Marco Polo Seatrade Receives Court Approval
Marco Polo Seatrade receives court approval to continue to use revenues in the business. The Marco Polo Seatrade group of companies that filed for Chapter 11 on 29th July 2011 has taken a significant step forward in the US Chapter 11 restructuring process. The New York Court supervising the reorganisation of Marco Polo approved on 31st August 2011 the continued use by the company of the cash collateral, meaning the revenues deriving from the day to day employment of its fleet, for the duration of the Chapter 11 cases. The approval was granted with the consent of Marco Polo’s primary lenders Credit Agricole and Royal Bank of Scotland.
Court Confirms Marco Polo Seatrade Chapter 11 Protection
U.S. Courts confirm Marco Polo Seatrade Chapter 11 protection and frees vessel. The New York Court supervising the reorganisation of Marco Polo Seatrade and its group affiliates has rejected the motions filed by the Royal Bank of Scotland and Credit Agricole seeking to dismiss the group's US Chapter 11 filings. Both lenders had asserted that Marco Polo Seatrade was not eligible for Chapter 11 protection and had indeed initiated its Chapter 11 case in bad faith. The court rejected all of the lenders' arguments. Antonio Zacchello, MD of Marco Polo Seatrade, says, "We are delighted that the court has confirmed that we acted in accordance with the law and in good faith in starting our Chapter 11 proceedings.
Marco Polo Seatrade Gets Bank Backing
Marco Polo Seatrade has received court approval to obtain fresh financing from Royal Bank of Scotland, one of its senior lenders. The New York Court supervising the reorganisation of Marco Polo approved today new financing to be provided by the Royal Bank of Scotland. This financing is being provided on a fully consensual basis and resolves the various objections that were filed to Marco Polo’s original financing motion. This Court approval and the Court’s previous approval of the use of cash collateral ensures that Marco Polo will be able to continue to fulfil all charter contracts and to pay its expenses in the ordinary course of business. It also ensures that Marco Polo will be able to take advantage of profitable new charters.
Mariner Supply Adds MARCO Marine Distributorship
Mariner Supply, Inc., has added MARCO Marine's North Pacific product line to their visual database, sales support and ordering system. Serving the Alaskan fishing industry, MARCO's North Pacific product line includes Power Blocks, PowerGrips and Hydraulic Swivels, Crab Pot Haulers, King Coilers, as well as MARCO's highly engineered Hydraulic Powering Systems with their industry proven Hydraulic Pump Drives and Enduro clutches. All of these products, along with MARCO's parts to support existing products in the field, will be made available to commercial customers through Mariner Supply corporate sales, either directly or through the company's E-commerce channel at http://www.marinersupply.com .
Regional Report: Pacific Coast
Seattle's MARCO shipyard has been completing a rush job for Great Lakes Towing affiliate TUGZ International and is expected to have three new tractor tugs ready for christening by February 13. At the same time, the yard has just started to cut steel for two slightly larger tractors being built for San Francisco-based BayDelta. The latter will measure 105 ft. and will be powered by twin Caterpillar diesels of 4,400 combined hp driving Ulstein Z-drive units fitted with high-performance Nautican nozzles. Towing winches and headline winches will be provided by Burrard Iron Works Ltd of Vancouver, B.C. The three TUGZ boats, to be christened Z-Three, Z-Four and Z-Five, are 95-ft., and will also make use of Caterpillars turning Ulstein z-drives.
Marco Launches New Website
Marco Group International, a service and equipment provider for the surface preparation industry, has launched its redesigned Marco.us website. The focus of the website’s redesign was to simplify navigation and enhance functionality. The site includes a new, modern visual design, redefining the Marco brand. The site also includes expanded product information, including part number listings and schematic drawings, simplified navigation to get to information in two clicks or less…
Sembcorp - Marco Polo Dispute Update
Rig-builder Sembcorp Marine (SembMarine) is currently embroiled in a dispute with Marco Polo Marine over a US$214.3 million rig construction contract that Marco Polo wants terminated. In a statement on Monday, Macro Polo reiterated its position that it is not obliged to take delivery of the rig, as Sembcorp Marine unit PPL Shipyard had failed to comply with certain contractual obligations. A unit of Marco Polo Marine has found cracks on all three legs of the rig and is seeking a refund of about $21.4 million it paid initially from PPL.
