NAT Announces Public Offering
Nordic American Tankers Limited (the "Company") today announced an underwritten public offering of 11,000,000 common shares pursuant to the Company's effective shelf registration statement. At the Company's request, the underwriters have reserved for sale an aggregate of 534,000 common shares to all the members of the Company's board of directors, certain members of the Company's management and all NAT advisors. The 534,000 common shares include approximately 100,000 shares to be purchased by the Company's Chairman and Chief Executive Officer and 400,000 shares to be purchased by the Company's Vice Chairman. Furthermore, during the period August 17 - 22…
Maersk, Danske and Nordea to shed Ship Finance Stakes
A.P. Moller-Maersk , Danske Bank and Nordea Bank will sell their shareholdings in shipping lender Danish Ship Finance worth 4.25 billion Danish crowns ($638.05 million) to a consortium of Danish investment funds, the company said Wednesday. The company, which distributes loans to shipping companies based on vessel mortgages, will be taken over by Danish pension funds PFA, PKA as well as Nordic equity fund Axcel. The deal values the company at 4.72 billion crowns, the company said. The divestment comes less than a week after shipping giant A.P. Moller-Maersk said it would split into two units and focus on its container shipping business.
Moody's Threatens Downgrade of Maersk
Denmark-based shipping and oil company A.P. Møller-Mærsk A/S (Maersk)'s decision to split the group into two parts now get the credit rating agency for questioning to the light blue conglomerate's debt. It ends "probably" with a downgrade, because large parts of the oil revenue will no longer contribute to upholster transport division. "We have placed the ratings of Maersk on review for downgrade because we believe that its business diversification will reduce significantly with the separation of its energy businesses which represented 62% of EBITDA as of the first half of 2016…
South Africa Raids Boxship Operator's Offices
Six of the world's biggest container shipping companies were raided by South African authorities on Wednesday on suspicion of colluding to inflate rates between Asia and South Africa, the country's Competition Commission said. The six companies comprise local subsidiaries of Denmark's Maersk, Swiss-headquartered Mediterranean Shipping Company, France's CMA CGM Shipping, Germany's Hamburg Sud, Singapore-based Pacific International Line and Maersk unit Safmarine, the commission said in a statement.
Container Shippers Raided in S.Africa over Suspected Collusion
Six of the world's biggest container shipping companies were raided by South African authorities on Wednesday on suspicion of colluding to inflate rates between Asia and South Africa, the country's Competition Commission said. The development comes as global container lines struggle in the worst-ever market conditions, caused by a glut of ships and slowing global trade, which has battered earnings and forced at least one out of business. The six companies raided comprise local subsidiaries of Denmark's Maersk…
Lenders Hire Rothschild to Sell ABG Shipyard
Largest Private Sector Shipbuilding Yard in India ABG Shipyard is for sale. The Lenders led by State Bank of India has hired investment bank Rothschild to find a buyer for a majority stake in the company as they struggle to save Rs 16,000 crore ($2.4 billion) worth of loans given to it, reports Economoc Times. Lenders have to complete this exercise -converting debt into equity -within 210 days and find a new buyer within 18 months, according to Reserve Bank of India norms. Earlier…
Petrobras to Seek Builders for Six Platforms
Petroleo Brasileiro SA, Brazil's state-run oil company, as of 2017 will begin seeking offers for the construction of six new offshore oil platforms envisioned in current investment plans, according to a newspaper interview published Sunday. In an interview with O Globo, the biggest daily in the company's home base of Rio de Janeiro, Petrobras' director of exploration and production said the six new platforms, together likely to cost as much as $6 billion, are among eight rigs planned to enter service by 2021, with bidding for the other two contracts already under way. The new platforms, Solange Guedes said, will come on the heels of another 11 platforms already under construction and expected to enter service through 2019.
