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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


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


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


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


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


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


HSH Nordbank Seeks Buyer

 German shipping finance provider is optimistic about the prospects of finding a potential buyer for the bank, which will begin a privatization process this year with a deadline in February 2018, says a report in Reuters.   "Despite the difficult market environment


Grand Bahama Shipyard Stayed Busy in 2016

V Ships USA LLC Boston - CSL Acadian (Photo: Grand Bahama Shipyard)

Grand Bahama Shipyard said it enjoyed a busy 2016, performing repairs, refurbishments and retrofits on vessels from all segments of the commercial maritime industry   The Caribbean shipyard Grand Bahama Shipyard Limited (GBSL) worked on 49 commercial vessels and 20 cruise ships throughout


Euronav Gets Credit Line of $ 410mln

Photo: Euronav NV

 Euronav NV announces has signed a new USD 410 million senior secured amortizing revolving credit facility.    The facility has been made available on 16 December 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital


Euronav Secures Loan for VLCC Refinancing

Photo courtesy Euronav NV

Tanker shipping company Euronav NV announced it has signed a new $410 million senior secured amortizing revolving credit facility. The facility has been made available on December 16, 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital


China COSCO Shipping Buys Shanghai Rural Commercial Bank

Image: Cosco

 Australia & New Zealand Banking Corp (ANZ) has agreed to sell its 20 percent stake in Shanghai Rural Commercial Bank (SRCB) for US$1.33bn.   China Cosco Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp had each agreed to acquire 10 percent of SRCB


Swiber-Linked Vessels Seized in Singapore

Photo: Swiber Holdings Limited

 Three of of Swiber Holdings vessels had been seized in an arrest moved by a syndicate of banks, reports Business Times.   All three vessels were arrested at ASL Shipyard, the litigant in the arrest is United Overseas Bank (UOB), acting as security agent for the syndicate of banks that


Energy, Finance & the GoM

© Scott Bufkin / Adobe Stock

Some positive market indicators could presage an investment revival in the U.S. Gulf of Mexico – and beyond.   The good news, reported by Bloomberg, is that in the third quarter of 2016, the largest oil companies increased cash from operations by nearly $26 billion


MANSA opposes MbPT's Revision of Ship Agents' Bank Guarantee

Bank Guarantee levied at other ports

Mumbai and Nhava Sheva Ship Agents Association (MANSA) has requested the Mumbai Port Trust to re-consider the proposed bank guarantee amount levied on vessels calling at the port.   In a letter addressed to the Mumbai Port Trust, MANSA said


Inland Waterways to Get Boost in India

Image: The Inland Waterways Authority of India (IWAI)

 The National Waterway Act, 2016 declaring 111 national waterways, including the 5 national waterways declared earlier has been enforced w.e.f. 12th April, 2016.    The process for preparation of techno economic feasibility (TEF) study/Detailed Project Report (DPR) of new national


RBS Near to Selling $600 Mln of Shipping Loans

Royal Bank of Scotland is close to selling at least $600 million worth of shipping loans from its portfolio, two sources familiar with the matter told Reuters.   RBS, which is more than 70 percent state-owned, is still in the throes of a restructuring, which includes asset sales


New Maritime Bank Opens Its Doors

A new niche bank for the shipping and offshore sector opened its doors for business on December 20, 2016.   Serving the global maritime markets from its main office in Oslo, Maritime & Merchant Bank ASA (M&M) will provide secured lending in the form of first priority terms loans.


Ohio Dredge Fleet Sets Dredging Record

Ellicott 460SL dredge, BRUTUS Photo ODNR

The Ohio Department of Natural Resources (ODNR) recently finished the 2016 dredging season, having removed more than 1 million cubic yards (apprx. 765,000 m3) of dredged material from state park lakes and other state properties. The State’s dredge fleet consists primarily of Ellicott Model


Proposed New Capital Rules Threaten Shipping

© Petr Jilek / Adobe Stock

The global shipping industry will hit a credit crunch if proposed new bank capital rules are implemented in a sector already weighed down by toxic debt, bankers involved say. The Basel Committee of banking supervisors from nearly 30 countries met in Chile last month in an effort to complete


Financial Close for Bahrain LNG Terminal

Photo: Bahrain LNG

 Bahrain LNG, the developer of the Gulf state’s receiving and regasification terminal for liquefied natural gas (LNG), has closed a $741 million syndicated loan for the platform’s construction.   The private-public partnership  is being developed to supplement local


HSH Preparing for Change of Ownership

Image: HSH Nordbank

 HSH Nordbank  is pushing ahead with the upcoming change of ownership; it is putting on a good performance in the Core Bank supported above all by the real estate and corporate clients businesses and is continuing its systematic cost-cutting course.   






 
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