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Wednesday, January 17, 2018

Company Pay News

Brazil To Dispense $100M To Shipping Companies

Brazil's government will reportedly divide $100 million in aid among the country's shipping companies to help Brazil's merchant shipping companies pay off commercial debts and moneys owed to Brazil's National Development Bank (BNDES).

Quintana Maritime Takes Delivery of Bulk Carrier

Quintana Maritime Limited took delivery of its second Capesize bulk carrier on November 11. The vessel, named Kirmar, was built in 2001 by China Shipbuilding Corporation in Taiwan and has a carrying capacity of 165,500 dwt. The purchase price of the vessel was approximately $68.4 million, of which Quintana had previously advanced the sellers a cash deposit of $6.85 million, or 10% of the aggregate purchase price of the vessel. On delivery, the Company paid $9.6 million in cash, and the balance of $52.0 million was funded through its revolving credit facility.

Alaska Lawmakers Mull Cruise Passenger Fee

Cruise companies would pay a fee of $50 for each passenger sailing Alaskan waters under a bill being considered by the state legislature. The bill, which passed the state Senate by a 14-6 vote and is now under review by the state House, is one of several proposals at the state and local levels to better control the burgeoning cruise ship crowds in Alaska. Over 600,000 cruise passengers visited the Inside Passage in the state's southeast panhandle last year, more than double the number recorded a decade ago. State Sen. Rick Halford, the measure's sponsor, said the fee was a bargain for companies that reap huge financial rewards selling Alaska tours. The companies pay a $10-per-passenger fee in Vancouver, British Columbia and other ports of embarkation, he said in floor debate.

Tsakos Energy Semi-Annual Cash Dividend

Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced that its Board of Directors has declared the company’s initial cash dividend for the fiscal year 2009 of $0.30 per common share, payable October 29, 2009 to stockholders of record on October 22, 2009. The ex-dividend date will be October 20, 2009. The current declaration represents the fifteenth consecutive semi-annual distribution since listing on the NYSE in the spring of 2002. TEN intends to continue to pay cash dividends representing between one-quarter and one-half of ordinary net income. Such payments are subject to the discretion of the Board of Directors and depend on available cash…

Mitsui Pays $40 Mln Compensation After Seizure

  Japanese shipping firm Mitsui O.S.K. Lines Ltd has paid about 4 billion yen ($39 million) in settlement to China as compensation stemming from a wartime contractual obligation, following a seizure of its ship by a Chinese maritime court in Shanghai, Japanese media said on Thursday. What the company paid for was 2.9 billion yen in compensation plus interests, the Yomiuri newspaper and public broadcaster NHK said. Mitsui O.S.K. spokesman Atsushi Seki said he could not immediately confirm the report, saying it was still working to lift the seizure. ($1 = 102.3850 Japanese Yen) (Reporting by Osamu Tsukimori; Editing by Dominic Lau)

Crude Oil Carriers DHT Report Favourable Wind in Q4 2013

DHT Tankship: Photo courtesy of the owners

Oslo, Norway-based DHT Holdings, Inc. reports fourth quarter 2013 results and the acquisition of two VLCCs. EBITDA for the quarter of $18.9 million and net income for the quarter of $11.5 million ($0.48 per share) including $15.4 million in revenue related final settlement of sale of OSG claim. The Company will pay a dividend of $0.02 per common share for the quarter payable on February 13, 2014 for shareholders of record as of February 6, 2014. In line with the Company's communicated strategy, DHT has agreed to acquire two VLCCs built in 2006 and 2007 for a total of $99.0 million.

OSG to Pay $2m in Fines

Maine to Get $2m from ocean-pollution fine According to reports, a record $37m pollution fine against a fleet of tankers is expected to pump $2m into marine conservation efforts in the Gulf of Maine. The company paying the fine, meanwhile, says the employees responsible for the pollution violated its policies and were fired. Overseas Shipholding Group pleaded guilty earlier this month to charges that several of its tankers dumped oily wastes into the ocean during the past five years instead of going through the time and expense of proper disposal, and that crews tried to cover up the violations by falsifying logbooks. Part of the $37 million penalty is intended to be restitution for the environmental damage, and Maine's share of that is $2.06 million. Source: Portland Press Herald

Royal Dutch/Shell Workers Held Hostage In Nigeria

It was reported that militant youths in Nigeria's Niger Delta are holding 12 Royal Dutch/Shell workers hostage, to press for compensation for an oil spill in their area. Shell officials in Lagos said they were not aware of the kidnapping, which the youths said was to forced the oil company pay $1.5 million compensation for a 1989 oil spillage. Sources said the oil workers, mainly Nigerians, were seized by youths from Arhavwarien community in Ugheli South Local Council in southern Delta State, on their way to effect repairs of a leaking pipeline in a neighboring village. Residents demanding a greater share of Niger Delta region's oil wealth frequently sabotage or kidnap oil workers to try to win payments from oil firms.

