Cash Management News

APM Terminals Bahrain has launched the 'Lift' portal which allows customers to track and trace their goods, check the status of shipments and vessels and schedule deliveries - 24 hours per day, seven days a week.Lift works to optimize operations by allowing customers real-time visibility into the status of the cargo in a container facility, enabling them to manage all aspects of the terminal process and improving their business at the same time. The new system is seen as being a major step in the digitization of logistical services.Using a user-friendly interface, Lift connects users to the terminal and allows them to access up-to-date data from any device.

Alison Nolan is General Manager and a fourth-generation owner of Boston Harbor Cruises (BHC), a company that moves more than 2.5 million passengers annually on its fleet of 60 vessels with more than 600 daily departures seven ports and more than 30 facilities. But the story of BHC and Alison Nolan transcends raw numbers; as the company and passenger vessel industry are in her DNA, more of a lifestyle than a career. She spoke with Maritime Reporter & Engineering News recently to address the rewards and challenges inherent in her position.

Seadrill Limited, one of the world’s largest offshore drilling companies, has filed for Chapter 11 bankruptcy protection at the Southern District Texas court, Reuters reported. The indebted oil rig firm controlled by Norwegian billionaire John Fredriksen is seeking to restructure its roughly $10 billion  debts as the petroleum industry continues to grapple with low prices. Seadrill announced that the court overseeing the Company's chapter 11 restructuring proceedings has granted the relief requested by the Company in its key first-day motions related to ordinary course business activities. The approved motions give the Company the authority to…

Topaz Energy and Marine, a leading offshore support vessel company, today announces its results for the year ended 31 December 2015. * Net Profit for the period was US$ 20.8m before exceptional items, impairment charge of US$71 million on vessels and a one-off charge of US$8.3 million associated with debt re-financing. * The key Caspian region continued to perform strongly with robust core fleet vessel utilization of 96% (94% in 2014). Topaz signed long-term contracts with BP in the Caspian, further strengthening contract backlog and long-term earnings visibility. * Proactive focus on cost management contributed to mitigation of the EBITDA reduction. * Continued rigorous cash management program; focus on working capital cycle as well as deferring non-essential capex.

International accountancy firm Moore Stephens says the shipping sector should approach private equity (PE) providers for funding to support the ‘significant investment’ in technology and services needed to achieve compliance with environmental regulations and to maintain competitiveness. Private equity investors who have a firm grasp on the potential risks and rewards available in today’s shipping services sector could be a good match for well-founded shipping services and technology providers who have a clearly identified market for their products, says Moore Stephens shipping partner Richard Greiner. Indeed, it could be argued that recent developments have created something of a perfect storm to bring the two together, he added.

Bank of China and China Shipping Group (CSG ) signed a global strategic cooperation agreement worth $14 billion (RMB90bln) in Beijing yesterday to develop cooperation opportunities worldwide, especially in the Shanghai Free Trade Zone (FTZ). According to the agreement, both parties will enhance co-operation in loans and cash management, direct financing, financial consulting, investment and insurance. This collaboration is a move to implement China's 'One Belt and One Road' initiative, which aims to link China with Africa, Europe and Southeast Asia for common development. The move was a result of a recent state initiative to promote the development of the maritime industry, CSG said.

W&O Supply, a global supplier of marine and upstream oil and gas, pipe, valves and fittings, valve automation and engineered solutions, has redefined the roles of a few members of its senior leadership team as it continues to pursue new opportunities in the domestic and international marine markets. By continually identifying specific needs in the industry and by realigning the strengths of its leadership team, W&O is better poised to bring even more cost-saving and regulation-compliant solutions to the marine industry, specifically within the growing commercial sector where it is involved in a number of design, new-build, and retrofit projects.

Jaya Holdings Ltd is pleased to announce the appointment of Mr Chong Chow Pin as Chief Financial Officer Designate. Mr Chong will report directly to the Chief Executive Officer and be responsible for financial, treasury and all corporate services. He succeeds Ms Thai Kum Foon, who will step down on 31 December 2012 from the position to pursue personal interests. Mr Sheshashayee Venkatraman, Chief Executive Officer of Jaya Holdings, said today: “We would like to thank Kum Foon for her great contributions to Jaya Holdings, in particular her dedication and effort in the past two years, a period of significant change for the Group. She leaves us in a much stronger financial position than we have been for some time.

