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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

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


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 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


ABB: Top Innovator for Marine Industry

ABB team with the Innovation of the Year Award

  ABB, the leading power and automation technology group, has been awarded the Innovation of the Year Award for the recently introduced Azipod D electric propulsion product at the Electric & Hybrid Marine World Expo in Amsterdam, the Netherlands.  


Malta Shipbuilding Site Converted for Oil and Gas Industry

Ablecare welcomes oil rig to Malta Maritime Hub. Photo: Ablecare OSG

 The Maltese government is all set to set to transform the ex-Malta Shipbuilding site into a service hub for the oil and gas industry, directly employing 160 people while paving the way for Malta to benefit from growing business in the Mediterranean region.  


Baltic Exchange Eyes Move into Commodities

Baltex reaches breakeven level since start of 2015; Baltic previously faced broker opposition over platform. London's Baltic Exchange is studying a potential foray into commodities and is open to proposals on tie-ups as other exchanges attempt to boost volumes, its chief executive said.


Tero Marine Secures Boa Offshore Contract

Boa Jarl (Photo: Tero Marine)

Tero Marine informs it has secured a multimillion (NOK) contract for delivery of fleet management software to Norwegian shipping company Boa Offshore. The Bergen-based tech company will install its TM Master suite on 14 vessels.   TM Master will thus be the preferred fleet management


Antwerp Port Creating Additional Space

Courtesy Antwerp Port

  With growth of 5.9% the port of Antwerp has got off to a strong start in 2015. In terms of container handling (in TEU) Antwerp even achieved growth of 9.5% in the first three months of this year. The 2M alliance of MSC and Maersk which last year opted resolutely for Antwerp is of course


Imtech Management Quits as Turnaround Stalls

CEO, CFO to step down, new CEO from inside company. The CEO and finance chief of Dutch builder Imtech have resigned from the company, as a drop in sales and weaker profit margins showed plans to restore confidence following an accounting scandal were faltering.


Containership Sold in Aruba after Bank Arrest

Haco van der Houven van Oordt (Photo: AKD)

Rotterdam-based law firm AKD has completed the sale at auction of the container vessel Caribbean Sea in the courts of Aruba following its arrest by Rabobank for outstanding mortgage debts in excess of $28 million.   The entire arrest and auction process was completed in just 20 days


Asia-N.Europe Box Rates Plunge 23.6 pct Last Week

File image: a containership docked at a U.S. West Coast Terminal.

Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 23.6 percent to $658 per 20-foot container (TEU) in the week ended on Friday, data from the Shanghai Containerized Freight Index showed. The drop in freight rates on the world's busiest shipping


Newbuild Shuttle Tankers Feature Hybrid EGCS

Eagle Barents (Photo: Clean Marine)

The 120,000 dwt. tankers, Eagle Barents and Eagle Bergen, delivered from Samsung Heavy Industries (SHI), are fitted with Class and Flag State approved exhaust gas cleaning systems (EGCS) provided by Clean Marine. Measurements of exhaust gas emission and washwater criteria are well below the


Oceans HQ, Gibraltar Registry, Partner on STCW Requirements

André Tanguy (Photo: Oceans HQ)

Maritime software solutions provider Oceans HQ Ltd has announced a partnership with the Gibraltar Ship Registry (part of the Gibraltar Maritime Administration), ahead of new STCW requirements for online access to seafarer certification data which come into force in 2017.


Shipping Freight Rates Drop Amidst Overcapacity

file image: a containership docked at the port of Oakland, CA

Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility in the market as vessel operators continue to wrestle with overcapacity. Rates for transporting containers from Asia to Northern Europe


KPCT Launches New Gulf Service

PLAQUE HANDING OVER

  Containerized volumes are steadily increasing on the East Coast of India. Keeping pace with the growth, Krishnapatnam Port Co. Ltd. (KPCT) now offers a new service to the Gulf sector. Simatechin association with Evergreen Line recently launched a joint CCG Service


5 Tunisian Migrants Die in Shipwreck

A member of Tunisias national guard aboard a fishing trawler off the coast near the border with Libya (AFP) Photo MEE

  At least five Tunisian migrants died on Saturday when their boat sailing to Italy capsized off the Tunisian coast, officials said. "A migrant boat carrying dozens capsized on Saturday off the coast of Monastir ... Naval forces rescued 49 Tunisian migrants and recovered five bodies


SITC Inks Deal with Qingdao Port

6th left Mr. Zheng Minghui, Chairman of Qingdao Port Group; 7th left Mr. Yang Shaopeng, Chairman of SITC

SITC International signed a strategic cooperation agreement with Qingdao Port International Co., Ltd. in Qingdao yesterday in order to further strengthen the strategic cooperation in the port and logistics market. Mr. Zheng Minghui, Chairman of Qingdao Port Group, Mr


JRC Reports ECDIS Success in Greece

Photo: JRC

Greeks, perhaps more than any other people in the world, have been mariners without interruption throughout history. At 100 years old, JRC has a long maritime history in the field of marine electronics, something that the shipping nation of Greece recognizes now more than ever






 
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