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First Preferred Ship Mortgage

Ultrapetrol Announces Redemption

Ultrapetrol (Bahamas) Limited, an industrial transportation company serving marine transportation needs in three markets (river business, offshore supply business and ocean business), has  announced that on July 10, 2013 the company will redeem all $180 million of its outstanding 9% First Preferred Ship Mortgage Notes due 2014. The Depository Trust Company (DTC) was advised of the redemption on June 10, 2013. For more information, note holders can contact the paying agent M&T Bank/Wilmington Trust at dmonakil@mtb.com.  


S&P Lowers Pegasus Rating

Standard & Poor's lowered its corporate credit rating on Pegasus Shipping (Hellas) Ltd. (Pegasus) to triple-'C'-minus from single-'B'-minus. At the same time, Standard & Poor's lowered its foreign currency senior secured debt rating to triple-'C'-minus from single-'B'-minus. All ratings are placed on CreditWatch with negative implications. The rating actions reflect Pegasus' rapidly diminishing financial flexibility owing to weak market conditions


Hawaii Superferry Wants to Abandon Catamarans

According to a June 24 report from Honoluluadvertiser.com, Hawaii Superferry has asked to abandon its two high-speed catamarans to creditors because of the significant cost of maintaining the vessels as the company moves through bankruptcy. MARAD, which guaranteed construction loans for the catamarans; Austal USA, the Alabama shipbuilder that built the vessels; and the state of Hawaii, which provided harbor improvements, are secured creditors with mortgage rights


Attorney's Services are not "Necessary" …

In March of 1998, the owners of M/V Golden Prince were locked in a wage dispute with current and former crewmembers. The vessel owners hired a law firm from New Orleans, La., to help resolve this wage dispute. The crew sought wages and penalties from the ship owner due to an alleged breach of contract governing their pay. Ultimately, the crewmembers seized M/V Golden Prince to enforce their claims. The law firm rendered over $136,000


Euroseas to Sell $29 Million in Shares

euroseas.gif

  Euroseas Ltd. has announced  that it entered into an agreement to sell 25,000 shares of its Series B Convertible Perpetual Preferred Shares to a fund managed by Tennenbaum Capital Partners, LLC (TCP) and 5,700 shares to Preferred Friends Investment Company Inc, an affiliate of the company, for expected net proceeds of approximately $29 million. The company intends to use the proceeds for the acquisition of vessels and general corporate purposes


Vessel Title Insurance Helps Protect Assets

By Sharon Donovan When maritime liens turn up, an unsuspecting vessel owner and the lender can be left in the wake of a deal gone sour. But thanks to a new form of title insurance tailored to the maritime industry, owners, lenders and lawyers who might have green-lighted the transaction with a legal opinion are insulated from the potential risk. First American Transportation Title Insurance Co., a member of The First American Corp


Useless Judgment Doctrine Moots Appeal

The U.S. Court of Appeals for the Fifth Circuit ruled that, under the useless judgment doctrine, it lacked jurisdiction to consider an appeal. In the instant case, plaintiff ship manager operated a ship for the owner. The ship was subject to a preferred ship mortgage and also subject to various liens held by suppliers of necessaries. When the owner did not pay as promised, plaintiff filed an in rem claim and had the ship arrested. The other claimants also filed their claims


Finance: Love on the Rocks

Ain’t love grand? There’s the courtship phase: the wine, the roses, the proposal; the blood tests come back approved by the credit committee . . . finally the borrower and the lender fund the deal and tie the knot forever, walking off into the sunset in vessel finance ecstasy.   Or, so the happy ending should go. But for some, there will be a time when the relationship with their vessel’s lender hits the proverbial rocks


Navios Maritime Acquisition Corp. Acquires Two New Builds

Navios Maritime Acquisition Corporation (NYSE: NNA), an owner and operator of tanker vessels, announced that the company has entered into an agreement to acquire two 75,000 DWT LR1 product tankers scheduled for delivery in Q4 2011 from a South Korean shipyard. The nominal acquisition price of $87m will be financed with: •    Issuance of $5.4 million mandatorily convertible preferred stock ("preferred stock")


Judge Prohibits Liquidators from Sea Malta Selling Ships

Liquidators who had been appointed to dispose of Sea Malta's assets have been prohibited from selling two vessels after an application filed in the First Hall of the Civil Court by a group of 42 former employees of the company, who claimed that their employment had been terminated, was upheld by the Court, according to a report on www.di-ve.com. The former employees claimed that their employment with the company had been terminated


Dutch Yards May Need to Rethink Contract Structures

Rotterdam-based law firm AKD said a recent decision of the Dutch courts means that shipyards in The Netherlands may no longer be able to rely on the right to retain a vessel while awaiting payment for work done. As a result of this unexpected decision


