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Marine Transportation Services News

07 Dec 2023

Hornbeck Offshore Discloses Revenue Growth in Its IPO Paperwork

(File photo: Hornbeck Offshore)

Marine transportation services provider Hornbeck Offshore on Thursday made public its paperwork for a stock market listing in New York, which showed its revenue rose in the three months ended September.The listing will test the appetite for another stock flotation at a time when green shoots in the U.S. IPO market have been overshadowed by the poor post-debut performances of some high-profile firms that listed recently.Hornbeck intends to list its shares on the New York Stock…

06 Oct 2022

FPS Maas: Tip of the Spear in a Fleet of Zero-emission Inland Vessels

Image courtesy EST-Floattech

EST-Floattech is a part of the FPS Maas retrofit project from Future Proof Shipping and Holland Shipyards Group, both of which are working on sustainable projects, where HSG builds or retrofits the ships, and FPS, as the zero-emissions shipowner, offers sustainable marine transportation services.With the ‘FPS Maas’, FPS is en route to build and operate a fleet of 10 zero-emission inland and short-sea vessels. For HSG the refit of the ‘Maas’ is part of its ambition to work on a greener and more sustainable shipping industry.

10 Aug 2022

Maritime Partners Agrees to Acquire MG Transport

Š dvande / Adobe Stock

Maritime Partners, LLC, through its managed funds, has agreed to acquire M/G Transport Holdings LLC, from Auxo Investment Partners LLC and its affiliates. Terms of the transaction were not disclosed, and completion of the acquisition is expected in the third quarter of 2022 subject to customary closing conditions, including receipt of regulatory approvals.Founded in 1968, M/G is a provider of marine transportation services along the West Canal and Lower Mississippi River. Through its fleet of approximately 300 dry cargo barges…

09 Mar 2021

Centerline Finalizes Acquisition of Saltchuk's Bunkering Business

Marine transportation services company Centerline Logistics said it has finalized its acquisition of Saltchuk Marine Services’ California ship refueling business, currently operated by Saltchuk subsidiary Foss Maritime.With the completion of this expansion, Centerline expands its existing California bunkering operations, adding Saltchuk’s six bunker barges as well as its established customer contracts in the California market. Centerline now operates bunker barges in the ports of Los Angeles and San Francisco, part of a national fleet of marine transportation vessels serving customers along the West Coast, Gulf Coast and East Coast.“The completion of this significant acquisition achieves Centerline’s goal of strengthening our industry leadership in safe petroleum transportation…

02 Feb 2021

Southern Towing Company Acquires Devall Towing

MV Laura Tamble. Photo: Southern Towing Company

Memphis, Tenn.-based Southern Towing Company (STC) said Tuesday it has acquired family-owned Devall Towing, in a deal that expands STC’s towing operations into specialty chemical products.Headquartered in Sulphur, La., Devall is a towboat and barge operator for specialty chemicals along the Gulf Intracoastal Waterway and Lower Mississippi River, operating 36 towboats and 125 liquid tank barges.The combination of Devall’s operations with STC’s upriver capabilities allows Devall and STC to provide integrated marine transportation solutions across the Gulf Intracoastal and U.S.

20 Jan 2021

Crowley Wins Arctic Fuel Distribution Contract

(Photo: Crowley)

The U.S. Defense Logistics Agency-Energy (DLA-Energy) has awarded Crowley Solutions a five-year, $15 million contract for fuels transportation and distribution services for the Canada North Warning System locations supporting the nations’ joint security efforts.Serving the Canadian arctic region, Crowley will provide ocean transportation of Aviation Turbine, Kerosene Type Jet A-1 w/FSII & CI to stations across the region, leveraging decades of experience in the Arctic. Services…

10 Aug 2020

Four New Barges Launched for Canada's MTS

(Photo: Robert Allan Ltd.)

Four new 90-meter oil/deck cargo barges for Canada's Government of the Northwest Territories (GNWT) Marine Transportation Services (MTS) have been launched by Nanjing Jinling Shipyard, in Nanjing, China.The first barge MTS 3501 was launched on June 16, followed by barge MTS 3502 launched on June 22 and barges MTS 3503 and MTS 3504 launched on June 28.The barges will undergo final testing and touch-up work in preparation for the 400-kilometer tow down the Yangtse River to Shanghai where they will be loaded onto a semi-submersible heavy lift vessel and transported to Tuktoyaktuk…

12 Mar 2020

GoodBulk President Andrew Garcia Resigns

Monaco-based international owner and operator of dry bulk vessels GoodBulk has announced that Andrew Garcia has resigned from his position of president and director.The provider of marine transportation services said in a press release that its board has approved Brentwood Shipping and Trading’s appointment of Carlos Pena, Chief Commercial Officer of C Transport Maritime S.A.M. (CTM), as incoming Director.Pena has over 16 years’ experience in shipping across various areas and within CTM, GoodBulk’s commercial, operational and technical manager, he is responsible for overseeing all commercial activities.The company said that it is confident Pena will bring a wealth of knowledge and insight helping to further GoodBulk’s goals.

