"Very poor weather, major repairs to a lock on the Gulf Intracoastal Waterway and rapidly escalating fuel prices, not lower business levels, are the factors causing Kirby to revise its first quarter forecast," were a few reasons that Joe Pyne, Kirby Corporation's President CEO, cited for the company's lowering of its earnings guidance for the 2003 first quarter to $.26 to $.30 per share from previous guidance of $.36 to $.40 per share. "Not only have our transit times been slower, but we also have been forced to use additional horsepower to meet scheduling demands." Navigational delays due to fog along the Gulf Coast, both high and low water issues on the Mississippi River, and major repairs to a critical lock on the Gulf Intracoastal Waterway, have resulted in increased transit times. Navigational delays increase transit times, which reduce revenues and increase operating expenses. For the 2003 first quarter, Kirby estimates that navigational delays will increase by 18 percent when compared with the first quarter of 2002. During the 2003 first quarter, Kirby has also experienced a significant increase in its fuel costs. The average price per gallon consumed in the first two months of 2003 was $1.00, up 22 percent from the 2002 fourth quarter average of 82 cents, and 72 percent higher than the 2002 first quarter average of 58 cents. Currently, Kirby is paying an average of $1.20 per gallon
The recent confluence of three events, all strangely relating to the number 11, is presenting the U.S. shipbuilding industry with challenges greater than seen in many decades. American Classic Voyages (AMCV), owned by Chicago billionaire Sam Zell, is the nation's largest provider of Inland River and Hawaiian Island overnight cruises. In mid October, the company declared Chapter 11 bankruptcy and that action has led the Maritime Administration (MARAD) to cancel its Title XI loan guarantee on
Shares in Cammell Laird fell nearly nine percent on Thursday after news the British shipbuilder's $500 million contract with U.S. firm Luxus was at risk, threatening a second blow to the yard in as many months. Since it began a dispute with Costa Classica -- an Italian unit of U.S group Carnival Corp. -- last Autumn over a key cruise ship contract, which was subsequently terminated, its shares have fallen dramatically from a year high of 147p
Congress has approved $29.9 million for the Maritime Loan Guarantee Program, or Title XI program, a $27.9 million increase over the President's Fiscal Year 2001 budget request. Allen Walker, president of the Shipbuilders Council of America (SCA) and chairman of the Title XI Coalition, said, "We're pleased that Congress has recognized that the Title XI program is an important component of our nation's maritime policy and has agreed to significantly increase funding levels over those requested
The Maritime Administration today announced the approval of a $210.9 million Title XI loan guarantee supporting the recent construction of two articulated tug-barge units that are currently in service on Delaware Bay. Construction of the barge units involved five American shipyards, including Bender Shipbuilding & Repair, Inc., in Mobile, Alabama, and Tampa, Florida; VT Halter Marine; Atlantic Marine; Tampa Ship; and International Ship Repair
Maritime Administration to Provide Title XI Loan Guarantee for World’s First LNG Containerships Today, the U.S. Maritime Administration (MARAD) announced a $324.6 million loan guarantee for TOTE Shipholdings and Saltchuk Resources for their Marlin Class vessels. The two new Marlin Class vessels, which will be the world’s first liquefied natural gas (LNG) powered containerships, will serve the Puerto Rico trade and will be complete in 2015 and 2016.
