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New Ownership

Mainstay Marine Looks Ahead Following Rebrand

Stewart Graves, Managing Director of Mainstay Marine Solutions outside the companys build hall on Pembroke Dock (Photo: Mainstay Marine Solutions)

South Wales maritime engineering company Mustang Marine has rebranded as Mainstay Marine Solutions.   The Pembroke Dock based workboat, marine energy device and waterside infrastructure specialist has adopted a new name and corporate image following its first year under new ownership.   The company, which was bought out of administration in May 2014 by a group of nine investors, said it has thrived under its new ownership and is on course to double its workforce compared to 12 months ago, increasing from 27 employees in June 2014 to 60 today.   “The last 12 months have seen a lot of positive changes for the business, both in its working practices and culture,” said Stewart Graves, managing director of Mainstay Marine Solutions. “The rebranding exercise we’ve carried out has drawn upon those experiences, and the new name, Mainstay Marine Solutions, reflects what we’re about as a business. We’re more than just boat builders – we look to provide solutions to our customers’ workboat, marine energy and waterside infrastructure objectives.”   “We already had a proud maritime heritage and a track record for quality craftsmanship. Our focus over the last 12 months has been on extending our reputation for reliability and providing innovative engineering and design solutions to our clients, Graves continued

KMY Wins Two-Ship Order From RCL

Kvaerner Masa Yards won a $1.09 billion contract to build two ships for Royal Caribbean Cruises (RCL). The Eagle-type cruise ships are scheduled to be ready for delivery in 2002 and 2003. "The intentional agreement has been signed under the conditions that the yard can finance construction of the ships," Kvaerner said. "Even though Kvaerner has decided to pull out of shipbuilding and concentrate its operations in other fields -- and the process to find a new ownership structure for Kvaerner

Premier's S.S. OceanBreeze Sold To Imperial

Imperial Majesty Cruise Line purchased the S.S. OceanBreeze from Premier Cruise Lines, said President Arthur M. Pollack. The total value of the deal, including the purchase price and planned upgrades to the vessel, is in excess of $16 million. "The purchase of the OceanBreeze reaffirms our commitment to the short-term cruise concept and the South Florida market," said Pollack. The OceanBreeze began to sail under its new ownership on May 20

Genting HK to Buy Lloyd Werft Shipyard

Photo: Lloyd Werft

Genting Hong Kong has agreed to acquire the Lloyd Werft shipyard in Bremerhaven, Germany, in a deal that will see the company invest €17.5 million for a 50 percent ownership of the land and 70 percent of the new build business. The acquisition remains subject to final purchase conditions.   Genting, a corporation primarily involved in the cruise, hospitality, leisure and entertainment businesses, is the owner Star Cruises and a major shareholder in Norwegian Cruise Line

Kockum Sonics Acquires LMI

Loadmaster International Inc. (LMI) announced a new ownership structure. LMI, with offices in both California and Malmö Sweden, was formerly owned jointly by Herbert Engineering Corp.(HEC) of Alameda, California and Xantic BV of The Hague Netherlands. The Malmö operations LMI AB (former Kockumation) will be acquired by Kockum Sonics, also of Malmö Sweden, and the Alameda operations of LMI will revert to sole ownership as a subsidiary of Herbert Engineering Corp.

Marcon Sells 3,900BHP Tug Overseas

Photo: Marcon

Marcon International, Inc. of Coupeville, Washington announced the sale of the 3,900BHP, U.S. flag twin screw tug Maria Brusco (ex-Ocean Service) from a U.S. owner to private overseas buyers for transfer to registry under foreign flag. The 127’ x 32’ x 14’ depth tug was originally built in 1967 by Burton Shipyard Inc. in Port Arthur, Texas as Hull 404 for International Bulk Transport of Wilmington

AVIC International will Acquire Deltamarin

The majority of the shares of Deltamarin Ltd are to be sold to AVIC International Investments Limited, a publicly listed company on the Singapore Stock Exchange.   After the closing of the acquisition, Deltamarin’s existing operations will continue as they are and the business will remain independent keeping the name and the brand of Deltamarin unchanged. The aim of the intended new ownership structure is to enable Deltamarin’s solid growth in the marine and offshore oil and

Meercat Delivers First Workboat Under New Ownership

Falls of Lora is now in operation with Dawnfresh Farming

Meercat Workboats have delivered its first vessel under the umbrella of new owners Burgess Marine with the hand-over of a 14m. workboat to Scottish fish farming specialists Dawnfresh Farming. Meercat completed the steel build, named the Falls of Lora, at its facilities in Portchester, Hampshire, and the vessel is now in operation at Dawnfresh’s trout farming operation on Loch Etive, where it is being used for general fish farm maintenance with a particular focus on feeding operations

Davie Wins Icebreaker Life Extension Work

Photo: Davie

Davie awarded vessel life extension (VLE) contract for Canadian Coast Guard (CCG) icebreaker vessel   Canadian shipbuilder Davie informs it has been awarded a $16 million contract to refit and upgrade the CCGS Henry Larsen, a CCG T1200-Class Icebreaker based in St. John’s, Newfoundland.   Medium icebreaker CCGS Henry Larsen is capable of sustained icebreaking and escort operations in the Arctic and Atlantic Region for the winter and summer seasons

