Horizon Lines Reaches Agreement for Refinance
Horizon Lines, Inc. (NYSE: HRZ) today announced that it and holders of the majority of its 4.25% convertible senior notes have entered into agreements for a transaction that will refinance the company's entire capital structure. The agreement with the note holders contemplates a complete refinancing, in conjunction with a new asset-based revolving loan facility (ABL) of up to $125 million, which is under negotiation with a leading financial institution.
Celebrity Silhouette's First Public Appearance
The sleek silhouette of Celebrity Cruises’ new Celebrity Silhouette has emerged from Meyer Werft shipyard in Papenburg, Germany, where numerous area residents lined up to be among the first to see the fourth in Celebrity’s stylish, five-ship Solstice Class fleet. Celebrity Silhouette sets sail in July of this year, enhancing guests’ precious vacation time with a host of industry-first venues and experiences within The Lawn Club…
Insurance Industry Must Take Data Governance Seriously
Leading accountant and insurance industry adviser Moore Stephens has questioned whether data governance is being accorded the attention it deserves by the insurance industry. Recent FSA Arrow visits have highlighted a number of frequently recurring problems in insurance firms relating to risk management, governance, data and reporting. These include poor risk control culture, poor reporting, ineffective governance…
BOEMRE Approves 15th Deepwater Well
For those of you keeping track, today the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) approved a drilling permit for the fifteenth deepwater well to comply with rigorous new safety standards implemented in the wake of the Deepwater Horizon explosion and resulting oil spill. This includes satisfying the requirement to demonstrate the capacity to contain a subsea blowout. The approved permit is for BHP Billiton Petroleum (GOM) Inc.
GE LM2500 Gas Turbines to Austal USA
GE Marine reports that it will provide Austal USA, Mobile, Alabama, with two LM2500 aeroderivative gas turbines to power the United States Navy’s third LCS-Class-Independence variant. To be named USS Jackson, the vessel will be powered by the LM2500s arranged in a combined diesel and gas turbine configuration with two diesel engines. “GE continues investing in the LM2500 technology to meet customer needs, and we are delighted that Austal and the U.S.
Rowan Contracts to Build Two Drillships
Rowan Companies, Inc. (NYSE: RDC) announced today that a subsidiary has entered into turnkey contracts for the construction of two ultra-deepwater drillships with a cost of approximately $605 million each. The drillships will be constructed by Hyundai Heavy Industries Co., Ltd. ("HHI") at its Ulsan shipyard, and are expected to be delivered in late 2013 and mid-2014. Matt Ralls, President and Chief Executive Officer…
Protector's Adventure Series, Alaska’s Inside Passage
PROTECTOR USA announced today the first voyage in its inaugural Adventure Series, Alaska’s Inside Passage. Departing Wednesday, June 1, 2011, the event will host Protector boat owners on an 800-mile excursion from Seattle, Washington to Lasqueti, British Columbia and back in only six days. The journey will highlights the signature performance of Protector boats and offer participants a thrilling adventure through majestic mountain ranges and breathtaking waters.
TBS Takes Delivery of Its Sixth Newbuild Vessels
TBS International plc (NASDAQ: TBSI) announced today that it has taken delivery of the newly-constructed vessel M/V Maya Princess from China Communications Construction Company Ltd./ Nantong Yahua Shipbuilding Group Co., Ltd. The M/V Maya Princes is the sixth and final delivery in the series of six "Roymar Class" 34,000 dwt multipurpose tweendecker vessels that the Company ordered at a purchase price of $35.4 million per vessel.
Don Wamsley Joins Globe Wireless
Globe Wireless is pleased to announce that Don Wamsley has joined the company as the Senior Vice President of Customer Care. Mr. Kenneth Jones, Founder and CEO of Globe Wireless commented, “Globe Wireless strives to continuously improve all aspects of the services we provide our customers. The addition of Don to our senior management team reaffirms our commitment to this goal. Prior to joining Globe, Mr. Wamsley previously managed the Global Technical Assistance Center for JDS Uniphase.
