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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


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


Ferguson to Build Two CalMac Ferries

Image:  CalMac Ferries Limited

 Scottish minister Nicola Sturgeon have named Ferguson shipyard as the preferred bidder for a £97 million contract for the biggest new ferries on the Clyde since 2001 in a deal that could secure more than 150 jobs.   The move will provide boost for shipbuilding in the civilian shipyard on the River Clyde Ferguson Marine Engineering Limited (FMEL) and the local economy around a year after the owners of the shipyard went into administration.  


Elcome Branches out in the Middle East and Asia

Elcome International, supplier of turnkey solutions for marine electronics, electrical and safety systems for the world maritime industry, has invested in a expansion of its maritime service network with the opening of new facilities in Egypt, Sri Lanka and Singapore.  


UASC Readies with VGM Processing

Photo: United Arab Shipping Company

 The SOLAS Container Weight Verification Requirement Verified Gross Mass (VGM) - System readiness by UASC.   United Arab Shipping Company (UASC) announced that the following e-channels will be ready for receiving and processing the VGM information on/after 18 June, 2016.   


Golar, Stonepeak Launch Launch FSRU Joint Venture

Golar LNG Limited announced that it has entered into a 50/50 joint venture with investment vehicles affiliated with private equity firm Stonepeak Infrastructure Partners. The joint venture company, Golar Power Ltd, will offer integrated LNG based downstream solutions


Abu Dhabi Cruise Terminal Posts Record Year

(Photo: Abu Dhabi Ports)

As the region’s 2015/2016 cruise season has come to a close, Abu Dhabi Ports, the master developer, operator and manager of ports and the Khalifa Industrial Zone in the Emirate, has released its best ever Cruise Terminal performance figures


Telenor's Ka-band to Service 200 Terminals

Telenor Satellite has announced that its Ka-band satellite capacity packages for land-based services in the Middle East have surpassed initial expectations, reaching more than 200 terminals within the first six months of commercial operation.  


Containership Fleet On The Brink To Break Through The 20 Million Teu Barrier

Graph: BIMCO, Clarksons

 BIMCO expects the container shipping fleet to break through the 20 million TEU barrier shortly. 2016 will see the lowest fleet growth rate on record (3.4% expected), but with an estimated net addition of 0.68 million TEU of capacity for the full year, the milestone could be reached in June.


Containership Fleet Nearing 20 Mln TEUs

Introduced in 2015, the 19,224 TEU MSC Maya is a member of MSCs Oscar Class supersize containerships (Photo: MSC)

The container shipping fleet is nearing the 20 million TEU mark, a barrier that BIMCO expects will be broken through shortly. It is expected that 2016 will see the lowest fleet growth rate on record (3.4 percent projected), but with an estimated net addition of 0


Hellenic Wind sold for Demolishing

Courtesy Hellenic Carriers Limited

Hellenic Carriers Limited, an international provider of marine transportation services for dry bulk cargoes, on 17 May 2016 sold the Company’s vessel HELLENIC WIND (74,000 DWT built 1997) for demolition to an unrelated third party for a total gross cash consideration of US$2.88 million.


Seaspan Secures $540 Mi Financing

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Issues $140 Million of 6.95% Series F Cumulative Convertible Perpetual Preferred Shares, Renews $150 Million Unsecured Revolving Loan and Enters into $250 Million Lease Financing HONG KONG, CHINA--(Marketwired - May 18, 2016) - Seaspan Corporation ("Seaspan") (NYSE:SSW) announced


Nigeria: What are the Implications for Tanker Demand?

Source: Poten and Partners

 Nigeria’s crude oil production and exports have been hit by severe outages as a result of attacks on oil infrastructure by rebel fighters in the Niger River Delta.    Various sources report that Qua Iboe Terminal has shut down operations until further notice


KR to Deliver Engineering, Ship Surveys in Iran

Korean Register (KR) – an IACS member classification society - has signed a Memorandum of Agreement to establish a joint venture company with the Iranian Classification Society (ICS). The agreement is to deliver plant facility certification and engineering services


DSME Reveals Additional Self-Restructuring Plan

Photo: Daewoo Shipbuilding and Marine Engineering

 South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.   The company’s creditors, led by the state-run Korea Development Bank


Euroseas Faces Headwinds, Reports Loss

Image courtesy of Euroseas

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 ended March 31, 2016. First Quarter 2016 Highlights:


Long Beach Port Maintains Strong Bond Rating

The Port of Long Beach in April 2016 Photo Long Beach Port.jpg

Fitch Ratings, one of the top three U.S. credit analysis agencies, has affirmed the Port of Long Beach’s “AA” rating on its outstanding debt. Fitch stated the AA rating — its highest for U.S. ports — was warranted due to the Port’s strong market position


Liberian Registry Implements Cost-saving Measures

Scott Bergeron (Photo: Liberian International Ship & Corporate Registry)

The Liberian Registry announced the introduction of a range of cost-saving provisions which it said will help mitigate the burden and financial strain currently being placed on owners and operators of Liberian-flag vessels during the sustained economic downturn in the maritime and offshore sectors






 
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