DryShips Reaches Agreement with Ocean Rig
DryShips Inc. It has reached an agreement with Ocean Rig UDW Inc. ("Ocean Rig") to exchange the remaining outstanding balance of $80 million owed to Ocean Rig under the $120 million Exchangeable Promissory Note, for 17,777,778 shares of Ocean Rig owned by the Company. The agreement was approved by a committee of independent directors. Ocean Rig's Board of Directors has decided to suspend its quarterly dividend until the offshore drilling market conditions improve.
Carnival Faces Penalties Over ADA Compliance
Justice Department Reaches Agreement with Carnival Corp. The U.S. Justice Department and Carnival Corp. have reached a comprehensive, landmark settlement agreement under the Americans with Disabilities Act (ADA) to advance equal access for individuals with disabilities who travel on cruise ships, the Justice Department announced Wednesday. The settlement agreement, which addresses accessibility on 62 ships among Carnival Corp. brands including Carnival Cruise Line, Holland America Line and Princess Cruises…
Canpotex Reaches Agreement with Indian Customers
Canpotex Limited announced it has agreed to an annual contract with its government and private sector partners in India to supply approximately 1 million metric tons of potash at a price of $322 per metric ton on a CFR basis. Steven Dechka, Canpotex's President and Chief Executive Officer, stated that this new agreement demonstrates once again the importance Canpotex places on the Indian market and on supporting its loyal and long-term customer base in India. "We are very pleased to conclude these new supply contracts with our long-term Indian customers, and continue our role as a leading potash supplier to this important market," stated Dechka.
Star Bulk Takes Delivery of New Bulker, Secures New Credit Line
Star Bulk Takes Delivery of Its Second Ultramax Bulk Carrier, Star Fighter and Reaches Agreement for a New Credit Facility. Star Bulk Carriers Corporation, a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has taken delivery of M/V Star Fighter (the "vessel" -- formerly "Supra Challenger II"), an Ultramax bulk carrier of 61,462 deadweight tons carrying capacity, built in Japan by Imabari Shipbuilding Group in September of 2013. Pursuant to the Company's flexible commercial strategy, the vessel has been employed on a short-term time charter for a period of minimum 4 months up to maximum 6 months, at a gross hire rate of $13,400 per day.
Today in U.S. Naval history: May 22
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, ending 166 years of construction and repair of naval vessels. 1968 - USS Scorpion (SSN-589) lost with all hands For more information about naval history, visit the Naval Historical Center website at www.history.navy.mil.
Drydocks World Reaches Agreement with ABB
Drydocks World, the most productive shipyard in the Middle East will have a dedicated service point for ABB turbochargers. ABB Turbocharging will now have a dedicated service point for ABB turbochargers in the Drydocks World facility in Dubai, a leading international player in ship repair, ship conversion, ship building and offshore fabrication. To mark this cooperation, a Memorandum of Understanding was signed at the SMM in Hamburg, one of Europe’s leading maritime exhibitions, where Drydocks World will have its largest-ever representation at the show this year. The signing ceremony was held at the Hamburg Chamber of Commerce, in the presence of H.E Mohammed Ahmed Al Mahmoud…
This Day in Naval History - May 22
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, ending 166 years of construction and repair of naval vessels. 1968 - USS Scorpion (SSN 589) is lost with all hands. For more information about naval history, visit the Naval Historical Center Web site at http://www.history.navy.mil.
Horizon Lines Reaches Agreement in Principle to Reduce Debt
Charlotte, N.C. --- Horizon Lines Inc. announced that it has signed a restructuring support agreement with more than 96 percent of its note holders to further deleverage the Company's balance sheet in connection with, and contingent upon, a restructuring of the vessel charter obligations related to the Company's discontinued trans-Pacific service. "We greatly appreciate the support of our note holders to help facilitate this potential restructuring to reduce the company's indebtedness, and also thank our employees for their continued dedication and hard work," said Stephen H. Fraser, President and Chief Executive Officer. "Over the past year, Horizon Lines has taken a number of actions to restructure our business, reduce debt and improve liquidity.
