Scorpio Tankers Inc. announces 16 newbuilding agreements and US$ 525-million in commitments to its 2013 Credit Facility. The company has reached agreements with five shipyards in Korea to construct 16 newbuilding vessels consisting of eight LR2, four MR, and four Handymax ice class-1A product tankers. In addition, the Company announced that syndication of the Company's previously announced $267 million Credit Facility has been heavily over-subscribed resulting in an increase of the overall commitments received from new and existing financial institutions to US$ 525-million. Emanuele Lauro, chief executive officer and chairman of the board, commented, "These 16 orders for fuel efficient vessels, and, as significantly, the over-subscription of our 2013 credit facility, have solidified our unique position in front of an improving cycle in product tankers. We are pleased that our shareholders and lenders alike are showing their support of our strategy." Details of the 16 tankships on order are as follows: LR2 Newbuildings The Company reached agreements to construct eight, 114,000 dwt, LR2 product tankers for approximately $52.0 million each, consisting of four at Samsung Heavy Industries Co., Ltd. ("SHI"), two at Hyundai Samho Heavy Industries Co., Ltd. ("HSHI"), and two at Daewoo Shipbuilding and Marine Engineering Co., Ltd. ("DSME"). These vessels are scheduled to be delivered in the first and second quarters of 2015
Hamburg Süd, Maersk Line, and NYK announced that they have reached agreement to operate jointly in the trade between Asia, South Africa, and South America. From mid April, the linew will replace the current three strings (one operated by Maersk Line and two operated by Hamburg Süd and NYK) by two strings with modern and fast vessels. The overall capacity produced by the new two string system is roughly the same as the capacity presently provided by the three Lines
1882 - Commodore Shufeldt signs commerce treaty opening Korea to U.S. trade 1958 - Naval aircraft F4D-1 Sky Ray sets five world speed-to-climb records, 22-23 May 1967 - New York City reaches agreement to purchase Brooklyn Navy Yard, ending 166 years of construction and repair of naval vessels. 1968 - USS Scorpion (SSN-589) lost with all hands (Source: Navy News Service)
International Longshoreman's Association (ILA) & United States Maritime Alliance (USMX) make progress in contract negotiations Concluding three of four days of scheduled negotiations, the two sides announced agreement in principle on issues involving the introduction of new technology and automation and maintenance and repair of chassis within marine terminals and at off-pier facilities at the East and Gulf Coast ports.
Davie Yards Inc. (TSX:DAV) announced that it has reached agreements with its clients for new price increases of $35m on its existing contracts. In addition Davie's largest client, Cecon ASA has informed that it has received a $200m loan offer replacing the lost loan facility with the Norwegian bank DnB Nor. While Cecon completes the loan documentation, Davie has negotiated a $20m prefunding facility which will enable it to gradually resume its operations.
The Manitowoc Company, Inc. announced that it has signed a contract with the Naval Facilities Engineering Command, Department of the U.S. Navy, on options for the Improved Navy Lighterage System (INLS). The Navy selected Manitowoc Marine Group in 2003 to build the INLS, and the first unit was delivered in the third quarter of 2005. The new agreement calls for option deliveries over the next five calendar years with an approximate value of $360 million.
