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Announces Agreement

Genco Takes Delivery of Second Capesize Vessel

Genco Shipping & Trading Limited has taken delivery of the Genco Tiberius, a January 2007-built 175,000 dwt Capesize vessel. The Genco Tiberius is the second vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Genco Tiberius is currently on charter with Cargill International S.A. at a rate of $45,263 per day, less a 5% third party brokerage commission. The charter is due to expire between January 2010 and May 2010.


Navios Agrees to Acquire Four Newbuilds

Navios Maritime Holdings Inc. Announces Agreement to Acquire Four New Build Capesize Vessels with Secured Long-Term Employment Generating Approximately $43.33 million of EBITDA Annually - Issuance of $165.22 million of Mandatorily Convertible Preferred Stock - $52.82 Million Reduction in Cash Requirements for Three Existing New Build Capesize Vessels - Conference Call and Webcast: Tuesday, June 23, 2009 at 08:00 am EDT


GasLog to List on NY Bourse

Image courtesy of GasLog

LNG carrier owners and operators, GasLog Partners LP, inform it has priced its initial public offering of 8,400,000 common units representing limited partner interests at $21.00 per common unit. The common units will begin trading on the New York Stock Exchange on May 7, 2014 under the ticker symbol “GLOP”. The offering is expected to close on May 12, 2014. The underwriters have a 30-day option to purchase up to 1,260


ENSCO and Chiles Offshore Announce Agreement to Merge

ENSCO International Incorporated and Chiles Offshore Inc. announced that they have signed a definitive merger agreement by which ENSCO will acquire Chiles. The Boards of both companies have approved the transaction. Under the terms of the merger agreement, Chiles' stockholders will receive 0.6575 shares of ENSCO common stock, plus cash of $5.25, for each share of Chiles' common stock. Total value of the transaction is approximately $578 million based on ENSCO's closing price as of May 14


Northrop Grumman To Acquire TRW for $60 per Share in Stock

Northrop Grumman Corporation and TRW Inc. jointly announced that they have entered into a definitive merger agreement. The combination will position Northrop Grumman as the nation's second largest defense contractor with projected annual revenues of more than $26 billion and approximately 123,000 employees. Following the separation of TRW's automotive business and completion of the sale of TRW's Aeronautical Systems business, Northrop Grumman will be a Fortune 100 company.


Dryships Agreement with Nordea Bank

DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that it has reached final agreement and received formal approval from Nordea Bank Finland Plc, DnB NOR Bank ASA and HSH Nordbank AG regarding the previously announced covenant waiver in connection with the $800m Primelead facility consistent with the terms previously announced on February 9, 2009.


General Maritime Announces Agreement With Creditors

New York - General Maritime Corporation announced that it had reached an agreement on a modified plan of reorganization with the Official Committee of Unsecured Creditors, funds managed by Oaktree Capital Management, L.P. and their investment entities and holders of more than 40 percent of the Company's Senior Notes.  The Modified Plan is also supported by 66-2/3 percent of the Company's key senior lenders, including its bank group, led by Nordea Bank Finland plc


Intellian, Kymeta Announce Agreement

   Dr Nathan Kundtz, Kymeta President and CTO (left) and Eric Sung, Intellian President and CEO with a Kymeta mTenna™ Prototype

  Intellian, a global provider of stabilized marine satellite antenna systems, is partnering with Kymeta corporation to commercialize next generation Ku-band maritime satellite terminals. Intellian announced the partnership today at the SATELLITE 2015 conference in Washington, D.C.   The terminals, built by Intellian, will integrate Kymeta’s thin, flat, lightweight, electronically beam-steered mTenna satellite antennas, which are built on metamaterial-based technology.


Wolong Signs Agreement

Singapore-based Wolong International has announced the signing of a licensing agreement with Fr. Fassmer Gmbh of Germany for the production of Wolong (Fassmer Licensed) totally enclosed lifeboats. The agreement, signed on October 1, 2001, serves to synergize the West and East. Production of the Wolong lifeboats is to b e carried out in China and is expected to commence within the month. Fassmer with this agreement will be providing the technical support to Wolong International in upgrading


Topaz Successfully Arranges Refinancing

Phase One of US$ 330 million loan agreement signed.   UAE-based Topaz Energy and Marine Ltd. (Topaz), a leading oilfield services multinational and a subsidiary of Renaissance Services, announced that it has signed phase one of a US$ 330 million loan agreement with a syndicate of banks towards the refinancing of some of its existing loans. The deal paves the way for extra liquidity and new investments in Topaz’s Offshore  Support Vessel (OSV) operations.  


Philly Shipyard to Build Four New Containerships

Philly Shipyard aerial view. Photo: Philly Shipyard, Inc

 Philly Shipyard announced that it has entered into a Letter of Intent (LOI) with a blue chip U.S. shipping operating company for the construction and sale of up to four new, cost-efficient and environmentally friendly containerships with planned deliveries in 2020 and 2021.   