GLDD Sells Historic Demolition Business

Largest provider of dredging services in the United States, Great Lakes Dredge & Dock Corporation (GLDD) informs it has completed the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two subsidiaries that comprise the historical demolition business, to a privately owned demolition company located in the Midwest for US$5.3 million. GLDD points out that it retains the right to collect all outstanding accounts receivable and work in process at the date of close

DCNS Mulls Buying Stake in STX France

Photo: STX France

The head of the French state-controlled naval defence group DCNS said on Wednesday it was "closely studying" a possible stake purchase in STX France, a shipyard subsidiary of the struggling South Korean conglomerate STX Corp.  

Samskip Completes Reefer Acquisition

One of five reefer vessels now acquired by Samskip Logistics - renamed Samskip Arctic (Photo: Samskip)

Silver Green AS, owned 50% by Samskip, is changing its name to Silver Sea AS to mark the finalization of a series of ownership changes. The new name reflects a consolidation by Samskip of its position in the reefer vessel segment, including the strengthening its ownership in the company and direct

Bimco Publishes Dry Bulk Crisis Report

Philippe Louis-Dreyfus. Photo: BIMCO

 BIMCO has published the next in its series of reports looking at the “road to recovery” for dry bulk shipping beyond the current market difficulties.    The foundation for the new report follows the conclusion of BIMCO’s previous analysis – that due to the

Consolidation, Greater focus on Risk Management and Higher Finance Costs - BIMCO


BIMCO has today published the next in its series of reports looking at the “road to recovery” for dry bulk shipping beyond the current market difficulties. The foundation for the new report follows the conclusion of BIMCO’s previous analysis – that due to the severity of

Diana Shipping Delays Newcastlemax Delivery

Courtesy Diana Shipping

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through two separate wholly-owned subsidiaries, it signed two addenda with China Shipbuilding Trading Company

Chinese Leasing Companies Role in Ship Finance

Graph: Clarksons Research

 Clarksons Research takes a look at Asian shipping finance that has increased in prominence globally with finance from the traditional lending base more difficult for many to access since the global financial crisis.   Within this wider trend

FreeSeas Sells M/V Free Maverick

Logo: FreeSeas Inc.

 FreeSeas Inc.  announced that on September 26, 2016, it sold to unrelated third parties the M/V ‘Free Maverick’, a 1998-built, 23,994 dwt Handysize dry bulk carrier for a sale price of $1,925,000. The vessel’s mortgage has now been discharged.

Maersk, Danske and Nordea to shed Ship Finance Stakes

A.P. Moller-Maersk , Danske Bank and Nordea Bank will sell their shareholdings in shipping lender Danish Ship Finance worth 4.25 billion Danish crowns ($638.05 million) to a consortium of Danish investment funds, the company said Wednesday.

Second Ship of Franklin Arctic Voyage Found, Canada Confirms

Canada confirmed on Monday it has found the wreck of HMS Terror, the second of two British ships lost in the disastrous Franklin Arctic voyage of 1845, and said the government will work closely with northern aboriginals on ownership of the artifacts.  

Adani buys Australian Port Operator from Glencore

A unit of India's Adani Enterprises Ltd will buy the company that operates Australia's Abbot Point Coal Terminal from Glencore Plc for A$19.25 million dollars ($14.52 million), ending a legal wrangle over control of the port. The statement from Adani and Glencore said Adani Ports and Special

Wallenius Wilhelmsen Logistics: No Change in Long Term Ownership Structure

* The Norwegian Wilhelmsen family sees no change in the planned ownership structure in Wilh. Wilhelmsen ASA in the foreseeable future after the merger with Wallenius   * Wilhelmsen and Wallenius aim to merge its ownership in the jointly owned entities Wallenius Wilhelmsen Logistics (jointly

RH Marine Launches Rhodium Product Line

Photo courtesy of RH Marine

System integrator and innovator of electrical and automation systems RH Marine has officially launched its own product family brand at the international maritime trade fair SMM in Hamburg last week. RH Marine said product innovation is one of its main focusses

Star Bulk Announces $51.5M Offering Common Stock

Courtesy Star Bulk Carriers Corp.

Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK) today announced it plans to make an underwritten public offering for $51.5 million gross proceeds of its common stock. The Company intends to use the net proceeds from the offering for general corporate

Sparkman & Stephens under New Ownership

Photo courtesy of Sparkman & Stephens

Sparkman & Stephens (S&S), the naval architecture and brokerage firm founded by Olin Stephens and Drake Sparkman in 1929, announced that it was acquired by a group of private investors led by Brooke S. Parish and John B. Reuter. The transaction enables S&S to implement expansion

Wilhelmsen and Wallenius to Merge

Courtesy Wilhelmsen

Wilhelmsen and Wallenius have signed a letter of intent to establish a new ownership structure for their jointly owned investments. The new entity, Wallenius Wilhelmsen Logistics ASA, will form a more efficient management structure and enable further synergies between the joint ventures.

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