New Senior News

Arsenio Dominguez, who took up office as the 10th elected Secretary-General of the IMO on January 1, has named his Senior Management Committee members:  Director of Administrative Division: Azara PrempehDirector of Maritime Safety Division: Hiroyuki YamadaDirector of Legal Affairs and External Relations Division: Dorota Lost-SieminskaDirector of Marine Environment Division: Heike DeggimDirector of Technical Cooperation Division: Jose MatheickalDirector of Conference Division: Xiaojie ZhangChief of Staff: Damien Chevallier.

The Institute of Chartered Shipbrokers has officially welcomed its new senior officers at a Controlling Council meeting held in Athens, Greece.Taking over from Glenn Murphy as International Chair of the Institute is Luis Bernat. Prior to his election as Chair, Bernat has held the position of Vice Chair since 2021. He brings to the role extensive experience gained over almost 50 years in the industry. This includes, most recently, his role as Chartering Manager for TSL Shipping & Trading.

Maritime services provider Curtin Maritime announced it has appointed Vicky Ellis as its new Senior Vice President of People Management. Ellis will play a pivotal part in Curtin Maritime’s ongoing efforts to attract, retain and train top talent within the industry.Ellis brings a wealth of experience to Curtin Maritime, having previously served as the Director of Learning and Development at Crowley, a position in which she made significant contributions to the company’s workforce development and training programs.“We are so excited to welcome Vicky to the Curtin Maritime family…

Greek shipowner Performance Shipping on Thursday announced it has signed a memorandum of agreement to purchase a secondhand 105,408 dwt LR2 Aframax oil product tanker for $43.75 million.The vessel, Fos Hamilton, was built by South Korea's Hyundai Heavy Industries in 2013 and is equipped with an eco-electronic engine and ballast water management system (BWMS). It is scheduled to be delivered to the company in mid-December 2022 and will be renamed P. Long Beach.Performance Shipping said it will finance the acquisition with cash proceeds from the previously announced sale its oldest vessel, P. Fos, as well as a new senior secured facility.Andreas Michalopoulos…

Greek tanker owner Performance Shipping on Wednesday announced it has reached a deal to acquire a secondhand Aframax tanker for $36.5 million.The vessel, a 105,304 dwt LR2 Aframax oil product tanker built by South Korea's Hyundai Heavy Industries in 2010, will be renamed P. Alik from Alpine Amalia. The ship is fitted with a ballast water treatment system (BWTS) and exhaust gas cleaning system (EGCS), and its next scheduled special survey and drydock is in 2025.Performance Shipping said it expects to take delivery if the vessel in November 2022. The tanker will be the seventh in the company’s fleet.The company said it intends to finance…

Greek Tanker owner Performance Shipping Inc. on Tuesday announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase a 105,071 dwt Aframax tanker from an unaffiliated third party for a gross purchase price of $27,577,320.The vessel, which is expected to be delivered to the company on or about July 5, 2022, will be renamed P. Sophia from Maran Sagitta.It was built in 2009 by Hyundai Heavy Industries Co., Ltd. in Ulsan, South Korea and is fitted with a ballast water treatment system (BWTS). Its next scheduled special survey and drydock is not due until 2024.Performance Shipping said it…

Since the acquisition of ALL NRG in August 2021, Swire Energy Services Wind division has seen several new senior appointments, with the most recent being that of Jan Harrestrup as Head of Commercial.Leading the commercial team, Harrestrup will be responsible for global business development, contract management and sales, in addition to procurement and the general management of SES Danish entity, Swire Energy Services A/S.Prior to his appointment Harrestrup held the role of Head of Sales with B&R Automation Danmark.

U.S.-based offshore support vessel provider Hornbeck Offshore Services said Friday it had completed its reorganization and emerged from Chapter 11 Bankruptcy.The company had in April struck a comprehensive balance sheet restructuring support agreement with its lenders, to be implemented through a prepackaged chapter 11 filing in May in the Southern District of Texas.Hornbeck, which provides offshore services in the Gulf of Mexico and Latin America, said Friday that it had on September 4, 2020, emerged from Chapter 11 under its previously announced reorganization plan.Todd M.

