Bond News

The captain of a dive boat that caught fire and sank off the California coast in 2019, killing 34 people in one of the state's deadliest maritime disasters, was sentenced on Thursday to four years in prison for his conviction on a federal charge of seaman's manslaughter.Jerry Boylan, 70, was found guilty by a U.S. District Court jury in November on a single felony count of "misconduct or neglect of a ship officer" under a federal homicide statute dating from steamboat accidents of the early 1800s.Federal prosecutors had sought the maximum penalty of 10 years in prison…

The biggest operational crane on the U.S. Eastern Seaboard towered over Baltimore's port on Friday, ready to begin clearing the wreckage of the Francis Scott Key Bridge days after a cargo ship crashed into it, sending the span crashing into the harbor.Crews were still surveying the damage as of midday Friday. The crane, which can lift up to 1,000 tons, arrived late Thursday night and will probably start hauling debris out of the water on Saturday morning, according to U.S. Coast Guard spokesperson Carmen Carver.A second crane is en route and expected to arrive soon to assist the effort…

Italian shipbuilder Fincantieri is in talks with Leonardo to buy the defense group's submarine unit Whitehead Alenia Sistemi Subacquei (Wass), several newspapers reported on Wednesday.Spokespersons for Fincantieri and Leonardo both declined to comment.The acquisition would have a value of between 200 and 300 million euros ($217-$326 million), Corriere della Sera and financial daily Il Sole 24 Ore reported.The move by Fincantieri would be part of the group's broader strategy to grow non-organically and focus more on the defence sector…

Mitsui O.S.K. Lines, Ltd. has decided to issue “blue bonds” through a public offering in Japan’s domestic market in January 2024, reportedly the world’s first blue bonds in the shipping industry, which refer to the guidance provided by the International Capital Markets Association (ICMA) and other organizations.The Blue Bond Framework developed for the issuance of the bonds will ensure that all uses of the bonds’ proceeds will contribute to a sustainable blue economy, and the bonds received the highest rating of “Blue1(F)” from the Japan Credit Rating Agency, Ltd.

South Korean private equity firm Hahn & Co is reviewing strategic options for its majority stake in SK Shipping Co, including a sale that could value the company at about $10 billion including debt, Bloomberg News reported on Thursday.Hahn & Co is working with financial advisers as it weighs a partial or full sale of its stake, the report said, citing people familiar with the matter, adding that it was considering other options like selling individual divisions of the Seoul-based shipping company.SK Shipping did not immediately respond to a Reuters request for comment, while Hahn & Co could no

The Arab Shipbuilding and Repair Yard Company (ASRY) held its third annual Raft Race Competition on the ASRY Beach on Saturday, November 18, 2023.More than a hundred contestants from the company’s employees and subcontractors participated. In addition, SULB Bahrain took part in this year’s competition as a new member, with the participation of two teams.This sporting event, which aims to enhance social bonds, witnessed a wide audience, attended by water sports fans who showed their utmost support and encouragement for their favorite team.

When asked about the top issues facing shipbuilders, executives at the Shipbuilders Council of America (SCA) listed a number of topics and concerns. SCA is the only national trade association representing U.S. shipyards engaged in the building and repairing of military and other government and commercial vessels, and companies providing goods and services to the shipbuilding industry.Shutdowns have consequencesMatthew Paxton and Paula Zorensky are, respectively, SCA President and Vice President. Their top federal concern at the end of September? A U.S.

The captain of a dive boat that caught fire and sank off the California coast in 2019, killing 34 people on board in one of the state's deadliest maritime disasters, was found guilty on Monday of a federal charge of seaman's manslaughter.Jerry Boylan, 70, was convicted by a U.S. District Court jury in Los Angeles on a single charged count of "misconduct or neglect of a ship officer" under a federal homicide statute dating from steamboat accidents in the early 1800s.The felony conviction…

The Philippine Coast Guard (PCG) and Indian Coast Guard (ICG) signed a memorandum of understanding (MoU) to enhance maritime cooperation at the ICG Headquarters in New Delhi, India, on August 22.PCG Commandant, CG Admiral Artemio M Abu, and ICG Director General, DG Rakesh Pal, presided over the signing ceremony. The aim of the MoU is to strengthen the professional bond between the two organizations by sharing best practices, conducting joint exercises, and enhancing training collaborations.

HII’s Newport News Shipbuilding (NNS) division authenticated the keel today for Virginia-class attack submarine Oklahoma (SSN 802).“We enjoy participating in Navy traditions like this one because they remind us of the important role we play in our nation’s defense,” NNS President Jennifer Boykin said. “The nuclear submarines we build help ensure our peace and freedoms, and we take great pride in being a nuclear shipyard.”The ship’s sponsor is Mary “Molly” Slavonic, an Oklahoma native. Slavonic has long supported both the state of Oklahoma and the Navy.

The U.S. Navy's Independence-variant littoral combat ship USS Canberra (LCS 30) arrived in Sydney, Australia, July 18, ahead of the ship’s ceremonial commissioning.USS Canberra entered Sydney Harbour in formation with Canberra-class landing helicopter dock HMAS Canberra before mooring pierside at the Royal Australian Navy’s Fleet Base East.“We are thrilled to be here in Sydney this week, and to show this city our fast, optimally-manned ship that sails across the seas as a symbol of our navies’ dedication to each other,” said Capt. Marc Crawford, Commodore of Littoral Combat Ship Squadron ONE.

