Bulk Transportation News

New Jersey-based Rand Logistics said Thursday it has completed its $260 million acquisition of rival Great Lakes shipping company American Steamship Company (ASC) from GATX Corporation.The combination of Rand and ASC moves almost 50 million tons annually of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1,000 feet, the company said."This transaction is a game-changer for both Rand and our customers. Our combined 24-vessel fleet gives us the capability to meet almost every type of dry bulk transportation need on the Great Lakes," said Peter Coxon, Chief Executive Officer of Rand…

The Greek provider of marine dry bulk shipping services Seanergy Maritime Holdings Corporation announced that it received approval, in form of commitment letters, from one of its existing lenders to extend the maturity of two loan facilities.According to the Nasdaq listed pure-play capesize ship-owner said that the loan facilities are secured by the M/V Leadership and M/V Squireship and their respective maturities are extended from March 17, 2020 and November 10, 2021 to December 31, 2022.The underlying terms remain substantially the same, while the commitment letters provide, amongst others, that certain financial covenants and restrictions on dividend payments binding the Company would no longer apply.The approval is subject to completion of definitive documentation, it said.

At one time the most powerful lighthouse in the United States was Twin Lights in Highlands New Jersey. Today it is a wonderful little museum and right now it has a very interesting show of paintings by Maarten Platje on the War of 1812. One painting is called the Great Chase and it tells this amazing story of the US Frigate Constitution being becalmed off the New Jersey coast and becoming engaged in a rowing race to keep out of range of a powerful British Squadron. The Constitution escaped and went on to have her amazing victories that year…

The drydocking of the vessel M/V Lordship was completed yesterday (August 01), marking the first milestone in Seanergy Maritime Holdings' scrubber and ballast water treatment system (BWTS) installation program.The Greece-based international shipping company said in a stock exchange announcement that the dry docking of the M/V Partnership is currently ongoing."Three vessels will follow within August, September and October 2019, respectively, in line with our initial installation schedule," said the provider of marine dry bulk transportation services through the ownership and operation of dry bulk vessels."In addition, we have agreed with one of our existing charterers…

The global ports operator Cosco Shipping Ports signed investment agreement of Cosco Shipping Ports Supply Chain Project with Guangzhou Nansha Economic and Technology Development Zone Commercial Bureau.The Cosco Group company said that it plans to develop phase I of terminal extended business in the land near Nansha Stevedoring Corporation Limited of Port of Guangzhou and Guangzhou South China Oceangate Container Terminal Company Limited, in order to develop port supply chain platform, develop high-end warehousing business and extend the upstream and downstream industries.Leveraging on Nansha Free Trade Zone’s policy and favourable geographical position…

Private investment firm Auxo Investment Partners said it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed, marks Auxo’s sixth acquisition in 16 months, and builds on the firm’s December 2017 acquisition of M/G Transport Services, a leading dry-bulk transportation and logistics company based in New Orleans.Andrie, founded in 1988, is a company serving the Great Lakes, working extensively with large global customers.

Deal builds on Auxo’s December 2017 acquisition of leading dry-bulk transportation and logistics company, M/G Transport Services. Private investment firm Auxo Investment Partners announced today that it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed…

Seanergy Maritime Holdings has anounced that it has signed agreement to acquire one modern capesize vessel and sale of two supramax vessels to become the only US-listed pure-play capesize vessel owner.The international shipping company that provides marine dry bulk transportation services said in a press release that  it has entered into definitive agreements with unaffiliated third parties for the purchase of a modern secondhand Capesize vessel and the sale of two Supramax drybulk vessels.The transactions are expected to be completed in the fourth quarter of 2018. Following these transactions, Seanergy will be the only pure-play Capesize vessel owner listed in the US public markets.The Company has agreed to acquire a modern secondhand Capesize vessel from an unaffiliated third party…

