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Transportation Finance

ConocoPhillips Announces Senior Management Changes

ConocoPhillips announced the following actions concerning the company's senior management: John Carrig, currently executive vice president, Finance, and chief financial officer, will become president and chief operating officer.  He will continue to report to Jim Mulva, chairman and chief executive officer. Jim Gallogly, currently executive vice president, Refining, Marketing & Transportation, will become executive vice president, Exploration & Production. Willie Chiang, currently senior vice president, Commercial, will become senior vice president, Refining, Marketing & Transportation. Greg Goff, currently president, Strategy, Integration and Specialty Businesses for Refining, Marketing & Transportation, will become senior vice president, Commercial. Ryan Lance will remain president, Exploration & Production – Europe, Asia, Africa and the . Messrs. Sig Cornelius, currently senior vice president, Planning, Strategy & Corporate Affairs (PS&CA), will become senior vice president, Finance, and chief financial officer. Jeff Sheets, currently vice president and treasurer, will become senior vice president, Planning & Strategy. Red Cavaney, who will retire from his position as president and chief executive officer of the American Petroleum Institute on Oct. 31, 2008, will become senior vice president, Government & Public Affairs in November 2008. 


Crowley Announces Management Team for Petroleum Services Group

Crowley Maritime Corporation announces the appointment of Bruce Barto to vice president and general manager of its newly formed Petroleum Services group based in Seattle. Barto has profit and loss responsibility for Petroleum Services and reports directly to Tom Crowley Jr., chairman, president and CEO of Crowley Maritime Corporation. Reporting to Barto are Bruce Harland who has been promoted to director, operations and will be relocating from Houston to Seattle; Jim Dwight, sales manager


MarineCFO Secures Series A Round

MarineCFO Inc., announced that it has closed a Series A Financing Round. The round was led by EmergingISV Capital Partners  also investing were customers and select individuals active in the marine transportation and energy industries.


DOT Issues Broad Agency Announcement

The Department of Transportation (DOT) has issued a Broad Agency Announcement discussing the Port Security Grant Program. The program is coordinated by the Transportation Security Administration (TSA), with assistance from the U.S. Coast Guard and the Maritime Administration. TSA is awarding competitive grants to critical national seaports to finance the cost of enhancing facility and operational security. Eligible parties consist of critical national seaports and terminals


China & Taiwan Agree to Open Up Cross Straits Trade

China's mainland and Taiwan sign an agreement to open up their service sectors, including transportation. The signing in Shanghai followed two years of negotiations, reports Shanghai Daily, and will take effect later this year. Under the agreement signed by the mainland-based Association for Relations Across the Taiwan Strait and the Taiwan-based Strait Exchange Foundation, the mainland will open 80 service sectors to Taiwan, while Taiwan will open 64 sectors to the mainland


Trico Marine Names New VP

Trico Marine Services, Inc. announces the appointment of Robert V. O'Connor as Senior Vice President of Business and Strategic Development. Prior to joining Trico, O'Connor spent in excess of 20 years in the marine transportation business in commercial, technical, and financial roles with domestic and international companies. Most recently, he spent the past five years with The CIT Group, Inc., a leading commercial and consumer finance company, as Vice President of financial sales


WFW Advises ING Bank on $340m Loan Facility for Euronav

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Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV. The facility is comprised of a $192m term loan facility and a revolving credit facility of up to $148m. Euronav plans to use the funds to refinance four Suezmax tanker vessels, finance the acquisition of four very large crude carrier tankers from Maersk and for general corporate purposes


Matson Planned Separation on Track

Matson finalizes post-separation financing arrangements, maintains strong balance sheet as a stand-alone company
 Alexander & Baldwin Holdings, successor by merger to Alexander & Baldwin, Inc., has announced that its wholly-owned subsidiary, Matson Navigation Company, Inc. ("Matson Navigation"), has entered into a series of debt financing agreements undertaken on behalf of Matson, Inc. ("Matson") as part of the previously announced plan to separate the Company's


Petrobras Unit to Spend $1.2B on Tankers

The transportation unit of Brazil's state oil company Petrobras said Wednesday that it will pay $1.2b to build 10 oil tankers. Brazil's National Development Bank will finance the shipbuilding project with $1.16m, the press office of Brazilian President Luiz Inacio Lula da Silva said in a statement earlier Wednesday. Silva and Petrobras Chief Executive Sergio Gabrielli signed the deal at the port of Suape in the northeastern state of Pernambuco.