Dryships Sells Panamax ‘at 10% premium’
DryShips Inc. (NASDAQ:DRYS), or the Company, an international, owner of drybulk carriers and offshore support vessels, today announced that it has sold the 2002 built Panamax drybulk carrier MV Oregon. The vessel MV Oregon, along with the associated bank debt, was sold to an entity controlled by the Company’s Chairman and CEO, Mr. George Economou. The vessel was sold for a 10% premium to fair market value, as supported by independent third party broker valuations. Following this transaction…
S. Korean Court Mulls Sale of Hanjin
The South Korean bankruptcy court handling the insolvency proceedings of Hanjin Shipping Co. said Wednesday a sale of the troubled company is possible, say media reports. However, the court has yet to reach a decision. "The sale of Hanjin is one of the options we're considering. If we conclude that it's the best way to rehabilitate the company, we'll do so, " Choi Ung-young, a judge and a spokesman for the Seoul Central District Court, said. According to Bloomberg, the Seoul Central District Court has called for a meeting of officials who are evaluating the container line.
Finalists of Global OSCC Award Announced
THE top three international employers and training providers shortlisted to compete to be crowned winners at the annual OPITO Safety and Competency Awards in Kuala Lumpur have been announced today (28th September, 2016). Shell Nigeria, Oil Spill Response Limited (OSRL) and McDermott are shortlisted in the Employer of the Year category, while PT Sampson Tiara, Wild Geese and Grupo Stier have been named in the OPITO approved Training Provider of the Year section. The winning companies in each category will be unveiled during the 2016 OPITO Safety & Competency Conference (OSCC)…
Cosco wins Abu Dhabi Container Terminal Concession
Abu Dhabi Ports has awarded China's Cosco Shipping a 35-year concession to build and operate a new container terminal at Khalifa Port, the chief executive of the Abu Dhabi company told Reuters on Wednesday. The terminal is expected to be operational in the first quarter of 2018, Mohamed Juma al-Shamisi said. It will have a capacity of 2.4 million twenty foot equivalent units (TEUs), with an option to increase that to 3.5 million TEUs, Shamisi added. COSCO is expected to invest as much as $400 million on the project. Abu Dhabi Ports is an Abu Dhabi government-owned company that runs Khalifa Port and the Khalifa Industrial Zone. Reporting by Stanley Carvalho and Maha El Dahan
GM Deep Sea Mooring Secures Det Norske Oljeselskap Contract
Global Maritime Deep Sea Mooring, a provider of offshore mooring services in Norway, has signed a contract with Norwegian operator Det norske oljeselskap to support Prosafe’s semi-submersible Safe Zephyrus accommodation rig in the Ivar Aasen North Sea field. The contract also includes support to the Maersk Interceptor ultra-harsh environment jack-up rig. Deep Sea Mooring, which has already installed the pre-lay system, will supply mooring and pre-lay equipment; offshore personnel…
Maersk Line's Improves Asia-West Coast South America network
Maersk Line's new and improved Asia-West Coast South America network gives an optimised service to Chile and Peru with faster transit times and direct connections. It also offers a new service with fast and direct connection to South Asia, the company said in its press release. Dean Rodin, Maersk Line Head of Latin America & Oceania trades introduced the improve AC network, between Asia and West Coast South America in a video supplied by the company. Maersk Line gives faster, more consistent services that bring Asia and West Coast South America closer together.
Sonagol Deepens DSME's Woes
Concerns were growing again over liquidity woes of Soth Korea's largest shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME), as the Angolan oil major Sonangol EP is likely to delay the takeover of its drill ships once again. According to The Korea Herald, DSME was planning to deliver the two drill ships to Angola’s state-run oil company Sonangol by this month to receive the remaining contract fee of $1 billion. The South Korean shipbuilder has completed building two drill ships…
Adani buys Australian Port Operator from Glencore
A unit of India's Adani Enterprises Ltd will buy the company that operates Australia's Abbot Point Coal Terminal from Glencore Plc for A$19.25 million dollars ($14.52 million), ending a legal wrangle over control of the port. The statement from Adani and Glencore said Adani Ports and Special Economic Zone would purchase the port operator, Abbot Point BulkCoal Pty Ltd, pending regulatory approvals. Adani Enterprises, India's biggest private sector coal trader, acquired the Abbot Point Coal Terminal port from the Queensland government in 2011, considering it a key part of its plan to ship coal from Australia to India and for other exports.
