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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


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.


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


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


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


Matson Planned Separation on Track

Matson finalizes post-separation financing arrangements, maintains strong balance sheet as a stand-alone company‚Ä® 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


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


WFW Advises Teekay on Major Financing Initiatives

LNG Ship Docked Watson Farley & Williams

International law firm Watson Farley & Williams LLP (“WFW”) advised long-standing client Teekay on the successful completion of financing initiatives for Teekay Corporation and Teekay Offshore Partners LLP (“TOO”).


ICTSI Australia Secures AUD398 Mln Loan

Photo Courtesy ICTSI Australia unit

On July 15, 2016, Victoria International Container Terminal (VICT) signed a syndicated loan facility worth AUD 398 million (approximately USD 300 million) with seven leading global financial institutions, namely: Citibank N.A., KFW IPEX-Bank


Foxx Names New Members to Maritime Industry Advisory Panel

U.S. Transportation Secretary Anthony Foxx announced the appointment of 29 new members to the Marine Transportation System National Advisory Committee (MTSNAC).  Established in 2010, MTSNAC is comprised of leaders from commercial transportation firms, ship construction, repair and recycling


Safe Bulkers to Amend Loan Pact with RBS

Photo: Safe Bulkers, Inc

 Safe Bulkers, Inc., an international provider of marine drybulk transportation services,  has agreed with the Royal Bank of Scotland plc (RBS) to amend certain financial covenants and terms to an existing term loan facility with an outstanding balance of US $73.4 million.   


SCF Group Secures Funds for New Arctic LNG Tanker

PAO Sovcomflot (SCF Group) and VTB Bank have signed a $260 million 13-year loan agreement, providing financing of construction of an Arctic liquefied natural gas (LNG) tanker for the Yamal LNG project.   The agreement was signed on June 17, 2016 by Sergey Frank


GasLog Completes $1.05 Bn Financing Facility for Six Vessels

Photo: GasLog Ltd

 Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has launched a debt financing of USD 1.05 billion with a number of international banks to re-finance six legacy vessel facilities.   The Legacy Facility Re-financing covers eight on-the-water


Shipping Confidence Up Slightly, But Still Low -Moore Stephens

File photo: David Rider

The latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens has seen overall confidence levels in the shipping industry rise slightly in the three months to May 2016.   In May 2016, the average confidence level expressed by respondents in the


Panama's Expanded Canal Attracts Biz and Tourists

Photo: Panama Canal Authority

 Recent expansion of the Panama Canal should lower shipping costs, say market observers. Shipping geeks will delight at this engineering marvel that revolutionized global maritime trade.   As a major Latin American hub of finance, commerce and transportation


Shipping Sentiment at All-time Low on Trade Slowdown, Brexit Risk

File photo: Ferdinand Harts

Global shipping confidence is at an all-time low as fears of a global recession and Britain's vote to leave the EU pile pressure on parts of the industry already suffering from its worst downturn, a leading transport survey showed on Wednesday.  


FAST Act Grant Awards Announced

Image DOT of USA

The U.S. Department of Transportation (DOT) has announced 18 proposed grant awards for projects under the Nationally Significant Freight and Highway Projects Program. The program, also known as the Fostering Advancements in Shipping and Transportation for the Long-term Achievement of National


GPA Awarded $44M Grant

Image GPA

The Georgia Ports Authority has received a $44 million Fixing America's Surface Transportation (FAST) grant from the U.S. Department of Transportation to increase rail capacity at the Port of Savannah.   "I would like to thank the Georgia Congressional delegation


TORM Secures Financing for LR2 Newbuilds

TORM said it has entered into a financing agreement for the four LR2 newbuildings to be delivered in 2017 and 2018. The vessels are all in the LR2 class, i.e. of a size of approximately 114,000 dwt.   The financing agreement for an amount of up to $115 million has been concluded with The


Interest in RBS' Greek Shipping Unit Cools Post-Brexit Vote

The Royal Bank of Scotland is facing setbacks over a proposed sale of its Greek ship finance business, with potential suitors backing off, partly due to the British vote to leave the European Union, sources told Reuters.   Britain's June 23 vote has raised the risk of recession and earnings


Interest in RBS Greek Shipping Unit Cools after Brexit Vote

Royal Bank of Scotland is facing setbacks over a proposed sale of its Greek ship finance business, with potential suitors backing off, partly because of the British vote to leave the European Union, sources told Reuters.   Britain's June 23 vote has raised the risk of recession and earnings


Moody's confirms Teekay's B3 CFR; Changes Outlook to Stable

Courtesy Teekay

 Moody's Investors Service confirmed the ratings of Teekay Corporation ("Teekay", or "Parent"): Corporate Family Rating ("CFR") at B3 and senior unsecured debt rating at Caa1. Concurrently, Moody's upgraded the Speculative Grade Liquidity rating to SGL-3






 
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