Genco Takes Delivery of First Capesize Vessel
Genco Shipping & Trading Limited announced that it has taken delivery of the Genco Augustus, a January 2007-built 180,000 dwt Capesize vessel. The Genco Augustus is the first vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capsize vessels from companies within the Metrostar Management Corporation group. The Genco Augustus 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 December 2009 and April 2010.
Broadband Maritime, Virtek Announce Agreement
Broadband Maritime Corporation -- a telecommunications service provider offering a turnkey VSAT communications solution for real time ship management – announced that Virtek Communication was appointed as its exclusive representative in the Scandinavian market for its new generation shipboard communications solution.
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.
Rigdon to Remain in New Orleans
GulfMark Offshore’s previously announced agreement to purchase Rigdon Marine entails that the combined company will operate 90 vessels, with 16 more under construction for delivery through 2010. Houston-based GulfMark has minimal operations, making the retention of Rigdon Marine's GoM presence significant, Energy Current reported. Rigdon Marine employs over 300 personnel, and employment is expected to grow to over 400. Rigdon Marine expects to keep its operations based in . Source: Energy Current
Lasco Appoints V.Ships For Technical Management of Fleet
Lasco Shipping Co. and V. Ships, announced their agreement covering V. Ships assumption of technical management of the Lasco fleet previously provided in-house. The agreement expands on the previously announced agreement last summer for technical services provided by V. Ships to Lasco involving three panamax bulkers acquired by American Bulkers KS and bareboat chartered back to Lasco. The new agreement will cover 17 additional dry bulk carriers that are part of the Lasco fleet. Technical management services will be provided by V. Ships' Glasgow and Limassol offices, with transfer of technical management of the vessels set to begin in early January and completed within four to six weeks.
TGS Starts Barents Sea 3D Seismic Survey
The 3D EM data is being acquired by the M/V 'Atlantic Guardian': data will be available to clients through both EMGS and TGS. The survey is supported by industry funding. TGS in partnership with Electromagnetic Geoservices ASA (EMGS) signed an agreement to jointly invest in a 3D electromagnetic (EM) multi-client survey covering 11 blocks, or approximately 3300 km2, in the Hoop area of the Barents Sea. Under the terms of the previously announced agreement, EMGS will be given access to TGS' 2D seismic data for survey planning and integration purposes, while TGS will obtain access to 3D EM data to evaluate and plan subsequent multi-client work over the area. "TGS and EMGS are pleased to now join forces in the Barents Sea," commented Stein Ove Isaksen, Senior VP Eastern Hemisphere for TGS.
Aker and OSG Announce Agreement for up to Six More Tankers
Aker American Shipping ASA and Overseas Shipholding Group, Inc. initial terms of 10-15 years. $700M (before profit sharing) reflecting the higher rates and longer terms. and agreement of final documentation, and relevant government approvals. Act commercial product tanker being built at Aker Philadelphia Shipyard. time charters in place.
Scorpio Charters-In Handymax Trio
Scorpio Tankers Inc. (NYSE: STNG) announced agreements to time charter-in three ice class 1A Handymax product tankers. The Company has entered into time charter-in agreements with an unrelated third party on three ice class 1A Handymax product tankers. Each agreement is for three years at $15,600 per day, and the Company has two consecutive one year options to extend the agreements at $16,500 per day and $17,500 per day, respectively. The time charters are expected to commence before the end of March 2016.
US East & Gulf Ports Labor Talks Make Progress
Concluding three of four days of scheduled negotiations, the two sides announced agreement in principle on issues involving the introduction of new technology and automation and maintenance and repair of chassis within marine terminals and at off-pier facilities at the East and Gulf Coast ports. "We had a productive session in Florida," ILA president Harold J. Daggett and USMX chairman and CEO James A. Capo said in a joint statement. "The East and Gulf Coasts ports are crucial to the health of the nation's economy and we take seriously our responsibility to reaching an agreement without any disruption in the supply chain and operation of the 14 ports," they said. Capo and Daggett also directed management and ILA locals to begin bargaining on local port issues.
