Ingram to sell its Materials Unit
Ingram Industries Inc. of Nashville, Tennessee, and Pine Bluff Sand and Gravel Co. of Pine Bluff, Arkansas, announced today they have entered into an agreement for Ingram to sell its Ingram Materials LLC subsidiary to Pine Bluff. Ingram Materials is one of the nation’s premier producers of fine aggregate used by the construction industry for concrete, asphalt and masonry projects in Middle Tennessee, Western Kentucky and Northern Alabama. Ingram Materials operates three sand dredges on the Ohio River in Paducah, Kentucky, and has distribution facilities in Nashville, Clarksville and New Johnsonville, Tennessee; Paducah, Kentucky; and Decatur and Florence, Alabama. The Ingram Materials business was first established in 1927 by other owners who called it the Ohio River Sand Company. A successor to this business, called the Cumberland River Sand and Gravel Company, was purchased by the Ingram family in 1962 and renamed Ingram Materials. At that time, the business included a large sand yard facility on the east bank of the Cumberland River, visible from downtown Nashville. Ingram Materials relocated its operations to its current Nashville location at Visco Drive in 1997 – to make room for Nashville’s then-new NFL stadium built for the Tennessee Titans. Orrin Ingram, President and CEO of Ingram Industries Inc
Marine News Boat of the Month: February 2017
Damen’s All New Marine Aggregate Dredger Damen Shipyards Group recently unveiled a new line of Trailing Suction Hopper Dredgers (TSHD). The new product range, comprising of the Marine Aggregate Dredger (MAD) 4000 and 5600 vessels, was introduced in response to extensive market research and customer consultation. The MAD vessels are potentially important to an aggregate industry that, today, faces rising demand and an aging fleet
TBS International Limited Takes Delivery of Vessel
TBS International Limited has taken delivery of the M.V. Kibishio Maru, which it had previously agreed to acquire, thereby expanding its controlled fleet to 32 vessels. The M.V. Kibishio Maru, renamed the M.V. Aztec Maiden, is a 19,777 dwt multipurpose tweendecker that was built in 1984. TBS agreed on December 29, 2005 to acquire the M.V. Kibishio Maru for $8.1 million. It was delivered in Ho Chi Minh City, Vietnam on May 2, 2006. The acquisition of the M.V
Ultrapetrol Close Sale of US$25-million Notes Issue
Ultrapetrol (Bahamas) Limited an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), announced today the closing of its previously announced sale of $25 million in aggregate principal amount of its 8.875% First Preferred Ship Mortgage Notes due 2021 (the "Add-On Notes"), which were offered as an add-on to its outstanding $200 million aggregate principal amount of 8
Port of Redwood City Reports Tonnage Boost
Coming off of a strong second quarter for cargo tonnage, the Port of Redwood City's tonnage for all commodities in the first half of fiscal year 2013/2014 reached 829,681 metric tons, an increase of 24 percent over the same period last year. Imported sand and aggregates from British Columbia accounted for 642,480 MT, more than 77% of the tonnage for the first half of the fiscal year. This was nearly a 45% increase in the amount from the same period last fiscal year.
Hajioannou Takes on Safe Bulkers Newbuilds
Safe Bulkers, Inc. announced today that the Company has agreed to novate an existing newbuild contract for Hull No. S835, a Japanese Panamax class vessel, and sell, upon delivery, Hull No. 1551, a Japanese Kamsarmax class vessel, in each case, to entities owned by Mr. Polys Hajioannou, the Chairman of the Board and the Chief Executive Officer of the Company. Each vessel is scheduled to be delivered in the first quarter of 2017.
GE Shipping to Buy Bulk Carrier
Great Eastern Shipping Company sai has contracted to buy a modern Supramax dry bulk carrier. The 2001 built ship, of about 52,179 dwt. is expected to join the company's fleet during Q3 FY 2007-08. The rationale behind the purchase of this ship is to consolidate on the dry bulk segment and to participate in the increasing opportunities arising out of strong global commodity demand. The company's current fleet of 46 ships with an average age of 12.2 years aggregates to 3.22 mn dwt
Ultrapetrol to Refinance, Sells 7 Barges
In related recent announcements Ultrapetrol (Bahamas) says it intends to offer secured Notes, & has completed the sale of 7 barges. Ultrapetrol (Bahamas) an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), announced today its intention to offer to sell, subject to market and other conditions, $200.0 million aggregate principal amount of its senior secured notes due 2021.