German cargo container shipping line, Hapag-Lloyd AG, officially opened its headquarter for the new region.CEO Rolf Habben Jansen presented the keys of the office complex in Genoa (Italy) to the new Senior Managing Director Juan Pablo Richards.During the opening event, Habben Jansen explained the motivation to create a new region: “After our merger with UASC in 2017 the Mediterranean region has gained more importance for us. That's why we are eager to bolster our competitive position in this attractive and growing market and exploit further opportunities.”The new region was created by splitting the former Region Europe into northern and southern parts.

Global Ship Lease (GSL), UK-based holding company and containership charter owner, has now settled a five-year refinancing of its debt.According to the container ship owner, the new syndicated $268m credit facility is signed with a number of commercial lenders including Credit Agricole Corporate and Investment Bank, ABN AMRO Bank, CIT Bank, Hellenic Bank and Siemens Financial Services.GSL expects to draw down the first tranche of the New Senior Loan, in full, of $230 million shortly and will use the proceeds to refinance five existing senior credit facilities with maturities in December 2020 and April 2021, thereby reducing its cost of debt…

G2 Ocean, a joint venture of two of the world's leading breakbulk and bulk shipping companies - Gearbulk and Grieg Star, hired three new Senior Project Cargo Managers and opens offices in Houston and Hamburg.Since the launch of G2 Ocean in 2017, the company has worked strategically to achieve a stronger position within the project cargo segment.“Our project cargo results are continuously improving, and I am impressed by our team’s efforts. However, we have high ambitions for the future and to stay on target, we need additional resources”, says VP Innovation and Project Cargo Leif Arne Strømmen in G2 Ocean.To further develop and strengthen G2 Ocean’s Project Cargo activities…

Marshall Islands-incorporated Global Ship Lease (GSL) announced that it has agreed to acquire three 2004-built, 7,849 TEU containerships for an aggregate purchase price of $48.5 million.Upon delivery during the second quarter, the first vessel will commence a five-year charter with Maersk Line, said a press release from the owner of containerships with a diversified fleet of mid-sized and smaller containerships.The two other vessels are expected to be delivered during the third quarter and will commence three-year charters with Maersk Line, with two consecutive one-year extensions at the charterer’s option.The three vessels are expected to generate Adjusted EBITDA of approximately $32 million in aggregate for the median firm period, and a total of $47 million if all options are exercised.

International dry bulk shipping company Clipper Group  has launched a comprehensive restructuring involving a large number of layoffs, especially at the company's Copenhagen headquarters.The dry bulk carrier announced a series of initiatives to strengthen its business platform amid continued weak markets.Initiatives include agreements to strengthen the company’s financial position, downsizing of organization and office network, other cost savings, changes to Senior Management as well as a more focused market approach, said a press release from the operator of Handysize and Supramax vessels.“We have been challenged by the steep, unexpected market downturn. Today, we are taking the steps required to run a viable, profitable dry bulk operation, even in depressed markets.

Texas-based offshore drilling contractor Vantage Drilling International reported a net loss of  $52.2 million for the three months ended December 31, 2018 as compared to a net loss of $36.6 million for the three months ended December 31, 2017.For the year ended December 31, 2018, Vantage reported a net loss of $141.5 million or as compared to a net loss of $149.8 million for the year ended December 31, 2017.Vantage, a Cayman Islands exempted company, issued $350 million of new senior secured notes using proceeds to repay its first and second lien debt and to acquire the Soehanah jackup for $85.0, including transaction costs.Ihab Toma, CEO, Said: "We refinanced two tranches of debt thereby extending maturities to 2023.

Global hyperloop pioneer Virgin Hyperloop One elects Sultan Ahmed bin Sulayem as Chairman and Jay Walder as CEO as company leverages new round of funding to begin implementation of hyperloop from Pune to Mumbai.Sultan Ahmed bin Sulayem is the Group Chairman and CEO of DP World. Jay Walder, who is one of the world’s leading mass transportation and technology executives, has been appointed as its new CEO. Walder will also join the company’s Board of Directors.The selection of a new senior management team will allow Virgin Hyperloop One to transition its focus from technology startup to mass transportation company beginning with the implementation of the world’s first hyperloop system running from Pune to Mumbai.

