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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


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.


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


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


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


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


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


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


CMA CGM on APL Integration

Photo: CMA CGM

 APL improved its performance in the first three months under the ownership of CMA CGM Group in a challenging market.   APL’s 3Q 2016 volume rose almost 9.9% to 1.3 million TEUs (vs. 3Q 2015). This organic growth was driven by more than 20 co-operations on new and enhanced


Boskalis Sells Stake in SMIT Amandla Marine

Courtesy Royal Boskalis Westminster

Royal Boskalis Westminster N.V. (Boskalis) has successfully completed the sale of its stake in SMIT Amandla Marine (SAM). The possible sale had already been announced in March 2016. The stake was sold to management and local investors, thereby returning the business of SAM to 100% South African


James Murray Joins Gulfstream Shipbuilding Management Team

James Murray (Photo: Gulfsteam Shipbuilding)

Gulfstream Shipbuilding welcomes James Murray, a second generation boat builder and operator/owner, to the Sales Management Team. James is the son of Jim Murray, who originally opened the shipyard 35 years ago as Freeport Shipbuilding.  James built a variety of custom boats at the shipyard


Fugro's Shares Sink after Boskalis Trims Holding

File photo: Fugro

Shares in Dutch deep-sea prospector Fugro fell 4.5 percent on Monday after larger rival Boskalis announced that it had trimmed its holding in the company.   A statement from dredging and marine engineering company Boskalis said that its holding in Fugro now stands at 24.9 percent


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.  


SA Ports Gears for Cruise Season

Queen Elizabeth Photo SA Ports

South Africa’s ports are ramping up for another busy cruise season with at least14 luxury cruise lines and 20 vessels of varying sizesset to ferry international and domestic tourists across the country’s port cities. The 2016/17 South African cruise season kicks off on 1 November


Fair Trade Commission Approves Blohm+Voss Acquisition

Photo: Blohm+Voss

The German Fair Trade Commission has approved the acquisition of Hamburg shipyard Blohm+Voss GmbH by the Bremen-based, family-owned company Luerssen Maritime Beteiligungen GmbH & Co. KG, a specialty designer, manufacturer and repairer of yachts over 60 meters and military ships.  


Seaspan Declares Q3 Results

Photo: Seaspan Corporation

 Seaspan Corporation announced its financial results for the three and nine months ended September 30, 2016. Revenue edged up thanks to new additions to its fleet, including the delivery of one newbuild vessel during the quarter.   


New Tall Ship to Feature Hybrid Propulsion System

Image: Corvus Energy

The San Francisco Bay Area nonprofit, Educational Tall Ship Program has ordered a 100kWh energy storage system (ESS) from Corvus Energy as a part of a hybrid electric propulsion system on board its new, 132-foot Brigantine tall ship, the Matthew Turner


Maersk Divest its Shares in Danske Bank

Danske Bank A/S Photo: A.P. Møller – Mærsk A/S

 Danish shipping and energy giant A.P. Møller – Maersk A/S has sold its shares in the Danske Bank A/S for a total of DKK 3.2 billion (USD 477 million).   Maersk owns 16.2 million shares representing 1.6 per cent of the total shares in Denmark's largest bank.  


Two Final Bids for Hanjin

Photo: Hanjin Shipping Co

 Bankrupt Hanjin Shipping Co has received two final bids for its Asia-U.S. route and its 54% ownership in the Long Beach terminal, the Wall Street Journal reported.   Hyundai Merchant, South Korea’s largest shipping line, and Korea Line, a smaller operator


Diana Shipping Slips into Red

Alcyon Courtesy Diana Shipping

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $78.3 million and net loss attributed to common stockholders of $79.8 million for the third quarter of 2016, of which $50


Satcom Global Launches Aura VSAT

Aura VSAT (Photo: Satcom Global)

Satcom Global has announced the launch of Aura: a global VSAT solution offering high quality, high bandwidth connectivity across a variety of customizable packages.   Already live on a wide variety of vessels and fixed remote locations around the world following a successful trial period


Akastor, Mitsui, MOL Close JV Transaction

Akastor was created in 2014 by separating the oilfield services company Aker Solutions ASA into two new entities

Akastor ASA (OSE: AKA) announced today that the Agreement with MITSUI & CO., LTD ("Mitsui"), and Mitsui O.S.K. Lines, Ltd. ("MOL"), to create a joint venture with 50/50 ownership between AKOFS Offshore AS ("AKOFS") and Mitsui/MOL has now been approved and


Sizing Up The World’s Shipping Companies

Graph: Clarksons Research

 Shipping is a truly global industry with owners based all over the world, says Clarksons Research. Interestingly, ownership is also very fragmented with over 90,000 vessels owned by more than 24,000 shipowners, with an average of around four ships per owner.   






 
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