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Grand Banks

Grand Banks Yachts Moves

Grand Banks Yachts has moved its worldwide offices to Seattle while worldwide sales headquarters remain in the company’s long-standing Norwalk, Conn. Facility. Global marketing services, headed by recently-appointed VP Marketing Rob Livingston, are now situated at 2100 Westlake Avenue North, Suite 107, Seattle 98109, located directly on the west side waterfront of Lake Union. Vice President of Sales Ed Roberts continues to manage the Norwalk offices, overseeing worldwide sales along with the American service support staff. Grand Banks also maintains both west coast and European sales offices.


First Orphan Basin Oil Exploration for mid-August

In mid-August, Chevron Canada will drill the first exploratory well in the Orphan Basin. According to industry experts, the exploration of the Orphan Basin could mean the beginning of a new and potentially lucrative phase of Newfoundland and Labrador’s offshore oil industry. The basin is in an area that has not been explored before, where the weather is harsh and the water is deep. However, the potential is massive — the Orphan Basin could hold more oil than the Jeanne D'Arc Basin on the


Halifax Wins Another Order

Halifax Shipyard won another offshore contract. The Irving Shipyard in Halifax, Nova Scotia has landed a contract to modify and refit the Glomar Grand Banks semi-submersible drill rig. The work will be completed at the Irving facility in Woodside. The job, which was commissioned by Global Sante Fe of Houston, Texas, will employ 350 people for a minimum of three months starting in January. The Rig will tie up at Woodside Facility on the December 19, and prepare for the upgrade


International Ice Patrol Opens Annual Ice Season

A Coast Guard International Ice Patrol team conducts initial ice patrols for the 2015 ice season on Feb. 5, 2015. The International Ice Patrol opened the annual ice season on Feb. 3, 2015. (U.S. Coast Guard photo contribute

The U.S. Coast Guard International Ice Patrol opened the annual ice season February 3 to detect and track icebergs in the North Atlantic Ocean. The IIP deployed its first Ice Reconnaissance Detachment (IRD) to Newfoundland, Canada, to meet with Canadian partners and to conduct the initial aerial patrols of the season. The IIP conducts iceberg reconnaissance using HC-130J Hercules aircraft from U.S. Coast Guard Air Station Elizabeth City, North Carolina


Grand Banks Yachts Swings Back into Black

Photo: Grand Banks Yachts

 The builder of luxury yachts Grand Banks Yachts swung to a net profit of $1.2 million for the first quarter ended Sept 30 compared to a net loss of $1.3 million for the year-ago period.   Following restructuring efforts after a major acquisition, gross profit margin increased to 24.5% from 9.5% a year ago.    The SGX Mainboard-listed builder yachts said net profit rose after introducing initiatives to integrate design


TGS, PGS Team Up on Eastern Canada Seismic

Eastern Canada 2016_Landscape Image courtesy TGS

TGS announces the expansion of its multi-client library offshore Eastern Canada with plans to acquire more than 36,000 km of 2D seismic data, in partnership with PGS, utilizing two vessels during the 2016 acquisition season. The M/V Sanco Spirit and M/V Atlantic Explorer, utilizing the PGS GeoStreamer technology, will acquire seismic and gravity data in the Labrador Sea, Newfoundland Orphan-Flemish Pass basins and Grand Banks areas. Data acquisition will commence during late May 2016


GlobalSantaFe Reports 2Q Earnings

GlobalSantaFe reported net income for the quarter ended June 30, 2002, of $73.4 million, or $0.31 per diluted share, on revenues of $501.7 million, versus $84.3 million and $0.69 per diluted share for the corresponding 2001 quarter. For the six months ended June 30, 2002, GlobalSantaFe reported net income of $150.5 million, or $0.63 per diluted share, on revenues of $990.4 million. This compares to net income of $125.0 million, or $1.03 per diluted share, for the six months ended June 30, 2001


Grand Circle Cruises Buys 'MV Corinthian'

MV Corinthian: Photo courtesy of Grand Circle

Vince Cook, CEO of Grand Circle Cruise Line, informs that the company has acquired the 'M/V Corinthian', a 98-passenger, ocean-going vessel that currently operates in Antarctica.  They had chartered the ship for the past year and intend to expand the Corinthian's operations with the launch of three new small ship cruise itineraries in 2015. The ship was acquired for an undisclosed price from Travel Dynamics International, an operator of educational programs aboard small cruise ships


Detroit Agencies Perform Maritime Security Exercise

Detroit Coast Guard members are participating in a Southeast Michigan Area Maritime Security Committee multi-agency table-top exercise Wednesday at the Detroit Fire Department Regional Training Center. The purpose of this exercise is to test plans and policies of federal, provincial, state and local area agencies in response to a transportation security incident. In accordance with the Homeland Security Exercise and Evaluation Program, a table-top exercise is a discussion based exercise


Is it a Ship or Iceberg?

