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Reaches Agreement

Scorpio Tankers Continue Spending Spree

Scorpio Tankship: Photo courtesy of Scorpio Tankers

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 Announce Joint Operations

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


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)


US East & Gulf Ports Labor Talks Make Progress

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 to Gradually Resume Operations

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.


Manitowoc Reaches Agreement On Options for Lighterage System

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.


Norwegian Offshore Strike Implications for Smedvig

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


Crowley to Acquire Titan Maritime

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


Capital Product Partners Recharters M/T Arionas

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 Offers Finance Update

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


US Retailers Urge Speedy W. Coast Labor Contract Negotiations

File photo CCL

The National Retail Federation (NRF) informs it has urged maritime management and the union representing dockworkers along the U.S. West Coast ports to expedite pending contract negotiations and reach agreement on a new deal well in advance of the expiration of the current contract this summer.


U.S. Crude Surges on Weak Dollar, Ukraine Concerns

Global oil prices surged on Tuesday as a weaker U.S. dollar boosted buying, while expectations for bullish inventory reports in the U.S. and fresh unrest in eastern Ukraine lent support. As the U.S. dollar plunged to session lows against the Japanese yen and the euro, U.S


IMO NOx Emission Requirements on Course for 2016

IMO’s Marine Environment Protection Committee has reached agreement on the entry into force date of new, stricter requirements for ships’ emission of NOx in emission control areas (NECAs). At the last session of the IMO Marine Environment Protection Committee


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


Port Metro Trucker Dispute Resolved Says Port CEO

Container truck: Photo CCL Dirk Ingo Franke

The following statement has been released by Robin Silvester, President & CEO, Port Metro Vancouver: "The governments of Canada and British Columbia and Port Metro Vancouver have reached agreement with members of Unifor and the United Truckers Association to end the 28-day trucker work


ICS Calls for CO2 Emissions Reporting System

Simon Bennett

“IMO should focus on developing global CO2 reporting system before looking at ship indexing” The IMO Marine Environment Protection Committee (MEPC), which starts on March 31, will seek to make progress on the development of a global system of monitoring and reporting of CO2


Seanergy Sells Four Vessels

Seanergy Maritime Holdings Corp. announced that it has entered into a delivery and settlement agreement with its remaining lender to unwind its final credit facility. Under this agreement, the company will sell its four vessels to a nominee of the lender in full satisfaction of the underlying loan


ACP, Canal Infrastructure Stakeholders Continue Negotiations

Jorge Quijano, ACP Chief Executive Officer

Panama Canal, GUPC and Zurich American to Continue Talks on New Locks Project.   The Panama Canal Authority (ACP) announced that a meeting took place on Tuesday, January 28th between ACP, Zurich American and Grupo Unidos por el Canal, S.A


AKD: Shipping to Benefit from EU Debt Recovery Proposal

Sebastiaan Moolenaar

Rotterdam-based law firm AKD says shipping and international trade and logistics operators should welcome a recent decision by European Justice Ministers which will improve their chances of successfully recovering money owed to them by trading partners in EU countries by effectively opening the


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


BP's GofM Environmental Restoration Continues

Early restoration efforts continue in the Gulf of Mexico: NRD Trustees release Phase lll draft Early Restoration Plan outlining 44 proposed projects estimated at US $627-million. Federal and state Natural Resource Damages (NRD) Trustees have released their Phase III Draft Early Restoration Plan


Global Trade Boost: WTO Strike US$1-Trillion Doha Deal

Bali meeting: Photo credit WTO

Ministers from 159 countries have reached agreement on a deal intended to boost global trade at a meeting in Bali, Indonesia. The World Trade Organization's (WTO) first comprehensive agreement involves an effort to simplify the procedures for doing business across borders.


Scorpio Announces Plans to Build Seven VLCCs

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


BAE Systems Restructures Naval Sector

Queen Elizabeth Class Aircraft Carrier under construction. (Photo: U.K. Royal Navy)

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


DOF Subsea Charters New Vessel for the North Sea

Normand Reach

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


 
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