Marine link

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  

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, 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 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

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 Wednesday raised expectations that their popular running mate Marina Silva is the representative of his party in the elections, complicating Rousseff's aspirations of winning without having to go to a

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")

Maritime Cook Islands Expands Network to India

  Maritime Cook Islands (“MCI”), the leading ship registry, has recently established its presence in India with the appointment of two deputy registrars (“DR”), Mr Faust Pinto Jr and Ms Fereshte D Sethna, to serve the growing yacht owning community in the Indian

Parker Bestobell Marine Launches Compact Valve

Parker Bestobell Marine has launched a new compact version of its Float Isolation Valve (FLIV). The compact FLIV, which is 150mm in diameter and 600mm high, was developed to cater for the use of smaller diameter floats that are now being specified by shipyards for secondary level monitoring

Cammell Laird Seals the Deal for UK Polar Ship

NERC chief operating officer Paul Fox and Cammell Laird CEO John Syvret seal the deal in Birkenhead on November 19 (Photo: Cammell Laird)

The deal has been finalized for marine and engineering services company Cammell Laird to begin work on the U.K.’s new £200 million polar research ship.   The Birkenhead shipyard Cammell Laird said it saw off competition from Europe and beyond including Korea and Singapore to be

Australia’s New Icebreaker Unveiled

A graphic of the new icebreaker (Image: Damen/DMS Maritime/Knud E Hansen A/S)

The Australian Government has provided the first look at Australia’s new icebreaker, a ship it says will offer scientists unprecedented and extended access to the Southern Ocean and Antarctica.   Upon its commissioning, planned for October 2019

LNG Shipping Under Pressure from Tumbling European Re-exports

LNG re-exports by European countries. Source Drewry Maritime Research

  LNG shipping freight rates continue to be under pressure from weak Asian demand and a growing fleet. Shipowners are now pinning hopes on a revival in European demand. However, European LNG demand growth will not be sufficient to raise freight rates

Year Zero for ECDIS Compliance

(Image: Simrad)

The right product for the right application is a familiar claim from marine equipment supplier Simrad, but, when compliance with International Maritime Organization (IMO) requirements is at stake, it is a call demanding an immediate response.  

Ferguson Signs $150mln LNG Ferries for CMAL

Image: Caledonian MacBrayne

 Scotland-based Ferguson Marine Engineering (FMEL) has signed a deal to build two 100-meter, dual-fuel ferries for Caledonian Maritime Assets Ltd (CMAL) in a contract worth £97 million (USD 150 million) that will boost shipbuilding on the River Clyde and secure 150 shipyard jobs.

Wilhelmsen Upgrades Maritime Protection Nitrogen System

Wilhelmsen Technical Solutions has re-introduced the Maritime Protection nitrogen inert gas system with significant functionality improvements designed to provide efficient performance and a longer operational life. The primary enhancement is a unique system design with one of the smallest

VIKING, NK Group Join Forces

VIKING signed global service alliance with NK Group in Korea

  Leading Danish marine and fire safety equipment and servicing provider VIKING Life-Saving Equipment has signed a multi-year global servicing agreement with NK Group, a major Korean supplier of firefighting systems and related equipment

UK Marine Industries Alliance Welcomes UK Polar Ship Decision

Polar Ship Research (Photo: UK Marine Industries Alliance)

The U.K. Marine Industries Alliance has welcomed the government’s announcement that the preferred bidder to build a state-of-the-art $308 million polar research ship is a U.K. company. The new polar research ship, which will operate in both Antarctica and the Arctic

Industry Award for APM Terminal Pipavav

Mr. Mukesh Oza- CEO & Chairman, Samsara Group_ Mr. Saurabh Sharma- Container Commercials, APM Terminals Pipavav _Capt. Deepak Tiwari- CEO, MSC Agency India

  APM Terminals Pipavav (Gujarat Pipavav Port), one of western India’s fastest growing gateway ports has been awarded the Inland Container Depot (ICD) Preferred Terminal of the year at the 4th edition of the Gujarat Star Awards held in Ahmedabad.  

Cammell Laird to Build Polar Research Ship

Image: Cammell Laird

The U.K. Government announced Monday that Cammell Laird in Birkenhead has been selected as the preferred bidder to build the nation’s new £200 million polar research ship.   The decision follows a 12-month competitive tender process that involved bids from companies in the U.K

Container Shipping: Volumes Up, But...

Graph: BIMCO

 The container shipping market may find comfort in the fact that global volumes were up by 1.1% in the first six months of 2015. Following a disastrous first quarter, all three months of the second quarter posted year-on-year increases. Behind the headline, though

Abu Dhabi Ports Achieve Pilot Certification

Photo: Abu Dhabi Ports

Khalifa Port and Zayed Port become first commercial ports in Middle East to achieve certification for marine pilots; Abu Dhabi Ports Marine Services gets I.S.P.O – International Standard for Maritime Pilot Organizations – certification for pilots at two ports   

Seanergy Maritime 2Q Revenue Nets $1.8 mln

Dry bulk shipper Seanergy Maritime Holdings Corp.  announced its financial results for the second quarter and six months ended June 30, 2015. For the three months ended June 30, 2015, the company generated net revenues of $1.8 million. Total equity as of June 30, 2015 was $9.4 million.

rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright