In a development which could be seen as a positive one for the business of building boats in the U.S., First Wave Marine, Inc. said that its Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. In addition, the company's current senior secured lender agreed to provide the First Wave with a post-confirmation $10 million revolving line of credit and an $8 million term loan. First Wave estimates that it will conclude its post-confirmation financing and emerge from bankruptcy on or about January 31. The new credit facility, combined with the exchange of all of First Wave's $90 million of Senior Notes for 96.7% of the common stock of the Company, dramatically improves the Company's balance sheet, financial strength and competitiveness. First Wave President Grady Walker said, "Confirmation of this Plan represents the achievement of our goal to successfully restructure the Company. We are very grateful for the loyalty and support of our customers, employees, vendors, and lenders during our restructuring. This support made it possible for us to maintain our excellent vendor network, to keep our employees working, and to continue to provide the same high quality and uninterrupted service our customers expect from us. As a result, we are emerging poised and ready to exploit our new financial strength to better serve the evolving needs of our customers."
First Wave/Newpark Shipbuilding announced today that it has terminated its contract with Crest Hidayat Limited, a Malaysian company, due solely to the failure of Crest Hidayat Limited to meet its payment obligations under the contract and the failure of its parent corporation, Crest Petroleum Bhd, to fulfill its obligations as guarantor under the contract. Crest Petroleum has publicly reported the difficulty to be the result of the suspension of its credit sources
WaveRoller, the wave energy device created by wave energy developer AW-Energy has received independent performance verification, taking the wave power industry one step closer to commercialization. WaveRoller received its validation after operating in fully exposed ocean environment during testing campaigns in 2012 and 2013. AW-Energy submitted detailed data covering wave conditions and device performance for external verification
The House Homeland Security Committee today approved needed reforms to the Transportation Worker Identification Credential (TWIC) program that would eliminate financial and logistical burdens faced by transportation workers under this federal security program. The Transportation Trades Department, AFL-CIO (TTD) supports language in the Securing Maritime Activities through Risk-based Targeting Act, known as the SMART Port Security Act (H.R
A&P Falmouth takes on a full time marine renewables business development manager, Amanda Pound A&P Falmouth, is positioned on the south coast of the UK in one of the world’s largest natural deep-water harbours. Falmouth is the largest ship-repair complex in the UK, with three large graving docks and extensive alongside berthing, providing facilities for a wide range of marine business. The company’s reputation in the marine renewable energy sector is continuing to
Center for Naval Engineering (CNE) Learning Site Great Lakes launched the first phase of Computer-Based Training (CBT) Nov. 28 with the first wave of Basic Engineering Common Core (BECC) students breaking in the new curriculum in an Integrated Learning Environment (ILE). Cmdr. Eddie Oleykowski, director of training, CNE, Norfolk, Va., supervised as the first class of 25 students officially made the transition from instructor-led training to CBT
For years, forensic historians relied on survivor and eyewitness testimonies and, if available, material testing or intelligence reports to help gather evidence to piece together an event. In the early 1990's, seduced by computer technology, photo imagery analysis gained a tremendous uplift enabling imagery scientists to use special algorithms to enhance and sharpen images; changing the way we view the world today. History recorded that five midget submarines deployed as advance forces to
Louisiana Economic Development (LED) has launched an integrated marketing campaign designed to focus business leaders around the globe on the unprecedented opportunity for investment in Louisiana. The campaign, dubbed “clean sheet,” features the most aggressive business incentives package in U.S. history, now available to businesses expanding, rebuilding or relocating in Louisiana. “At no time in history has a state experienced such an unparalleled opportunity to remake itself
Survitec Group, one of the world’s leading marine safety companies, is now working in partnership with Ocenco to replace thousands of M-20.2 Emergency Escape Breathing Devices (EEBDs) that are reaching the end of their service life. When SOLAS amendment regulations II-2/13.3.4 and 13.4.3 came into force on 1 July 2002, all vessels had to be equipped with EEBDs. At the time, one of the most popular choices was the maintenance-free Ocenco M-20.2 EEBD
First Wave Secures Multiple Contracts First Wave/Newpark Shipbuilding, in Galveston, Texas, has had a busy spring. First, the company was awarded a contract by Diamond Offshore Drilling to install a crane and perform annual survey work on Ocean Lexington. That contract was completed in March. Next, the company won a contract from Smit Americas, Inc. for drydocking of Ocean Hercules. The vessel was drydocked on the shipyard's 7
Ten people have drowned while five are still missing after a wooden boat carrying 17 people capsized in the province of Riau Islands on Sunday morning, reports the Jakarta Post. The boat capsized in rough seas and sank off Indonesia's Bintan island, south of Singapore.
