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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


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


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


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


Euroseas to Sell $29 Million in Shares

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  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


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


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


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")


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


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.


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


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


DNV GL Launches Regulatory Requirements Roadmap for Floaters in US

DNV GL has mapped out what is necessary to be in compliance with USCG requirements to operate FOIs, FSOs and FPSOs in US waters.

  In the first comprehensive overview of its kind, DNV GL has mapped out what is necessary to be in compliance with US Coast Guard (USCG) requirements to operate FOIs, FSOs and FPSOs in US waters. The roadmap document called “Verification for compliance with United States


DNV GL Publishes Regulatory Roadmap for Floaters in the US

Photo courtesy of DNV GL

DNV GL announced it has mapped out what is necessary to be in compliance with U.S. Coast Guard (USCG) requirements to operate FOIs, FSOs and FPSOs in U.S. waters. In what DNV GL is calling the first comprehensive overview of its kind , the roadmap document entitled “Verification for


Navios Announces VLCC Delivery

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced that the Nave Electron, a 2002-built VLCC of 305,178 dwt, was delivered to Navios Acquisition's owned fleet on July 21, 2014. The company also announced that the Nave Electron has been chartered out


Leighton HY14 net margin Up to 2.7%

The Leighton Group reported an increase in total revenue

  Leighton Holdings announced its results for the six months to 30 June 2014.   * Total revenue of $11.9 billion, up on HY13 * EBITDAiii of $843 million. Comparable EBITDAiv of $945 million, up on HY13 * NPAT of $291 million. Underlying NPAT of $319 million, up on HY13


Montreal Could Become an Oil Export Hub

Montreal has emerged as an export base for Western Canadian heavy sour crudes as prospects to construct new pipelines to the British Columbia coast, Eastern Canada and U.S. fade. Suncor, owner and operator of the 137,000 b/d Montreal East refinery in Quebec, loaded 35


DRYSHIPS Financial & Operating Results for 2Q, 2014

  DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results


Vale Plans to Double Iron Ore Exports to China

Photo: Vale

Brazilian mining company Vale SA plans to double its iron ore exports to China within five years, Jose Carlos Martins, the company's head of ferrous metals, told reporters on Thursday. Rio de Janeiro-based Vale is the largest producer and exporter of iron ore


Euroseas' Reports 1H & 2Q, 2014 Results

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  Euroseas Ltd.,  an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three and six month period ended June 30, 2014 as well as certain fleet updates.


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


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.


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






 
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