The Advisory Board of the Liberian International Ship & Corporate Registry (LISCR), at its inaugural meeting, held in conjunction with the Annual Conference of the Connecticut Maritime Association, in Stamford, Conn., has set a positive agenda designed to drive forward the Liberian Registry's goal of achieving excellence in standards of quality and service. In his address to the CMA's lunch, Board chairman Rex Harrington reported that the Board had welcomed a number of developments but had also addressed critical issues facing the industry. The Board has set itself and LISCR a timetable to monitor progress and to ensure that the Liberian Registry continues to be the industry leader. The Board applauded the decision of the Liberian legislature to adopt major amendments to both maritime and corporate laws, noting, "We are greatly encouraged to see that LISCR's efforts to promote reform of the maritime and corporate law has met with such a positive response. The comprehensive package has been produced following worldwide consultation with professional users of the Liberian registers. It combines long-outstanding revisions to existing Liberian law with the introduction of corporate vehicles designed to reflect the needs of a changing market, particularly in relation to corporate structures. It balances the important objectives of security and continuity of ownership of assets with the need to satisfy the commercial requirements of due diligence."
Global Ship Lease, Inc. (GSL) announced that it plans to issue an aggregate principal amount of up to $400,000,000 of first priority secured notes due 2021 in a private placement. The notes will be fully and unconditionally guaranteed, jointly and severally, on a senior basis by Global Ship Lease Services Limited and each of the company's 17 vessel-owning subsidiaries and in the future by certain of the company's existing and future restricted subsidiaries
Cammell Laird Holdings, which has been a strong shipbuilding and repair success story for several years, announced that it was to build two cruise ships, breathing further life into the struggling U.K. shipbuilding industry. Cammell Laird, however, said the contract with Luxus (UK) Ltd. for two 28,000-ton ships was conditional on the go-ahead from the UK government and Shipbuilding Intervention Funding, as well as ship mortgage finance guarantees to Luxus's bankers.
Shipping accountant and business consultant Moore Stephens says that, despite recent publicity to the contrary, Russia is now a better place to do business than it has ever been for small and medium-size enterprises, including shipowners. Writing in the latest issue of The Bottom Line, the newsletter of the Moore Stephens shipping industry group, Gavin Stoddart, managing director of Moore Stephens Russia, says, "The door to international finance and international markets is open
Sustaining the ongoing boatbuilding boom can involve the lawful use of foreign finance streams. James Kearns takes a closer look at the practice. The citizenship requirements for vessels engaged in the U.S. coastwise trade are generally well-known. Such a vessel needs to be built in the United States; it must have a U.S. citizen crew or operator; and its ownership must meet specified U.S. citizenship requirements, depending on the form of legal entity owning the vessel (corporation
First Ship Lease Ltd., a commercial finance company focused on diverse shipping assets, today announced the successful completion of a $100 million mezzanine financing facility. The mezzanine facility, combined with previous equity financing and senior debt to be raised on a transactional basis, allows First Ship Lease to provide in excess of $500 million in operating and finance leases to shipping and industrial companies that meet its credit criteria.
Here is a multiple choice question: which of the following contracts is considered to be a “maritime contract” under U.S. law? - (a) a shipbuilding contract - (b) a ship-sale contract - (c) a ship-repair contract, and/or - (d) a ship mortgage You will be forgiven if you simply tried to apply logic in answering this question and guessed that all four are maritime contracts
Horizon Offshore, Inc. has entered into a $77.4 million secured term facility agented by The CIT Group/Equipment Financing, Inc. (the CIT Group). The credit facility has a five year term and bears interest at LIBOR plus 4.5% per annum. The credit facility is payable in monthly installments of $0.9 million, plus interest, for the first 24 months beginning March 31, 2006 and $0.6 million, plus interest, for the next 35 months, with the remaining principal and
According to thehindubusinessline.com, Asia-US container traffic grew to the order of 6.9 per cent in the first half of 2007, rising to around 8 per cent for the first nine months, relative to the same period in 2006. Analyst forecasts predict, on average, similar or slightly higher cargo growth for 2008. That is slower than the 9.6 per cent growth posted for the full year 2006 to 6.5 million 40-foot containers, but it, nonetheless, reflects considerable resilience among US consumers
The National Incident Commander (NIC) issued a Fact Sheet stating that the Jones Act has not impeded response to the Gulf of Mexico oil spill: “Currently 15 foreign-flagged vessels are involved in the largest response to an oil spill in U.S. history. No Jones Act waivers have been granted because none of these vessels have required such a waiver to conduct their operations as part of the response in the Gulf of Mexico.
