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Fortis News

18 Dec 2023

The Man Behind the 'Jones Act'

Senator Wesley Livsey Jones (Credit: Library of Congress, Prints and Photographs Division, photograph by Harris and Ewing, [LC-DIG-hec-15427])

Senator Wesley Livsey Jones gave his name to the famous “Jones Act” governing U.S. domestic maritime trade. But what do really know about him? It turns out that he was much more than a leading merchant marine policy maker. (i)Jones had a long career in the U.S. House of Representatives before he was a Senator, was an effective legislator, an astute politician, one of the hardest working legislators of his era, and always viewed as honest and forthright. His many maritime legislative successes included the Merchant Marine Act…

27 Nov 2019

Jan De Nul orders Offshore Installation Vessel

Photo: Jan De Nul Group

Six months after the offshore installation vessel Voltaire, Jan De Nul Group orders Les Alizés, a floating installation crane vessel from the CMHI Haimen shipyard in China.Together with the Voltaire, this new vessel will be in a super-size class of its own, capable of building the newest generation of offshore wind farms. Les Alizés, that will be ready in 2022, is equipped with a crane having a lifting capacity of 5,000 tons and equally impressive lifting heights. Les Alizés will be able to load out, transport and install multiple units of the largest and heaviest wind turbine foundations.

08 Mar 2019

SEA\LNG Welcomes Vancouver Fraser Port

The Vancouver Fraser Port Authority has joined SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel. Vancouver Fraser Port  is the first North America port member to join the industry group.The Vancouver Fraser Port Authority is the federal agency of the Port of Vancouver, Canada’s largest port, and the fourth port member to join the coalition, alongside Port of Rotterdam, Yokohama-Kawasaki International Port Corporation (YKIP), and most recently the Maritime and Port Authority of Singapore (MPA). Together, the ports remain committed to supporting the coalition’s vision of a competitive global LNG value chain for cleaner maritime shipping.Peter Keller…

05 Oct 2018

Chelsea Logistics Buys Two Vessels

Philippine-based Chelsea Logistics Holdings (CLC), wholly owned subsidiary of Udenna Corporation, added two new ships to the company’s existing fleet of 83 as part of its expansion program.CLC  inaugurated the M/T Chelsea Providence and M/V Salve Regina at the Manila North Harbour Port, the two vessels that CLC bought with  an investment worth around $50 million.Manila Standard quoted CLC founder and chairman Dennis Uy as saying that his company has  long dreamed of having its presence felt in the international waters and to commence its  foray into the regional liquid carrier market.M/T Chelsea Providence is its biggest registered vessel yet…

28 Jun 2018

Marine Shipping Sector Eyes LNG to Meet Clean Fuel Rules

With new global emissions standards looming, the marine shipping industry is increasingly looking at liquefied natural gas as alternative to high-sulfur bunker fuel, shipping and energy executives said at a global gas summit this week. Already used to fuel ferry fleets and cruise ships, LNG is gaining traction among freight and cargo shippers, despite a reluctance by the entrenched industry to make major changes. The stakes are high: the global shipping fleet now consumes about 4 million barrels per day of high sulfur fuel oil. "Ship owners are very conservative, they're generally a little slower to act... But it's going to happen," Peter Keller, chairman of SEA\LNG and executive VP of maritime firm Tote Inc, told Reuters at the World Gas Conference in Washington.