Small iceberg off the port bow of Canadian Coast Guard ship Louis St-Laurent. (Photo: Canadian Coast Guard)

Developing the capability to discriminate between ships and icebergs in northern latitudes is a common interest shared by Canada’s Department of National Defense (DND) and the oil and gas industry. For DND, the focus is on ship detection for maritime security, whereas oil and gas companies are interested in detecting icebergs to ensure primarily the safety and also the productivity of offshore exploration and production operations.   Polar Epsilon


Dry Bulk’s Biggest Spenders

Figure 1 (Source: VesselsValue)

In the last month, we have seen the Baltic Dry Index (BDI) recover to the same level it was 12 months ago (see circles in fig.1). Vessel values have started to firm, but not at the same rate and are still at historically low levels.  


Globus Maritime Appoints New Non Executive Director

Dimitrios Stratikopoulos. Photo: Globus Maritime Limited

 Globus Maritime Limited, a dry bulk shipping company, announced today that Dimitrios Stratikopoulos has resigned from its Board of Directors due to other recent pressing business commitments with the resignation taking effect immediately.   


BIMCO Adopts Ship Financing Term Sheet

Photo: BIMCO

 In a landmark decision, BIMCO cemented its move into the domain of ship financing with the Documentary Committee’s approval of a standard term sheet for use in ship financing transactions on 17 November 2016.   The term sheet has been drafted as a short and simple standard for


Bahri Signs $350 mln Islamic Finance Deal for Oil Tankers

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers. The 10-year murahaba financing was arranged by Standard Chartered


Korea to Inject $2.64 bln into DSME

Photo: Daewoo Shipbuilding & Marine Engineering

 South Korea's state-run banks are expected to raise more than 3 trillion won (US$2.64 billion) to prevent Daewoo Shipbuilding and Marine Engineering (DSME) from being delisted, reports Korea Herald.   Korea Development Bank and the Export-Import Bank of Korea are planning to raise


HSH Nordbank Seals Charter of Hanjin Ships to Maersk

Photo courtesy of Hanjin Shipping

Germany's HSH Nordbank has arranged a deal which will see six container ships from collapsed South Korean line Hanjin chartered out to Denmark's AP Moller Maersk, the state-backed lender said on Thursday. This is one of the first examples of Hanjin's lenders looking to resolve the fallout from


Ferries Expert Offers Perspective on UN Transport Report

(File photo: William Graf)

Worldwide Ferry Safety Association (WFSA) Director offers first hand perspectives on just released United Nations report: “Mobilizing Sustainable Transport for Development.”   Len Roueche, a Director of WFSA and a Consultant to Förde Reederei Seetouristik (FRS)


Korea Dreams it Big for HMM

File Photo: HMM

 The government of South Korea has decided to help Hyundai Merchant Marine (HMM), the nation’s only major shipping line, grow into a mega shipper by all means available, reports Business Korea.   The state plans to provide loans of up to 6.5 trillion won (US$5


DSME Creditors Mull Equity Swap

Image: Daewoo Shipbuilding and Marine Engineering

 Creditors of Daewoo Shipbuilding & Marine Engineering (DSME) are set to announce a debt-for-equity swap and other measures, worth 3 trillion won (US$2.62 billion), reports Yonhap.   Korea Development Bank (KDB), a main creditor of DSME


HMM Acquires Hanjin's 11 Ships

Photo: Hanjin Shipping Co

 South Korea's Hyundai Merchant Marine Co. (HMM) will take over 11 ships returned by bankrupt  Hanjin Shipping Co. to the Korea Development Bank (KDB), reports Business Korea.   Haeyoung Maritime Services Co., a subsidiary of HMM which provides ship management and maintenance


Maersk Divest its Shares in Danske Bank

Danske Bank A/S Photo: A.P. Møller – Mærsk A/S

 Danish shipping and energy giant A.P. Møller – Maersk A/S has sold its shares in the Danske Bank A/S for a total of DKK 3.2 billion (USD 477 million).   Maersk owns 16.2 million shares representing 1.6 per cent of the total shares in Denmark's largest bank.  


Bank of Ireland Winding Down Shipping Loans

Bank of Ireland said it is winding down its shipping business, joining other banks looking to cut non-core lending and exposure to an industry suffering its worst downturn.   Many European banks are already bogged down by a sluggish economy and face tough capital demands from regulators


DVB Plans Capital Increase

German shipping bank DVB is preparing a capital increase due to losses taken on bad loans, two sources familiar with the matter said on Wednesday. An announcement by DVB, which is owned by DZ Bank , that it will issue new shares could come on Monday when it reports third-quarter results


S.Korea State Banks to Inject $2.4 Bln into Daewoo Shipbuilding

Struggling Daewoo Shipbuilding & Marine Engineering Co Ltd's will receive an injection of 2.8 trillion won ($2.4 billion) from two state-run creditor banks to save it from being delisted, one of the lenders said.   Daewoo's main creditor, Korea Development Bank (KDB)


DVB to Seek Capital Increase

German shipping bank DVB confirmed it will seek a capital increase after saying on Monday it expects an even bigger than forecast net loss in 2016. Reuters reported last week that DVB, which is owned by DZ Bank, was preparing a capital increase due to losses taken on bad loans.






 
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