Seminole Electric Cooperative Inc. has reportedly paid $23 million for a settlement of shipping-related litigation with Central Gulf Lines Inc., a wholly owned subsidiary of International Shipholding Corp.
International Shipholding Corporation (ISH) has bought the integrated tug/barge unit, 'Coastal 202' and 'Florida Enterprise', from CIT and GE Capital. These two vessels have been operating under a sale and leaseback arrangement and were part of ISH’s purchase of United Ocean Services. Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “Exercising our buy-out option on this integrated tug/barge unit further solidifies our commitment to maintaining our
International Shipholding Corp., in announcing its fourth quarter results yesterday, noted that while fourth quarter results were improved from the third quarter, the period was negatively impacted by lower results in the company’s TransAtlantic LASH service, which experienced reduced cargo volume largely because of U.S. sanctions on foreign steel imports. For the three months ended December 31, 2002, recorded revenue was $58.3 million versus $65
Standard & Poor's lowered its rating on International Shipholding Corp.'s (ISC) $110 million 7.75% senior unsecured notes due Oct. 15, 2007, and $100 million 9% senior unsecured notes due July 1, 2003. The corporate credit rating on the company is affirmed. The downgrade on the notes is based on the increased proportion of secured debt in the company's capital structure, which has been used to finance the acquisition of additional vessels(primarily car carriers) over the past year and which
Amsterdam-based Seaarland Shipping Management and New York-based Overseas Shipholding Group have set up Suezmax International, a commercial pool which will initially operate eight tankers. The Suezmax International Pool is co-managed by in and OSG Ship Management Inc. in . OSG and Seaarland have committed eight ships to the pool so far: the Overseas London, Overseas Newcastle, Genmar Hope, Elisewin, and four newbuildings due for delivery from Nantong Rongsheng Shipbuilding, during 2009
US-based International Shipholding Corporation (NYSE: ISH) plans to offer shares of its Series B Cumulative Redeemable Perpetual Preferred Stock in an underwritten registered public offering. ISH intends to use the net proceeds from the offering for working capital and other general corporate purposes, including using a substantial portion of the funds to repay certain indebtedness and to finance certain vessel investment costs
The United States Coast Guard (USCG) initiated the Qualship program on January 1, 2001 to reward quality owners. Lloyd's Register classed ships dominate the latest USCG list, with more quality ratings than any other classification society. These ships will all benefit from less frequent USCG inspections. Among the 41% of ships that are classed by Lloyd's Register are those owned by AP Moller, P & O Nedlloyd, Overseas Shipholding Group, Shell International and BP Amoco.
Marine and chartering services provider Osprey Maritime Ltd said on Friday it will be de-listed from the Singapore Exchange on May 15 following its acquisition by World Shipholding Group owned by Norwegian magnate John Fredriksen. Company officials said that after a public tender, World Shipholding now owned about 98.6 percent of the firm's existing share capital and a de-listing was necessitated as it was not feasible to restore a minimal free float.
International Paint Ltd. announced the completion of coating work on one of the world’s largest crude oil carriers, the 442,500 dwt V-Plus TI Africa. Owned and operated by Overseas Shipholding Group, Inc. (OSG), the 2002 Korean built vessel, one of four sister ships, recently drydocked in Dubai. T The decision to use the unique patented, Intersleek 900 fluoropolymer foul release coating was based on experience with Intersleek 700 silicone based products on three OSG owned VLCC’s.
Airline chief Stelios Haji-Ioannou's tanker company Stelmar has abandoned its bid for the First International fleet of clean tankers and is now reportedly considering those of Singapore-listed Osprey Maritime, Reuters reported. "Stelmar is looking at the Osprey ships, because the deal with First International is now looking too messy and too time-consuming," a New York-based source told Reuters. Stelmar's London office declined to comment
Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine Maritime Academy has been awarded $450,000 by the U. S. Department of Homeland Security (DHS) Science & Technology
Netsco announces Jan M. Flores, as Sr. Director of Business Development. Flores comes to Netsco from OSG (Overseas Shipholding Group) where he headed the FSO Group and was responsible for Business Development in the Offshore market. Prior to his assignment with the FSO Group
Eagle Bulk Shipping Inc's shares shot up to as much as $15.46 from 68 cents as the company cut its borrowings by about 80 percent after converting debt into equity under a financial restructuring program. The stock was the top percentage gainer on the Nasdaq, with more than 14
Economic development wins, new services and expanded agreements have resulted in record operating revenues and strong, double-digit cargo growth in 2014, Port President and CEO Gary LaGrange said during the annual State of the Port Address hosted by the International Freight Forwarders and Customs
The Seamen’s Church Institute (SCI) announces the recipients of awards it will confer at its 37th Annual Silver Bell Awards Dinner in New York City on Thursday, June 5, 2014. SCI presents the Silver Bell Award, in recognition of outstanding leadership in the maritime community, to Orrin H
International Shipholding Corporation (ISC) provides preliminary guidance for first quarter 2014 results and announces timing of earnings release and conference call. The company says that it expects to report a first quarter net loss, before Preferred Dividends, in the range of $3
Nordic Shipholding A/S has been informed that Pacific Alliance Group (“PAG”), which controls Nordic Shipholding’s majority shareholder, Nordic Maritime S.á r.l., has entered into an agreement with BW Group regarding the establishment of a joint venture to target a
Nautilus Holdings Ltd, a Bermuda-chartered company that leases containerships, has filed for Chapter 11 bankruptcy protection in New York, becoming the latest victim of a depressed shipping industry. The company has about $770 million in debt, according to papers filed late Monday with the U.S
International Shipholding Corporation inform that its Board of Directors has declared a dividend of $2.375 per share on its Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE:ISHPRA) and a dividend of $2.25 per share on its Series B Cumulative Redeemable Perpetual Preferred Stock
International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,000 for the three months ended June 30, 2014. For the comparable three months ended June 30, 2013
Eagle Bulk Shipping filed for bankruptcy on Wednesday, the latest in a string of shipping companies to make a Chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million. The U.S. company said in a statement that creditors who hold more than 85 percent of
Overseas Shipholding Group, Inc. announced today that Captain Robert Johnston, President and Chief Executive Officer, will retire from the company effective immediately. He will continue to advise the company as a consultant through mid-2015.
The U.S. Subcommittee on Coast Guard and Maritime Transportation, chaired by U.S. Rep. Duncan Hunter (R-Calif.), will hold a hearing next week to examine issues impacting the U.S. merchant marine, the fleet of U.S. documented, or flagged, commercial vessels which carries imports and exports during
On September 4th, Anglo-Eastern celebrate it’s 40th Anniversary, in Hong Kong, concluding with an evening of fun, at the Hong Kong Maritime Museum. Among a host of VIPs, both local and international, Mr. & Mrs. Evert Maréchal, The Consul General of Belgium
DHT Holdings, Inc. announced today that it has entered into an agreement to acquire all the outstanding shares of Samco Shipholding Pte. Ltd., a private company incorporated under the laws of the Republic of Singapore. Samco owns and operates a fleet of seven very large crude oil tankers (VLCCs)