International Shipholding, Seminole Settle Litigation
Seminole Electric Cooperative Inc. has reportedly paid $23 million for a settlement of shipping-related litigation with Central Gulf Lines Inc., a wholly owned subsidiary of International Shipholding Corp.
ISH Buys Integrated Tug/Barge Unit
International Shipholding Corporation (ISH) has bought the integrated tug/barge unit, 'Coastal 202' and 'Florida Enterprise', from CIT and GE Capital. These two vessels have been operating under a sale and leaseback arrangement and were part of ISH’s purchase of United Ocean Services. Mr. Niels M. Johnsen, Chairman and Chief Executive Officer, stated, “Exercising our buy-out option on this integrated tug/barge unit further solidifies our commitment to maintaining our
ISH: Steel Import Sanctions Hurt 4Q Earnings
International Shipholding Corp., in announcing its fourth quarter results yesterday, noted that while fourth quarter results were improved from the third quarter, the period was negatively impacted by lower results in the company’s TransAtlantic LASH service, which experienced reduced cargo volume largely because of U.S. sanctions on foreign steel imports. For the three months ended December 31, 2002, recorded revenue was $58.3 million versus $65
S&P Cuts International Shipholding Ratings
Standard & Poor's lowered its rating on International Shipholding Corp.'s (ISC) $110 million 7.75% senior unsecured notes due Oct. 15, 2007, and $100 million 9% senior unsecured notes due July 1, 2003. The corporate credit rating on the company is affirmed. The downgrade on the notes is based on the increased proportion of secured debt in the company's capital structure, which has been used to finance the acquisition of additional vessels(primarily car carriers) over the past year and which
International Shipping Corp Public Share Offering
US-based International Shipholding Corporation (NYSE: ISH) plans to offer shares of its Series B Cumulative Redeemable Perpetual Preferred Stock in an underwritten registered public offering. ISH intends to use the net proceeds from the offering for working capital and other general corporate purposes, including using a substantial portion of the funds to repay certain indebtedness and to finance certain vessel investment costs
ISC Files for Chapter 11 Protection
International Shipholding Corporation (ISHC) and certain of its subsidiaries have each filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York. The Company currently intends to continue operating in the normal course of business without interruption. To facilitate the Chapter 11 process
Osprey to be De-listed from Singapore Exchange
Marine and chartering services provider Osprey Maritime Ltd said on Friday it will be de-listed from the Singapore Exchange on May 15 following its acquisition by World Shipholding Group owned by Norwegian magnate John Fredriksen. Company officials said that after a public tender, World Shipholding now owned about 98.6 percent of the firm's existing share capital and a de-listing was necessitated as it was not feasible to restore a minimal free float.
Haji-Ioannou Considers Buying Osprey's Clean Tankers
Airline chief Stelios Haji-Ioannou's tanker company Stelmar has abandoned its bid for the First International fleet of clean tankers and is now reportedly considering those of Singapore-listed Osprey Maritime, Reuters reported. "Stelmar is looking at the Osprey ships, because the deal with First International is now looking too messy and too time-consuming," a New York-based source told Reuters. Stelmar's London office declined to comment
Seaarland and OSG Set up Suezmax Pool
Amsterdam-based Seaarland Shipping Management and New York-based Overseas Shipholding Group have set up Suezmax International, a commercial pool which will initially operate eight tankers. The Suezmax International Pool is co-managed by in and OSG Ship Management Inc. in . OSG and Seaarland have committed eight ships to the pool so far: the Overseas London, Overseas Newcastle, Genmar Hope, Elisewin, and four newbuildings due for delivery from Nantong Rongsheng Shipbuilding, during 2009
OSG Reports $284m Profit In 2015
Overseas Shipholding Group, a provider of oceangoing energy transportation services, reported results for the fourth quarter and full year 2015. The company reported net income of $9.3 million in its fourth quarter. The crude oil and petroleum transportation company posted revenue of $243.7 million in the period. For the year, the company reported profit of $284 million, or 49 cents per share. Revenue was reported as $964.5 million.
Shipowner OSG, Former CFO, Charged over Tax Evasion
The U.S. Securities and Exchange Commission said it charged on Monday shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles Itkin with failing to recognize some $512 million in tax liabilities. OSG, which filed for bankruptcy protection in 2012 after the discovery of the tax liabilities, has agreed to pay a $5 million penalty subject to bankruptcy court approval, and Itkin agreed to pay a $75,000 penalty, the SEC said in a statement.
Anglo-Eastern Opens BWT Training Facility
Global ship management services provider Anglo-Eastern Ship Management has created a unique ballast water treatment (BWT) training facility at its Manila base in the Philippines. Working in conjunction with BWT specialist Optimarin and Saga Shipholding, Anglo-Eastern has built an essential resource for training crews in the wake of the ratification of the IMO’s Ballast Water Management (BWM) Convention.
Hendry Marine Launches Business Development Team
U.S. tug-barge shipyard Hendry Marine Industries, Inc., (HMI) has launched a new business development team, with Kristen Chittenden appointed Director of Business Development, and Eric Smith named VP & Chief Commercial Officer. Chittenden and Smith will work closely with Hendry Marine’s CEO and president, Jim Long, the executive leadership team and its various subsidiaries to set company strategy and develop new business opportunities.