SUEZ Announces Agreement With MarAd
SUEZ Energy North America's subsidiary, SUEZ LNG NA LLC announced an agreement with the U.S. Maritime Administration designed to begin generating employment opportunities for U.S. mariners onboard liquefied natural gas (LNG) vessels. The transport of LNG between countries to meet natural gas needs is a burgeoning international industry, with the international (privately owned) LNG shipping fleet growing at a rate of 15-20% a year. Today, all LNG ships worldwide are flagged under non-U.S. countries. SUEZ' ships, for example, are flagged primarily under Norway and Spain. As a result, there are no U.S.-licensed mariners on these vessels, and the U.S. shipping industry does not currently share in this growing job market.
Genco Takes Delivery of Two Vessels
1999-built Panamax vessel. per day upon delivery of the vessel. at a gross rate of $28,500 per day, on or about November 9, 2006. S.A., for an aggregate purchase price of $81.25 million. charter for twelve to fourteen months at a gross rate of $25,000 per day.
Texaco and McMoRan Exploration Announce Agreement
Texaco and McMoRan Exploration Co. have signed an agreement granting McMoRan the right to explore all or parts of 90 of Texaco's Gulf of Mexico tracts in the Outer Continental Shelf (OCS), including seven leases in state waters of Louisiana. The tracts encompass a total of 391,349 gross acres and are located in water depths ranging from 10 to 2,600 ft. In addition to approximately 400 unexplored deepwater blocks in the OCS, Texaco retains its ongoing shelf producing operations as well as certain development zones not included in the agreement. Under the terms of the agreement, McMoRan will commit in excess of $100 million for exploration drilling over the next four years.
American Commercial Lines Inc. Closes Agreement with Elliot Bay Design Group
American Commercial Lines Inc. (NASDAQ: ACLI) announced that it has closed the previously announced agreement to acquire the assets of Elliott Bay Design Group, Ltd. (“EBDG”) a naval architecture and marine engineering firm. EBDG is located in Seattle, Washington, and has recently opened a second office in New Orleans, Louisiana. The new company, Elliott Bay Design Group LLC, will continue to provide naval architecture, marine engineering and production support to its many customers in the commercial marine industry, while also providing ACL with expertise in support of its transportation and Jeffboat shipyard businesses.
Greatbatch Announces Agreement to Acquire EAC
Greatbatch, Inc. (NYSE:GB) announced that its subsidiary, Electrochem Commercial Power, signed a definitive asset purchase agreement to acquire Engineered Assemblies Corporation (“EAC”) for approximately $12m in cash. Greatbach expects to close this transaction in November 2007. EAC, based in Teterboro, New Jersey, with operations in Suzhou, China, is a leading provider of custom battery solutions and electronics integration focused on rechargeable battery systems. EAC complements and extends the array of markets Electrochem currently serves, such as military and aerospace, oceanographic and seismic surveying, and other industrial markets.
Genco Shipping & Trading Ltd. Takes Delivery of Fourth Capesize Vessel
Genco Shipping & Trading Limited (NYSE: GNK) announced that it has taken delivery of the Genco Titus, a 177,000 dwt Capesize newbuilding. The Genco Titus is the fourth 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 Company expects to deliver the Genco Titus to its charterer, Cargill International S.A., on November 17, 2007 to commence a time charter for 48 months at a gross rate of $45,000 per day, less a 5% third party brokerage commission. The charter, which is due to expire in November 2011, also includes a 50 percent index-based profit sharing component based on the daily BCI index.
Genco Shipping Completes Three Vessel Acquisition
Genco Shipping & Trading Limited has taken delivery of the Genco Surprise, a 1998-built Panamax vessel. The company intends to commence a previously announced time charter for the Genco Surprise for twelve to fourteen months at a gross rate of $25,000 per day upon delivery of the vessel to the charterer on or about November 23, 2006. The Genco Surprise is the final vessel delivered under the Company's previously announced agreement to acquire three drybulk vessels for an aggregate purchase price of $81.25 million. With the addition of its most recent Panamax vessel, Genco's fleet consists of seven Panamax, eight Handymax and five Handysize vessels with a carrying capacity of approximately 1,029,000 dwt and an average age of nine years.