26 Apr 2018

Euronav Secures Loan for Four Ice-class Suezmaxes

Tanker shipping company Euronav has secured a loan facility providing financing for four ice-class suezmax newbuildings under construction by Hyundai Samho Heavy Industries Co., Ltd., two of which have recently been delivered with the remaining two scheduled for delivery later in 2018.Watson Farley & Williams LLP (WFW) said it acted for Crédit Agricole Corporate & Investment Bank in relation to a $173.5 million loan facility for Euronav NV signed on March 22, 2018. The commercial lenders were Crédit Agricole Corporate & Investment Bank, BNP Paribas Fortis SA/NV and Sea Bridge Finance Limited and The Export-Import Bank of Korea acted as ECA lender.WFW also acted for ING Belgium SA/NV on a $220 million loan facility for Euronav and International Seaways signed on March 29…

07 Feb 2017

North American Ferries: Faster, Greener & Safer

(Photo: BC Ferries)

Domestic ferries adjust their business models to met regulatory pressures and exceed environmental standards with an eye towards improved service. And, not a minute too soon. In North America, stalwarts in the ferry business continue to shorten journey times compared to surface alternatives, while at the same time, bring accessibility to barrier and coastal islands that would otherwise be impossible to reach. Established stakeholders continually fine-tune their operations in a…

08 Jan 2017

Euronav Gets Credit Line of $ 410mln

Euronav NV announces has signed a new USD 410 million senior secured amortizing revolving credit facility. The facility has been made available on 16 December 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital purposes. The credit facility was used to refinance the USD 500 million senior secured credit facility dated 25 March 2014 and will mature on 31 January 2023 carrying a rate of LIBOR plus a margin of 2.25%. Hugo De Stoop, CFO of Euronav said: “This new facility will provide a lot of flexibility for Euronav. It is a full revolving credit facility replacing a term loan, it has a lower margin (50 bps lower) than the facility it is refinancing, and it has a much longer maturity.

06 Jan 2017

Euronav Secures Loan for VLCC Refinancing

Tanker shipping company Euronav NV announced it has signed a new $410 million senior secured amortizing revolving credit facility. The facility has been made available on December 16, 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital purposes. The credit facility was used to refinance the $500 million senior secured credit facility dated March 25, 2014 and will mature on January 31, 2023 carrying a rate of LIBOR plus a margin of 2.25 percent. Hugo De Stoop, CFO of Euronav said, “This new facility will provide a lot of flexibility for Euronav. It is a full revolving credit facility replacing a term loan, it has a lower margin (50 bps lower) than the facility it is refinancing, and it has a much longer maturity.

17 Feb 2016

Optimarin Scores Unique BWT Retrofit Project

Edda Fides (Photo: Optimarin)

Optimarin has won a contract to install its Optimarin Ballast System (OBS) on Østensjø Rederi’s Edda Fides, the world’s only purpose-built monohull accommodation vessel. The Norwegian ballast water treatment (BWT) specialist secured the business following on from the success of a previous installation on the firm’s Edda Fortis in 2015. Edda Fides, which is operated by Østensjø Rederi`s subsidiary Edda Accommodation, is a multipurpose accommodation and service ship, with a 600 bed capacity, 1,400 square meters of deck area, advanced offshore crane and helicopter deck.

15 Oct 2015

From Fire to Emissions, Ferry Debates Heat Up

Firefighting led a stream of topical debate at trade association Interferry’s 40th annual conference in Copenhagen last week – but not before a record 342 delegates came under fire from a leading Green politician claiming that ‘shipping is currently one of the unaddressed areas of air pollution’. Michael Cramer, German chair of the European Parliament’s transport and tourism committee, delivered a stinging opening address demanding that the ferry and shipping sectors become more environmentally sustainable. He said ‘most vessels are like hazardous waste incinerators because they burn heavy fuel oil which should be processed as highly toxic waste but is usually exhaled without sufficient filtering’.

