Marine Link
Thursday, April 26, 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.

Shipping Cyber Academy Established in Singapore

Templar Executives MoU  (Photo: Wärtsilä)

Wärtsilä is partnering with the cyber security company Templar Executives to establish a world-class cyber academy in Singapore. The academy will offer courses designed to support and enhance the collective cyber maturity of the wider shipping community, notably operators and owners.“We believe this is a first for the maritime industry; a center of excellence including a cyber academy, combining threat intelligence and cyber education designed to support collaboration for our customers and the wider maritime community…

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.

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.

Shipping Cyber Risk Management Solution Launched

A new integrated risk management solution launched for the global shipping community is said to be the first of its type, according to OSERV.OSERV, OSM Maritime Group’s specialized concept for supply chain management and value-added services, developed the solution together with cyber security specialist Pragma.Combining five crucial elements of cyber protection – technical, operational, IT backup, legal and media crisis management, the new SEAWALL Maritime Cyber Security solution aims to address the peril of cyber-attacks in today’s climate of the escalating incidents in the maritime industry.A 2017 ransomware attack involving Maersk…

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.

Eni has no plans to pull out of Rosneft deal after sanctions

Claudio Descalzi (Photo: Eni)

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.

Mexico Prepares for Marine Security Threats

Photo: International Maritime Organization (IMO)

Mexico has hosted a five-day workshop on International Maritime Organization (IMO)'s International Ship and Port Facility Security Code (ISPS Code), which sets out preventive security measures in case of threats to ships and port facilities. Designated authority and port facility security officers had the chance to improve their knowledge and understanding through practical exercises as well as class-based training in how to implement the relevant provisions of the ISPS Code, SOLAS Chapter XI-2 and related guidance.

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  

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.

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.

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.

Wärtsilä Signs MoU to Promote Maritime Technologies in Singapore

Wärtsilä partners with the Maritime and Port Authority of Singapore to promote maritime technologies. (Photo: Wärtsilä)

Wärtsilä has partnered with the Maritime and Port Authority of Singapore (MPA) to promote maritime innovation and R&D. The partnership covers four different streams: digital acceleration, cyber-physical security, intelligent vessel and port operations. Wärtsilä and MPA have also agreed to support and leverage start-ups and small and medium enterprises in Singapore in these four streams.“This partnership with MPA is a great example of how combining digitalization ecosystems thinking, and collaboration will benefit the maritime industry and drive tangible value at pace.

Keppel to Deliver SE Asia's First LNG-powered Tug

File Image: Two previous KST Tug deliveries by Keppel. (CREDIT: Keppel)

Singapore-based Keppel Corp said on Wednesday its offshore rig-building unit is on track to deliver in May what the shipbuilder said will be the first tugboat in southeast Asia that can run on liquefied natural gas (LNG). The vessel will be one of seven dual-fuel vessels the company is building, and will be able to run on LNG and diesel, a spokesman for Keppel said, without disclosing how much the ship cost to build. A second dual-fuel LNG tug is due to be delivered by June or July, he said.

Naval Dome, Stamco Ink Cyber Security Agreement

(Photo: Naval Dome)

Maritime cyber security specialist Naval Dome has signed a contract with Piraeus-based Stamco Ship Management to install its maritime cyber defense system aboard 55 Pure Car and Truck Carriers (PCTC).Stamco Ship Management provides technical and commercial ship management services to various companies like NYK, MOL, K-Line, China Shipping, Höegh Autoliners, WWL, Eukor and Glovis.Naval Dome will install the security system onboard the vessels’ bridge, navigation, communication and machinery control systems to deliver maximum…

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.

Freeport LNG Delays Start of Texas Export Terminal

(Photo: Freeport LNG)

Freeport LNG, a privately held U.S. liquefied natural gas company, said on Thursday it pushed back the projected start date for its $13 billion export terminal under construction in Texas by about nine months to around Sept. 1, 2019.Freeport LNG now expects the first liquefaction train to enter service around Sept. 1, 2019, with the second and third trains seen in service around Jan. 1 and May 1, 2020, respectively, said Zdenek Gerych, a spokesman at Freeport.Previously, the three…

Australia: 21 Patrol Boat, $300m Deal

Australia said that it will gift Timor-Leste two new patrol boats following the finalization of the shipbuilding arrangements. The new arrangements follow the agreement between Prime Minister Turnbull and Prime Minister Alkatiri in November 2017 for the provision of these two new boats to Timor-Leste. Minister for Defence, Senator the Hon Marise Payne, said Australia’s gifting of these vessels will help enhance Timor-Leste’s capability to patrol its maritime borders and protect its natural resources. “The boats will be sovereign capabilities of Timor-Leste, with Australian advisory, maintenance, infrastructure, and other support,” Minister Payne said. “This enduring assistance makes this agreement a 30 year commitment to supporting Timor-Leste’s security and prosperity.

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.

Maritime Reporter Magazine Cover Apr 2018 - Offshore Energy Annual

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