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First Wave

First Wave Emerges from Chapter 11

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 Terminates Contract with Crest Hidayat Limited

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


Naval Engineering Introduces Computer-Based Training

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


AFL-CIO Affiliate: Port Security Bill has Sensible TWIC Reforms

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


Marine Renewables Manager Named by UK Shipyard

Amanda Pound, David Daniel: Photo credit A&P

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


WaveRoller Obtains DNV GL Verification

Installation of WaveRoller

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


A New View

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


News Briefs

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


Louisiana Launches Investment Initiative

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, Ocenco Team Up to Meet EEBD Replacement Demand

The Ocenco M-20.2 EEBD Courtesy Survitec

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


This Day In Naval History: August 29

USS Decatur (DDG 73) (U.S. Navy photo)

1861 - During the Civil War, Seaman Benjamin Swearer lands with troops from the steam sloop of war, Pawnee, and takes part in the capture of Fort Clark, at Hatteras Inlet, N.C. He serves throughout the action and has the honor of being the first man to raise the flag on the captured fort


Julia Achieves Tropical Storm Status Again

Julia regained its designation as a tropical storm as it milled off the southeast coast of the United States on Friday, the National Hurricane Center said in an advisory. The center of the storm, which drenched parts of northeast Florida, Georgia and South Carolina earlier this week


Alfa Laval’s PureBallast Passes the 10-year Mark

Mingling onboard M/S Soya III during PureBallast ballast water treatment system 10-year anniversary (Photo: Alfa Laval)

Finland’s ratification of the International Maritime Organization’s (IMO) Ballast Water Management (BWM) Convention came just days before the 10-year anniversary of the launch of Alfa Laval’s PureBallast.   On September 15


DNV GL Approves Modification for Semi-Submersible Rigs

Photo: COSL Drilling Europe AS

 Following the accident involving COSLInnovator on 30 December 2015, some 100 semi-submersible rigs approved by DNV GL will be reviewed.    Preliminary assessments indicate that a limited number of rigs will be subjected to modifications or operational limitations.  


U.S. to Crack Down on Ocean Noise that Harms Fish

Richard Merrick, chief science adviser to the National Oceanographic and Atmospheric Administration Photo NOAA

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


Kali Acquires Florida Marine Power Company

Image: Wave Marine Services

 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. 


UASC, Hapag-Lloyd Merger: No Layoffs?

Photo: United Arab Shipping Co

 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


This Day In Naval History: August 3

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.  


BMT Upgrades Its REMBRANDT Simulator

Photo: BMT

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.  


New Surface Effect Ship from AMC

Image: AMC

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


WhisperPower Expands Commercial Shipping, Offshore Portfolio

WhisperPower launches industrial battery chargers, inverters and inverter  charger combinations for commercial shipping industry at the upcoming SMM Photo WhisperPower

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.


A Bumpy Ride: China's New Maritime Silk Route

Map by Alibra Shipping

 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.


Maersk Break-Up Soon ?

Photo: Maersk Line

 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


Boat Sinks in Indonesia: 10 dead, 5 missing

Tanjung Pinang of Riau province. Photo Courtesy: KGIS company

 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.  


Half a Century at Sea

Captain Siegfried Schmerer points to a model of the Bonn Express. It was the first ship he has ever captained. (Photo: Hapag-Lloyd)

Siegfried Schmerer already dreamed of becoming a captain as a young boy. Later, as a sailor on a coaster, he suffered from seasickness. Though he thought about giving up, he stuck with it and eventually worked his way up all the way to the bridge






 
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