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Sunday, January 21, 2018

Manchester Securities Corp News

Horizon Offshore Completes $77M Refinancing

Horizon Offshore, Inc. Inc. (the CIT Group). bears interest at LIBOR plus 4.5% per annum. unpaid interest due at maturity in March 2011. term loan facility agented by Manchester Securities Corp. March 2007 and related closing costs and fees. financings of this type.

Horizon Offshore Completes Refinancing

Horizon Offshore, Inc. has entered into a $77.4 million secured term facility agented by The CIT Group/Equipment Financing, Inc. The credit facility has a five year term and bears interest at LIBOR plus 4.5% per annum. The credit facility is payable in monthly installments of $0.9 million, plus interest, for the first 24 months beginning March 31, 2006 and $0.6 million, plus interest, for the next 35 months, with the remaining principal and unpaid interest due at maturity in March 2011. The proceeds from the facility were used to repay the outstanding amount under the Company's previous CIT Group facility maturing in March 2006 and outstanding amount under the $70 million senior secured term loan facility agented by Manchester Securities Corp.

London Gateway Ups Security Measures

(Photo: DP World London Gateway)

Expanded use of converged security and information management platform will support physical and IT security program at DP World London Gateway. London Gateway, one of the U.K.’s major ports owned and operated by DP World, has implemented converged security and information management (CSIM) software port-wide to increase security and provide overall situational awareness capability. Situated on the north bank of the River Thames, the deep-sea container port is located next to Europe’s largest logistics park, providing shipping access to key U.K. consumer markets.

Peel Ports Wins Carmen Award

L - R The Master Carman, Mr Mark Griffiths; The Rt. Hon The Lord Mayor of London, Alderman the Lord Mountevans; Patrick Walters, Group Commercial Director, Peel Ports; Mark Whitworth, Chief Executive, Peel Ports

Peel Ports has been recognised for its commitment to environmental stewardship in the delivery of its Manchester Ship Canal project by the prestigious and historic Carmen Awards. The awards, which honour exceptional achievement in industry and individual enterprise, praised the business’ revival of the historic trade route and Victorian engineering masterpiece to build a sustainable platform for modern day growth in the North West. Previous winners include the Highways Agency for the Hindhead Tunnel project and The Mayor of London’s Barclays Cycle Hire Scheme.

Major UK Port, Waterway Authority, Now Uner One Banner

Liverpool 2 Port Expansion: Photo credit Peel Ports

Port of Liverpool & the Manchester Ship Canal become one entity under Peel Ports' management, the UK's second largest ports group. These two dynamic international trading centres form a single 44 mile seaway to the heart of the UK and Britain's richest cargo creating and consuming region outside London. Together, the Port of Liverpool and Manchester Ship Canal offer a comprehensive range of port facilities, handling more than 40 million tonnes of cargo and 15,000 ship movements a year – making the River Mersey Britain's third busiest estuary.

Latest DofD Navy Contracts

Navy contracts have been awarded, amongst others, to Northrop Grumman Systems Corp. to provide LCS mission modules, and to Electric Boat Corp. for Virginia-class submarine spare parts manufacture and procurement. Northrop Grumman Systems Corp., Bethpage, N.Y., is being awarded a $25,272,171 modification under previously awarded contract (N00024-06-C-6311) to provide three mission modules, support containers and engineering and production planning services for mission packages that will deploy from and integrate with the littoral combat ship. Work will be performed in Huntsville, Ala. (48 percent); Portsmouth, Va. (30 percent); Bethpage, N.Y. (18 percent); Manchester, N.H. (2 percent); and Hollywood, Md. (2 percent), and is expected to be completed by September 2015.

Ariel Adds New Sales/Marketing Staff

Anil Sethi, Managing Director of Ariel Maritime and Ariel Global Logistics welcomed a new member of their Manchester based Sales and Marketing staff: Nigel Huntington joined their Sales Team in January 2014 and will be working out of the company’s Manchester head office. Huntington joins Ariel Maritime to spearhead their Business Development Dept. and boost sales in the Northeast and Midlands. arielmaritime.com  

Navy to Christen Littoral Combat Ship Manchester

Independence Class of littoral combat ships Photo USN

The Navy will christen its newest Independence-variant littoral combat ship, USS Manchester (LCS 14), during a 10 a.m. CST ceremony Saturday, May 7 in Mobile, Alabama. Manchester, designated LCS 14, honors the city of Manchester, New Hampshire. Thomas Oppel, chief of staff to the secretary of the Navy, will serve as the principal speaker. New Hampshire Senator, the Honorable Jeanne Shaheen, will serve as the ship’s sponsor. The ceremony will be highlighted by Shaheen breaking a bottle of sparkling wine across the bow to formally christen the ship, which is a time-honored Navy tradition.