Genco Takes Delivery of Capesize Newbuild
Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Commodus, a 170,500 dwt Capesize newbuilding. The Genco Commodus is the seventh 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 Commodus is expected to be delivered to its charterer, Morgan Stanley Capital Group Inc., on or about July 23, 2009 to commence a time charter for 23 to 25 months at a rate of $36,000 per day, less a 5% third party brokerage commission. Currently, Genco has approximately 68% of its fleet's estimated available days secured on contracts for the remainder of 2009 and 44% for 2010.
New Dry Bulk Ship Orders Take Scorpio to 8-Million DWT Level
Scorpio Bulkers Inc. The total purchase price for the vessels is approximately $1,171 million. About Scorpio Bulkers Inc. Scorpio Bulkers Inc. has contracted and agreed to purchase 28 Ultramax, 23 Kamsarmax and 23 Capesize newbuilding dry bulk vessels to be delivered starting from the second quarter of 2014 from shipyards in Japan, Korea, China and Romania. The fleet currently on order has a total carrying capacity of approximately 8-million deadweight tonnes.
Genco Takes Delivery of New Capesize
Genco Shipping & Trading Limited (NYSE:GNK) has taken delivery of the Genco Hadrian, a 170,500 dwt Capesize newbuilding. The Genco Hadrian is the sixth 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 Company has commenced a time charter upon delivery of the Genco Hadrian with Cargill International S.A., for 46 to 62 months at a gross rate of $65,000 per day, less a 5% third party brokerage commission. The charter, which is due to expire between October 2012 and February 2014, also includes a 50 percent index-based profit sharing component.
Intracom-Lockheed Martin Announce Agreement For Safety In The Greek Seas
Intracom has signed a contract worth $8 million with Lockheed Martin Naval Electronics and Surveillance Systems-Radar Systems (NE&SS-Radar Systems) for the supply to the Hellenic Merchant Marine Ministry of the first phase of a National Vessel Traffic Management Information System (VTMIS). NE&SS-Radar Systems is the major subcontractor of the project led by INTRACOM. The VTMIS will be based in Piraeus and will cover areas of the Ionian and Aegean Sea. INTRACOM, as the project's prime contractor, has the responsibility of providing the telecommunication and computing hardware, as well as installing the necessary VTMIS technology equipment supplied by Lockheed Martin.
Navios Agrees to Acquire Four Newbuilds
Navios Maritime Holdings Inc. Navios Maritime Holdings Inc. (NYSE:NM) a global, vertically integrated seaborne shipping and logistics company, announced that it has reached an agreement to acquire four Capesize vessels, three of which are from companies controlled by Commerzbank A.G. All vessels are currently under construction at the same South Korean Shipyard. Navios Holdings also announced that it amended the terms of existing agreements for three new build Capesize vessels. Navios Holdings will fund a portion of the purchase price for all seven vessels by issuing $165.2m in mandatorily convertible preferred stock. Angeliki Frangou…
Korea Yards to Build Scorpio LPG Tankships
Scorpio Tankers signs agreements with two S. Korea shipyards to construct a minimum of 5 & up to 10 LPG tankships, Scorpio's first venture into this specialised market. Emanuele Lauro, chief executive officer and chairman of the board, commented, "We are excited about our entry into LPG which we have long considered an extension of the product market. With common customers, shipbuilders, and trade lanes, and offsetting seasonal swings, the product tanker and LPG markets are highly complementary.
Bulk Carrier Owner Excel Files Chapter 11 Bankruptcy
Excel Maritime Carriers has entered into an agreement with its senior lenders on the terms of a financial restructuring, having now necessarily filed Chapter 11 petitions for relief in the United States Bankruptcy Court for the Southern District of New York. The agreement, which has the support of Excel Maritime's senior secured lenders, is substantially similar to the previously announced agreement in principle the Company reached with the steering committee of its senior lenders and provides the Company with up to $80 million of additional liquidity…