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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


Daewoo Shipbuilding to Get Fresh $2.6 Bln Bailout

File photo: Daewoo Shipbuilding & Marine Engineering Co Ltd

South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding & Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments.   Daewoo


BW LPG Refinances Six Ex-Aurora Ships

Photo: BW LPG

 BW LPG Limited has signed a Debt Facility Agreement of USD290 million for the re-financing of six 2016 built ex-Aurora ships.    The re-financing has been raised from The Export-Import Bank of Korea (KEXIM) as ECA (Export Credit Agency) lender, with ABN AMRO Bank N.V


Hapag Lloyd-UASC Merger Hits Snags

Photo: Hapag-Lloyd

A merger of Hapag-Lloyd and United Arab Shipping Company (UASC) has hit a snag, with the German shipping line and some banks seeking assurances that UASC's top shareholder Qatar remain committed to the deal for the long term, sources say.


Simulation: The Centre for Marine Simulation

Photo: The Centre for Marine Simulation

The Centre for Marine Simulation, The Marine Institute of Memorial University 155 Ridge Road St. John’s , Newfoundland Labrador, Canada  Tel: (709) 778-0305 Email: Christopher.hearn@mi.mun.ca Director: Captain Chris Hearn   Overview


Global Shipping Meltdown Impacts European Banks

Photo:  International Chamber of Shipping

 The collapsing maritime shipping industry is stoking another European banking headache, this time in economic powerhouse Germany, says a report in WSJ.   While the Commerzbank, Germany’s second largest bank, reported earnings


MSC Mulls Stake in Messina

The world's no. 2 container line Mediterranean Shipping Company (MSC) is in talks to acquire a stake in smaller Italian counterpart Messina, the Swiss-headquartered group said, in another sign of consolidation in the sector. Container lines are battling their worst ever downturn due to a glut


Navios Maritime sells MSC Cristina to Repay $100 mln Debt

Image:  Navios Maritime Partners L.P.

 In January 2017, following the completion of the sale of the MSC Cristina, Navios Maritime Partners repaid approximately $100 million of bank debt.    Proforma for these repayments, net debt/book capitalization for December 31, 2016, has decreased to 36.5%


De Boer Remorquage SARL Orders Custom Tugs from Damen

Photo courtesy of Damen Shipyards

Baggerbedrijf De Boer B.V. (Dutch Dredging B.V.) has ordered two custom, special-purpose tugs to be built at Damen Shipyards Hardinxveld in the Netherlands through the subsidiairy De Boer Remorquage SARL. The tugs are for a 10-year contract with Grand Port Maritime de Guyane in the ports of


Sri Lanka Approves $180 mln Vessel Deal for Colombo Dockyard

Sri Lanka's cabinet has approved the awarding of a $180 million deal for three offshore patrol vessels for the country's coast guard to Colombo Dockyard , a government document said on Wednesday. Colombo Dockyard has agreed to arrange a loan for the deal


SocGen Arranges Financing for Oman Shipping's Tanker Play

Oman Shipping Company, wholly owned by the government of Oman, raised $227 million in debt to back the purchase of 10 tankers, Societe Generale said on Thursday.   Societe Generale was the sole arranger and sole underwriter of the transaction


Memorial Fund Set Up for Families of Lost Fishing Crew

Joining members of the maritime community to assist families of the six crew members of the FV Destination that went missing in the Bering Sea on February 11, 2017, Peoples Bank is now collecting donations for the families of the missing crew members.  


Shipping Woes: DVB Bank Posts Loss

Pics: DVB Bank

 Shipping Financier DVB Bank reported a consolidated net loss before taxes of EUR 135.3 million ($142.4 miln) for 2016 (previous year: consolidated net income of EUR 46.1 million).    Since DVB Bank SE, the parent company of the DVB Bank Group


Grand Bahama Shipyard Starts 2017 Strong

CCL Dream (Photo: Grand Bahama Shipyard)

Grand Bahama Shipyard Limited reports an active start to 2017 for cruise ship repair, refurbishment and revitalization   Caribbean shipyard Grand Bahama Shipyard Limited (GBSL) said it will complete work on 10 cruise vessels within first quarter of 2017


Hapag-Lloyd Postpones UASC Takeover

Photo: UASC

German container shipper Hapag-Lloyd on Friday postponed the completion date for its takeover of United Arab Shipping Company (UASC) to May 31 from March 31, but said the deal, worth 7 to 8 billion euros ($7.52-8.60 billion), was not at risk.


Emas Offshore Braces for Ezra’s Bankruptcy

Lee Kian Soo, Executive Chairman Photo: EMAS Offshore

 The EMAS Offshore (EOL) board of directors warns that the Chapter 11 filing of parent company Ezra Holdings  may negatively impact EOL and its subsidiaries, which could possibly lead it to face a going concern issue. EMAS Offshore Limited is a subsidiary of Ezra Holdings Limited






 
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