First Preferred Ship Mortgage
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 firstname.lastname@example.org.
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
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
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
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
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
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
International Registries (IRI) is extending its cost-free registration for all vessels registering under the Marshall Islands flag until December 31, 2000. This special deal includes registration, documentation and mortgage recordation fees - as well as marine inspection, investigation and international participation fees. Vessels registered under the Marshall Islands flag included in this special offer will be lifted from the annual tonnage tax until January 1, 2001
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")
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
Global Ship Lease, Inc. (GSL) announced that it has priced an offering of $420,000,000 aggregate principal amount of 10.000% first priority secured notes due 2019 at an issue price of 98.5% in a private placement. The notes will be fully and unconditionally guaranteed, jointly and severally
Kongsberg Seatex announced the launch of a new generation of Blue Force (BF) Automatic Identification Systems (AIS), the AIS 300BF. The unit, which supersedes the current AIS 200BF, offers outstanding secure mode abilities alongside unique AIS receiver sensitivity and robustness –
U.S. President Barack Obama told Russian President Vladimir Putin on Monday that the United States preferred a diplomatic solution to the crisis in Ukraine but blasted Russia for taking actions that were not "conducive" to such a path.
International Shipholding Corporation (ISC) provides preliminary guidance for first quarter 2014 results and announces timing of earnings release and conference call. The company says that it expects to report a first quarter net loss, before Preferred Dividends, in the range of $3
Intelsat S.A., a provider of satellite services, has announced a quarterly cash dividend of $0.71875 per share, to be paid to holders of its 5.75% Series A Mandatory Convertible Junior Non-voting Preferred shares, in accordance with the terms of the preferred shares.
Oslo, Norway-based DHT Holdings, Inc. reports fourth quarter 2013 results and the acquisition of two VLCCs. Financial Highlights of the quarter EBITDA for the quarter of $18.9 million and net income for the quarter of $11.5 million ($0.48 per share) including $15
Willard Marine, a 56-year-old builder of composite and aluminum boats, has delivered two rescue boats for the Alaska Marine Highway System (AMHS). Under the contract, Willard Marine is supplying two U.S. Coast Guard-approved SEA FORCE 670 SOLAS fast rescue boats (FRBs) for the 418-ft
Ultrapetrol announce the results of its offer to exchange all of its outstanding $25.0 million 8 7/8% First Preferred Ship Mortgage Notes due 2021 that were issued in a private placement on October 2, 2013 as follows: The company informs that the notes were issued for an equal principal amount of
Maritime & Merchant AS (M&M) (TBR Maritime & Merchant Bank ASA) has received regulatory approval to operate a private bank in Norway, underpinning the firm’s strategy to become a niche financial institution dedicated to meeting the funding needs of owners active in the shipping
Pacific Drilling says that the latest in its fleet of 5 of new ultra-deepwater drillships is in service. Two additional drillships are under construction at Samsung Heavy Industries for delivery in 2014, and an eighth rig is under construction for delivery in March 2015.
Siem Offshore Inc. say they have signed agreements with Helix Energy Solutions Group, Inc. to provide 2 well-intervention vessels which will be owned by Siem Offshore and chartered by Helix for an initial period of 7 years, with options that can extend the charter periods up to 22 years.
Greece-based container ship & drybulk ship owners and operators Euroseas have released its results for the three month period and full year ended December 31, 2013, with the following highlights: Full year 2013 Net loss of $103.4 million, or, $2
British company Sure Wind Marine Ltd. has taken delivery of its second Damen Twin Axe Fast Crew Supplier – the Sure Swift - in a little over a month after the first joined the company’s fleet. Established in 2009, Sure Wind is a specialist in the German offshore wind market and now
MacGregor, part of Cargotec, says it has acquired Norwegian privately-owned Deep Water Solutions AS, a company specialising in lifting applications utilising electric multi-drive technology. "Customer requirements for environmentally friendly solutions are increasing in offshore load
A changing tax landscape doesn’t have to mean bad news – at least not just yet. A Changing Landscape Historically, bonus depreciation has had a significant effect on construction of new vessels, allowing businesses to initially expense 30 percent