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New Ownership

Mainstay Marine Looks Ahead Following Rebrand

Stewart Graves, Managing Director of Mainstay Marine Solutions outside the companys build hall on Pembroke Dock (Photo: Mainstay Marine Solutions)

South Wales maritime engineering company Mustang Marine has rebranded as Mainstay Marine Solutions.   The Pembroke Dock based workboat, marine energy device and waterside infrastructure specialist has adopted a new name and corporate image following its first year under new ownership.   The company, which was bought out of administration in May 2014 by a group of nine investors, said it has thrived under its new ownership and is on course to double its workforce compared to 12 months ago, increasing from 27 employees in June 2014 to 60 today.   “The last 12 months have seen a lot of positive changes for the business, both in its working practices and culture,” said Stewart Graves, managing director of Mainstay Marine Solutions. “The rebranding exercise we’ve carried out has drawn upon those experiences, and the new name, Mainstay Marine Solutions, reflects what we’re about as a business. We’re more than just boat builders – we look to provide solutions to our customers’ workboat, marine energy and waterside infrastructure objectives.”   “We already had a proud maritime heritage and a track record for quality craftsmanship. Our focus over the last 12 months has been on extending our reputation for reliability and providing innovative engineering and design solutions to our clients, Graves continued


KMY Wins Two-Ship Order From RCL

Kvaerner Masa Yards won a $1.09 billion contract to build two ships for Royal Caribbean Cruises (RCL). The Eagle-type cruise ships are scheduled to be ready for delivery in 2002 and 2003. "The intentional agreement has been signed under the conditions that the yard can finance construction of the ships," Kvaerner said. "Even though Kvaerner has decided to pull out of shipbuilding and concentrate its operations in other fields -- and the process to find a new ownership structure for Kvaerner


Premier's S.S. OceanBreeze Sold To Imperial

Imperial Majesty Cruise Line purchased the S.S. OceanBreeze from Premier Cruise Lines, said President Arthur M. Pollack. The total value of the deal, including the purchase price and planned upgrades to the vessel, is in excess of $16 million. "The purchase of the OceanBreeze reaffirms our commitment to the short-term cruise concept and the South Florida market," said Pollack. The OceanBreeze began to sail under its new ownership on May 20


Genting HK to Buy Lloyd Werft Shipyard

Photo: Lloyd Werft

Genting Hong Kong has agreed to acquire the Lloyd Werft shipyard in Bremerhaven, Germany, in a deal that will see the company invest €17.5 million for a 50 percent ownership of the land and 70 percent of the new build business. The acquisition remains subject to final purchase conditions.   Genting, a corporation primarily involved in the cruise, hospitality, leisure and entertainment businesses, is the owner Star Cruises and a major shareholder in Norwegian Cruise Line


Kockum Sonics Acquires LMI

Loadmaster International Inc. (LMI) announced a new ownership structure. LMI, with offices in both California and Malmö Sweden, was formerly owned jointly by Herbert Engineering Corp.(HEC) of Alameda, California and Xantic BV of The Hague Netherlands. The Malmö operations LMI AB (former Kockumation) will be acquired by Kockum Sonics, also of Malmö Sweden, and the Alameda operations of LMI will revert to sole ownership as a subsidiary of Herbert Engineering Corp.


Marcon Sells 3,900BHP Tug Overseas

Photo: Marcon

Marcon International, Inc. of Coupeville, Washington announced the sale of the 3,900BHP, U.S. flag twin screw tug Maria Brusco (ex-Ocean Service) from a U.S. owner to private overseas buyers for transfer to registry under foreign flag. The 127’ x 32’ x 14’ depth tug was originally built in 1967 by Burton Shipyard Inc. in Port Arthur, Texas as Hull 404 for International Bulk Transport of Wilmington


Wilhelmsen, Wallenius One Step Closer to Merger

Thomas Wilhelmsen, group CEO Photo Wilhelmsen

Wilhelmsen and Wallenius have signed an agreement leading to a new ownership structure for their jointly owned investments in Wallenius Wilhelmsen Logistics, EUKOR Car Carriers and American Roll on Roll off Carrier. Signing the transaction agreement is an important milestone in the merger as announced in September,” says Jan Eyvin Wang, president and CEO of Wilh. Wilhelmsen ASA. “The final go ahead is pending approval from competition authorities and the respective


AVIC International will Acquire Deltamarin

The majority of the shares of Deltamarin Ltd are to be sold to AVIC International Investments Limited, a publicly listed company on the Singapore Stock Exchange.   After the closing of the acquisition, Deltamarin’s existing operations will continue as they are and the business will remain independent keeping the name and the brand of Deltamarin unchanged. The aim of the intended new ownership structure is to enable Deltamarin’s solid growth in the marine and offshore oil and


Meercat Delivers First Workboat Under New Ownership

Falls of Lora is now in operation with Dawnfresh Farming

Meercat Workboats have delivered its first vessel under the umbrella of new owners Burgess Marine with the hand-over of a 14m. workboat to Scottish fish farming specialists Dawnfresh Farming. Meercat completed the steel build, named the Falls of Lora, at its facilities in Portchester, Hampshire, and the vessel is now in operation at Dawnfresh’s trout farming operation on Loch Etive, where it is being used for general fish farm maintenance with a particular focus on feeding operations