Star Bulk Carriers Raises $51.5mln
Star Bulk Carriers Corp announced the execution of agreements with affiliates of Oaktree Capital Management, L.P. and Senator Investment Group LP to sell Oaktree and Senator an aggregate of 6,310,272 of its common shares, at a purchase price of $8.154 per share. The private placement, which is scheduled to close by early February 2017, is expected to result in aggregate gross proceeds to Star Bulk of approximately $51.5 million.
Scorpio to Sell Two MR Product Tankers
Scorpio Tankers, provider of marine transportation of petroleum products, announced that it has reached an agreement with an unrelated third party to sell two of its 2013 built MR product tankers (STI Sapphire and STI Emerald) for approximately $56.4 million in aggregate. The sales are expected to close in June 2017 at which time the Company will repay the outstanding secured debt for these vessels of $27.6 million in aggregate.
Diana Containerships to Sell Up to Seven Vessels
Diana Containerships Inc. (NASDAQ: DCIX), a shipping company specializing in the ownership of containerships, has announced that it has entered into an agreement to sell up to seven of its containership vessels for an aggregate purchase price of up to $104.0 million to an unaffiliated third party. Separate Memoranda of Agreement will be signed for each vessel. The sale and purchase of the vessels is subject to the purchaser obtaining certain minimum financing
US-flag Great Lakes Shipping Buoyant in September
U.S.-flag Great Lakes freighters (lakers) moved 10.1 million tons of cargo in September, an increase of 10.7 percent compared to a year ago, the Lake Carriers’ Association (LCA) reported. September’s shipments also bettered the month’s long-term average by 3.1 percent, or 300,000 tons. LCA said iron ore cargos for steelmaking totaled 4.9 million tons, an increase of 14 percent compared to a year ago, while Coal loadings approached 1.9 million tons, an increase of 6
Maritime Moves 95% of UK's Global Trade
The Maritime sector makes a substantive macroeconomic contribution to the UK through turnover, Gross Value Added (GVA), employment and through the compensation of employees., says a report by Maritime UK, which is commissioned the Centre for Economics and Business Research (CEBR) to estimate the value of the UK maritime sector. The CEBR findings were formally launched in Parliament on Wednesday 13 September 2017 by Maritime Minister, Rt Hon John Hayes MP
Genco Opens Singapore Office
Genco Shipping & Trading Limited said it has opened an office in Singapore and has appointed Ivo Kempenaer as Vice President and Commercial Director, Head of Major Bulks. “Genco continues to take important steps to optimize our commercial strategy and enable the company to more fully capitalize on its leading and sizeable operating platform. We are excited to establish a Singapore presence and grow our footprint globally
Scorpio Closes Merger with Navig8
Scorpio Tankers Inc. announced that it has closed the previously announced merger with Navig8 Product Tankers Inc. (NPTI). As consideration, Scorpio has issued 55 million shares of its common stock to the holders of NPTI’s common shares or 19.7% of the current 279,663,300 Scorpio common shares issued and outstanding. Through the Merger and related transactions, Scorpio has acquired an operating fleet of 27 eco-design product tankers
Pacific Protection Paramount in Counter Proliferation
The Australian Government is joining forces with countries from around the world to conduct Exercise PACIFIC PROTECTOR, as part of an ongoing major international commitment to prevent the proliferation of weapons of mass destruction, their delivery systems and related materials. The exercise will be held in Cairns, Queensland from 6–9 September 2017 as part of the Proliferation Security Initiative, which is an effort by 105 partner countries to build networks
3D Printed Ship’s Propeller Prototype Produced