Horizon Lines Pleads Guilty in Environmental Case
Horizon Lines reaches agreement with U.S. Department of Justice on Environmental Record-Keeping Incident. Horizon Lines, Inc. today announced that its Horizon Lines, LLC operating subsidiary has entered into an agreement with the U.S. Department of Justice, under which the ocean cargo carrier will plead guilty to two counts of providing federal authorities with false vessel oil record-keeping entries on a containership in the U.S. West Coast-Hawaii service. Under the agreement…
Horizon Lines Reaches Agreement for Refinance
Horizon Lines, Inc. (NYSE: HRZ) today announced that it and holders of the majority of its 4.25% convertible senior notes have entered into agreements for a transaction that will refinance the company's entire capital structure. The agreement with the note holders contemplates a complete refinancing, in conjunction with a new asset-based revolving loan facility (ABL) of up to $125 million, which is under negotiation with a leading financial institution. The company's current debt structure consists of a $225 million senior secured revolving credit facility…
Horizon Lines Reaches Agreement with CSX
CHARLOTTE, NC, May 2, 2011 – Horizon Lines, Inc. (NYSE: HRZ) today announced that it has finalized an agreement with CSX Corporation to reduce charter payments on three vessels leased from CSX. Under the agreement, charter hire expense has been reduced by $3 million annually, retroactive to January 2011, through the January 2015 expiration of the charter. The agreement represents a total savings of $12 million for Horizon Lines over the remaining life of the charter. The three chartered vessels…
Eagle Bulk Shipping Inc. Reaches Agreement With Korea Lines Corporation
NEW YORK, March 25, 2011 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) ("Eagle Bulk") announced today that it has reached a comprehensive agreement with the Receivers of Korea Line Corporation ("KLC") regarding twelve time-chartered vessels impacted by KLC's decision to file for protective receivership earlier this year. The agreement follows extensive and highly constructive dialogue between the two parties. -- Charter rates on ten vessels have been adjusted to $17,000 per vessel per day.
Dryships Reaches Agreement on Debt
DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that it has reached agreement with DnB NOR on waiver terms for $86m of our outstanding debt. This agreement is subject to customary documentation. George Economou, Chairman and Chief Executive Officer, commented, “We are delighted to have reached an agreement with DnB NOR on yet another facility. This facility covers two of our drybulk vessels. We continue to have constructive discussions with the remainder of our banks who are all very supportive of the company”. (www.dryships.com)
This Day in 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, 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)
This Day in Naval History - May 22
From the Navy News Service 1882 - Commodore Shufeldt signs commerce treaty opening to trade. 1958 - Naval aircraft F4D-1 Sky Ray sets five world speed-to-climb records, May 22-23. 1967 - reaches agreement to purchase Brooklyn Navy Yard, ending 166 years of construction and repair of naval vessels. 1968 - USS Scorpion (SSN 589) is lost with all hands.
Frontline Reaches Agreement With Golden Ocean Creditors
Frontline has reportedly secured backing from major creditors of U.S. tanker group Golden Ocean for a takeover plan. Frontline has reached an agreement with creditors holding $101.1 million of Golden Ocean's 10 percent senior notes due 2001, it said in a statement to the Oslo bourse. The entire issue of Golden Ocean Bonds totaled $291 million. Accordingly, with this agreement, Frontline has the support of more than $210 million of the Golden Ocean Bonds. It said that Golden Ocean bond holders had agreed to vote for its plan for reorganization in the Golden Ocean bankruptcy case. In return, Frontline agreed to pay Golden Ocean's unsecured creditors Frontline common shares with a value of up to 20 percent of each allowed claim or cash in the amount of 17 percent of each allowed claim.
People & Company News
D.F. International logistics service provider D.F. Young, Inc. has announced the relocation of its headquarters office from New York City to Jersey City, N.J. in the first quarter of 2001. The company is leasing 14,000 sq. ft. at 1 Journal Square in Jersey City, after operating from downtown New York for most of its 97-year history. "When this company was started in 1903, all the shipping companies and banks were located in downtown Manhattan," said Thomas Mosimann, president of D.F. Young. "But the port has moved, and most of the other forwarders have followed it to New Jersey over the last 10 to 15 years. D.F.Young already has its Marine Department located in Port Elizabeth, N.J., as well as offices across the U.S. in Jamaica, N.Y.