As the $380-billion international maritime industry continues to try to find its bearings following the perfect storm of the financial crisis, the Great Recession and skyrocketing fuel costs, AlixPartners, the global business-advisory firm, today announced that it has officially christened its cross-functional group that helps clients in this space the AlixPartners Global Maritime Practice. Said Fred Crawford, CEO of AlixPartners: "Approximately 90% of world trade is carried by the international maritime industry, and as the industry continues to dig out from the global recession and resulting vessel overcapacity, maritime companies…

Omega To Continue To Operate in the Ordinary Course of Business. Omega Navigation Enterprises Inc. (ONAVQ) announced today that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted the continuing use of cash collateral through December 12, 2011. The management team continues to operate the business in the ordinary course. Omega will continue to honor all of its charter obligations during the pendency of the court protection. Omega believes the Chapter 11 reorganization process will help the Company facilitate a restructuring of its balance sheet and is working towards exiting Chapter 11 as a financially stronger entity that will be positioned to enjoy future growth based on the strength of its existing modern fleet of product tanker vessels.

Netherlands-based Marco Polo Seatrade BV has been granted interim relief by a New York court which will allow it to continue to operate the business in the ordinary course under Chapter 11 protection. The court granted Marco Polo, a company managed by Seaarland Shipping Management, the right to continue to operate and pay all operating expenses, the right to continue to pay employees and crew, the right to continue all cash management procedures, and the right to continue to maintain all insurance - all in the ordinary course of business. The management team continues to operate the business and the company will continue to honor all of its charter obligations during the pendency of the court protection.

Omega Navigation Enterprises Inc. (ONAVQ) has announced that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted all of the additional relief that Omega requested. This includes the right to continue to operate and pay all operating expenses in the ordinary course; the right to continue to pay employees and crew in the ordinary course; the right to continue all cash management procedures in the ordinary course; and the right to continue to maintain all insurance in the ordinary course. The management team continues to operate the business in the ordinary course. Omega states that it will continue to honor all of its charter obligations during the pendency of the court protection.

Omega Navigation Enterprises Inc. has announced that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted all of the interim relief that Omega requested. This included the right to continue to operate and pay all operating expenses in the ordinary course; the right to continue to pay employees and crew in the ordinary course; the right to continue all cash management procedures in the ordinary course; and the right to continue to maintain all insurance in the ordinary course. Omega will continue to honor all of its charter obligations during the pendency of the court protection. The company believes…

Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) reported results for the fourth quarter and full year ended December 31, 2010. -- Voyage revenues of $408.0 million. $3.1 million. million. -- EPS (diluted) of $0.50 ($0.58 per share excluding impairment charge). $7,647. -- Fleet utilization of 97.6%. -- Sale of five tankers with a net gain of $19.7 million. panamax product carriers with employment. -- Change from twice yearly to quarterly dividends. in 2010 of $0.60. -- $105 million raised in equity offerings. -- Approximately $1.0 billion in net income since NYSE listing. -- Voyage revenues of $95.0 million. million. -- Income $0.5 million, before impairment charge of $3.1 million. loss of $2.6 million, after impairment charge. vessel impairment charge. $7,284.

Globus Maritime Limited (AIM: GLBS) (LSE: GLBS), a company with subsidiaries that own and operate Supramax, Panamax, and Kamsarmax dry bulk vessels, reported its unaudited consolidated interim operating and financial results for the three months (Q2-10) and six months (H1-10) period ended June 30, 2010, and declares an interim cash dividend of GB 7.3 pence (US 11.29 cents) per share. All the following figures are in United States Dollars, except for the dividend which is in British Pence. Globus had five vessels at the end of June 2010 versus seven vessels at the end of June 2009. -- Fleet utilization of 98.3% (H1-09: 98.7%). -- Fleet utilization of 100% (Q2-09: 98.9%).

Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) reported results (unaudited) for the first quarter ended March 31, 2009. Revenue, net of voyage expenses and commissions, was $106.14 million in the first quarter of 2009 as compared with $115.67 million in the same quarter of 2008. TEN deployed an average of 46 vessels in the first quarter of 2009 versus 43.1 in the 2008 period. The average daily time charter equivalent (TCE) rate was $27,495 versus $31,387 in the first quarter 2008 (TCE is voyage revenue less voyage expenses). Fleet utilization was 98.5% almost unchanged from 98.3% in the first quarter of 2008. Vessel operating expenses per ship per day increased to $9,355 compared with $8,969 in the first quarter of 2008.

