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Hvide Marine Incorporated News

09 Jun 2000

Business Briefs

Hvide Marine Incorporated (HMI) and subsidiary Sun State Marine Services, Inc., recently christened the first in a series of new cargo ships at its U.S. shipyard facility in Green Cove Springs, Florida. Constructed entirely on-site by Sun State Marine Services, Inc., the 190-foot 'landing craft' type freight vessel is specially designed and ideally suited for conducting trade with Bahamian and Caribbean markets that have minimal or unimproved facilities. "The landing craft has a reinforced hull that allows use of unimproved landing sites such as beaches or boat ramps by actually grounding the forward part of the vessel," noted Robert J. Coppedge, vice president of Sun State Marine Services, Inc.

22 Dec 2000

Great Boats of 2000

Every year, MarineNews chooses a handful of vessels delivered in the past 12 months and bestows upon them the distinction of “Great Boats.” The boats are chosen for innovations in design, construction and utilization. Following are the 17 vessels or groups of vessels chosen as the Great Boats of 2000. Crowley Marine Services delivered Alert, Attentive, and Aware, a series of three 140-ft., 10,000-hp Prevention and Response Tugs (PRTs), to Alyeska Pipeline Service Company in Valdez, Alaska. Specifically designed and developed for Alyeska, the boats will be used by Crowley in the Trans Alaska Pipeline System trade. Alert was deployed in February; Attentive was delivered in June, and Aware was delivered in July.

22 Dec 2000

Hvide to Add Two New Boats

Hvide Marine Incorporated has made an agreement to purchase two modern 152-ft. crewboats from Crewboats, Inc. The purchase price for the two vessels, which will join HMI's Seabulk Offshore fleet in the Gulf of Mexico, is $5 million. The company expects to take delivery of one vessel in December 2000 and the second in May 2001. "These are the 'hotshot boats' of the offshore industry," commented company president and CEO Gerhard E. Kurz, "and they command day rates of $3,500 and up in today's market, where focus is shifting to the deepwater and a premium exists for fast, reliable delivery of vital parts and supplies. Built by Breaux's Bay Craft…

19 Dec 2000

Hvide to Trade on Nasdaq Beginning January 2

Hvide Marine Incorporated (HMI) announced that its application for listing on the Nasdaq National Market has been approved. The Company's stock is scheduled to begin Nasdaq trading on January 2, 2001, under its current ticker symbol, HVDM. The company's warrants are unaffected and will continue to trade on the Over-the-Counter Bulletin Board. "This is good news for our investors and an important step forward for the company," said President and Chief Executive Officer Gerhard E. Kurz. "Listing on Nasdaq means a higher profile for HMI and enhanced visibility and liquidity for the stock, as well as immediate access to the best bid and ask prices. We anticipate a broader and more active following among investors as a result."

30 Jan 2001

Hvide Completes Lightship Transaction

Hvide Marine Incorporated (HMI) received Hart-Scott-Rodino clearance and has completed the purchase of the remaining 24.25% equity interest in Lightship Tankers LLC previously held by Newport News Shipbuilding. The transaction, originally announced on December 22, is valued at $11 million and gives HMI 100% ownership of these five 1998- and 1999-built double-hull, state-of-the-art product tankers. The five Lightship tankers -- HMI Ambrose Channel, HMI Brenton Reef, HMI Cape Lookout Shoals, HMI Diamond Shoals, and HMI Nantucket Shoals -- are engaged in the domestic Jones Act trade, which limits the shipment of cargo between U.S. ports to U.S.-built, U.S.-crewed, U.S.-flagged and U.S.-owned vessels.

30 Apr 2001

Seabulk International: The Metamorphosis Continues

Over four decades ago, Hans J. Hvide and three partners formed Port Everglades Towing Company, the predecessor company of Hvide Marine, started with two harbor tugs. Under Hvide’s leadership, Port Everglades Towing expanded rapidly, eventually forming the three major business segments—Offshore Energy Support, Offshore & Harbor Towing, and Marine Transportation—of Hvide Marine Incorporated (HMI). Today, the company has grown into a worldwide enterprise, publicly traded on the Nasdaq stock exchange, with a fleet of nearly 240 vessels, more than 2,000 employees worldwide, and annual revenue exceeding $320 million. However, the past three years have been anything but smooth sailing for Hvide Marine.

17 Aug 1999

Hvide Marine Announces Second Quarter Results

Hvide Marine Incorporated, Fort Lauderdale, Fla., reported a net loss of $23.7 million for the quarter ended June 30, 1999. These results reflect a loss of $14.1 million on the sale of assets. Last year, Hvide held a net income of $9.5 million. Revenues of $78.3 million for the 1999 quarter were down 28 percent from the previous year's figure of $109.3 million, which reflects the falloff in day rates and utilization for the company's fleet of offshore energy support vessels.

