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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


Yemen Rolls out Maritime Security Zone

Image by Yemen Coast Guard

 Yemen is establishing a maritime security zone along the country's 2,500 kilometre-long coastline to deter illegal immigrants from entering the country, reports The Middle East Monitor.   The zone encompasses around 30 per cent of Yemen's territorial waters as determined by


Lack of Ship Definition is a Threat to Investors

Haco van der Houven van Oordt

AKD says the lack of an unambiguous term to describe a ‘ship’ in several jurisdictions represents a potential threat to asset security for financiers, particularly in the offshore and renewable energy sectors. AKD partner Haco van der Houven van Oordt says


Rand Logistics Announces Debt Refinancing

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's senior secured debt and increased credit availability.   Rand said in a statment that the refinancing accomplishes the following


Canada Passed on U.S.-Mexico Climate Announcement

Canadian Prime Minister Stephen Harper Courtesy Canadian High Commission

 Canada declined a U.S. invitation last week to jointly announce climate policy cooperation with Mexico, with Ottawa saying it has not yet finalized its own domestic strategy, sources from both countries familiar with the discussions said on Thursday.


N-KOM Completes its 100th LNGC Repair

Photo: N-KOM

Nakilat-Keppel Offshore & Marine (N-KOM) completed its 100th LNG carrier repair at Qatar’s Erhama Bin Jaber Al Jalahma Shipyard   Eng. Abdullah Fadhalah Al-Sulaiti, Chairman of N-KOM and Managing Director of Nakilat, said, "Nakilat is a world-leader in global gas


Aker Philadelphia Shipyard's CBA Ratified

Aker Philadelphia Shipyard

  Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA, announced today that a new four year collective bargaining agreement has been ratified by the Philadelphia Metal Trades Council (PMTC)


Euronav’s $235m Maersk Venture

Euronav’s $235m Maersk Venture.

  Euronav NV announces today that following the closing of its Initial Public Offering (“IPO”) of its ordinary shares on NYSE, the Company will repay the USD 235.5 million bond issued to partly finance the acquisition of 15 VLCCs from Maersk Tankers Singapore Pte Ltd announced on


Holland America Line $4.3 mi Aid to fight Cancer

Holland America Line

  In honor of World Cancer Day, Holland America Line announced that to date, the guests and employees of the company have raised more than $4.3 million for cancer support through “On Deck” programming that began in 2006. Currently


Euronav Pays Bond to Buy 15 Maersk Tankers

Photo: Euronav NV

Euronav NV will repay the US$235 million bond issued to finance the acquisition of 15 VLCC oil tankers from Maersk Tankers Singapore, following a closure of its Initial Public Offering (IPO) of ordinary shares on the New York Stock Exchange.


Hafnia Tankers Eyes USD 34 Mln to Finance Fleet Additions

Courtesy Hafnia Tankers

Hafnia Tankers Ltd have entered into an agreement to acquire 4 LR1 product tankers. This acquisition confirms the commitment of Hafnia Tankers and its stakeholders to further expand the business within the product tanker segment. The vessels are:


Euroseas Report Loss in 4Q, FY 2014

..

  Euroseas Ltd. (NASDAQ: ESEA), 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 month period and full year ended December 31, 2014.


PE to Keep Ships Afloat

Photo: International Chamber of Shipping

 International accountancy firm Moore Stephens says the shipping sector should approach private equity (PE) providers for funding to support the ‘significant investment’ in technology and services needed to achieve compliance with environmental regulations and to maintain


AEGIS Missile Defense System Performs Successful Test

AEGIS Ballistic Missile Defense System Tracks, Simulates Engagements of Three Short-Range Ballistic Missiles Courtesy AEGIS - BMD

  The Missile Defense Agency (MDA) and sailors aboard the USS Carney, USS Gonzalez, and USS Barry successfully completed a flight test involving the Aegis Ballistic Missile Defense (BMD) weapon system. At approximately 2:30 a.m. EST today


ECO Orders Rolls-Royce Equipment for New AHTS

Photo courtesy of Rolls-Royce

Rolls-Royce has been awarded a contract worth $30.6m with the American owner Edison Chouest Offshore (ECO). The contract for ship equipment comprises Azimuth main propulsion, propulsion control systems, anchor winches and an anchor handling crane for an Anchor Handling Tug Supply vessel (AHTS)


Propulsion is the Next Step for Survitec's MES

Photo courtesy of Survitec

The company that launched the world's first MES is now actively developing an Alternative Escape System (AES) for large passenger ships.  Survitec Group wants to combine the benefits of chute evacuation with the advantage of propulsion






 
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