04 Nov 2019

Kuok Makes Cash Offer for POSH

The Kuok Group, through its investment vehicle Quetzal Capital, announced a voluntary conditional cash offer to buy out Singapore-listed PACC Offshore Services Holdings Ltd (POSH).Quetzal Capital said that the conditional offer to acquire all of POSH for S$0.215 a share, marking a 97.2 percent premium over the stock’s closing price on 30 October.The offer price represents a premium of approximately 109.8%, 96.2%, 69.6% and 35.3% over the one-month, three-month, six-month and twelve-month volume-weighted average prices respectively, POSH said in a statement.“The offer presents shareholders with a unique cash exit opportunity to realize their entire investment in POSH at an attractive premium over prevailing trading prices,” Quetzal Capital said in a filing to SGX.

22 Oct 2019

Teekay Resolves China LNG JV Issues

Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation, a COSCO group firm, has completed an ownership restructuring on arms-length terms which has resulted in Teekay LNG’s joint venture partner, China LNG Shipping Holdings.The  JV had been then designated as a "blocked person" under U.S.

13 Oct 2019

Teekay Extends Hummingbird Spirit FPSO

Teekay Corporation, a provider of crude oil and gas marine transportation services, has entered into an agreement with the Chestnut Joint Venture to extend the employment of the Hummingbird Spirit FPSO unit (Hummingbird) on the Chestnut field in the North Sea until March 2023.Chestnut is  a joint venture between Spirit Energy Ltd. and Dana Petroleum Ltd.The contract extension was done in conjunction with the Chestnut Joint Venture’s plan to drill a new well at the Chestnut field.The new Hummingbird contract took effect on October 1, 2019 and is based on a fixed charter rate instead of the previous fixed charter rate plus oil production/price…

20 Sep 2019

Algoma Acquires Croatian-Built Vessel

Canadaian provider of marine transportation services Algoma Central Corporation has reached an agreement with 3Maj Brodogradiliste of Croatia under which Algoma will acquire a new Equinox Class 650’ self-unloading dry-bulk carrier upon completion of the vessel by the Shipyard.The vessel, the second of two such ships that were to be built by 3Maj for the Company, is partially built and moored at the 3Maj shipyard in Rijeka. Work on the vessel was halted in 2017 when the Shipyard entered an extended period of financial difficulties.Algoma took delivery of the Algoma Innovator, a sister ship and the first ship built under a two-vessel contract, near the beginning of the 2018 navigation season.

17 Jul 2019

CITB Expands North Slope Operations

image credit: CITB

Cook Inlet Tug & Barge (CITB), an independently managed subsidiary of Foss Maritime Company, has announced that operations on Alaska’s North Slope are officially underway for the 2019 ice-free season. Three newly acquired tugs, along with barges and shore equipment, will be operating out of Prudhoe Bay for approximately the next three months.“It is great to see these vessels on the water and ready to work,” said Jeff Johnson, President of CITB. “These shallow-draft tugs and barges…

13 Jun 2019

Algoma Expands Ocean Self-Unloader Pool

The provider of marine transportation services,  Algoma Shipping Ltd announced that the acquisition of the interest held by Oldendorff Carriers in the CSL International Pool including the three vessels owned by Oldendorff operating in the Pool has been finalised.As a result of the transaction, Algoma’s interest in the Pool has increased to approximately 40%, said the subsidiary of Algoma Central Corporation.The handy-sized Algoma Verity (formerly the Alice Oldendorff) and the panamax sized Algoma Valour and Algoma Victory (formerly the Harmen Oldendorff and the Sophie Oldendorff, respectively) bring Algoma’s ocean going self-unloader…

24 May 2019

Seaspan Orders Two LNG Battery Hybrids

Canada's Seaspan Ferries will add two new Liquid Natural Gas (LNG) - battery hybrid ferries to its fleet in 2021.The vessels will be constructed by Damen Shipyards Gorinchem B.V. at their Mangalia Shipyard in Romania, said a press release from the marine transportation services provider.With construction scheduled to begin in 2019, the vessels are expected to go into operation in 2021. They will join the Seaspan Swift and the Seaspan Reliant, the company’s first hybrid ferries, commissioned just over two years ago.Since introducing these vessels to their fleet, Seaspan Ferries has been able to significantly reduce greenhouse gas emissions…

24 Apr 2019

Teekay LNG Partners Bags New 3-Year Charter

Teekay GP, the general partner of Teekay LNG Partners, has secured a new, 3-year fixed-rate charter contract for the Magellan Spirit LNG carrier to an integrated oil and gas company commencing during the summer of 2019. Concurrently, Teekay LNG extended the in-charter of the Magellan Spirit until the summer of 2022, said a release from the marine energy transportation, storage & production company."Including the new, 3-year charter announced today, the Partnership’s LNG carrier fleet is approximately 97, 93 and 92 percent fixed for the remainder of this year, 2020 and 2021, respectively, which further supports Teekay LNG’s expected earnings growth and continued deleveraging profile over the next few years…

