Tanker firm Stelmar Marine Holdings Ltd. officially applied on Wednesday for listing on the Cyprus Stock Exchange. The company was established in 1992 by Greek Cypriot entrepreneur Stelios Haji Ioannou and owns and operates a fleet of 12 tankers with an average age of eight years. The company is planning to raise $54.6 million through the Cyprus Stock Exchange for further expansion of the fleet. The amount will be raised through the issue of 42 million new shares of face value $1 at the flotation price of $1.30, the company said. Approximately 27 million shares will be placed with private investors and 15 million will be offered to the public. Company executives said Stelmar, which is now based in Athens and London but plans to create a small office in Cyprus, would use the additional liquidity to acquire six new tankers.
Hill International get project management contract for a US$ 590-million Casablanca marina construction Hill International (NYSE:HIL), the global leader in managing construction risk, announce that it has been awarded contracts to provide project management services for three projects in North Africa. The contracts, which have a combined estimated value to Hill of approximately $7.5 million, include: A four-year contract has been awarded the company by Société New Marina
Seabulk International, Inc. reported a net loss, excluding charges related to its recent refinancing, of $2.8 million or $0.21 per diluted share for the quarter ended September 30, 2002. Including charges of $27.8 million or $2.16 per diluted share related to the early extinguishment of debt in connection with the company's refinancing, the net loss for the current period was $30.6 million or $2.37 per diluted share compared to net income of $2.9 million or $0
Dubai Drydocks will launch its $60 million new building panel line and steel structure assembly facility in July. The yard, whose current shipbuilding facility has a monthly turnover of 2,800 tons of steel, plans turning over similar volumes of steel per month for the new building. It is already building the gravity base structure for a 10,000 steel construction with an extensive piping arrangement and four 6,200 dwt bunker tankers due to be delivered in March.
During the testimony today at a Senate Energy and Natural Resources Committee hearing on offshore energy revenue sharing, National Ocean Industries Association (NOIA) president Randall Luthi urged Congress to take the next step in enhancing America’s energy security, energy reliability and American jobs by increasing access to the Outer Continental Shelf (OCS) for energy exploration and development. “Only by providing additional oil and natural gas lease sales in more of the
Topaz Energy and Marine, an offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, has announced a $75 million new equity investment in the business from Standard Chartered Private Equity (SCPE), one of the world’s leading emerging market private equity investors. Under the terms of the investment, SCPE will inject $75 million of equity in return for a 9.8% stake in the business
By Todd D. Snyder & Lara Bernstein Mathews Dyer Ellis & Joseph, P.C. Recent growth in ferry construction, particularly in the U.S., has been significant. The U.S. Department of Transportation recently reported that the U.S. marine transportation system annually transports 134 million passengers by ferry. Although the U.S. fleet represents a small percentage of the worldwide fleet, the U.S. fleet has recently experienced one of the largest and most rapid growth rates
The China Shipbuilding Industry Corp. (CSIC), built 3.17 million tons of new ships in 2005, up 47 percent. In 2005, the CSIC received 3.73 million tons of new orders and 2.85 million tons of new ships are under construction. The profit it earned topped $123.9 million, up 85 percent year-on-year. China's shipbuilding companies built 12 million tons of new ships in 2005, accounting for 18 percent of the world market, ranking third after the Republic of Korea and Japan
US exports have been relatively robust in a backdrop of a moribund global economy, but slowing growth means that President Obama’s ambitious plan to double outbound trade in five years will fall short. In his first State of the Union speech in January 2010, President Barack Obama set out an ambitious goal to double exports over the next five years to support 2 million new jobs. Following an initial burst that made that target look a realistic possibility
Growth, competitiveness and sustainability are the three axes that underlie the Port of Barcelona's Third Strategic Plan 2015-2020, which sets the main objectives for the coming years. This Plan maintains the Port's mission as defined in the previous two plans: “To contribute to the competitiveness of customers by providing efficient services responding to their needs for maritime transport, land transport and logistics services”
Singapore Offers Funding to Build LNG Vessels Port of Singapore offers S$12 million funding for building of LNG-fuelled vessels as Singapore advances LNG bunkering efforts to meet future demand The Port of Singapore, regarded as a leading bunkering hub
Matson, Inc., a U.S. carrier in the Pacific, announced today the issuance of $75 million in 30-year final maturity senior unsecured notes pursuant to a previously announced private placement on July 30, 2015. The notes will have a weighted average life of approximately 13 years and will
American Electric Power (AEP) has signed an agreement to sell its commercial barge transportation subsidiary, AEP River Operations LLC, to American Commercial Lines (ACL), owned by Platinum Equity, for approximately $550 million. AEP River Operations is a commercial inland barge company
Epic Gas Ltd has closed a new USD 120 million post-delivery senior secured credit facility to finance its remaining seven owned vessels under construction. The facility covers approximately 65% of the contract price of the vessels, and has been closed in partnership with Coordinator
Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, has secured new contracts for the design and construction of two Offshore Subsea Construction Vessels (“OSCV”) for a new customer
U.S.-flag Great Lakes carriers lose a quarter-million dollars waiting 20 days for MacArthur Lock to reopen The 20-day closure of the MacArthur Lock at Sault Ste. Marie, Michigan cost U.S.-flag Great Lakes vessel operators nearly $250,000
The Investment Coordinating Board (BKPM) is looking to book millions of dollars of investment realization in the shipbuilding industry by the year-end as domestic demand is expected to skyrocket following the government’s instruction to prioritize the utilization of locally produced
German container carrier Hapag-Lloyd is looking to sell shares for a total US$500 million, and will seek listings in Hamburg and Frankfurt before the end of 2015. Hapag-Lloyd has confirmed that it is preparing for a US500 million initial public offering (IPO) this year
Three new ship-to-shore gantry cranes have been delivered to the Port of Felixstowe, the Port of Britain. Built by ZPMC in Shanghai, the new cranes will be operated on the port’s Berth 8&9 which are currently being extended to increase the port’s ability to handle the
As the debate continues both at home and abroad on carbon offsetting measures, the Chamber of Marine Commerce is urging stakeholders and governments to consider the environmental advantages and the competitive challenges faced by the Great Lakes-St. Lawrence shipping industry.
Moody’s Investors Service (Moody’s) changed the rating for German Container shipping company Hapag-Lloyd to positive from stable, thanks to cheaper fuel. According to Moody’s the outlook on the B2 corporate family rating (CFR)
Shipping firm Stolt-Nielsen reported third-quarter earnings below forecast on Thursday and said it remained worried by the expected influx of new product tankers in 2016 and 2017. Stolt-Nielsen's June-August operating profit rose to $59.8 million from $45
Container shipper Hapag-Lloyd announced it has signed a 12-year $372 million facility agreement with a banking syndicate to finance the construction of five new vessels ordered from a South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) in April 2015.
Bulk freight shipper Rand Logistics, Inc. has taken delivery of its newest Canadian self-unloading vessel, increasing its fleet to 16 ships, including 10 Canadian flagged and six U.S. flagged vessels. According to Rand, the new vessel will have the largest carrying capacity of any
Matson, Inc., a U.S. carrier in the Pacific, announced that production has begun on its two new Aloha Class containerships following a steel cutting ceremony at Aker Philadelphia Shipyard Inc. (APSI) in Pennsylvania. Matson subsidiary Matson Navigation Company, Inc