The shipping industry has long been criticized for being slow to adapt to new technologies and taking a reactive approach to market trends. But after several years of stagnant growth, the shipping industry is waking up to the potential of the Internet, according to Thomas Falck, managing director, Visma Marine. Today, the scene is crowded with competing e-commerce initiatives and, some argue, more cash than sense. With the rapid development of new information technologies, the shipping industry has been scrambling to adjust to the new economy. For Visma Marine, the holding company for SpecTec Group, a supplier of fleet management software, the transition is a natural extension of their core business.

One of the greatest challenges facing a lender in the maritime industry is appropriate assessment of risk. In this exciting, varied and vibrant industry, a lender's effective risk assessment requires a thorough understanding of the vagaries that characterize the industry. Many of the companies have been in business for 100 years or more. They have a long family history associated with the sea that has charted their economic destiny for decades. Experience and expertise are the key factors in designing a successful strategy to serve the maritime market, which is made up of skilled professionals who know their business from A to Z. Vessel owners also are proud of their company history.

One of the greatest challenges facing a lender in the maritime industry is appropriate assessment of risk. In this exciting, varied and vibrant industry, a lender's effective risk assessment requires a thorough understanding of the vagaries that characterize the industry. Many of the companies have been in business for 100 years or more. They have a long family history associated with the sea that has charted their economic destiny for decades. Experience and expertise are the key factors in designing a successful strategy to serve the maritime market, which is made up of skilled professionals who know their business from A to Z. Vessel owners also are proud of their company history.

In the last six months, the shipping industry has seen the marine B2B market grow from nothing into a highly competitive race between e-commerce ventures to attract major shipowner/shipmanager support and investment capital. The shipping world has suddenly come alive to the world of e-commerce. Within the last few months, the industry has grown from a few providers of marine e-commerce Internet services to more than 70 e-commerce portals targeting different market segments - and more portals and initiatives are launched every day. Shipping companies are now recognizing that e-commerce is no longer a 'nice-to-have' option. For shipping companies battered by poor annual earnings, embracing information and communication technology may not be a matter of choice, but a matter of survival.

In the last six months, the shipping industry has seen the marine B2B market grow from nothing into a highly competitive race between e-commerce ventures to attract major shipowner/shipmanager support and investment capital. The shipping world has suddenly come alive to the world of e-commerce. Within the last few months, the industry has grown from a few providers of marine e-commerce Internet services to more than 70 e-commerce portals targeting different market segments - and more portals and initiatives are launched every day. Shipping companies are now recognizing that e-commerce is no longer a 'nice-to-have' option. For shipping companies battered by poor annual earnings, embracing information and communication technology may not be a matter of choice, but a matter of survival.

Northrop Grumman Corporation announced that its board of directors has elected Mark Rabinowitz corporate vice president and treasurer, succeeding James L. Sanford, who will retire at the end of the year. Rabinowitz will assume his new position on Aug. 1, 2007. He will report to James F. Palmer, Northrop Grumman corporate vice president and chief financial officer. As treasurer, Rabinowitz will be responsible for all duties of the corporate treasury, including cash management, insurance and risk management, capital markets, capital structure, bank relationships, and the execution of merger, acquisition and divestiture transactions. Rabinowitz currently serves as vice president and assistant treasurer…

Royal Caribbean Cruises Ltd. has named Thomas Martin Senior Vice President and Treasurer. He assumes responsibility for financing, cash management, banking and credit agency relationships, corporate planning, risk management and investments. In this new role, Martin reports to Executive Vice President and Chief Financial Officer Luis E. Leon. Since 2001, Martin served as vice president and treasurer of Allied Waste Industries Inc., a Fortune 500 waste collection, recycling and disposal firm based in Scottsdale, Ariz. Prior to that, he was vice president of treasury, tax and procurement for California-based online financial services company E*TRADE. Martin also held positions with Federal-Mogul Corp., Red Lion Hotels, Boise Cascade Corp., JP Morgan Chase and Wachovia Securities.