18 Aug 2015

R&D Project Targets Better Gangway Operability

Image: Kongsberg Maritime

Kongsberg Maritime is working with Norwegian shipping company Østensjo and the Norwegian Marine Technology Research Institute (Marintek) on a new research and development project for operations using motion compensated and telescopic gangways, typically found on accommodation vessels in the offshore sector. The project is part of the Norwegian Government’s innovation program MAROFF (Maritime Activities and Offshore Operations). Accessing any fixed or floating offshore structure via a vessel can be challenging due to the movement against the structure…

14 Jun 2015

Austal Hosts Littoral Combat Ship Gabrielle Giffords Christening

Austal joined the Honorable Gabrielle Giffords, her husband, retired Navy captain Mark Kelly, and ship’s sponsor Dr. Jill Biden in celebrating the christening of the future USS Gabrielle Giffords (LCS 10) today in Mobile, Alabama. This is the third littoral combat ship (LCS) in Austal’s 10-ship, $3.5 billion block-buy contract. The Independence-variant littoral combat ship is a 127-meter (419-foot) aluminum trimaran, capable of being outfitted with reconfigurable payloads (mission packages) which can be changed to support mine countermeasure, anti-submarine and surface warfare missions. It is named Gabrielle Giffords after the former Congresswoman from Tuscon, Arizona. This is only the sixteenth U.S.

12 Jun 2015

Navy Christens Littoral Combat Ship Gabrielle Giffords

The Navy will christen its tenth littoral combat ship (LCS), the future USS Gabrielle Giffords (LCS 10), during a midday ceremony June 13 at Austal USA shipyard in Mobile, Alabama. LCS 10 is named after former United States Representative Gabrielle Giffords. "The christening of the future USS Gabrielle Giffords marks the beginning of what is certain to be a long life for this great ship," said Secretary of the Navy Ray Mabus. "It is also a celebration of the skill and dedication of the men and women who have built LCS 10 and the courage of her namesake. During the event, Second Lady of the United States Dr. Jill Biden, the ship's sponsor, will break a bottle of sparkling wine across the bow thereby christening the ship in a time-honored Navy tradition.

21 Apr 2015

Edda & its Five Star Offshore Accommodations

 Over eight months during 2012 – 2013, we operated the Edda Fides in the Bass Strait between south east Australia and Tasmania on the KTT (Kipper Tuna Turrum) project, the largest domestic  gas  development on the eastern seaboard of Australia at the time.  The charterer was McDermott Australia and the client was Esso Australia where we served as accommodation unit for up to 400 workers doing upgrade on the Marlin B platform. The project started in June 2012 and was successfully completed in Feb

Petter Sundet, Captain of Edda Fortis, discusses with Maritime Reporter & Engineering News the evolution of top-notch accommodation in the offshore environment. Please provide a brief bio. Specifically, how did you come to a career in the marine industry, and ascend to your current position? I first went to sea when I was 16 years old, to see the world. The first years I sailed as a deck hand, then as an ordinary seaman and then became an Able Seaman which was as far as you could go without any formal education. During this time I worked on general cargo ships, oil tankers, and OBO carriers.

10 Feb 2015

Fortis to Host Inaugural U.S. Investor Day on April 1

Fortis Inc. will host its inaugural U.S. Investor Day on Wednesday, April 1, 2015 in New York. The event will take place at The New York Palace hotel, 455 Madison Avenue at 50th Street (Spellman Room). Registration (and a continental breakfast) will begin at 7:30 a.m. (Eastern) on April 1, 2015 with management presentations scheduled from 8:30 a.m. to 11:00 a.m. (Eastern). Institutional investors, analysts and members of the financial community interested in attending can register in advance by contacting Annette Carberry at Fortis via email at [email protected] or via telephone at 709.737.2822. A live and archived audio webcast of the event will be available on the Corporation’s website at www.fortisinc.com.