Congressional, Maritime Leaders Support Jones Act on the Hill

Mark Buzby, U.S. Maritime Administrator

The House Transportation and Infrastructure Subcommittee on Coast Guard and Maritime Transportation held a hearing Wednesday on “The State of the U.S. Flag Maritime Industry” during which congressional and maritime leaders stressed the importance of the Jones Act. RADM Mark H. Mr. Mr. The Committee and those testifying expressed bipartisan support for the Jones Act and enforcement of the law. “In order for us to maintain the way of life as we know it as a nation that is secure and is able to project power, be it Navy power or commercial power, the Jones Act is intrinsic to that.

Suspect Involved in N. Korean Oil Smuggling Released on Bail

© leeyiutung / Adobe Stock

A court in Taiwan has released on bail a man prosecutors allege to have made false declarations in the case of a Hong Kong-flagged tanker suspected of transferring oil to North Korea in violation of international sanctions. The man, surnamed Chen, said the vessel was bound for Hong Kong, despite knowing it was bound for international waters to traffic oil products, the prosecutors' office in the southern city of Kaohsiung said on Wednesday. "The suspicion of crime is great," it said in a statement…

Len celebrates 100th on the Ship Canal

Len Jones (2nd left) at QEII Dock with (l-r) former colleagues Jim Cordiner, David Ogilvie, Ray Howells and current Ship Canal general manager Dean Hammond.

Len Jones was born in 1911, the coronation year of King George V and the year the Titanic was launched at Harland & Woolf in Belfast. During his lifetime there have been four British monarchs, 19 Prime Ministers, two World Wars and the break up of the British Empire. Women have won the vote, man has landed on the Moon and the world has seen the invention of television, computers, the internet, mobile phones and SatNavs. Len celebrated his 100th birthday with a special trip on the Manchester Ship Canal, where he spent his working life of almost 50 years and retired as deputy general manager.

Woodruff Named American Maritime Partnership President

Matt Woodruff

The American Maritime Partnership (AMP) today announced the election of Matt Woodruff of Kirby Corporation as its new President. He succeeds Thomas A. Allegretti, President & CEO of The American Waterways Operators. “Leading the American Maritime Partnership – which speaks for the half a million American men and women whose employment depends on the domestic maritime industry – is a great honor. Our vibrant domestic maritime industry is an essential foundation for America’s economic, national, and homeland security,” Woodruff said.

Chembulk Tankers Issues USD 200mln Bond

Image: Chembulk Maritime World

Chembulk Tankers announced that one of its wholly owned subsidiaries, Chembulk Holding LLC, has priced USD 200 million in senior secured bonds which will carry a coupon of 8.00% and be due in February 2023. The net proceeds from the bond offering will be used for refinancing of existing bank debt and general corporate purposes. In addition, this bond offering contains a tap issuance feature, where Chembulk can expand the issue amount at a future date to a maximum of USD 250 million, subject to standard issuance tests.

Trailer Bridge Announces Pricing of Senior Secured Notes

Trailer Bridge, Inc. (NASDAQ: TRBR) announced that it had priced its offering of senior secured notes due 2011 (the ``Notes''). The Notes were priced at a fixed interest rate of 9.25% and investor interest in the Notes resulted in the overall amount offered increasing to $85 million from the initial offering amount of $80 million. Interest on the Notes will be payable semiannually on May 15 and November 15 of each year. The Notes will be secured by a first priority lien on two roll-on, roll-off vessels, 53’ intermodal equipment and real estate. The offering is expected to close on December 1, 2004. Trailer Bridge expects to receive approximately $81.5 million in net proceeds from the offering of the Notes.

Cargo Covering by Sentina Qualified to Deter Terrorists

Freight Glove: Image courtesy of Sentina

Sentina Corp, a New York-based producer of protective cargo coverings, says it has been awarded the designation of 'Qualified Anti-Terrorism Technology' under the Department of Homeland Security's Safety Act for its Freight Glove, a reusable, vacuum-sealable, and tamper-evident covering. The Freight Glove is the flagship offering from Sentina Corp., a company focused on creating sustainable packagings that prevent unauthorized opening - and in the process protect shipments from water damage, theft, and presence of unwanted substances.