Deschenes Joins Bouchard as VP
Bouchard Transportation Co., Inc. said that Christopher Deschenes has joined the company as Vice President of Maintenance and Repairs. Prior to joining Bouchard, Mr. Deschenes served as a Project Engineer with Overseas Shipholding Group, Inc. as a member of the Worldwide Technical Service Group, supporting all new construction and capital projects for the foreign and domestic OSG tanker/ATB fleet. He then moved on to Ocean Tug & Barge Engineering, Inc
Overseas Shipholding Profits Up by 31%
Overseas Shipholding Group, Inc. (OSG, a provider of oceangoing energy transportation services, reported results for the quarter ended March 31, 2015. Adjusted EBITDA was $113.7 million, up 31% from $86.6 million in the same period in 2014. Net income for the first quarter was $42.9 million, compared to $12.6 million in the same period in 2014. Time charter equivalent (TCE) revenues for the first quarter of 2015 totaled $221
PC Maritime ECDIS for 39 OSG Tankers
PC Maritime has secured a contract to supply, install and commission dual Navmaster ECDIS on 39 tankers owned by Overseas Shipholding Group (OSG) and managed by V.Ships UK. The contract is to be completed and all crew trained and certified by the end of 2016. To have this number of vessels fully equipped by the end of 2016 requires installation not only during dry docking periods but also within OSG’s trading schedules
Capital Product Partners Declare Cash Distribution
Capital Product Partners L.P. a Marshall Islands master limited partnership and an international owner of modern tanker, container and drybulk vessels today announced that its board of directors has declared a cash distribution of $0.2385 per common unit for the fourth quarter of 2015 ended December 31, 2015. The fourth quarter common unit cash distribution will be paid on February 12, 2016, to unit holders of record on February 5, 2016.
Charity Banquet to Honor ‘Outstanding Friends of Seafarers’
Seafarers International House will hold its 16th annual awards banquet from 6-10 p.m. on April 21 at the New York Athletic Club. The banquet will honor Marshall Ainley, president of Marine Engineers’ Beneficial Association (MEBA); Ian Blackley, president and CEO of Overseas Shipholding Group, Inc. (OSG); and Ray Burke, partner at Burke & Parsons. The Setting the Course annual award banquet supports Seafarers International House’s port mission and honors those
Saga Shipholding’s Optimarin Experience Drives BWT Orders
Ballast water treatment (BWT) specialist Optimarin has signed a contract with Saga Shipholding for the provision of three of its Optimarin Ballast Systems (OBS). The order marks a new chapter in the working relationship between the two, with Saga originally purchasing an initial 26 systems from Optimarin in 2012. According to Nils Otto Bjorhovde, Saga Shipholding’s Hong Kong-based Technical Manager, it’s the performance of those systems to date that persuaded the firm to
VARD Orders BWT Systems for Topaz Newbuilds
Ballast water treatment (BWT) system Optimarin has picked up an order covering 15 vessels from VARD shipyards. The vessels, VARD 9 21 Design specialist module carriers, will be constructed for ship owner Topaz at two shipyards in Romania - Vard Braila and Vard Tulcea – and one in Vietnam, Vard Vung Tau. “VARD knows our systems well, having installed some 55 units on their newbuildings across the world since 2011,” said Optimarin CEO, Tore Andersen
OSG Joins NYSE "Big Board"
Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) announced today that it has been approved by the New York Stock Exchange (“NYSE”) to transfer its stock listing to the NYSE from the NYSE MKT. The Company’s common stock, which will continue to trade under the ticker symbol OSG, is expected to commence trading on the NYSE effective Tuesday, June 28, 2016. Prior to that date, the Company’s common stock will remain on the NYSE MKT
De Nora Retrofits Two BWS for OSG
De Nora announced a contract with Overseas Shipholding Group (OSG) (NYSE MKT:OSG), one of the largest tanker companies in the world, to supply two ballast water management systems (BWMS). De Nora BALPURE systems will ensure that the Overseas Milos and Overseas Athens, both 50,000 DWT product/chemical tankers, will discharge ballast water that meets or surpasses the environmental discharge limits set by the International Maritime Organization (IMO)
Moody's: Ratings of Overseas Shipholding on Review for Downgrade
Moody's Investors Service, has placed the ratings of Overseas Shipholding Group, Inc. (OSG) under review for downgrade, including its B2 corporate family and Caa1 senior unsecured ratings, and the B1 and Ba2 senior secured debt ratings of its subsidiaries, OSG Bulk Ships, Inc. (OBS) and OSG International, Inc. (OIN). The review follows the company's announcement that its Board of Directors has approved the plan to separate its business units into two independent public
De Nora Bags Repeat BWTS Order from OSG
Electrochlorination equipment supplier De Nora has received an order from tanker company Overseas Shipholding Group (OSG) for its BALPURE ballast water treatment systems (BWTS). OSG will retrofit the proprietary slipstream electrochlorination BWTS on four 69,000 DWT chemical and oil product tankers within the first half of 2017. De Nora will supply its BALPURE BP3000-C system, which can treat up to 3,000 m3/h of ballast water, for installation on the Overseas Goldmar
Island Offshore Halts Debt Amortisation Payments
Offshore service vessel owner Island Offshore Shipholding said on Tuesday that it had initiated discussions with its finance providers to address the group's long term financing. Additionally: Has decided with effect from Nov. 14 to temporarily halt all payments of amortisation to its secured finance providers Net interest bearing debt stood at 7.02 billion Norwegian crowns ($834.46 million) at end of June 2016, total long term liabilities stood at 8