Port of New Orleans Board Elects Kearney as Chairman
The Board of Commissioners of the Port of New Orleans has elected Mr. Michael W. Kearney chairman. Mr. Kearney represents Orleans Parish and joined the Board in December of 2012 when he was appointed by former Gov. Bobby Jindal. He succeeds Mr. William T. Bergeron, whose term as chairman expired this month. Mr. Bergeron will continue to serve as a commissioner. In addition, the Board elected Mr. Robert R. Barkerding vice chairman and Mr. Laney T. Chouest secretary-treasurer. Mr.
Interlake Steamship Bulk Carrier Repowered
The newly repowered M/V Herbert C. Jackson departed Fraser Shipyards in Superior, Wis., yesterday giving a farewell salute to the Twin Ports where it has been undergoing its steam-to-diesel conversion since December 21. As the last steam-powered ship in Interlake Steamship Company’s fleet, the conversion of the Herbert C. Jackson represents the final phase of the company’s decade-long modernization program to create the most efficient, reliable and environmentally responsible fleet on the Great Lakes. The 690-foot Jackson is the fifth ship to undergo a major overhaul and Interlake’s fourth and last steam-to-diesel conversion since 2006. “After a successful repowering at Fraser Shipyards, the Herbert C.
Agility, Maersk Join to Slash CO2 Emissions
Agility Logistics, a leading global logistics provider, has signed an agreement with Maersk Line, to cut CO2 emissions by 15% per container transported for Agility shipments by 2020. The agreement is part of Maersk’s Carbon Pact Challenge, an initiative under which Maersk Line and its key customers work together to drive down harmful emissions and reduce the environmental impact of container shipping. As part of the agreement, Agility and Maersk will look for ways to cut emissions by shipping cargo on more fuel efficient ships…
Otto Marine’s Two Australian Units May Wind-up
Otto Marine Ltd. said three creditors filed three such applications with the Supreme Court of Western Australia to wind up its subsidiaries in Australia - Go Inshore Pty and Go Marine Group Pty, says a report in Bloomberg. Creditors are claiming A$787,204 (S$814,580) from the offshore marine group. The total sum claimed against the subsidiaries pursuant to the applications is in the approximate quantum of A$787,204, the company said. The management of Go Marine Group is seeking legal advice and plans to dispute the debts. The cases will be heard on Nov.
InterDam Conducts Door Safety Test
Between July and September, 2016, the architectural safety equipment company InterDam’s engineers subjected its G21 Fire Door to a single sample blast and fire safety test. The result, according to InterDam, was an unqualified success. “We have now confirmed that our standard G21 Fire Door can withstand a 0.56 bar blast followed by an A60 rated fire, while remaining structurally sound,” said Berend Groeneveld, InterDam Managing Director. The company has performed similar testing on walls at its customers’ request…
Navig8 Inks Sale and Leaseback Deal with SBI
Navig8 Chemical Tankers Inc. an international shipping company focused on the transportation of chemicals, today announced that it has entered into a sale and leaseback transaction with subsidiaries of Japan-based SBI Holdings Inc (“SBI”) for two 25,000 DWT stainless steel chemical tankers (the “Vessels”) being built by Kitanihon Shipbuilding Co. Ltd (“Kitanihon”). Crédit Agricole Corporate and Investment Bank (“CA-CIB”) is providing debt financing to SBI in connection with the transaction.
MN100: HMS Global Maritime
HMS Global Maritime is an internationally respected, full-service marine management company, with the resources and experience to deliver tailored, cutting edge solutions, management, and support to clients of all sizes through four divisions - anywhere in the world. HMSGM was founded in 1995 in San Francisco, California as Hornblower Marine Services. In 1998, it relocated to the Louisville, Kentucky area, basing its headquarters in New Albany, Indiana, to be more centrally located and closer to the riverboat casino market, a fundamental operation service in the early stages of the company.
COSCO Sees Piraeus in Top Thirty by 2018
COSCO Shipping, plans to ramp up container volume at Greece’s biggest port in Piraeus by 35 percent by 2018, the port’s new managing director, Fu Cheng Qiu, said, reports Reuters. China's biggest shipping company, which owns the world's fourth-largest container shipping fleet, bought 51 percent of the port's operating company last month for 280.5 million euros ($315.5 million), one of Greece's biggest and most strategic privatizations since a debt crisis began in 2009. COSCO wants…