PacFish Acquires Equipment from MARCO Auction
PacFish Shipyard acquired shipyard marine equipment at the MARCO Shipyard auction on the Lake Washington Ship Canal, including a Wheelabrator sandblast cabinet with 6-ft. rotary table, equipped with dust collector and re-useable shotblast for zero discharge to the environment. Big Bertha, MARCO’s classic 150-ton Denison hydraulic steel press, was one item that generated bidding action from a shipyard in Anacortes. Shipyard General Manager Doug Dixon was determined to keep Big Bertha on the ship canal to maintain the heavy ship repair capability in Seattle’s maritime business community. MARCO’s heavy roller for angle and pipe bending was another piece of shipyard antiquity acquired by PacFish that will remain in the cluster of Seattle maritime businesses.
Sound Oil Appoints Marco Fumagalli as Non-exec Director
Sound Oil, the Mediterranean focused upstream oil and gas company, announced the appointment with immediate effect of Marco Fumagalli as a Non Executive Director of the Company following the institutional investment announced on 25 April 2014. Marco Fumagalli is Continental Investment Partners' Managing Partner and a well-known Italian businessman who was previously a Group Partner at 3i. Marco is a 25% shareholder in Continental Investment Partners. Last month, Sound said that Continental Investment Partners had completed its due-diligence and the investment agreement had been signed.
Marco Polo Terminates Rig Contract with Sembmarine
Marco Polo Marine has unilaterally terminated a rig building order worth US$214.3 million from a subsidiary of Sembcorp Marine. Sembcorp Marine on early Wednesday morning said its subsidiary, PPL Shipyard, will regard the termination by Marco Polo Drilling (I) of the US$214.3 million newbuild contract as "repudiatory breach of the contract". The response comes after Marco Polo Marine, of which Marco Polo Drilling is an indirect wholly-owned subsidiary, on Tuesday said in a filing to the Singapore Exchange that it will terminate the contract for a jack-up rig under construction at PPL Shipyard.
First Middle East Call for Juggernaut Containership
Khorfakkan Container Terminal (KCT) became the first terminal operator in the Middle East to handle the world’s largest container ship, 'CMA CGM Marco Polo'. With a length of four standard football pitches (396 metres), 54 metres beam and requiring a draft of 16m, Khorfakkan is one of the few ports in the world able to accommodate Marco Polo’s massive 16,020 TEU capacity, reports 'The Gulf Today'. The ship's arrival at KCT was marked with a presentation from Gulftainer to Captain Igor Sikic of the Marco Polo and CMA CGM representatives…
Marco Polo Seatrade Exits Chapter 11
Marco Polo Seatrade and its affiliated companies have obtained final approval of their Plan of Liquidation from the New York Bankruptcy Court overseeing the Chapter 11 case. The plan was unanimously approved by all Marco Polo creditors, and the Court entered the final order at the confirmation hearing held today. Antonio Zacchello, managing director of Marco Polo Seatrade, says, “Our companies worked hard with the banks and our creditors to devise a Chapter 11 Reorganisation Plan, but that did not prove possible. Therefore we have agreed to a consensual Liquidation Plan which maximises the recovery for all parties. As provided in the…
EU 'Marco Polo' Freight Transport Project
Marco Polo aims to ease road congestion and its attendant pollution by promoting a switch to greener transport modes for European freight traffic. Railways, sea-routes and inland waterways have spare capacity. Companies with viable projects to shift freight from roads to greener modes can turn to Marco Polo for financial support. More than 500 companies have already done so successfully since the programme was launched.. Every year, a new batch of projects qualify for funding. What does the programme do? Marco Polo co-funds direct modal-shift or traffic avoidance projects and projects providing supporting services which enable freight to switch from road to other modes efficiently and profitably. Funding is in the form of an outright grant. It is not a loan to be repaid later.