Oldendorff Carriers said it has signed an integrated coal transport and transhipment agreement for a new power station project to be built in the North of Vietnam at Nghi Son. The customer is a consortium between Marubeni Corp of Japan and Korea Electric Power Corporation (Kepco) named Nghi Son 2 Power Limited Liability Company (NS2PC).The agreement is expected to include the transportation of about 100 million metric tons of coal over 25 years. Oldendorff Carriers signed the 25-year agreement with NS2PC…

Safe Bulkers announced that it has acquired a 181,000 dwt, Japanese, 2009-built, dry-bulk, Capesize class vessel at an attractive price. The acquisition was financed from cash on hand.The international provider of marine dry-bulk transportation services said that following a dry docking the vessel is expected to be employed in the time charter market.As of August 13, 2018, the weighted time charter average of the Baltic Exchange Cape Index (BCI AVG5TC) was $26,059 per day. Dr. Loukas Barmparis, President of the Company commented: “While we remain focused on the optimization of our capital structure by buying back later this month a Kamsarmax class vessel under sale and lease back agreement…

Seanergy Maritime Holdings announced that it has successfully completed the refinancing of a previous loan facility secured by M/Vs Lordship and Knightship. Both vessels are Capesize bulk carriers built in 2010 in South Korea, purchased by Seanergy in 2016. The original maturity of the Facility was December 2019. M/V Knightship was refinanced in June 2018 through a sale and leaseback transaction with AVIC International Leasing Co., Ltd., a major Chinese state-owned financing institution. Seanergy sold and chartered the vessel back on a bareboat basis for an eight year period, having a purchase obligation at the end of the eighth year. The Company has the option to repurchase the vessel at any time following the second anniversary of the bareboat charter party.

Safe Bulkers, an international provider of marine dry-bulk transportation services, announced today that it has acquired a 92,000 dwt, South Korean 2010 built, dry-bulk, Post-Panamax class vessel at an attractive price. The vessel is a sistership of the Company’s two existing South Korean Post-Panamax class vessels. The acquisition was financed from cash on hand. Dr. Loukas Barmparis, President of the Company commented: “In parallel with the optimization of our capital structure our Board has decided to invest in a second hand vessel which we believe it will be accretive to our revenues. As of October 25, 2017, Safe Bulkers' operational fleet comprised of 38 drybulk vessels with an average age of 7.3 years and an aggregate carrying capacity of 3.4 million dwt.

Greece-based Seanergy Maritime Holdings announced that it has entered into a time charter contract with a major European utility and energy company for its recently delivered Capesize vessel. The 2012-built M/V Partnership will commence a period employment of about twelve to eighteen months and is expected to generate approximately $8.8 million of gross revenue, assuming the full 18 months employment. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, said: “We are pleased to announce a period employment contract for our most recent Capesize acquisition. The strong rate achieved supports our projections for continued improvement in the Capesize market and overall dry bulk sector.

Seanergy Maritime Holdings Corp has entered into a time charter contract (T/C) with a major European charterer, for one of its Capesize dry bulk vessels, for a period of about 18 months to about 22 months. The T/C is for the 180,000 dwt Capesize vessel M/V Lordship and is expected to commence in June 2017, upon expiration of the vessel's current T/C with the same charterer. The net daily charter hire is index-linked rate based on the 5 T/C route rate of Baltic Capesize Index (BCI). In addition, the charter contract provides the option to Seanergy to convert at any time and for a period of minimum three months to maximum 12 months the index-linked rate into a fixed rate corresponding to the prevailing value of the respective Capesize FFA.

NYK Line may book losses as shipping slump slashes asset values. Nippon Yusen, Japan's biggest shipper by sales, warned it would book a $1.9 billion hit to first-half income, after the industry's deepening slump forced it to write down the value of container ships and other assets. The shock writedown is the latest symptom of the dramatic slowdown in the container shipping sector. Weaker global trade, and in particular softer demand from China, has battered freight rates and left hundreds of ships idle. Chronic oversupply in the industry has already claimed one high profile victim this year: South Korea's Hanjin Shipping Co Ltd, the world's seventh largest container carrier before it went into receivership.

