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
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.
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.
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.
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
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
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
Governments and industry representatives met in London during the current London International Shipping Week to discuss the future availability of low-sulphur fuel which will be needed for ships to burn in order to comply with planned anti-air pollution legislation.
DOF Subsea, a provider of integrated subsea solutions, has chartered a new multipurpose vessel to assist in North Sea operations. The company has entered into a long-term charter agreement with Reach Subsea for the newbuild construction support vessel (CSV) Normand Reach
BAE Systems has reached agreement in principle with HM Government on measures to enable the implementation of a restructuring of its U.K. naval ships business. The agreement will result in the restructuring of the contract for the Queen Elizabeth Class Aircraft Carrier program
Scorpio Tankers Inc. has announced that it has entered into agreements for the construction of seven Very Large Crude Carriers (VLCCs) and entered into an agreement with an unaffiliated third party to issue shares in exchange for the transfer of ownership to the company of four MR product tankers
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
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
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
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.
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
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
Scorpio Tankers signs agreements with two S. Korea shipyards to construct a minimum of 5 & up to 10 LPG tankships, Scorpio's first venture into this specialised market. Emanuele Lauro, chief executive officer and chairman of the board, commented
Scorpio Bulkers Inc. has reached agreements with three yards in China to construct a minimum of 11 and up to 14 dry bulk carrier newbuildings. Scorpio Bulkers is a newly established company listed on the Norwegian OTC with offices in Monaco and New York.
Scorpio Tankers has reached agreements to construct four Very Large Gas Carriers (VLGC) at two yards in South Korea along with two MR and two Handymax ice class-1A fuel efficient product tankers at Hyundai Mipo Dockyard Co., Ltd. of South Korea (HMD)
Federal and provincial Ministers have concluded the annual meetings of the Atlantic and Canadian Councils of Fisheries and Aquaculture Ministers, commit to working together to protect fisheries and develop Canadian fishing and aquaculture industry.
Following on from the formal call of May 21, 2013 to the European Council, Gérard Mestrallet CEO of GDF SUEZ and Paolo Scaroni CEO of ENI appeared before a European Parliament hearing. The event was jointly organized with Amalia Sartori (Chair of the EU Parliament’s Energy Committee)