӦ), part of MarCon gruppen, recently signed a contract with the Damen Shipyards Group for the delivery of a Damen ASD Tug 2810. MarCon gruppen is currently experiencing growth and is undertaking a program of renewal and expansion to its fleets.

MAN Selects Rud to Head PrimeServ Diesel

MAN Diesel & Turbo’s executive board has appointed Per Rud as the new head of PrimeServ Diesel.   Rud will assume his new role on January 1, 2016 and takes over from Wayne Jones, who will join the executive board as the new chief sales officer.  

Golden Ocean CEO: No Share Issue

Dry bulk shipping firm Golden Ocean Group said on Tuesday it did not consider an equity issue to improve its liquidity and balance sheet following challenging markets conditions. "We are not considering equity issue. We are working on other options, including sale and leaseback

Wärtsilä Design & Propulsion Machinery for Pelagic Trawler

The Wärtsilä controllable pitch propeller

  A new pelagic fishing trawler ordered by Scottish owner Mewstead LLP will be built according to a Wärtsilä design and will feature a broad scope of Wärtsilä propulsion machinery. The ship is to be built at the Nauta Shipyard in Poland and when completed will be the

Barnett Promoted to Director, Holland America Line

Amy Barnett Director Division Sales

Holland America Line has promoted Amy Barnett to the position of division sales director for the East.   In her new role, she will be responsible for planning, organizing and directing sales programs, as well as analyzing and implementing strategic and tactical initiatives to increase sales

Star Bulk Carriers Sold Three Vessels in Q3

Pic by Star Bulk Carriers

 Star Bulk Carriers has sold three vessels during the third quarter, a modern Supramax and two 90s built Panamax says Petros Pappas, Chief Executive Officer.   Net sales proceeds for completed vessels sales were approximately $27.9 million in Q3 and we also received approximately $3

Helsinki Port Tariffs to Increase

Courtesy Port of Helsinki

  From 2016 onwards, the Port of Helsinki will increase the following tariffs:   * Harbor dues: + 1.5 percent * Garbage/sludge truck waiting/per hour: + 1.5 percent * Water sales: + 1.4 percent (+possible increase in HSY water sales cost) * Passenger dues: + 1.1 percent

Lithuania Opens Door to LNG Re-exports

Lithuania's parliament on Tuesday approved amendments which will allow the Baltic state to re-sell liquefied natural gas (LNG) on the international markets, the energy ministry said.   The current laws require the country's regulated energy and heat producers to buy at least 540 million

TORM Product Tanker Freight Rates Climbs Up

TORM Gerd.  Photo by TORM A/S

 TORM’s strong operational platform has delivered the highest product tanker freight rates since 2008 and a positive EBITDA of USD 96m in the third quarter of 2015, says its CEO Jacob Meldgaard.   TORM has demonstrated its financial and strategic flexibility with the exit from

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