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.
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
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
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.
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
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
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
Mitsui O.S.K. Lines, Ltd. (MOL) today announced a decision to order two containerships (8,600 TEU) from Mitsubishi Heavy Industries, Ltd., with delivery slated for 2013. Along with eight 8,100 TEU ships already in operation, the new vessels will be deployed to Asia-Europe routes. The company also reached an agreement with NOL Group* for a three-year charter of five large containerships (14,000 TEU) of 10 that NOL Group has on order
FINLAND-based door-to-door short-sea operator Containerships Group has reacted to a statement issued by Russian liner operator FESCO which named the company as a purchase target and says there are no plans to sell the company to FESCO or anyone else. Sigurjon Markusson, managing director of Containerships Group says, "Containerships Group is a Finnish company which is 65 per cent owned by Eimskip, which in turn is listed on the Icelandic Stock Exchange. The
The November 2013 edition of Lloyd’s Register’s Gas Technology Report is dedicated to LNG as a marine fuel. Highlights include a look at developments in Canada – a shipowner, the regulator and a shipbuilder talk about gas fuelled shipping
Matson, Inc., a U.S. carrier in the Pacific, announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Guam/Commonwealth of the Northern Marianas Islands (CNMI) and Micronesia services by $275 for both westbound and eastbound containers, effective January 26
Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Hawaii service by $175 per westbound container and $85 per eastbound container, effective January 5, 2014
The London P&I Club says that a recent analysis of collision cases has highlighted the effect complacency has on casualties. The club recently undertook a ‘root cause’ analysis of collision cases, which concluded that the majority could be categorised as human error
Singapore's First Ship Lease Trust (FSL Trust) has announced the suspension of trading in its shares pending an announcement to clarify lenders' position in relation to a covenant waiver or relaxation for 30 September 2013. About FSL Trust
Power and automation technology group ABB won two orders in the third quarter to provide the waste heat recovery systems, each powered by a power turbine generator (PTG), for 14 new 8,800 TEU (twenty-foot equivalent unit) container vessels.
Mitsui O.S.K. Lines, Ltd. (MOL) announced another effort to assist those affected by the typhoon in the Philippines. MOL executives and employees have organized a charity donation program within the MOL Group of companies. The company has already made a $30
Mitsui O.S.K. Lines, Ltd. (MOL) said the MOL Group will provide free transport of relief supplies by containerships to the central Philippines devastated by the recent typhoon. The company has already donated $30,000 to emergency relief efforts.
Matson Navigation Company, Inc., a U.S. carrier in the Pacific Ocean, announced an order today for two MAN B&W, 7S90ME-GI dual fuel engines with liquefied natural gas (LNG) capability to be installed aboard two new “Aloha Class” 3
Matson Signs Contract With Aker Philadelphia Shipyard For Two New "Aloha Class" Containerships, First Ship To Be Named The Daniel K. Inouye. Matson, Inc., a U.S. carrier in the Pacific, announced today that its subsidiary, Matson Navigation Company, Inc
The London P&I Club says that a recent analysis of collision cases has highlighted the effect which complacency on the bridge of the vessel can have on the incidence of casualties. The club recently undertook a ‘root cause’ analysis of collision cases which concluded that the
The Board of Directors of Matson, Inc. a leading U.S. carrier in the Pacific, has declared a third quarter dividend of $0.16 per common share. "Today's dividend declaration reflects the solid foundation of our core businesses and the continued confidence we hold in our ability to generate
Capacity management is firmly on the minds of Maersk executives as the largest container ships in the world steam into service. Photographs of Maersk Line’s 18,000 TEU ships are flooding in from ports around the world as the carrier phases its giant new vessels phase into the AE10
With the Américo Vespúcio the Hamburg Süd subsidiary Aliança christened the third of four identical 3,800 TEU container ships for its cabotage fleet on October 22, 2013 in Pecém (Brazil). The naming ceremony was held as part of a customer event at the port of
Rickmers Maritime is a Singapore business trust formed to own and operate containerships under long-term, fixed-rate time charters to leading container liner companies. Financial highlights for the third quarter and nine months ended 30 September 2013 are as follows: