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.
Gazprom, Mitsubishi Corp. in Talks on LNG Cooperation
Gazprom said on Friday it had held talks with Japan's Mitsubishi Corp. on Friday about cooperation at the Russian gas giant's Sakhalin-2 liquefied natural gas (LNG) plant. The talks, in the Russian city of St Petersburg, were between Gazprom head Alexei Miller and Takehiko Kakiuchi, the president and CEO of Mitsubishi Corp, Gazprom said in a statement. It said the talks focussed on the planned construction of a third production train at the Sakhalin-2 LNG plant. (Reporting by Christian Lowe; editing by Alexander Smith)
Maritime Cyber Security: The Wrong Formula
For many industries, cyber security is about target hardening and perimeter defense. This makes sense, as cyber security is implemented in much the same way that physical security is implemented. We often think of it in terms of the medieval castle design, which translates to defense in depth in modern vernacular. This formula makes sense, as we can see and touch perimeter defense in physical security. We have seen and are comfortable with things such as fencing, ingress and egress areas (think doors, drives, sidewalks), guard stations and cameras. We like things we can see and touch.
Peel Ports Wins Carmen Award
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.
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.
Major UK Port, Waterway Authority, Now Uner One Banner
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.
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
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.
Len celebrates 100th on the Ship Canal
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.
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
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
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.
Port Security: Preventing Stowaways
Enhanced port security can help the in the facilitation of international maritime traffic and the prevention of stowaways. A national workshop in Freetown, Sierra Leone (6-10 November) is one of a series assisting ports with the highest number of stowaway incidents to address these issues. Meetings with key stakeholders responsible for maritime security and facilitation are being used to gauge knowledge of national legislation, port facility security plans, local organization of maritime security and facilitation, and inter-agency cooperation through security and facilitation committees.
Culina Group to Set Base at Peel Group's Port Salford
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.
Australian Warships Drill with Republic Of Korea
Across late October and early November, Royal Australian Navy frigates HMA Ships Melbourne and Parramatta visited the Republic of Korea for the biennial maritime anti-submarine warfare exercise HAEDOLI WALLABY. Arriving alongside in Busan, Australian personnel and their Korean Navy counterparts commenced the harbour phase of the exercise, enhancing mutual understanding and cooperation through a series of table-top briefings, damage control demonstrations, practical scenarios and a game of soccer.
Maritime Cyber Security: Naval Dome, LR Team
Cyber security is a pervasive issue globally, particularly in the commercial maritime sector where ship to shore and "always on" connectivity is still in its infancy. To help get ahead of the problem, a new partnership was announced between Naval Dome, an Israel-based cyber security specialist and Lloyd's Register, which have signed a Memorandum of Understanding (MoU) aimed at establishing standards and guidelines for maritime cyber defense. Using intelligence agency security technology…
Hill Dickinson Makes Several Promotions
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.
GTT to Design LNG Tanks for New FSRU/LNG Carriers
GTT has won a contract to design the liquefied natural gas (LNG) tanks for two dual purpose vessels capable of operating as efficient LNG carriers and floating storage and regasification units (FSRUs) that are presently on order at Hudong-Zhonghua Shipbuilding (Group) Corp. These vessels will be built at Shanghai, China, for the owner Dynagas, with scheduled delivery in 2021. GTT said it will design the LNG tanks of both units, each representing a capacity of 174,000 m3.The membrane cryogenic containment system NO96 GW, with glass wool insulation, will be used for the LNG storage on board. According to GTT, there are currently 14 vessels in operation and 42 on order that use this technology.
Cyber Shoal Waters
Over the past two months the world has been rocked by three major hacking events that have garnered international notice. These included the EQIFAX event in which 140 million individuals were reported to be possibly compromised, the WannaCry attack and the NotPeyta event. In the past two years the emphasis on the cyber security of the Marine Transportation System, a vital economic cog to the world has come under increasing scrutiny. In August, trade journals and major international…