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)
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.
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 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
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
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
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
Having sat in this chair for more than two decades, I must admit that I have become somewhat jaded in the sense that there are few developments which actually give me cause to pause. Of course there are the spectacular casualties that will never cease to amaze, but on the business side there are very few real showstoppers. Then there was last month. Just as I was literally packing up to head down to New Orleans for the International Workboat Show, news broke that U.S
Greek drybulk cargo ship owner, Paragon Shipping, informs it has entered into a firm commitment with a European bank syndicate to partly finance up to 60 % of the market value of their two new Ultamax newbuilds due to be delivered in 2015. The new $120
Euroseas signs new building agreements for the acquisition of two fuel efficient kamsarmax drybulk carriers and announces new acquisition for its joint venture Euromar. Euroseas Ltd., a Greek owner and operator of drybulk carriers and container vessels and provider of seaborne transportation
Drewry’s latest Container Equipment Insight, exclusive to subscribers of Drewry’s Container Leasing and Container Census reports, saw prices for new dry freight containers increase in the opening months of 2014 for the first time in two years.
Prices for new dry freight containers increased in the opening months of 2014 for the first time in two years, observes Drewry's latest 'Container Leasing and Container Census'. Standard box prices declined gradually throughout 2013, falling by late in the year to their lowest point since 2009
Speaking at the first meeting of the newly-formed IMO Sub-Committee on Ship Design and Construction, IMO Secretary-General Koji Sekimizu has delivered his New Year Address outlining some of the targets, challenges and priorities the Organization in year 2014
Talks between German containership company Hapag-Lloyd and Chilean fellow shipping company Cia. Sud Americana de Vapores SA (CSAV) about combining the container liner shipping activities are entering the next phase, Hapag-Lloyd said in a press release today
The Maritime and Port Authority of Singapore (MPA) reported two separate vessel collision incidents, both resulting in spills. Collision between Lime Galaxy and Feihe The MPA said it received a report on January 29, at about 6:30 p.m. (Singapore Time) that the departing Hong Kong-flagged
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, announced that it has signed, through a separate wholly-owned subsidiary, a memorandum of agreement to sell to an unaffiliated third party the 1995-built vessel APL Sardonyx (to be renamed
Greece-based container ship & drybulk ship owners and operators Euroseas have released its results for the three month period and full year ended December 31, 2013, with the following highlights: Full year 2013 Net loss of $103.4 million, or, $2
Container ship owners and operators, Rickmers Trust Management, report a net loss of US$8.0 million in 4Q2013 and a lower net profit of US$23.5 million in FY2013, compared to net profits of US$2.2 million and US$27.6 million in 4Q2012 and FY2012 respectively due to a a US$2
Fireworks marked the first cut of steel in a ceremony last night as construction of TOTE, Inc.’s new Marlin Class, the first liquefied natural gas (LNG)-powered containership in the world, began at the General Dynamics NASSCO shipyard in San Diego, Calif.
Together with customers and business partners, Hamburg Süd yesterday celebrated the christening of its containership Cap San Lorenzo at the Exolgan Terminal in Buenos Aires. The Cap San Lorenzo is the fourth containership in a series of six newbuilds for the company in the new Cap San class
Hyundai Heavy Industries (HHI), which claims to be the world’s biggest shipbuilder says that it set a new daily naming ceremony record by naming 5 containerships (ordered from Enesel) on a single day. In a simultaneous naming ceremony attended by Mr. Andonis Lemos; Mr Filippos Lemos; Mr
Mitsui O.S.K. Lines, Ltd. (MOL) president Koichi Muto hosted an appreciation cocktail party for government leaders, customers, partners and MOL employees on March 5 at Park Royal Hotel, Yangon. It was well attended by 110 guests including Ichiro Maruyama, Minister-Counsellor/Deputy Chief of Mission
Seaspan Corporation announced that it accepted delivery of a 10,000 TEU containership, the Hanjin Buddha, which was constructed using Seaspan's fuel-efficient SAVER design. The new containership, which was constructed by Jiangsu New Yangzi Shipbuilding Co., Ltd