SeaDrill, Pengrowth See Profits, Higher Dividend

Companies in the Oil & Gas Drilling & Exploration sector have posted surging top lines in recent quarters as global oil consumption continues to grow. With profits on the upswing, several explorers have begun boosting dividend payments. The Bedford Report examines the outlook for companies in the Oil & Gas Sector and provides equity research on SeaDrill Ltd.SDRL +1.38% and Pengrowth Energy Corporation PGH +1.16% CA:PGF +0.88% . The US drilling sector will need to work through new safety and environmental regulations that arose out of last year's Gulf of Mexico oil spill. While acquiring permits was initially difficult, the US government has recently released a new, more-efficient, application process that should make the sector's battle a little easier.

Golden Ocean Announces Vessel Sales

Golden Ocean Group Limited has agreed to get released from the bare boat agreements for the two 1990 built Panamax vessels M/V Golden Glory and M/V Golden Gem against purchasing the vessels for $11m per vessel. The company has agreed to sell the two vessels for net sale proceeds of $60m in total. Delivery to the buyers is expected to take place in September 2007. This transaction will give a positive addition to net income of approximately $23m, and is estimated to release approximately $38m in additional liquidity. In August 2006 the company paid $38m to take over the bareboat agreements for the five Panamax vessels under the deal with Clipper Bulk Shipping Ltd. The cash flow from this investment until date and the sales proceeds will fully repay the gross purchase price.

TEN Semi-Annual Dividend

Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) announced that its Board of Directors has declared the company’s semi-annual dividend of $0.30 per share payable April 29 2010 with a record date of April 23 2010 and an ex-dividend date of April 21 2010. “We are pleased to announce the second semi-annual dividend for fiscal 2009 of $0.30, raising the total distribution for the year to $0.60 per share. The sustainability of our dividend distributions is a testament to TEN’s fleet, operational and commercial strategies, the strong balance sheet and overall capital structure, which enables the company to remain profitable and to generate positive cash flows even in difficult economic climates” commented Mr. D. John Stavropoulos, Chairman of the Board.

Court Reduces Horizon Lines' Fine To $15 Million

CHARLOTTE, NC (April 28, 2011) - Horizon Lines, Inc. (NYSE: HRZ) today announced that a federal court has granted a request by the U.S. Department of Justice to reduce the company's fine related to federal antitrust violations in the Puerto Rico tradelane from $45 million to $15 million. As a result of the reduced fine, Horizon Lines is no longer facing the prospect of a May 21, 2011, default under its convertible note indenture. The company could have been declared in default by the convertible note holders on any judgment over $15 million that the company was unable to pay…

Diana Containerships Reports Q1 Results

Photo: Diana Containerships

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today reported net income of $0.3 million for the first quarter of 2014, compared to a net loss of $31.8 million for the respective period of 2013. During the first quarter of 2014, the company incurred losses arising from the disposal of the vessel Sardonyx, amounting to $0.7 million, without which the net income for the first quarter of 2014 would have been $1 million and the earnings per share, basic and diluted, would have been $0.03 for that quarter.

Brazil's Oleo E Gas Gets $44 Mln Offer For Colombian Oil Rights

Oleo e Gas Participacoes SA, the bankrupt oil company controlled by Brazilian tycoon Eike Batista, received a $44 million offer for five oil exploration and production blocks in Colombia, the company said on Friday. The offer involves $30 million in cash and the assumption of $14 million in future exploration obligations in Colombia, Oleo e Gas said in a statement. It did not give the name of the investor or company making the offer. Oleo e Gas was formerly known as OGX Petroleo e Gas Participacoes SA. If approved by a bankruptcy judge, creditors and Oleo e Gas shareholders, the sale will help the Rio de Janeiro-based company pay for leases on offshore oil production ships and its share of investments in output in Brazil, the company said.

Company Fined for Oil Spill Near Anacortes

Ecology issues $112,500 penalty for sunken vessel. American Gold Seafoods faces a $112,500 penalty for an oil spill caused by the accidental sinking of its vessel, the Clam Digger, in July 2013 near Anacortes. The Washington Department of Ecology investigated the cause of the sinking and spill and determined that negligence was a key factor. When the Clam Digger left Anacortes on July 10, the boat encountered high waves, began taking on water, and eventually sank. AGS immediately initiated appropriate response protocols. Divers recovered the boat six days later, but during the recovery efforts 315 gallons of oil spilled. "This spill was preventable," said Dale Jensen, who manages Ecology’s Spill Prevention, Preparedness and Response Program.