04 Apr 2019

Furetank Orders Dual Fuel Product Tanker

Sweden's Furetank Rederi AB has signed a contract for one 17,999 dwt dual fuel product tanker at Avic Dingheng Shipbuilding.The agreement with the yard includes an option for one further vessel, said a press release from the provider of marine transportation services through product and chemical tankers.The new vessel will be identical with the series of six sister vessels built by Avic Dingheng Shipbuilding for Furetank Rederi AB, Rederi AB Älvtank and Erik Thun AB during 2018‐2019.All vessels are designed with special focus on minimal impact on the environment and has dual fuel capability, run on LNG and has several features that reduce fuel and energy consumption resulting in extensively lower emissions of CO2…

02 Apr 2019

Algoma Tankers Add Algoterra to its Fleet

Algoma Tankers, an operating unit of Algoma Central Corporation,  announced that it has taken delivery of the 16,500 DWT Algoterra, a 2010-built product tanker in Amsterdam, Netherlands and the vessel has begun her delivery voyage to Canada.The provider of marine transportation services said in a press release that the vessel departed Amsterdam on March 30, 2019 and will travel through the English Channel before crossing the Atlantic Ocean destined for Halifax. The Algoterra is expected to begin trading in Canada mid-April.“I am pleased to say that our fleet is fully booked for the season,” said Gregg Ruhl, President and CEO at Algoma. “The Algoterra is the second product tanker acquired by ATL in the last four months after the Algonorth joined the fleet in early December.

20 Mar 2019

Shearwater Bags Turkey Seismic Contract

The global provider of geophysical marine seismic acquisition Shearwater GeoServices has been awarded a seismic acquisition and depth processing contract by Turkish national oil and gas company Türkiye Petrolleri Anonim Ortakligi (TPAO).The survey contract covers an area of 2200 sqkm and includes fast track processing, followed by full time and depth processing, but location not revealed.Work will commence in Q2 2019 and will be conducted by the Polar Empress, said a press release.“We are very pleased to see the Polar Empress contracted by TPAO for this 14-streamer survey, following on from efficient operations elsewhere completing ahead of schedule.

21 Feb 2019

Round the Clock Business Demands Seamless Comms

Network Innovations and its inland waterways connectivity solution eliminates “dead spot” coverage woes. And, not a moment too soon.The bane of inland operators – or at least one of many – has always been the dearth of reliable and economical vessel-to-shore communications. Even in America’s heartland where cellular coverage is routinely billed as seamless, so-called ‘dead spots’ persist. Sometimes, this happens at the worst possible moment for an operator who has myriad far flung assets on dozens of remote inland waterways. For a long time, satellite service has not been deemed economically feasible for inland operators. Beyond that, unlike blue water deep sea operators, there was little need to download data or employ software solutions in every day operations.

19 Feb 2019

Algoma Conveyor Heading for Canada

The provider of marine transportation services Algoma Central Corporation announced that the recently completed Algoma Conveyor, the third Seawaymax Equinox Class 740’ self-unloading dry-bulk carrier, has begun its delivery voyage from China to Canada.The vessel began its two month journey home, departing the Yangzijiang shipyard on February 16, 2019.After taking fuel in the Philippines the vessel will cross the Pacific Ocean, travelling through the Panama Canal and from there will make its way to Canada. The vessel is expected to arrive in early April.“We are looking forward to the Algoma Conveyor joining our fleet for the 2019 navigation season as market demand and volumes are strong…

21 Jan 2019

Asahi MOL Tankers Established

Japanese shipping company Mitsui O.S.K. Lines (MOL) and the marine transportation services provider Asahi Tanker Co have launched a new MR product tankers pool with a fleet of about 25 ships.The new pool, named Asahi MOL Tankers and headquartered in Republic of the Marshall Islands, will also launch MR product tankers that will be assigned to the pool.MR stands for Medium Range and refers to product tankers in the 45,000-55,000 deadweight ton class. This ship type has great versatility in transporting petroleum products such as gasoline, naphtha, gas oil, and jet fuel, and is in high demand around the world."The pool will own a fleet of about 25 vessels and allocate them mainly to Asia and Oceania from the three centers of Tokyo, Singapore, and London.

19 Jan 2019

Algoma Central: Refund Given for Cancelled Ship Contract

Algoma Central Corporation (TSX: ALC), a provider of marine transportation services, announced that it has received full refund of all instalment payments made in connection with the now-cancelled shipbuilding contracts with Uljanik d.d. and 3Maj Shipyard of Croatia.Algoma entered into five shipbuilding contracts with 3Maj Shipyard, an operating unit of Uljanik d.d of Croatia. According to a press release from Algoma, after considerable delay, the first of the five vessels was delivered in 2018; however, Algoma cancelled the remaining four contracts as the shipyard’s financial difficulties led to a much-publicized attempt to refinance the company and shipyard management was unable to put forward a credible plan that would lead to completion of the remaining hulls.