LR to Class Maersk Supply Service Anchor Handlers

The six vessels (plus four options) placed in the Norwegian yard will be assigned Lloyd’s Register (LR) class notations 100A1, Offshore Supply Ship AHTS, Fire Fighting Ship 1 (2400), Ice Class 1A PS, RD (2.8), IWS.   Steel cutting is expected to begin in June 2015 with the first two


Naiad Launches Electric-powered Fin Stabilization Systems

Photo: Naiad Dynamics

Naiad Dynamics, an international manufacturer of ship motion control technologies, has introduced the first products in its new line of electric-powered stabilizer systems designed for use on ships operating both AtSpeed and AtRest. “These new stabilizers are a modern refinement of


Tsakos Energy Navigation Declares Dividend

Tsakos Energy Navigation Limited, a crude, product and LNG tanker operator, has  announced that its Board of Directors declared regular quarterly cash dividends of $0.50 per share for its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares and $0.5547 per share for its 8


ISS Launches Online Relocations Service

Inchcape Shipping Services free online relocations quotations service

  Inchcape Shipping Services has launched a free online relocations quotations service. Accessible through www.iss-worldwidemovers.com and via a new mobile application available to download free from both IOS and Android app stores, this new online service caters to the needs of the customer


How Specialty Lenders Can Propel Marine Operators

Eric Dusch

The surge in the shale gas industry in the U.S., as well as stepped up oil exploration in the Gulf of Mexico, is creating enormous demand for marine assets to transport fuels and supplies. To seize this growth opportunity, mid-size marine operating companies with annual revenues from $10 million


Liebherr Sees Growing Demand for Harbor Cranes in Latin America

LHM 600 handling containers in Buenos Aires, Argentina

Several new deliveries to Latin America; strong 2014 year for Liebherr mobile harbor cranes Liebherr said its mobile harbor crane population in Latin America is quickly growing with more than 50 order intakes in four years. Despite volatile exchange rates


DNV GL, Marorka Ink Cooperation Agreement

From right to left: Dr. Torsten Büssow, head of the performance management unit at DNV GL and Albrecht Grell, head of DNV GL’s Maritime Advisory division sign a cooperation agreement with Ole Skatka Jensen, CEO of Marorka and Dr. Bjarki Andrew Brynjarsson, COO of Marorka at the SMM.

 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


New Cruise Terminal Design for Abu Dhabi

Photo courtesy of the Abu Dhabi Ports Company

The concept design of Abu Dhabi’s planned permanent cruise passenger terminal is to be unveiled later this month at European cruise event, Seatrade Med 2014, from September 16-18 in Barcelona. The model is being showcased by Abu Dhabi Ports Company (ADPC) following an international design


Fergusons Shipbuilders Takeover: Preferred Bidder

Scots flag: File image

The Scottish Government informs that KPMG has announced that Clyde Blowers Capital is to be the preferred bidder for the group’s business and its assets. First Minister Alex Salmond said:
 “I am delighted that Clyde Blowers Capital has been named the preferred bidder for the


Mozambique: $30b Invested for 2018 LNG Export

More than $30 billion will be invested initially in Mozambique's natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG), with the first exports due to start in 2018, the national oil company said.


Petrobras Shares Rise Strongly for Electoral Bets

  Preferred shares of Brazilian state oil company Petrobras rose sharply on Friday as investors bet that President Dilma Rousseff will not be able to win re-election in the first round of the October elections. The death of the presidential candidate Eduardo Campos in a plane crash on


Kvaerner & KBR Ally on Offshore Rig Topside Bids

Rig topsides: Photo Kvaerner

Kvaerner ASA says it is to establish a joint venture with KBR Inc. to bid competitively on offshore platform topsides contracts for the Johan Sverdrup field development offshore Norway. The alliance combines Kvaerner's expertise and resources as a turn-key contractor for offshore


Kalmar Supplies 19 Straddle Carriers to TPT, Durban

straddle carriers

  Kalmar, part of Cargotec, has gained a breakthrough order to supply ten straddle carriers to Transnet Port Terminals (TPT) Durban Pier 2, a dedicated straddle carrier operation in South Africa currently handling a throughput of 2.4 million TEU.


Keppel Delivers World’s Largest Jackup Rig to Maersk

XL Enhanced Jack-ups

  Keppel FELS Limited has delivered the jackup rig XLE-2 to Maersk Drilling, a wholly owned subsidiary of A.P. Moller - Maersk A/S, on budget and seven days ahead of schedule. The rig, which will be named at a ceremony in Norway in October 2014






 
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