Austal Christens Manchester (LCS 14)

Austal officials joined ship sponsor U.S. Senator Jeanne Shaheen and many distinguished guests in celebrating the christening of the nation’s 14th littoral combat ship (LCS), the future USS Manchester, here Saturday, May 7, 2016. Manchester (LCS 14) is the fifth LCS in Austal’s 11-ship, contract worth over $3.5 billion. With its shallow draft of 14 feet, the Austal-built Independence-variant LCS is an advanced high-speed and agile 419-foot aluminium trimaran combat ship that combines superior seakeeping, endurance and speed with the volume and payload capacity needed to support emerging missions. “On behalf of Austal USA’s shipbuilding team…

SENER Inaugurates Manchester Office

From left to right: Fernando Sánchez, Ian Stewart and Rafael de Góngora (Photo: SENER)

The engineering and technology group SENER has celebrated the inauguration of its facilities in Manchester, the group’s base for engineering and construction in the United Kingdom, which have been fully operational since 2014. The inauguration event was held May 8 and was attended by local authorities, including City Mayor Ian Stewart and representatives from key clients such as BAE Systems and Babcock. The guests were received on behalf of SENER by its Marine General Manager, Rafael de Góngora, and the Manager of its Marine office in Manchester, Fernando Sánchez.

Culina Group to Set Base at Peel Group's Port Salford

Port Salford View Courtesy Peel Port

Food and drink logistics giant, Culina Group, has been announced as the first major tenant at the new National Import Centre being developed by the Peel Group, as part of its multi-million pound Port Salford development (located approximately 6 miles (9.7 km) west of Manchester City Centre in the UK). Culina Group will take occupation of the first warehouse distribution unit to be built on the Port Salford site - the UK’s first tri-modal inland port facility and Distribution Park, accessible by rail, road and short sea-shipping. The property comprises 26,022 sq. m. (280,000 sq.

Hill Dickinson Makes Several Promotions

Kamal Mukhi

Hill Dickinson is pleased to announce the promotion of Kamal Mukhi of its commodities team to the position of Legal Director, with effect from October 1, 2013.   In addition, seven members of its marine, trade and energy team have been promoted to the position of Associate. They include: Rebecca Maddison (shipping), Francesco Tundo (shipping) and Fedra Koulle (PI Regulatory) in the London City office and Alex Teji of the London yachts team; Timon Karamanos (shipping) based in Piraeus and Richard Allingham (cargo and logistics) in our Manchester office

Team Effort Thwarts Caribbean Smuggling Attempt

A joint British Navy and U.S. Coast Guard team stopped more than 2,000 pounds of cocaine from being smuggled through the Caribbean today. A British Navy aircraft, flying a routine patrol for Joint Interagency Task Force South, spotted a suspicious go-fast smuggling boat south of Haiti and a multi-unit pursuit ensued that was coordinated by the Coast Guard's Greater Antilles Section (GANTSEC), based in San Juan, Puerto Rico. The HMS Manchester, A British Navy vessel with an embarked U.S. Coast Guard law enforcement detachment (LEDET), was notified of the suspect vessel and diverted to intercept it. During the pursuit the smugglers ejected their contraband overboard and Manchester handed off the pursuit to a second British warship…

Crude Carries Pricing, Initial Public Offering

Crude Carriers Corp. announced that it has priced its initial public offering of 13,500,000 common shares at $19 per share. The underwriters have an option to purchase up to an additional 2,025,000 common shares to cover overallotments. Crude Carriers Corp. will use substantially all the proceeds from the offering, together with a $40m capital contribution from Crude Carriers Investments Corp., to acquire one 2006-built high specification Suezmax vessel from Capital Maritime & Trading Corp. at a price of $71.3m and two newbuilt very large crude carrier (VLCC) tankers for $96.5m each upon their delivery from the yard. The company’s common shares will trade on The New York Stock Exchange under the symbol CRU.

LCS Manchester Completes Acceptance Trials

(Photo: Austal)

The seventh Independence-variant Littoral Combat Ship (LCS) built by Austal, Manchester (LCS 14), has completed acceptance trials December 15 in the Gulf of Mexico, marking the final significant milestone prior to the warship’s delivery in early 2018. This milestone achievement involved the execution of intense comprehensive tests by the Austal-led industry team while underway, which demonstrated to the Navy the successful operation of the ship’s major systems and equipment. LCS 14 will be the second Independence-variant LCS Austal delivers to the Navy in less than six months.

As US Opens Up Offshore Waters, Eastern GoM Beckons

© xmentoys / Adobe Stock

President Donald Trump's administration has proposed opening up nearly all of America's offshore waters to oil and gas drilling, but the industry says it is mainly interested in one part of it, now cordoned off by the Pentagon: the eastern Gulf of Mexico. The industry's focus on an area located near a sprawling network of existing platforms, pipes and ports could ease the path to new reserves, and assuage the drilling opponents near other places offered under the Interior Department's proposed drilling plan issued last week, like California's Pacific, the Atlantic and Arctic.

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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