Schlumberger to Acquire Majority Stake in Eurasia Drilling

Photo: Eurasia Drilling Company

 Russia's Eurasia Drilling Company (EDC) said on Thursday it would sell a 51 percent stake in the company to the oilfield services provider, U.S.-based Schlumberger NV.   The agreement is subject to approval by the Federal Antimonopoly Service of Russia (FAS), the company said


Golden Ocean Adds Golden Keen

Photo: Golden Ocean Group

 Golden Ocean Group (GOGL) has announce that it has taken delivery of the last vessel, Q Keen (to be renamed Golden Keen), hence all 16 vessels are now delivered.    Golden Ocean has issued 1,050,000 consideration shares to Quintana Shipping Ltd


Canada Extends St. Lawrence Seaway Agreement

Canadian transport minister Marc Garneau announced a five-year extension to the Government of Canada’s agreement with the St. Lawrence Seaway Management Corporation to manage, maintain and operate the Seaway. This extends the existing agreement until March 31, 2023


Rolls-Royce Inks Service Deal with Siem Offshore, Subsea 7

Photo: Rolls-Royce

Siem Offshore and Subsea 7 have signed a joint three-year service agreement with Rolls-Royce. The agreement covers a total of 74 offshore vessels. This is the first agreement the two Siem owned companies have signed with the same service provider.  


GOGL Adds Dry Bulk Vessel

Golden Shui. File Photo: Golden Ocean Group Ltd

 Golden Ocean Group (GOGL) says that it has taken delivery of one dry bulk vessel, Q Deb.   "GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the Company will issue in aggregate 17


UniCarriers Corporation becomes Mitsubishi Logisnext

Image:  UniCarriers Corporation

 Mitsubishi Nichiyu Forklift announced that it will conduct the operational integration with its consolidated subsidiary UniCarriers Corporation and change its company name to "Mitsubishi Logisnext.   Mitsubishi Nichiyu already announced its intention to perform the operational


Odfjell Acquires Five Chemical Tankers

CTG Bismuth (Photo: Odfjell SE)

Odfjell SE informs it has signed a final agreement to acquire five chemical tanker newbuilds from Chemical Transportation Group, Inc (CTG) and form a pool of 15 chemical tankers.   The transaction has been signed and completed, Odfjell said


IFC, Excelerate Secure Finance for Bangladesh First LNG Terminal

Photo: Excelerate Energy

 IFC, a member of the World Bank Group, and Excelerate Energy Bangladesh Limited (Excelerate) are co-developing the Moheshkhali Floating LNG project – Bangladesh's first liquefied natural gas (LNG) import terminal.    The project will be located offshore Moheshkhali island


Royal Caribbean to Install NavBox Across Entire Fleet

Photo: Royal Caribbean Cruise

Royal Caribbean Cruises Ltd (RCC) has signed a deal with NAVTOR to install the NavBox navigation solution across its entire corporate fleet of 49 vessels, in a deal which spans RCC's six different operating companies. E-navigation specialist NAVTOR launched NavBox in 2013


Erling Sande Named Cox Powertrain's Norwegian Distributor

Erling Sande AS headquarters - Drammen, Norway (Photo: Cox Powertrain)

Cox Powertrain has announced its first European distributor appointment as Drammen, Norway based Erling Sande AS.   The marine power specialist has signed an agreement to become Cox Powertrain’s sole Norwegian distributor and in doing so will play a prominent role in driving


Yildirim to Sell its Stake in CMA CGM

Photo: Yildirim Holdings AS

 Turkish port operator Yildirim Holdings AS has announced plans to sell its 24 percent stake in the French shipping major CMA CGM, Bloomberg reported.   The company mandated China Citic Bank Corp. to find investors from Asia or the Persian Gulf for its interest in the world’s


Marine Mapping Agreement for Northern Ireland

Photo: OceanWise

OceanWise announced that it has been awarded a contract to provide the Government of Northern Ireland with marine mapping. The award reinforces OceanWise as the primary supplier of marine mapping to both the public and private sectors in the U.K


Alfa Laval Signs BWT Pact with Two Shipowners

Photo: Alfa Laval

Alfa Laval signs major frame agreements for ballast water treatment retrofitsIn June, Alfa Laval signed frame agreements with two different shipowners for the supply of Alfa Laval PureBallast systems.    The systems will be delivered during a three-year period and retrofitted on


Dunkirk Plans LNG Fueling Station

Image: Port of Dunkerque

 Dunkirk's LNG terminal and Grand Port Maritime de Dunkerque have signed an agreement for the development of an LNG supply station.   The use of liquefied natural gas (LNG) by shipping and road vehicles has grown significantly in recent months with new projects (orders for ships






 
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