A changing tax landscape doesn’t have to mean bad news – at least not just yet. A Changing Landscape Historically, bonus depreciation has had a significant effect on construction of new vessels, allowing businesses to initially expense 30 percent
Greece-based container ship & drybulk ship owners and operators Euroseas have released its results for the three month period and full year ended December 31, 2013, with the following highlights: Full year 2013 Net loss of $103.4 million, or, $2
Siem Offshore Inc. say they have signed agreements with Helix Energy Solutions Group, Inc. to provide 2 well-intervention vessels which will be owned by Siem Offshore and chartered by Helix for an initial period of 7 years, with options that can extend the charter periods up to 22 years.
Maritime & Merchant AS (M&M) (TBR Maritime & Merchant Bank ASA) has received regulatory approval to operate a private bank in Norway, underpinning the firm’s strategy to become a niche financial institution dedicated to meeting the funding needs of owners active in the shipping
Ultrapetrol announce the results of its offer to exchange all of its outstanding $25.0 million 8 7/8% First Preferred Ship Mortgage Notes due 2021 that were issued in a private placement on October 2, 2013 as follows: The company informs that the notes were issued for an equal principal amount of
Oslo, Norway-based DHT Holdings, Inc. reports fourth quarter 2013 results and the acquisition of two VLCCs. Financial Highlights of the quarter EBITDA for the quarter of $18.9 million and net income for the quarter of $11.5 million ($0.48 per share) including $15
Navios Maritime Acquisition Corporation announced that the company and Navios Acquisition Finance (U.S.) Inc., its wholly owned finance subsidiary, intend to offer through a private placement, subject to market and other conditions, approximately $600 million of first priority ship mortgage
At their board meeting on October 22, the directors of the Steamship Mutual reviewed the club’s open policy years, as well as claims in earlier years, and considered the premium ratings required for the 2014 policy year. On the basis of owned claims reported to date
Ultrapetrol (Bahamas) Limited an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), announced today the closing of its previously announced sale of $25 million in aggregate principal amount of its 8
The flood of interest in ordering new container vessels is motivated by other factors than supply and demand. The recent surge in new vessel orders at a time of industry-wide overcapacity suggests that market fundamentals are no longer the main driver
Ultrapetrol (Bahamas) Limited, an industrial transportation company serving marine transportation needs in three markets (river business, offshore supply business and ocean business), has announced that on July 10, 2013 the company will redeem all $180 million of its outstanding 9% First
The flood of interest in ordering new container vessels is motivated by other factors than supply and demand. The recent surge in new vessel orders at a time of industry-wide overcapacity suggests that market fundamentals are no longer the main driver (see figure)
Underwriting your newbuild program is only one half of the sea passage. That’s because the construction phase is fraught with danger. Congratulations! You’ve run the due-diligence/underwriting gauntlet successfully and now you have your lender’s credit approval in hand
Following on from an earlier announcement of the US$200-million offering, Ultrapetrol now give provide greater detail. The company has priced the offering of $200 million in aggregate principal amount of its 8.875% First Preferred Ship Mortgage Notes due 2021 (the "Notes").
Newport News Shipbuilding (NNS) division recently dedicated its 11th Habitat for Humanity house in Hampton. NNS has partnered with Habitat for Humanity Peninsula and Greater Williamsburg since 2002 to build homes for families in Hampton Roads.