GLDD Sells Historic Demolition Business

Largest provider of dredging services in the United States, Great Lakes Dredge & Dock Corporation (GLDD) informs it has completed the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two subsidiaries that comprise the historical demolition business, to a privately owned demolition company located in the Midwest for US$5.3 million. GLDD points out that it retains the right to collect all outstanding accounts receivable and work in process at the date of close


GC Rieber Gets Extension for 'Polar Onyx'

Polar Onyx. Photo: GC Rieber

 Norwegian offshore shipowner GC Rieber Shipping has entered into an agreement to extend the fixed contract period for "Polar Onyx," according to a press release.   The agreement secures the ship until the end of August 2017


OOCL is 'The Perfect Bride' -Drewry

Photo: OOCL

Orient Overseas International (OOIL) and its container unit OOCL have a good track record for above-average profits in a challenging market and a reputation for being a very well-run company, earning the moniker “The Perfect Bride” by Drewry Maritime Financial Research.   


Diana Shipping to Refinance its Existing Loan

Photo: Diana Shipping Inc

 Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, has announced that it has agreed to refinance its existing loan facility with Diana Containerships, having an outstanding balance of US$42.6 million, with a loan facility of US$82


Ten Smart Ship Applications for an Intelligent Future

Photo: Royston Diesel Power

Ibna Zaman of Royston highlights the growing operational advantages provided by the effective analysis of intelligent data in the marine sector – if certain challenges can be successfully overcome.   With the impending introduction of the EU MRV Regulations forcing shipping operators


DOF Subsea Shelves IPO Plans

Pic: DOF ASA

Norway's DOF Subsea has decided to hold off on launching its initial public offering (IPO), citing volatile market conditions.   Company shareholders DOF ASA, with 51 percent, and a fund managed by First Reserve, with 49 percent ownership


Seanergy Time Charter Contract for Partnership

Pic:  Seanergy Maritime Holdings Corp

 Greece-based Seanergy Maritime Holdings announced that it has entered into a time charter contract with a major European utility and energy company for its recently delivered Capesize vessel.    The 2012-built M/V Partnership will commence a period employment of about twelve to


Baltic Exchange Mulls New Freight Indexes for Grains, LNG

© sarymsakov / Adobe Stock

The Baltic Exchange is looking into launching freight indexes for grains and liquefied natural gas (LNG) as the London-run business targets new markets after its acquisition by Singapore Exchange last year, the Baltic's chief executive said.  


First 12-cylinder Wärtsilä 31 Engine Ordered

Rendering of a new trawler to be built for Reseach Fishing Co (Image: Wärtsilä)

Wärtsilä said it has booked an order in April 2017 to provide its Wärtsilä 31 main engine, the propulsion machinery and the auxiliary engines for a new state-of-the-art pelagic trawler under construction at a Norwegian shipyard


Diana Addendum to Time Charter with Rio Tinto

Sideris GS. Photo: Diana Shipping Inc.

 Diana Shipping, through a separate wholly-owned subsidiary, has agreed to extend and increase the time charter rate of the present time charter contract with Singapore-based Rio Tinto Shipping (Asia) for one of its Capesize dry bulk vessels, the m/v Sideris GS.  


TOP Ships Buys Stake in M/T Stenaweco Elegance

Ship owner TOP Ships Inc. said it will purchase for $6.5 million an additional 41 percent interest in Eco Seven Inc., a Marshall Islands company that owns M/T Stenaweco Elegance, a 50,188 dwt medium range (MR) product tanker, which is operating under a three year time charter at a rate of $16


ChartCo Acquires Marine Position

Vessel Pollution (Photo courtesy of ChartCo)

ChartCo, a global supplier of maritime digital data and compliance services, has announced its acquisition of the Swedish environmental shipping technology expert business Marine Position. The transaction extends ChartCo's core product strategy of providing a centralized digital platform on


Future USS Gerald R. Ford Delivered

Huntington Ingalls Industries delivered the first-in-class aircraft carrier Gerald R. Ford (CVN 78) to the U.S. Navy on May 31, 2017. (Photo by Matt Hildreth/Huntington Ingalls Industries)

The U.S. Navy has accepted delivery of its newest warship, a state-of-the-art aircraft carrier to be named in honor of the 38th president of the United States. The product of years of construction, planning and design, the future USS Gerald R


Gnostech President Takes Controlling Ownership

James Espino (Photo: Gnostech)

Current president of Gnostech Inc., James Espino, has acquired the controlling ownership of the company from Braxton Science & Technology Group (BSTG) on May 19, 2017. As the president and controlling owner of Gnostech, Espino will lead the company into the future


Diana Shipping Adds m/v Astarte

Photo: Diana Shipping Inc

 Diana Shipping, a company specializing in the ownership of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Astarte (formerly “Seatrust”).   Astarte  is a 2013 built Kamsarmax dry bulk vessel of 81


Euronav Bags Five-Year FSO Deals

Photo: Euronav NV

 Euronav's joint venture with International Seaways (INSW) has signed a contract for five years for the FSO Africa and FSO Asia in direct continuation of the current contractual service.    The contract was signed with North Oil Company (NOC)






 
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