Senator McCain (R-AZ) introduced a bill (S. 1262) to authorize appropriations for fiscal years 2004, 2005, and 2006 for certain maritime programs of the Department of Transportation, and for other purposes. Among other things, the measure would tighten controls on the Title XI maritime loan guarantee program. The measure is scheduled for mark-up by the Senate Commerce Committee on June 19, 2002. Source: HK Law
The Maritime Administration (MARAD) issued regulations relating to its administration of funds deposited under the Title XI federal loan guarantee program. Such funds may now be deposited with the U.S. Treasury and invested in Treasury obligations. The change comes into effect on October 30, 2002. Source: HK Law
The House and the Senate have agreed to include $33 million for Title XI loan guarantees in Fiscal Year 2002 in the commerce, Justice, State and the Judiciary Appropriations conference report. The conference report filed on November 9, which also includes some $3.9 million for administering the program, is expected to be approved by the House and Senate this week. In addition to Title XI, the appropriations conference report funds State and Justice department programs
The Maritime Administration has approved a $346,129,000 Title XI guarantee to Vessel Management Services, Inc., a wholly-owned subsidiary of Crowley Holdings, Inc., for the construction of three 330,000 barrel double hull tug/barge units. VT Halter Marine, Inc. in Gulfport, Mississippi is constructing the barges and Dakota Creek Industries in Anacortes, Washington has been retained to build the tugs. The Title XI Loan Guarantee program provides funding to promote the growth and
A $12 million Title XI loan guarantee supporting the recent construction of three oceangoing deck barges was recently approved by the U.S. Maritime Administration (MARAD). The three barges, Julius, Cordie and Gwendolyn, were built by Conrad Industries for barge leasing company Gray
South Korea’s second-largest shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) hit a hurdle in its efforts to get capital injection after the Export-Import Bank of Korea (Korea Exim Bank) delayed necessary funding for its shipbuilding project, reports MKBN.
The EU Commission has accepted a comprehensive rescue plan for the German shipping bank - HSH Nordbank - which will offload approximately USD 7 billion of its troubled assets back onto the government and privatize. The bank's owners, which bailed out HSH in the financial crisis
The European Commission has approved the takeover of troubled France-Corsica ferry operator SNCM by Corsican entrepreneur Patrick Rocca, according to a letter seen by Reuters on Tuesday. In the letter dated Nov. 27 to French junior transport minister Alain Vidalies
Citigroup Inc has about $280 million in loans tied to commodities in two Chinese ports which are at the center of a probe into possible fraud, a senior executive said on Friday, becoming the first U.S. bank to disclose its potential exposure.
Citigroup Inc said on Friday it has started proceedings in commercial court in London to enforce its rights over $285 million of financing at two ports in China, where metals are believed to have gone missing. Citigroup said it initiated the action on July 22 after a business counterparty and a
The launch of the Bravante IX, built in a U.S. shipyard, was from the investments made by the Maritime Administration (MARAD) just three years ago. The investment in and upgrading of the infrastructure can be an economic game changer
Eastern Shipbuilding Group, Inc. informs that it has delivered the towboat MV Kimberly Hidalgo to Florida Marine, and on the same day launched the Platform Support Vessel (PSV) MV Bravante lX for Boldini S.A., Bravante Group of Brazil. 1. Delivery of MV Kimberly Hidalgo
As part of a 2011 Presidential directive, the Departments of Navy, Energy, and Agriculture have announced that three companies have been awarded contracts to construct and commission biorefineries capable of producing "drop-in" biofuels to meet the transportation needs of the military
New vessels will create jobs, increase amount of cargo moved between Florida and Puerto Rico U.S. Transportation Secretary Anthony Foxx today announced the approval of a $324.6 million Title XI loan guarantee to TOTE Shipholdings, Inc., to finance the construction of two container ships that
Kenya's delayed Lake Turkana Wind Power project is expected to start generating power by 2017 after the African Development Bank backed financing to build a transmission line to connect it to the national grid, the project's director said.
The use of Liquefied Natural Gas (LNG) as a transportation fuel for ships, barges and ferries has surged in recent months. This surge is due, in large part, to the boon in the production of natural gas in the U.S.; new low sulfur rules for the North American Emission Control Area (ECA)
Bank of China and China Shipping Group (CSG ) signed a global strategic cooperation agreement worth $14 billion (RMB90bln) in Beijing yesterday to develop cooperation opportunities worldwide, especially in the Shanghai Free Trade Zone (FTZ).
German lender HSH Nordbank could split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model, according to a person familiar with the matter. Germany's Manager Magazin reported earlier on Thursday that the city of Hamburg was
French container shipping group CMA CGM said on Tuesday it will sign a $1 billion financing agreement with the Export-Import Bank of China. Marseilles-based CMA CGM said in a statement that the agreement, to be signed on Wednesday during a visit by Chinese Premier Li Keqiang to its headquarters