This Day in Naval History
1850 - Washington Navy Yard begins work on first castings for the Dahlgren guns. 1917 - USS Ericsson fires first torpedo of war. 1944 - Accidental explosion on board an LST unloading ammunition in West Loch, Pearl Harbor, and the resulting fire and other explosions sink five LSTs. 1964 - The initiation of the standing carrier presence at Yankee Station in the South China Sea. 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, ending 166 years of construction and repair of naval vessels. 1968 - USS Scorpion (SSN 589) is lost with all hands.
Todd Pacific, Martinac and Nicols Brothers to Submit Joint Proposal to WSF
Todd Shipyards Corporation announced that its wholly owned subsidiary, Todd Pacific Shipyards Corporation has reached an agreement with J.M. Martinac Shipbuilding Corp. and Nichols Brothers Boat Builders, Inc., to submit a Joint Single Proposal to build ferries for the Washington State Ferry System (WSF). A bill (SHB 2378) approved by the Washington State Legislature and signed into law by Governor Chris Gregoire earlier this year created a 30-day period during which "pre-qualified" and "best-qualified" shipyards -- Todd, Martinac and Nichols -- could seek to come to agreement on a Joint Single Proposal for the construction of four New 144-Auto Ferries for WSF. The discussions, which were moderated by the Governor's Office, concluded with an agreement to submit a proposal.
Transocean Reaches Agreement on Patent Infringement Lawsuit
Transocean Inc. announced that it has reached an agreement in its dispute with contract driller GlobalSantaFe over patent infringement of Transocean's offshore dual activity drilling technology. The agreement follows an amended final judgment entered last month by a federal district court against GlobalSantaFe. The judgment awarded damages to Transocean and permanently enjoined GlobalSantaFe from further infringement of the Transocean dual activity patents. On January 19, 2007, Judge Sim Lake of the U.S. District Court for the Southern District of Texas entered an amended final judgment against GlobalSantaFe following a jury verdict in Transocean's favor. In August 2006, a federal jury found in favor of Transocean after a trial of approximately two weeks before Judge Lake.
Manitowoc Reaches Agreement On Options for Lighterage System
Company, Inc. with the Naval Facilities Engineering Command, Department of the U.S. on options for the Improved Navy Lighterage System (INLS). unit was delivered in the third quarter of 2005. value of $360 million. "Our solid partnership with the Department of the U.S. this new agreement," said Robert P. Herre, president of Manitowoc Marine. Marine's contribution and investment in the INLS program. Basing in the 21st Century.
Northrop Grumman Reaches Agreement on TRW Acquisition
promptly close its acquisition of TRW, Inc. after shareholders of both companies approve the transaction at separate meetings December 11, 2002. satellite payloads. businesses and those of TRW as planned. The European Union antitrust authority approved the transaction Oct. 2002. executive officer. principle. agreement. exchange for Northrop Grumman common stock. day prior to the closing of the merger. than 0.4348 or more than 0.5357 of a Northrop Grumman share. closing date of Dec. 11, the five-day trading period commenced Dec.
Noble Drilling Reaches Agreement
Noble Drilling Corporation has negotiated a resolution to the dispute with Mariner Energy, Inc. regarding the use by Mariner of Noble's newly converted semisubmersible, Noble Homer Ferrington. As announced on January 10, 2000, Noble had previously filed suit against Mariner and Samedan Oil Corporation for breach of contract regarding the use of the rig. As part of the settlement, Mariner and Noble have executed agreements covering use of Noble Homer Ferrington at variable dayrates for 660 days during a five-year period. Noble will also receive working interests in seven of Mariner's deepwater exploration prospects. Mariner will pay Noble's share of the drilling costs during the initial test well on each of those prospects. Noble Homer Ferrington, which is rated to drill in 6,000 ft.