Global marine insurer North P&I Club said that Gagan Dhillon will take over Michael Asherson’s responsibilities for the Greek Membership and lead the claims team based in Newcastle.Gagan, a Master Mariner, first sailed in command of a tanker in 2007 before joining North in 2010 and gaining a First Class (Honours) degree in law.Michael Asherson will take up a position as partner with leading South African law firm Shepstone and Wylie in Durban and will leave the Club at the end of August.After 18 years with the Club, Michael a qualified South African attorney and registered solicitor in England and Wales, leaves with our best wishes for his relocation home to Durban and future legal career.Paul Jennings…

The risk to container shipping from US-led trade wars is currently low, but potentially very damaging, according to the latest edition of the Container Forecaster published by global shipping consultancy Drewry. “In the March report we said that we were hopeful of a peaceful resolution, but at this point in time we must accept that tariffs are going to become a reality. The only question now is: how severe will they be?” said Simon Heaney, senior manager, container research at Drewry and editor of the Container Forecaster. Additional tariffs of 25% on the first list of 818 Chinese products, worth approximately $34 billion, are scheduled to be collected by US Customs from Friday 6 July.

Odfjell Drilling announced that Aker BP has today awarded Odfjell Drilling a 2 year firm drilling contract with 1+1 year optional periods. The day rates for the drilling contract will be based on market terms to be determined prior to commencement of drilling operations. In addition to the market linked day rate, a performance bonus as agreed in the alliance agreement with Aker BP, as announced on 21 November 2017, will apply. The contract has a minimum value of USD 245 million, subject to certain adjustments. The commencement of drilling operations is expected in Q2/Q3 2019. For the purpose of the drilling contract with Aker BP, Odfjell…

Kirby Corporation has announced the completion of the acquisition of Higman Marine, Inc. and its affiliated companies (“Higman”), an operator of tank barges and towboats participating in the inland tank barge transportation industry in the United States. The total value of the transaction was approximately $419 million in cash before post-closing adjustments and transaction fees. issuance of senior notes, which closed on February 12, 2018. The new senior notes provided for $500 million in fixed rate debt at 4.2% with a 10-year maturity on March 1, 2028. The unused balance of the senior notes will be used for general corporate purposes.

MPC Container Ships Invest B.V., a wholly owned subsidiary of Oslo-listed MPC Container Ships AS, has successfully completed the issuance of a new senior secured bond issue of USD 100 million. The bond issue has a 5 year tenor, carries a floating interest rate of 3m LIBOR + 4.75% and has a borrowing limit of USD 200 million. The bond issue received strong demand and was oversubscribed. The net proceeds from the bond issue will be used to finance acquisitions of additional container vessels and for general corporate purposes. DNB Markets and Fearnley Securities acted as joint lead managers for the bond issue. MPC has recently acquired six container vessels in a portfolio transaction from various owners.

SAFE Boats International has appointed Hartwell Champagne as its new Senior Vice President of Operations. Champagne joined SAFE Boats in 2013 and has been a key member of the company’s executive team. Prior to his new assignment, Champagne was the General Manager of the company’s Large Craft Production facility in Tacoma, Wash. where the U.S. Navy’s Mk VI Patrol Boats are manufactured. Hartwell has been part of the defense and government contracting industries almost the entirety of his career.

Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021. All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%. The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes, which may include funding installment payments on future newbuilding deliveries. Danske Bank Markets, DNB Markets, Nordea and Swedbank acted as Joint Lead Managers of the above mentioned new bond issuance. Teekay LNG Partners is one of the world’s largest independent owners and operators of LNG carriers…

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announces that it intends to issue new senior unsecured bonds in the Norwegian bond market through an add-on to its existing Norwegian bonds due in October 2021 (TKLNG04 - ISIN: NO0010777089). The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes, which may include funding installment payments on future newbuilding deliveries. A portion of the bonds may be offered in the United States to qualified institutional investors (or QIBs) as defined in Rule 144A of the U.S. Securities Act of 1933 (the Securities Act) concurrently with bonds offered outside of the United States pursuant to Regulation S of the Securities Act.