A.P. Moeller-Maersk A/S, in its strategic review, is considering several options including a two-way split into an energy and a transport company, says a Bloomberg report. According to Danish daily Berlingske, the shipping group is likely to break up into transportation and energy
China has been pressing ahead with its ‘One Belt, One Road’ (OBOR) initiative – comprised of the Silk Road Economic Belt and the 21st-century Maritime Silk Road (pictured) – which was launched in 2015. Alibra Shipping Research is taking a look on China's plans.
For WhisperPower, the SMM trade show will be the launch-pad for promoting a wide range of industrial battery chargers, inverters and inverter / charger combinations for the professional and international commercial shipping industry.
New surface effect ships designed and built specifically for the CTV and working vessel high speed market Specialist aluminum boatbuilder, Aluminium Marine Consultants (AMC), has added a new surface effect ship (SES) design to its portfolio which is designed by Norway’s Espeland and
BMT Ship & Coastal Dynamics, a subsidiary of BMT Group Ltd, has announced new enhancements to its marine navigation and maneuvering simulator, REMBRANDT, used globally by pilot organizations, shipping companies, naval architects, civil marine engineers and port authorities.
1804 - Commodore Edward Prebles Mediterranean Squadron launches the first of a series of bombardments on the harbor of Tripoli. Designed to destroy the defending batteries and sink enemy ships, the bombardments are part of the blockade that Preble established in 1803.
Will there be a layoffs after United Arab Shipping Co (UASC) merging with the German container shipper Hapag-Lloyd? Middle Eastern enterprise UASC expects most of the tie-up’s $400 million cost savings to come from operations rather than layoffs
Kali, Inc. has completed its acquisition of Florida Marine Power Company, a marine mechanical repair, maintenance and engine installation company. Kali acquired all of the outstanding stock of Florida Marine Power in exchange for 4 million shares of Kali's common stock.
The ocean has gotten noisier for decades, with man-made racket from oil drilling, shipping and construction linked to signs of stress in marine life that include beached whales and baby crabs with scrambled navigational signals. The United States aims to change that as a federal agency prepares
Wallenius Wilhelmsen Logistics’ (WWL) has added MV Themis, fourth Neo-Panamax class vessel, to its fleet. 50% of the company’s newbuilding order now complete. Like her sister vessels, Theben, Thalatta and Thermopylae, Themis is almost 200 metres long, 36
Themis is Wallenius Wilhelmsen Logistics’ (WWL) fourth Neo-Panamax class vessel, which means it is built for the expanded Panama Canal inaugurated June 26. Like her sister vessels, Theben, Thalatta and Thermopylae, Themis is almost 200 meters long, 36
Rolls-Royce has signed a contract worth about $33m with the ship building company Kleven in Norway for design and ship equipment to two new polar cruise vessels, with an option for two additional vessels. The contract between Kleven and Rolls-Royce follows the conversion of a letter of
A Coast Guard Station Grays Harbor crew aboard a 29-foot Response Boat-Small II rescued a man who was swept out to sea while wading in the water near the Grays Harbor north jetty at Ocean Shores, Washington, Sunday. The man, in his early twenties
India’s position to 35th rank in the latest bi-annual World Bank Logistics Performance Index (LPI) report will open many corridors of opportunities as industry will witness swift growth in international as well as inter-state freights, an effect of Union Government’s commitment to make