Blueprint For Transportation System Unveiled

Addressing a projected increase in waterborne commercial vessel traffic that is expected to double or triple over the next 20 years, U.S. Secretary of Transportation Rodney E. Slater issued a major report, An Assessment of the U.S. Marine Transportation System, outlining recommendations to meet the growing challenges to the nation's marine transportation system (MTS). The recommendations include improved vessel traffic management to ensure safety and greater focus on operational efficiencies


WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular, celebrated the long-awaited passage of the Water Resources, Reform and Development Act of 2014


Odd Arne Slettebø new CFO of “Noreco”

Odd Arne Slettebø new CFO of Noreco

  Norwegian Energy Company ASA has appointed Odd Arne Slettebø as Chief Financial Officer (CFO). Odd Arne Slettebø replaces Tommy Sundt who has been appointed new CEO of the Company. Slettebø joined Noreco in August 2012 and was until now Group Finance Manager of


Lynden to Provide Barge Service for Tulsequah Mine Project

Lynden Logistics, LLC signed a letter of intent with Chieftain Metals Corp. to provide barge services in support of the construction and production of the Tulsequah Mine in British Columbia. The services will include the barging of materials and supplies up the Taku River to the mine site and


Genco Names Wobensmith President

Genco Shipping & Trading Limited (OTCBB: GSKNF) has announced that John C. Wobensmith, the company's CFO has been appointed as President effective December 19, 2014. He succeeds Robert Gerald Buchanan, who will retire as of the same date


Crowley Wins 2nd Commercial LNG Supply Contract

Photo courtesy of Crowley

Crowley Maritime Corp.’s Liquefied Natural Gas (LNG) services group has been awarded a second, multiyear contract to supply containerized, U.S.-sourced LNG to a pharmaceutical company’s manufacturing plants in Puerto Rico. The contract


Sea Trucks Bags Another Installation Contract

Photo courtesy of Sea Trucks Group

C has been awarded a second installation contract for a development in Nigeria to West African Ventures, Sea Trucks’ principle Nigerian business. The newest contract is further to Sea Trucks’ announcement made last week whichdeclared a contract from Afren for subsea installation of


Tilbrook Joins Woodside Board

Gene Tilbrook

  Woodside has appointed Mr Gene Tilbrook to its Board as a non-executive director effective 4 December 2014. Mr Tilbrook joins Woodside as an independent director. Mr Tilbrook has broad experience in corporate strategy, investment and finance. He was a senior


MARAD Releases Port Planning and Investment Toolkit

New Toolkit Will Assist U.S. Ports in Securing Funding for Infrastructure Projects  The U.S. Department of Transportation’s Maritime Administration (MARAD) today released the first module of the Port Planning and Investment Toolkit, a manual designed to aid U.S


Rowan Appoints Butz CFO

Rowan Companies (NYSE: RDC) appointed Stephen M. Butz as Executive Vice President, Chief Financial Officer and Treasurer, effective December 1, 2014.     Butz joins the company from Hercules Offshore, Inc., where for the past nine years he has served in various corporate development


Scorpio Bulkers Announces $39.6m Loan Facility

Scorpio Bulkers, Inc. received a commitment from ABN AMRO Bank N.V. for a loan facility of up to $39.6 million to finance up to 60% of the market value upon delivery of two Kamsarmax vessels currently under construction at Tsuneishi Zhoushan Shipyard, China for delivery in Q3 2015 and Q1 2016.


Alpha Bank Raising $510 mln From Securitized Loans

Greece's Alpha Bank is set to raise about $510 million from securitized shipping loans in one of the first European asset-backed deals in the sector for nearly a year, finance industry and Alpha bank sources said on Friday. The deal, which is being arranged and financed by Citigroup and bundles


Dorian LPG Reports 2Q 2015 Financial Results

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Dorian LPG Ltd. today reported its financial results for the three months ended September 30, 2014. Highlights – Second Quarter Took delivery of the second vessel under our VLGC newbuilding program, the Corsair, from Hyundai Heavy Industries Co. Ltd


Malgrain Named Executive VP of Bourbon

Photo courtesy of Bourbon

Nicolas Malgrain appointed executive vice president of Bourbon; joins group’s executive committee At a meeting on November 4, Bourbon’s board of directors appointed Nicolas Malgrain as executive vice president effective December 1, 2014


Rodriguez Appointed Deputy Maritime Administrator

Mike Rodriguez

Mike Rodriguez, U.S. Merchant Marine Academy Alum, was sworn in as Deputy Administrator of the U.S. Department of Transportation Maritime Administration (MARAD). Rodriguez has more than 35 years experience as a maritime industry professional in both the public and private sectors


Long Beach Port Appoints 4 Executives

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  The Long Beach Board of Harbor Commissioners continued to fill key positions in Harbor Department leadership ranks this week with four additional appointments of experienced executives to oversee Port of Long Beach operations. The four professionals all have long and valuable experience






 
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