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Creative Solution News

09 Jun 2023

Maritime Partners Announces $235.3 Million Securitization

(Photo: Maritime Partners)

Maritime Partners, a provider of maritime financing solutions primarily focused on Jones Act vessels, has announced the successful completion of the inaugural capital markets issuance of vessel asset-backed securities (ABS) by MP 2023 LLC, its controlled affiliate. This transaction was the first ABS issuance composed entirely of inland marine vessels.MP 2023 LLC issued an aggregate principal amount of $235.3 million of its MP 2023-1, Class A Notes, with a coupon of 7.167% over an expected 7-year term.

22 Jul 2021

GTT to Design Fuel Tanks for Seaspan's LNG-powered Containership Quintet

Illustration - Credit:EvrenKalinbacak/AdobeStock

French firm GTT has secured an order from the South Korean shipbuilder Samsung Heavy Industries (SHI) to design fuel tanks for five very large LNG-fuelled container vessels, to be built by SHI for the containership giant Seaspan.The vessels, to be chartered by Israeli firm ZIM, will be able to carry 15,000 containers each. The fuel tank of each vessel will offer a capacity of 12,000 m3 and will be fitted with the Mark III membrane containment system. These tanks will include features…

03 Jun 2020

Waterjets Refit for Five Offshore Wind Vessels

(Photo: HamiltonJet)

Waterjet propulsion specialist HamiltonJet said it is currently working with Norway-based Offshore Windservice AS to convert five vessels from controllable pitch propeller (CPP) to waterjet propulsion and advanced control technology.At project completion, all five vessels will feature twin HM721 waterjets coupled with HamiltonJet's intuitive AVX controls.While HamiltonJet has already supported more than 80 offshore wind farm vessels globally, the company's CEO, Ben Reed, says…

26 Mar 2013

Undersea Laboratory Cable Array Repaired

VENUS SIIM Being Deployed: Photo courtesy of OceanWorks

OceanWorks International announce the successful re-deployment of the VENUS coastal network in the Strait of Georgia after repairs. Placed in Canadian waters in the Strait of Georgia, VENUS is part of the Ocean Networks Canada Observatory, is a cabled undersea laboratory with nodes that provide live video, acoustic images and real-time data for ocean researchers and explorers. VENUS delivers real time information from seafloor instruments via fiber optic cables to the University of Victoria, BC.

30 Mar 2012

Kongsberg Acquires Jotron Consultas

 From left: Morten HasĂĄs, Executive Vice President - Merchant Marine, Kongsberg Maritime and Rune Hagen Managing Director Jotron Consultas.

Fleet management software joins extensive portfolio of marine technology solutions. Kongsberg Maritime, a leading marine technology developer has today (29th March 2012) acquired 100% of the shares in fleet management software specialist Jotron Consultas. A new product group consisting of all previous Jotron Consultas employees and based at Kongsberg Maritime’s premises in Horten, Norway, will be formed as a result of the acquisition. Jotron Consultas has developed a reputation as one of the leading specialist software providers for the sector.

16 Mar 2011

Massive Ship Order in China

While banks keep lending tight, a massive $5 billion order in China should mark the official turnaround of shipbuilding's fortunes, as private equity in the form of The Carlyle Group and Tiger Group Investments Partner have teamed with Seaspan Corporation, the Washington Family, Gerry Wang and Graham Porter to order more than $5 billion in new ships. Coupled with the recent announcement by Maersk and Daewoo to build a series of 10 of the world's largest containerships, it is fair to assume that the shipbuilding slump is coming to an end. The new joint venture of global shipping and finance experts has formed a company that will work to acquire more than $5 billion in container, dry bulk, tanker vessels and other shipping assets to capitalize on increasing demand in the shipping sector.

09 Feb 2004

Training & Education: CBT and the Inland Tow and Barge Industry

With fleets spread over 25,000 miles of waterways, the inland tow and barge industry faces training and communication challenges intensified in comparison to other sectors of the maritime industry. Even though they may be close to home, inland waterways crew are constantly on the move and lunch bucket crews need to preserve valuable time spent onboard and commuting. The abundance of locks, bridges and other traffic along the waterways keeps crew busy performing critical navigation duties, making it essential that time spent on training is efficient and maximizes value. Large operators face the challenge of constantly improving the value of training dollars spent and driving industry best practices.

01 Oct 1999

Frontline Wins Two-Year Fight For Control Of ICB

A two-year battle for Swedish tanker company ICB Shipping ended Sept. 23 in victory for Norway's Frontline - but only after four of 12 ICB tankers are sold to a new group set up by key ICB players. An agreement between Frontline, ICB and ICB's main shareholder, Greek shipowner John Angelicoussis, values ICB at about $600 million and ends a stalemate over ownership involving several legal wrangles. Bermuda-registered Frontline launched a hostile takeover bid for ICB in September 1997 with the aim of creating one of the world's largest quoted tanker companies, part of the consolidation emerging in the highly fragmented tanker industry. "We feel that what we have agreed to is a creative solution although it does mean that Frontline has achieved its aim," ICB chairman Clarence Dybeck said.