Matson Navigation Co. Inc. says it has drawn $70m under a $105m revolving credit facility in connection with its latest containership purchase. The 10-year senior secured reducing revolving credit facility is with DnB NOR Bank ASA, Norway's largest financial services group. "A portion of the funds borrowed under the facility was used in connection with Matson's purchase of a new containership, the MV Maunalei, which Matson took delivery of on July 12," Matson said Tuesday. "The balance of the funds borrowed under the facility was used for other general corporate purposes." The funds were drawn on July 12, the same day Matson, a subsidiary of Honolulu-based Alexander & Baldwin Inc., took delivery of the Maunalei, the fourth new containership it bought since 2003 in a $500m modernization program.
Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 10000 TEU containership, the Hanjin Namu. The new containership, which was constructed at Jiangsu New Yangzi Shipbuilding Co., Ltd. using Seaspan's fuel-efficient SAVER design, is Seaspan's second of five 10000 TEU SAVER design containerships scheduled for delivery in 2014. The Hanjin Namu will commence a ten-year, fixed-rate time charter with Hanjin Shipping Co. Ltd. ("Hanjin")
Bondholders who financed the shipping company Enterprises Shipholding, said on Tuesday they had arrested one of the company's newest containerships, the Ocelotmax, to force repayment of a $175 million bond on which it defaulted in June. "The Ocelotmax was arrested to secure the bondholders' unquestionable right to judgment and payment of their claims against Enterprises," said a statement from the bondholders. "While the bondholders have initiated multiple efforts to address the default
The Kyoto Express, Hapag-Lloyd’s latest mega containership, was named in Yokohama and consecrated with the traditional Shinto ceremony. The patron was the wife of NYK Chairman Minako Kusakari. The Kyoto Express is a giant containership measuring 1099 ft. (335 m) long, 141 ft. (43 m) wide; and over 197 ft. (60 m) from the keel to the superstructure. The newbuilding has a capacity of 104,000 t and can carry 8,750 standard containers (TEU)
The new Matson Navigation Co. containership MV Maunalei was christened at the Aker Philadelphia Shipyard. The christening, the traditional kind involving breaking a bottle of champagne, was undertaken by Millie Akaka, wife of Sen. Daniel Akaka. Also on hand were Hawaii Rep. Neil Abercrombie and Guam Rep. Madeleine Bordallo. The MV Maunalei is the fourth new containership built by the shipyard for Matson in the past four years
Seaspan Corporation (NYSE:SSW) announced today that it accepted delivery of a 10000 TEU containership, the MOL Bravo. The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. using Seaspan's fuel-efficient SAVER design, is Seaspan's fourth of five 10000 TEU SAVER design containerships scheduled for delivery in 2014. The MOL Bravo will commence an eight-year, fixed-rate time charter with Mitsui O.S.K. Lines Ltd. ("MOL")
CP Ships Limited has taken delivery of the 3200 teu TMM Colima. It was delivered on schedule by China Shipbuilding Corporation in Kaohsiung, Taiwan. TMM Colima is the third new containership to be delivered under CP Ships' four-year $800 million ship replacement program. It was preceded by sister ship Lykes Ranger delivered in June 2002 and Contship Aurora delivered in September 2002. It is being deployed in the Asia-Americas trade lane.
After nine months of informal consultations with its customers and the maritime industry, the Panama Canal Authority (ACP) today announced a formal proposal to update their current vessel measurement and pricing system for full container vessels and other vessel types with on-deck container capacity. The ACP’s proposal would change the system that the Canal currently uses for the container segment – from the Panama Canal Universal Measurement System (PC/UMS) to the industry standard of the
Matson Navigation Company, Inc.'s new containership MV Maunawili was christened Saturday, July 17 at Kvaerner Philadelphia Shipyard, Inc. (KPSI) by Ms. Maryanna G. Shaw, great grand-daughter of Samuel T. Alexander, one of the founders of Matson's parent company, Alexander and Baldwin, Inc. (A&B). The vessel is the second of a two-ship, $220 million contract with KPSI. Among those present for the ceremony will be Charles M
The German navigation system integrator Raytheon Anschütz was selected by the German-based shipowner NSC to supply the latest generation of the IMO-certified Synapsis Integrated Navigation System (INS) to a series of 9,000 TEU Containership newbuildings. The new containerships are built by Korea's Hanjin Heavy Industries and Construction’s Subic Shipyard in Subic Bay, Philippines and are scheduled for entering service in 2014
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today announced that, through a separate wholly-owned subsidiary, it took delivery of the m/v YM March, a 2004-built Post-Panamax container vessel of 5
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
Finnish end-to-end cargo operator, Containerships, has ordered two additional new, state-of-the-art, dual-fuel engine-technology containerships. This follows an order announced earlier this year for two similar vessels. With the announcement
Two large containerships collided in the Suez Canal off Port Said at roughly 5:30 local time Monday morning. The Hapag-Lloyd’s Colombo Express, a 324-meter German-flagged containership, collided with 332-meter Singapore-flagged Maersk Tanjong
The 3,100-teu container ship ordered by American marine transportation company TOTE, will be powered by an all-MAN package including main engine, auxiliary engines and turbochargers . The recent delivery of the world’s first dual-fuel
Container Shipping: The peak season is off to a good start and the balancing act in the freight market is as important as ever Demand The demand side continues to improve on a global scale. The winter weakness in the US and still-sluggish demand in Europe has been offset by continued strong
Danaos Corporation purchased a NAUTIS DNV Class A FMB Simulator and Instructor Station for training of its fleet members. The simulator will be delivered and installed by VSTEP at Danaos Shipping Co Ltd. Headquarters in Piraeus, Greece.
Hamburg Süd yesterday celebrated the christening of its new containership San Christobal with customers and business partners at the Hyundai Heavy Industries shipyard in Ulsan, South Korea. The vessel is the second newbuild in the series of three new San-class ships.
Gibdock remarks it has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent client list reads like a ‘Who’s Who’ of leading German shipowners and managers
Gibdock has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent client list reads like a ‘Who’s Who’ of leading German shipowners and managers
Drewry Maritime Research advises that it has just published it's latest Reefer Shipping report, which has new and improved content on the containerised segment of the market, providing a balanced analysis of the whole market, both specialised and containerised.
On Thursday morning a huge mobile crane placed the five-blade ship propeller in front of the main entrance of Hamburg's fair center, Hamburg Messe. The propeller is a head-turner at this year's SMM, the leading international trade fair of the maritime industry.
Decade long, and ongoing, research program has developed a clearer understanding of the forces imposed on ship structures. Lloyd’s Register’s updated Containership Rules came into effect in July 2014 and these new rules are supported by Lloyd’s Register ShipRight
Leading provider of classification services to the maritime and offshore industries, ABB, says it has been chosen to class two LNG-fueled containerships to be built in China for German owner GNS Shipping/Nordic Hamburg. The 1,400 teu vessels will feature dual-fuel propulsion enabling them
The troubled German-owned, Liberia-flagged containership 'Vega Auriga', which was last week banned by Australia from entering its ports for three months, has now arrived in New Zealand, where it has been detained, informs ITF Seafarers. The ship – described by the Australian Maritime