12 Dec 2014

UniSource Buys Gila River Power Station

UniSource Energy Services (UES), an indirect, wholly owned subsidiary of Fortis Inc., has strengthened its generating portfolio and reduced its reliance on the wholesale energy market through the purchase of a share of the efficient natural gas-fired Gila River Power Station in Gila Bend. Under the terms of the purchase, UES subsidiary UNS Electric, Inc. and sister company Tucson Electric Power (TEP) acquired the 550-megawatt (MW) Gila River Power Station Power Block 3 from Gila River Power LLC for US$219 million. UNS Electric will control 137 MW of the unit's energy, while TEP will own the remaining output. "This acquisition contributes to an evolving resource portfolio that will provide reliable…

02 Aug 2014

Fortis to Hold Investor Day on October 1

Fortis Inc. will hold an Investor Day on Wednesday, October 1, 2014, in Toronto, Ontario. Barry Perry, President and incoming Chief Executive Officer, Fortis, along with the Corporation's Executive Vice Presidents and members of the senior management team, will provide an update on Fortis operations, recent developments and strategic outlook. The event will take place at St. Andrew's Club & Conference Centre (located in the Sun Life Building), 150 King Street West, 16th Floor (Garden Suite). Registration will begin at 8:00 a.m. (Eastern) on October 1, 2014 with management presentations scheduled from 8:30 a.m. to 12:30 p.m. (Eastern).

13 Aug 2014

Fortis Acquisition of UNS Energy Approved

Fortis Inc. and UNS Energy Corporation announced today the issuance of the final written approval by the Arizona Corporation Commission of the Corporation's agreement to acquire UNS Energy. As a result, all conditions precedent to completing the Acquisition have been fulfilled other than those which by their nature cannot be satisfied until the closing date, which is expected to occur upon completion of the required documentation. Fortis will issue shortly a final instalment notice notifying holders of its 4% convertible unsecured subordinated debentures represented by instalment receipts of the date on which payment of the final instalment is due, which date shall be not less than 15 days nor more than 90 days thereafter.

14 Oct 2014

Euronav Announces $340m Credit Facility

The executive committee of Euronav NV announced that it has signed a new $340 million senior secured credit facility led by ING Bank NV acting as sole Bookrunner and together with Citibank NA, Danish Ship Finance A/S, DnB Bank ASA and KBC Bank NV acting as Mandated Lead Arrangers whilst Belfius Bank NV, BNP Paribas Fortis NV, Deutsche bank AG and ITF International Transport Finance Suisse AG are acting as Lead Arrangers. ING is also the facility agent. The credit facility comprises of (i) a $192 million term loan facility and (ii) up to $148 million non-amortising revolving credit facility. The facility will be available as from today for the purpose of (i) refinancing four Suezmax vessels: the Cap Felix (2008 – 158…

16 Oct 2014

Final Payment on Fortis Debentures

Fortis Inc. announced that holders of its 4% convertible unsecured subordinated debentures represented by instalment receipts  that the final instalment payment of $667 per $1,000 principal amount of Debentures is due by October 27, 2014. Payment must be submitted by holders through their broker, investment advisor or other intermediary using the electronic payment system maintained by CDS Clearing and Depository Services Inc. ("CDS"). Brokers, investment advisors or other intermediaries may have a payment processing deadline which is earlier than the Final Instalment Date. Holders who have not yet done so should contact their broker, investment advisor or other intermediary to ensure that the balance owed in respect of their Debentures is paid on time.

22 Oct 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.1 million gigajoules of liquefied natural gas (LNG) to storage and 34,000 gigajoules per day of liquefaction capacity. FortisBC marked the occasion with a ground-breaking ceremony attended by The Honourable Christy Clark, Premier of British Columbia; Delta Mayor Lois Jackson; as well as Scott Hamilton, MLA North Delta; and Vicki Huntington, MLA South Delta. FortisBC Energy Inc. operates the only two LNG facilities in Western Canada. The existing Tilbury LNG Facility opened in 1971 and has safely operated in Delta, B.C. for the last 43 years.

08 Nov 2014

Fortis' Perry to Present at EEI Conference

Fortis Inc. President and Incoming CEO, Barry Perry, will present at the 49th Edison Electric Institute (EEI) Financial Conference in Dallas, Texas on Thursday, November 13, 2014 between 9:00 am and 9:40 am (Central Time).    A live and archived audio webcast of the presentation will be available on the Corporation's website, www.fortisinc.com.