McAllister Towing & Transportation operates a fleet of more than 75 tugboats, crew boats and barges in 17 locations along the U.S. East Coast from Portland, ME to San Juan, PR. The fleet consists of 28 Z-Drive/ Tractor tugs, 11 Tier II compliant tugs, 20 plus vessels involved in coastal towing and 35 ABS load line classed vessels. In each port, McAllister is engaged in ship docking, general harbor towing, coastal towing and bulk transportation. The firm has recently welcomed 3 new Z-Drive/ Tractor tugs as it continues to upgrade its already formidable fleet.

Global integrated drilling waste management and environmental services firm, TWMA, has recently secured a £1.5 million contract with Apache on the WilPhoenix platform in the North Sea Beryl field. As part of TWMA’s fully integrated waste management solution, the one year (with one year option) contract will utilise the company’s award-winning TCC RotoMill® for offshore processing and EfficientC® for cuttings transfer and distribution. Chief operating officer, Neil Potter, said: “We have built a strong relationship with Apache over the last five years, and are delighted to have been selected to support on the WilPhoenix project. The provision of bulk transportation involves directly pumping drill cuttings from storage tanks onboard the rig to a supply vessel…

In 1864 Abraham Lincoln was president, and the U.S. was embroiled in the midst of civil war. In 1864, McAllister Towing was established (originally as the Greenpoint Lighterage Co.) in New York City. McAllister Towing has persevered, and at times, served, through nine wars, 28 presidents, at least three catastrophic stock market crashes; collapsing oil prices, generations of advances in ship technology and vessel construction and design; and an explosion in maritime regulation.

U.S. marine vessel operators have invested in their fleets, adopted new technologies and switched to cleaner burning engines and fuels to stay in business. In this edition, we take a look at how industry leading marine operators have flourished, sometimes in tough circumstances. At family-run McAllister and Chouest, sons and daughters learned operations from the ground up, while CEO Todd Hornbeck revamped the first version of a company started by his dad. All value their employees and say workplace safety is a priority. Each of these companies is quick to meet customer demands.

Even if, as Marcon International’s Bob Beagle says, barges are the workhorses of the towing industry, then the pushboats that propel the 38,000 (documented and undocumented) deck, hopper, tank, crane and miscellaneous purpose barges to their destinations are the heart and soul of the most efficient – and greenest – means to move cargo known to man. This month, we take a close look at what’s developing for both types of hulls; in terms of design, markets, boatbuilding and everything else in between. There’s something happening on all fronts. The second quarter of 2014 finds North American shipyards and the service and manufacturing sectors that support them still roaring along. But, it’s not just production – it’s also about innovation.

Unconventionally lowering costs, safely and improving the bottom line. That’s the Victaulic way. In the towing segment of the marine industry, sometimes it does seem that boats are under perpetual repair. A tugboat that’s tied up in maintenance and not able to work is a lost revenue opportunity. As a result, limiting time out of service by performing repair and retrofit services dockside is of critical importance. For example, McAllister Towing & Transportation was able to accomplish repairs not just quickly, but at a lower cost and in a safer manner than conventional methods.

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, has announced that it has reached an agreement in principle with a steering committee of its senior lenders on the terms of a financial restructuring to strengthen its balance sheet. Through this agreement, Excel Maritime expects to reduce its funded indebtedness and enhance its liquidity profile with the support of its senior lenders as it continues to provide first class service as a premier provider of dry bulk transportation services. Under the terms of the agreement…

United Maritime Group, LLC Announces Agreement to Sell U.S. United Barge Line, LLC to Ingram Barge Company. United Maritime Group, LLC ("UMG") today announced that it has entered into a definitive agreement to sell U.S. United Barge Line, LLC ("UBL"), a wholly owned barge transportation subsidiary of UMG, to Ingram Barge Company. Based in Tampa, the subsidiaries of UMG operate businesses in the dry bulk transportation and logistics industry, including U.S. United Bulk Terminal, LLC, the largest coal and petroleum coke handling facility in the Gulf of Mexico, and U.S. United Ocean Services, LLC, which operates the largest Jones Act dry bulk ocean fleet by capacity.