24 Sep 1999

Hvide Marine Reports 2Q Results

Hvide Marine Incorporated reported a net loss of $23.7 million for the quarter ended June 30, 1999. These results reflect a loss of $14.1 million on the sale of assets. In the year-earlier period, the company had net income of $9.5 million. The company had an operating loss of $1.9 million during the 1999 quarter versus operating income of $28.1 million in the 1998 quarter. In the immediately preceding quarter, ended March 31, 1999, the Company had a net loss of $9.1 million on revenues of $82.2 million. Revenues from the Company's Seabulk Offshore unit fell to $39.1 million from $67.5 million a year earlier, reflecting lower day rates and reduced utilization.

24 Sep 1999

Hvide Marine Announces Voluntary Chapter 11 Filing

Hvide Marine Incorporated announced a voluntary Chapter 11 filing in the U.S. Bankruptcy Court in Delaware. The filing allows the company to operate its businesses in the normal fashion under court protection, and with adequate funding, while it continues discussions with representatives of certain major creditors and others on a restructuring plan that would deleverage its balance sheet, restore liquidity, and enhance its competitive ability in the marketplace. Hvide Marine anticipates it will complete its restructuring and emerge from Chapter 11 in late 1999 or early 2000. The company is in active discussions concerning a proposed restructuring plan under which its general and trade creditors would be paid in full…

12 Nov 1999

Hvide Marine Files Reorganization Plan

Hvide Marine Incorporated has filed a proposed Plan of Reorganization, which - if confirmed - would deleverage its balance sheet, restore liquidity, and enhance the company's competitive position in the marketplace. The plan results from discussions with the Official Committee of Unsecured Creditors appointed in Hvide's Chapter 11 case, including representatives of the holders of approximately 63 percent of Hvide Marine's $300 million of 8.375 percent Senior Notes and nearly 50 percent of its outstanding Trust Convertible Preferred Securities. Under the plan, holders of the company's 8.375 percent Senior Notes would exchange their Senior Notes for 9…

15 Nov 1999

Hvide Marine Struggles to Return to Black

Hvide Marine Incorporated reported a net loss of $20.1 million or on revenues of $86 million for the quarter ended September 30, 1999. In the year-earlier period, the company had net income of $3.9 million on revenues of $100.1 million. Results in the current quarter and year-to-date have been adjusted to reflect the consolidation, as of September 30, 1999, of Lightship Tankers, LLC, a 50.75 percent-owned subsidiary, which was previously accounted for under the equity method. On an operating basis (results from operations before interest and taxes), the company had an operating loss of $6.2 million during the 1999 quarter versus operating income of $19.0 million in the 1998 quarter.

16 Dec 1999

Hvide Marine Emerges From Chapter 11

Hvide Marine Incorporated has completed its exit financing arrangements and that its Plan of Reorganization has become effective, thereby marking the company's formal emergence from Chapter 11, 98 days after its initial filing on September 8. "This is a historic day for the Company," said Jean Fitzgerald, Chairman, President and CEO. "We have put Chapter 11 behind us and, in the process, shed more than $430 million in debt and reduced overhead costs substantially. As previously announced, the exit financing facility is being provided by a group of financial institutions led by Deutsche Bank and consists of $200 million in term loans, a $25 million revolving credit facility, and $85.5 million of proceeds from senior secured second lien notes.

02 Mar 2000

Hvide Marine Announces Distribution Of New Stock And Warrants

Hvide Marine Incorporated announced the distribution of 10,000,000 shares of New HMI Common Stock and 250,000 Class A Warrants in accordance with its Plan of Reorganization, which became effective December 15, 1999. Trading in the new stock and warrants commenced Monday, January 24, on the Over-the-Counter Bulletin Board under the symbols HVDM for the stock and HVDMW for the warrants. Under the terms of the distribution, holders of Hvide's former securities are not required to surrender those securities. As previously announced under the Plan of Reorganization, holders of the company's former 8.375 percent Senior Notes are receiving 9…

17 Jun 1999

Tidewater Signs Agreement Of Intent

Tidewater, Inc. has signed an agreement of intent to acquire six newbuild vessels from Hvide Marine Incorporated, for an aggregate price of $22 million. Closing, which is expected sometime during July 1999, is subject to customary due diligence matters, including executing a definitive agreement and satisfactory inspections of the vessels by Tidewater.