Maritime Partners, a provider of maritime financing solutions primarily focused on Jones Act vessels, has announced the successful completion of the inaugural capital markets issuance of vessel asset-backed securities (ABS) by MP 2023 LLC, its controlled affiliate. This transaction was the first ABS issuance composed entirely of inland marine vessels.MP 2023 LLC issued an aggregate principal amount of $235.3 million of its MP 2023-1, Class A Notes, with a coupon of 7.167% over an expected 7-year term.

While people in all generations measured themselves against eternal factors—fellow employees, family, their industry, etc.—Generation Z is fixated on measuring themselves against the world as seen through social media. Coaching them will help them begin to turn inward and measure success against their own goals. One of the keys to retaining your Gen Z workers will be in positively coaching them.Coaching should provide positive feedback about employee contributions. At the same time…

The United States envoy to South Africa said on Thursday he was confident that a Russian ship had picked up weapons in South Africa last year, in a possible breach of Pretoria's declared neutrality in the Ukraine conflict.The rand and South Africa's 2030 government bond extended losses after the U.S. assertion as currency traders said they were worried that South Africa could now face Western sanctions.The government is launching an independent inquiry led by a retired judge into the alleged arms shipment, the office of President Cyril Ramaphosa said in a statement.Earlier, Ramaphosa did not confirm or deny the shipment took place when an opposition leader asked him about it in parliament.The U.S.

Pemamek LLC, a North American subsidiary of Finland-based Pemamek Ltd., has developed an automated semi-narrow groove welding solution with proven success in welding exceptionally thick plates ranging in size from 2 inches to 6.5 inches. Called Semi-Narrow Gap Welding, this SAW process uses significantly less consumables over the length of the operation resulting in a strong bond in less time and with fewer costs.Based on submerged arc welding (SAW), the LSO process employs a welding head equipped with 5/32-inch wires.

The Port of South Louisiana (Port SL) said it has reached a deal with T. Parker Host to buy the Avondale Global Gateway, a logistics hub at site of the former Avondale Shipyard.The acquisition of this 254-acre facility at mile 108 of the Mississippi River will allow the port to be more competitive in traditional international trade and focus on the new frontier of renewable energy development, Port SL said.The purchase and sale agreement was announced Thursday by Port SL CEO Paul Matthews following unanimous approval from the port commission.

Louisiana is set to launch a new ferry service with the help of a low-interest loan from the U.S. Department of Transportation (DOT).The DOT said on Monday its Build America Bureau will provide nearly $41 million in loans to the Louisiana State Bond Commission for the benefit of the Louisiana Department of Transportation and Development (LADOTD) that will go toward the ferry project as well as a bridge improvement program.The Bureau, which was established during the Obama Administration…

The Baltic Exchange's dry bulk sea freight index rose for a fourth straight session on Wednesday to mark its biggest one-day percentage gain in a month, supported by stronger demand for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 37 points, or about 2.7%, to 1,393, the highest level since Oct. 31.The capesize index rose 144 points, or about 9.7%, to 1,637, the highest level since Oct.

Royal Caribbean has unveiled new design details for what is set to be the world's largest cruise ship, Icon of the Seas.The 250,800 GT vessel, the first in Royal Caribbean's new Icon-class, is being built by Finnish shipbuilder Meyer Turku, who began construction in June. First announced in 2016, the mega cruise ship is scheduled for delivery in October or November 2023.The 1,198-foot-long Icon of the Seas will have 20 decks (including 18 guest decks) and will be bigger than the world's current largest cruise ship, Royal Caribbean's Oasis-class Allure of the Seas.

The Woods Hole, Martha’s Vineyard and Nantucket Steamship Authority said it is planning to buy a pair of secondhand offshore supply vessels (OSV) to convert into replacements for two of its aging freight vessels.The sister OSVs, HOS Shooting Star and HOS Lode Star, will be purchased from Covington, La.-based Hornbeck Offshore Services. The 240-foot-long vessels, which were built in 2008 and 2009 respectively and formerly serviced the oil and gas industry off the Gulf Coast, will…

An emergency dredging project is set to begin and be completed by the end of August to restore navigability in the Murderkill River, the Delaware Department of Natural Resources and Environmental Control announced on Tuesday. Permitted by and with modification approvals from the U.S. Army Corps of Engineers and DNREC regulators, the project calls for removing approximately 52,000 cubic yards of sediment from the river’s navigation channel. DNREC will then make beneficial reuse of the dredged sand to nourish up to 1…

Looking back, it is easy to wonder if one could have done better by taking the other fork in the road. I grew up in Holland in a maritime family and am pretty sure I would have stuck with maritime there. In 1968, when I was 8 years old, my father left Holland America Line and joined the United States Salvage Association. At the same time, their main customer, the U.S. marine insurance industry, became heavily involved in the development of North Sea offshore oil and gas, and it resulted in an economic boom that made USSA’s Rotterdam office wildly profitable.

A potential invasion of Ukraine by neighboring Russia would be felt across a number of markets, from wheat and energy prices and the region's sovereign dollar bonds to safe have assets.Below are four charts showing where a potential escalation of tensions could be felt across global markets:Safe havensInflation at multi-decade highs and impending interest rate rises have made for a bad month for bond markets, but an outright Russia-Ukraine conflict could change that.Two-year U.S.