Globus Maritime Ltd. Announces 3Q Results

Globus Maritime Limited (AIM:GLBS), a marine transportation company that owns and operates Handymax and Panamax dry bulk ocean-going vessels, has announced its trading update and financial highlights for the three months and nine months ended September 30, 2007. The company's fiscal year ends on December 31st. Globus Maritime Limited began operations on September 15, 2006. In June 2007 Globus successfully raised $50m by way of a placing and its shares were admitted to AIM. At the time of the IPO Globus owned 5 vessels and the net proceeds of $46.6m were utilized to fund fleet expansion. Revenues were $12.3m while operating expenses were $2.1m. The company reported an EBITDA of $8.9m and cash flow from operations of $8.1m.

Great Lakes Towing, Shipyard Announces Hiring Push

Courtesy  Great Lakes Towing Company & Great Lakes Shipyard

The Great Lakes Towing Company & Great Lakes Shipyard announced it is now hiring with 50 jobs currently available. The shipyard is now seeking candidates to fill a range of positions including naval architects, shipyard welders and pipe fitters, project managers and more. The Great Lakes Towing Company, owner and operator of a fleet of shipdocking tugboats on the U.S. Great Lakes-Saint Lawrence River Seaway, and Great Lakes Shipyard, a full-service ship repairs and construction operation on the Great Lakes…

U.S. Delays Decision On Oil Drilling In California Waters

The U.S. Interior Department's Minerals Management Service (MMS) announced it will delay its decision on whether oil companies can drill for oil and natural gas off California's coast, until August 16, 1999. The MMS was scheduled to decide by June 30 if drilling would be allowed on 40 undeveloped leases off the central coast of California, but said it needs more time to review the oil company requests. The plans to drilling offshore California are receiving opposition from California Gov. Gray Davis, who opposes any expanded offshore drilling, and Sen. Dianne Feinstein (D-Calif.), who asked the Interior Department this week to deny the oil company requests.

Chinpo Shipping Fined Over North Korea Gunrunning Case

Chinpo Shipping Company was fined a total of $180,000 on Friday (Jan 29) for transferring funds that could reasonably have been used to contribute to North Korea's nuclear programme and for running a remittance business without a valid licence. The company paid a Panamanian shipping agent $72,000 (£50,000) for the passage of North Korean ship the Chong Chon Gang through the Panama Canal. The arms shipment was hidden under more than 10,000 tonnes of sugar. The Chong Chon Gang was stopped while navigating the Panama Canal, by officials who suspected it was being used to smuggle drugs. "The haul, hidden under heaps of sugar and discovered by Panamanian authorities…

Maersk Drilling Mulls Leviathan Contracts

Picture by Maersk Drilling

Jonas Bjork, commercial manager Maersk Drilling Denmark, a subsidiary of Maersk Group, says that Israel is in his radar in the near future and hinted that his company targets Leviathan contracts, reports Globes. Bjork added that the Israeli government may make things difficult, but it is also willing to listen and to learn. His impression is that the regulation in Israel in the natural gas sector is difficult, but the government is prepared to study the energy field, is open to change, and is flexible.

Harim Acquires Pan Ocean

Photo: Pan Ocean

South Korean poultry processor Harim Corp. is set to wrap up its purchase of troubled dry bulk carrier Pan Ocean Co. after creditors and shareholders approved a rescue plan for the country's biggest bulk carrier. Harim, partnering with JKL Partners, participated in the bid last year and was picked as the preferred bidder in December. The company paid over 1 trillion won ($895.5 billion) for the deal earlier this month. Singapore and Seoul-listed Pan Ocean’s rehabilitation plan has been approved by the Seoul Central District Court…

Ship Fined for Failure to Have Oil Spill Readiness Plan

The Washington Department of Ecology (Ecology) has levied an $8,500 fine to the Greek shipping firm Marmaras Navigation Co. Ltd. for operating a cargo vessel in Washington waters without a state-approved oil spill readiness plan. The penalty against Marmaras Navigation marks the first time Ecology has levied a fine under its new oil spill contingency plan rule adopted in October 2006. Ecology requires that cargo and passenger ships, tank vessels, oil storage facilities and pipeline companies demonstrate that they can mount an effective, timely response if they spill oil. Under the rule, the vessel must either have their own approved spill readiness plan or be enrolled in one of the two non-profit organizations with approved plans that cover vessels in Washington.

US Finalizes Overhaul of Natural Gas Export Reviews

The U.S. Energy Department has finalized a plan to revamp its process for approving liquefied natural gas exports, and as originally proposed the changes eliminate conditional approvals for LNG projects. Beginning Thursday, the department will only issue final rulings on whether exports are in the public interest after the Federal Energy Regulatory Commission, or another authorized agency, has completed an environmental review of the project. The move will likely shift focus from the Energy Department, which has been criticized for moving too slowly, to the more costly FERC process, which assesses the safety and environmental impacts of LNG export facilities.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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