A prototype of the world’s first class approved ship’s propeller manufactured using 3D printing techniques has been produced by a cooperative consortium of companies that includes Damen Shipyards Group, Rotterdam Additive Manufacturing LAB (RAMLAB), Promarin, Autodesk and Bureau Veritas. The 1,350mm diameter propeller – named WAAMpeller – was fabricated from a Nickel Aluminium Bronze (NAB) alloy at RAMLAB in the Port of Rotterdam
Keeping a Tight Lid on Tier III & Sealing Solutions
With more than 90 percent of global trade carried by sea, shipping is a major battleground in the reduction of emissions. Tier III is the latest emission standard pertaining to NOx emissions from marine diesel engines. Tier IV is expected to come into effect for 2020 – with engine manufacturers already seeking sealing components to future-proof engines well into the next decade. Here we explore challenges faced by diesel engine operators in the face of Tier III
THE Alliance Sets $50 Mln Insolvency Contingency Fund
Remarks from Federal Maritime Commissioner William P. Doyle at the FTR Transportation Conference 2017, Indianapolis, Ind. On September 13, 2017, I voted to expedite the Commission’s decision and support THE Alliance’s amendment authorizing creation of a contingency trust fund designed to protect customers’ cargo and the ocean transportation chain should one of THE Alliance’s carriers experience financial distress or an insolvency event
US-flag Shipping on Great Lakes Up 7%in August
The Lake Carriers’ Association (LCA) said U.S.-flag Great Lakes freighters (lakers) moved 10.1 million tons of cargo in August, an increase of 7 percent compared to a year ago. The month’s shipments also bettered the August long-term average by approximately 60,000 tons. Iron ore cargos for steelmaking totaled 4.7 million tons, an increase of 4.7 percent compared to a year ago. Coal loadings neared 1.6 million tons, an increase of 8.5 percent.
ESG Awarded LLTM for USCG Offshore Patrol Cutter Program
The U.S. Coast Guard has awarded Eastern Shipbuilding Group (ESG) a Long Lead Time Material (LLTM) contract for the first Offshore Patrol Cutter, USCGC Argus (WMSM 915). The LLTM contract awarded on September 7, 2017 allows Eastern to move forward on an aggressive schedule to deliver a capable and affordable platform to meet the Coast Guard’s mission needs. The award includes main propulsion, machinery control
Scorpio Tankers Updates on Fleet Status
Scorpio Tankers sold and leased back, on a bareboat basis, three 2013 built MR product tankers, STI Beryl, STI Le Rocher and STI Larvotto to Bank of Communications Financial Leasing in April 2017. The sales price was $29 million per vessel and the company bareboat chartered-in the vessels for a period of up to eight years at $8,800 per day per vessel. The international provider in the transportation for refined petroleum products has the option to purchase these vessels
Scorpio Buys Six Dry Bulk Ultramaxs
Scorpio Bulkers Inc. said it has reached a deal with an unaffiliated third party to acquire six Ultramax dry bulk vessels for $142.5 million. Of the six purchased Ultramax vessels – all built in China – three were delivered in 2015, one was delivered in 2016, and two were delivered in 2017. Scorpio said the aggregate purchase will be funded by cash on hand, plus existing and new debt facilities currently under discussion with lenders.
GOGL Sells 6 Vessels
Golden Ocean Group has announced that it has entered into agreements to sell six Ultramax vessels built at Chengxi between 2015 and 2017 en bloc for USD 142.5 million to an unrelated third party. The net cash proceeds from the sale after the repayment of $39.2 million of associated debt will be slightly in excess of $100 million. All vessels are expected to be delivered to their new owner during the fourth quarter of 2017.
Scorpio Tankers Signs Sale-Leaseback with Bocomm
Scorpio Tankers has agreed to sell and leaseback five 2012 built MR product tankers (STI Amber, STI Topaz, STI Ruby, STI Garnet, and STI Onyx) to Bank of Communications Financial Leasing (Bocomm Leasing). As of today, three of the five transactions have been completed, which has increased the Company’s liquidity by approximately $21 million in aggregate after the repayment of the outstanding debt.