DHT Holdings to Acquire Saga Tankers
The Boards of Directors of DHT and Saga have entered into a transaction agreement regarding an acquisition of Saga by DHT. Under the terms of the agreement, DHT…
MTU Detroit Diesel Changes Name to Tognum America
MTU Detroit Diesel Inc. announced a name change to Tognum America Inc., effective June 1, 2011. Tognum America, like MTU Detroit Diesel before, is a subsidiary of…
Market Interest Prompts Expansion of G-type Portfolio
Ultra-long-stroke engine group adds extra bore-sizes Following the introduction of its G80ME-C9 engine in October 2010, MAN Diesel & Turbo has announced the addition of further bore sizes to its ultra-long-stroke engine programme. The updated engine programme has supplemented the original G-type engine with G70ME-C9, G60 MEC9 and G50ME-B9 engines. The G-types have designs that follow the principles of the large-bore Mk-9 engine series that MAN Diesel & Turbo introduced in 2006.
VOSTA LMG Contract for Dredgers
The key laying of two CSD’s 500 will take place on Thursday June 2 in Sharjah (UAE). VOSTA LMG signed a contract with Jordan Modern Industries (JMI) for supply of two CSD’s 500 in March 2011. The two dredgers will be built at APT Global Marine services LCC, and will be used by the Ministry Of Water Resources / Directorate of Executing Rivers Dredging Works (Iraq) after delivery. The turnkey project is a repeat order of the CSD 500 for JMI, which is currently successfully operating in Iraq.
VOSTA LMG Launches Second CSD 750
The second CSD 750 ‘Inai Liatree’ for Inai Kiara Sdn Bhd was launched on April 18 in Malaysia. The vessel was built by Selat Melaka Shipbuilding Corporation Sdn Bhd.
Ball Country Manager for T.D. Williamson, UK
T.D. Williamson, Inc. (TDW), provider of equipment and services for pipelines and pressurized piping systems for more than nine decades, is pleased to announce that John Ball recently joined the company as Country Manager, United Kingdom, for T.D. Williamson (U.K.) Limited. In this capacity, Ball is responsible for sales development and execution, the maintenance of operational excellence, and team management. Based in Sheffield, England, and formerly of Applus RTD UK Ltd.
Nor-shipping More Popular Than Ever
Nor-Shipping 2011 was more popular than ever with a record 16,235 visitors coming to the exhibition venue, an increase of 4 percent from the previous event two years earlier and the largest turnout since Nor-Shipping began in 1965. A total of 17,298 exhibitor delegates from 54 countries participated in the four-day event, which closed on May 27. In addition to the 16,235 visitors, this resulted in a total turnout of 33…
Cargotec's Global Competence Centre In Singapore
Cargotec will establish a global competence centre for container terminals development in Singapore. By establishing a competence centre close to customers in Singapore, Cargotec will further strengthen its ability to provide total solutions for its container terminal customers in the whole Asia-Pacific region. "Customer perspective is at the core of Cargotec's strategy. In order to better understand customer needs…
Hyundai Heavy $600M Order for LNG Carriers
Hyundai Heavy Industries, the world’s largest shipbuilder, won a $600 million order to build two 155,000 m3 LNG carriers, including an option for another same class vessel, from Greece-based Dynagas Ltd. These membrane-type LNG carriers are due for delivery in the second half of 2013. They will feature the Dual Fuel Diesel Engine System which allows the ship to run on oil fuel or natural gas. Due to tightening global regulations on carbon emissions…
New Appointment - SVP/CFO, Odfjell SE
Odfjell has appointed Mr. Terje Iversen as new SVP/CFO for Odfjell SE. He will start in this position not later than 1 September. Mr. Iversen is currently employed by the maritime industrial company Bergen Group ASA as CFO. Odfjell's present CFO, Haakon Ringdal, is appointed Executive Vice President in Odfjell SE. In this role he will act as deputy for the President/CEO. Source: Odfjell
Safe Bulkers $122.4M Credit Agreements
First Financing Arrangement of its kind between a Greece-Based Shipping Company and Japanese Governmental Financial Institutions Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into three credit agreements with Japanese governmental financial institutions amounting to US $122.4 million to finance the acquisition of three Japanese Post-Panamax class newbuild vessels.