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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


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


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


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.


Stakeholders Voice Opposition to Proposed Waterway Tolls

Deb Calhoun (Photo: WCI)

A group of 75 companies and organizations have collectively voiced opposition to a Public Private Partnership (P3) project that would seek to toll the Illinois Waterway and that could make its way into the Water Resources and Development Act (WRDA) of 2016. The group consisting of a variety of stakeholders across the logistics chain and led by the Waterways Council, Inc. (WCI) yesterday signed and delivered letters urging the House Transportation & Infrastructure and Senate Environment


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


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


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


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

wfw logo.jpg

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


AMP Applauds Chao as Secretary of Transportation

Elaine L. Chao (File photo: Elaine L. Chao / U.S. Department of Labor)

The American Maritime Partnership (AMP) has issued the following statement on the selection of Secretary Elaine L. Chao as the next United States Secretary of Transportation.   “The American Maritime Partnership congratulates Secretary Elaine Chao for her nomination by President-elect


Taiwan Shipping in Troubled Water?

Pic: EverGreen

 Taiwan's shipping lines aren't looking quite so young and fresh as they were earlier, reports Bloomberg.   While the global container industry has embarked on a spree of pairings and menages-a-trois over the past 12 months, Taiwan's shipping lines have remained proudly single.


Sri Lanka, China Ink Deal to Develop Southern Port

Sri Lanka will take part in a joint venture with China Merchants Port Holdings Company Limited to develop a port in its south, where China has also been offered an investment zone.   The cabinet approved a plan under which Sri Lanka will lease 80 percent of the Hambantota port to Hong


New Orleans Receives $1.75 Mln for Port Upgrade

Paul Chip Jaenichen visits with Gary LaGrange at the Port of Greater Baton Rouge to officially award a MARAD grant of $1.75 million for Container on Barge service. The visit and award ceremony was held at the SEACOR AMH office Tuesday, Dec. 6, 2016 at the Ports Inland Rivers Marine Terminal in Port Allen, La. Port of New Orleans (Photo: Port of New Orleans)

U.S. Department of Transportation’s Maritime Administrator Paul “Chip” Jaenichen visited the Port of Greater Baton Rouge’s container-on-barge operation Tuesday while delivering his personal congratulations on the recent awarding of a $1


Bank of Ireland Winding Down Shipping Loans

Bank of Ireland said it is winding down its shipping business, joining other banks looking to cut non-core lending and exposure to an industry suffering its worst downturn.   Many European banks are already bogged down by a sluggish economy and face tough capital demands from regulators


Ophir, OneLNG JV to develop Fortuna FLNG Project

FLNG Courtesy GOLAR

Ophir Holdings & Ventures LTD ("Ophir"), a wholly owned subsidiary of Ophir Energy plc, and OneLNGSM, a joint venture between subsidiaries of Golar LNG Limited and Schlumberger, announce that they have signed a binding Shareholders' Agreement to establish a Joint Operating Company


Holcomb to Speak at Indiana Logistics Summit

Newly-elected Indiana Governor Eric Holcomb Photo  Ports of Indiana

Newly-elected Indiana Governor Eric Holcomb will provide special keynote remarks at next week's Indiana Logistics Summit.  The two-day event is scheduled for Nov. 16-17 at the Indiana Convention Center and the Governor-elect will speak at 9 a.m. in the Sagamore Ballroom on Thursday, Nov. 17


Island Offshore Halts Debt Amortisation Payments

Offshore service vessel owner Island Offshore Shipholding said on Tuesday that it had initiated discussions with its finance providers to address the group's long term financing. Additionally:   Has decided with effect from Nov


Authorities Approve Stolt-Nielsen’s Jo Tankers Acquisition

Stolt-Nielsen Limited said it has it received competition authority approval to acquire the chemical tanker operations of Jo Tankers. The acquisition is expected to be finalized before the end of November.   The transaction comprises 13 chemical tankers and a 50 percent share in a joint


Dalstra Appointed CFO, Royal HaskoningDHV

Nynke Dalstra, Photo Royal HaskoningDHV

The Supervisory Board of Royal HaskoningDHV has appointed Nynke Dalstra as Chief Financial Officer (CFO). Going forwards, the Executive Board consists of CEO Erik Oostwegel and Nynke Dalstra (47) as CFO, a role she has held on an interim basis since October following the departure of former CFO


Globus Maritime Appoints New Non Executive Director

Dimitrios Stratikopoulos. Photo: Globus Maritime Limited

 Globus Maritime Limited, a dry bulk shipping company, announced today that Dimitrios Stratikopoulos has resigned from its Board of Directors due to other recent pressing business commitments with the resignation taking effect immediately.   


BIMCO Adopts Ship Financing Term Sheet

Photo: BIMCO

 In a landmark decision, BIMCO cemented its move into the domain of ship financing with the Documentary Committee’s approval of a standard term sheet for use in ship financing transactions on 17 November 2016.   The term sheet has been drafted as a short and simple standard for


Sovcomflot Inks $180 Mn Credit for Two Shuttle Tanker

Memorandum signed by Sovcomflot and Sberbank Photo SCF Group

On 23 November 2016, Sovcomflot and Sberbank signed a memorandum of understanding (MOU) paving the way for a new USD 180 million long-term credit agreement with a term of up to 15 years. On behalf of the parties the MOU was signed by Sergey Frank, Chairman and CEO of Sovcomflot, and Herman Gref


Grupo TMM Orders Damen ASD Tug 3212

Damen ASD Tug 3212 for TMM Colima Photo Damen

Leading Mexican maritime operator, Grupo TMM, has signed a Protocol of Delivery and Acceptance with Damen Shipyards Group for a 70 tonne bollard pull ASD Tug 3212 named TMM COLIMA. The tug will operate in the Mexican port of Manzanillo on the Pacific Coast


Bahri Signs $350 mln Islamic Finance Deal for Oil Tankers

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers. The 10-year murahaba financing was arranged by Standard Chartered






 
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