Crowley Maritime Corporation Chairman, President and CEO Tom Crowley Jr. announced last night at the International Salvage Union's annual dinner that Crowley has reached agreement with the owners of Titan Maritime, LLC to acquire the company. The deal is expected to close within the next 30 days. Crowley made the announcement to an audience of about 60 salvors from around the world who had gathered for dinner at the Columbia Tower Club in Seattle as part of the weeklong International
The Norwegian Shipowners Association and the Federation of Offshore Workers Unions (OFS) have not succeeded in reaching agreement at arbitration on the annual settlement. This means that the OFS has called out on strike its members on four rigs. As from July 9, the strike will be extended by one more rig. For the time being none of Smedvig's mobile units are affected by the strike. However, if the strike is extended
Capital Product Partners L.P. (NASDAQ: CPLP) announced that it had reached agreement with Capital Maritime & Trading Corp. to recharter the M/T Arionas for a period of 12 months (+/- 30 days) from the expected expiration of its current charter in June 2010. The M/T Arionas (2006, MR product tanker, Hyundai MIPO Dockyard, 37,000dwt ICE Class 1A) was fixed at a gross rate of $12,000 per day ($11,850 net) with a subsidiary of Capital Maritime & Trading Corp., the Partnership's Sponsor
Horizon Offshore, Inc. said that due to its inability to collect any of its outstanding claims against Pemex or obtain financing on acceptable terms with an institutional lender prior to January 31, 2004 it has reached agreement with the lenders on two of its existing revolving credit facilities to amend its loan agreements. These amendments remove a condition that would have reduced its borrowing capacity under these agreements from an aggregate of $50 million to $20
Excel Maritime Carriers, owners & operators of a large fleet of dry bulk carriers, become the latest casualty of the downturn in the shipping industry, but sets financial plans for recovery. The company says t has reached an agreement in principle with a steering committee of its senior
Today in U.S. Naval history - May 22 1882 - Commodore Shufeldt signs commerce treaty opening Korea to U.S. trade 1958 - Naval aircraft F4D-1 Sky Ray sets five world speed-to-climb records, May 22-23 1967 - New York City reaches agreement to purchase Brooklyn Navy Yard
The Westbound Transpacific Stabilization Agreement (WTSA) recently filed an amendment with the Federal Maritime Commission (FMC). The following statement regarding the WTSA amendment was issued today by Commissioner William P. Doyle of the FMC.
The American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, has entered into an agreement with the Towing Vessel Inspection Bureau under which the TVIB will take over the responsibility for training and certifying AWO Responsible Carrier
Newbuildings orders for 5 container ships were cancelled and advance payments partially refunded by the shipbuilders. In addition, the company reached an agreement regarding the postponement of payments due in 2013 for other orders. The agreements relieve the company from Off-balance sheet
Tankship & terminal storage owners/operators Odfjell also noted significant losses at their Rotterdam terminal in its Q4 2012 report. Jan A. Hammer, President/CEO Odfjell SE comments on the financial report as follows: The chemical tanker market improved seasonally towards the end of the year
Federal Mediation & Conciliation Service Director George H. Cohen has issued the following statement: "I am extremely pleased to announce that the parties have reached a tentative agreement for a comprehensive successor Master Agreement
CleanBallast bolsters world’s most efficient container vessels. North America's leading containership owner Seaspan, with a fleet serving customers in Asia, Europe and South America, caused quite a stir when it showcased its revolutionary SAVER (Seaspan Action on Vessel Energy Reduction)
Mayor Antonio Villaraigosa released the following statement on Tuesday night: “I am pleased to announce that an agreement has been reached between labor and management that will bring to an end the eight-day strike that has cost our local economy billions of dollars.
BP announces resolution of all criminal and securities claims against the company relating to Deepwater Horizon accident. BP has reached agreement with the United States government, subject to court approval, to resolve all federal criminal charges and all claims by the Securities and Exchange
Drydocks World reaches exclusive cooperation agreement with ABB at SMM; The Dubai shipyard to have dedicated service point for ABB turbochargers Drydocks World, the most productive shipyard in the Middle East will have a dedicated service point for ABB turbochargers
The National Retail Federation (NRF) say they will have to divert cargo elsewhere in a matter of days unless stand-off ends. “We understand and recognize that there are tough issues that need to be resolved,” NRF President and CEO Matthew Shay said
Ingalls Shipbuilding awarded US$2.38-billion contract for detail design & construction of America-class amphibious assualt ship LHA 7 'Tripoli' The U.S. Navy today awarded Huntington Ingalls Industries a $2.38 billion fixed-price-incentive contract for the detail design and construction of
From the Navy News Service: 1882 - Commodore Shufeldt signs commerce treaty opening Korea to U.S. trade. 1958 - Naval aircraft F4D-1 Sky Ray sets five world speed-to-climb records, May 22-23. 1967 - New York City reaches agreement to purchase Brooklyn Navy Yard
Dry bulk transporters, Baltic Trading announce net loss in Q1 2012 Baltic Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Baltic Trading Limited's current fleet consists of two Capesize