Abeille Tows CMA CGM Marco Polo
The crew on the Abeille Bourbon successfully completed towing operations on the CMA CGM Marco Polo, the jewel in CMA CGM’s crown and the largest containership in the world (capable of carrying up to 16,020 TEUs(*)), as part of an exercise organized by the Atlantic French Maritime Prefecture. The Abeille Bourbon is a tug specializing in salvage and assistance and chartered by the French Navy to protect the French coastline. The vessel provided its services for an Atlantic French…
Cruise Ship Marco Polo Leaves Damen Shiprepair
Damen Shiprepair Vlissingen (DSV), part of Damen Shiprepair & Conversion (DSC), has said farewell to Marco Polo, the 800 passenger cruise ship owned by Global Maritime and operated by Cruise & Maritime Voyages. Launched in 1964 as the Aleksandr Pushkin, she was in for her 10th special survey and general maintenance and refurbishment. The project took around five weeks to complete. An elegant vessel whose design harks back to an earlier era, the Marco Polo had a full schedule of works during her time at DSV.
EU Marco Polo Program
The European Commission issued the First Call for Proposers regarding the EU Marco Polo Program. The program is intended to reduce road congestion in Europe by shifting freight transportation from highways to short sea shipping, rail, and inland waterways. Proposals under this program should be submitted by December 10. Source: HK Law
MARCO Shipyards Signs Local Contract
MARCO Shipyard Seattle signed a contract to build a new tug for Harley Marine Services Inc., of Seattle, the parent company of Olympic Tug & Barge. Recently, MARCO completed a series of nine tractor tugs operating in Alaska, California, and Hawaii. Measuring 105 ft., the new tug will be used by Harley Marine as a ship assist and towing service for the West Coast. Except for some pilothouse modifications and the addition of barge fendering, the tug will be similar to Gyrfalcon, owned and operated by Harley Marine in Dutch Harbor, Alaska. Scheduled for a February 2000 delivery, the tug will be powered by twin Caterpillar 3516B diesels, providing a combined 4,400-hp driving Ulstein 1650H Z-drive units, each fitted with Ulstein's nozzle and skewed Kaplan-style propellers.
MARCO Shipyard To Construct Third Millennium Class Tractor Tug
MARCO Shipyard Seattle has signed a contract to construct a third Millennium Class tractor tug for Harley Marine Services. Measuring 105 ft. (32 m), the multipurpose tug will be identical to its sisterships, Millennium Falcon and Millennium Star, delivered in February and August 2000, respectively. Construction of the tug is ongoing, with delivery planned for March 2002. Similar to its predecessors, the MARCO-designed tug will have an overall beam of 37 ft. (11.2 m) and a molded depth of 17 ft. (5 m). It will be powered by a pair of Caterpillar 3516B diesels, providing a total of 4,400 bhp that will drive Ulstein Z-drive units, each fitted with 94.5-in. four-bladed props set in nozzles. Deck machinery will feature headline and tow winches from Burrard Iron Works of British Columbia.
Marco Joins OceanConnect
Strategic Advisor effective January 15, 2003. "Mike Marco was a chief architect of one of the most highly successful ship brokerage firms. His shipping expertise is unparalleled. OceanConnect is honored to have Mike join our team. We look forward to working with him as OceanConnect adds more services that bring value to shipowners," OceanConnect President Tom Reilly said. The collaboration will be an expansion of Marco's existing role at OceanConnect as author of the daily "Marcogram", one of the site's most popular features. continue," Reilly said. is a widely respected participant in industry forums. Director, Vice Chairman, and former President. includes stints at Simpson, Spence & Young, Jones & Thompson. Mechanical Engineering from the U.S. Point, New York.
Kvichak Aquires MARCO Pollution Control
Kvichak Marine Industries, Inc. acquired MARCO Pollution Control, a leader in the design and manufacturing of oil spill recovery equipment. With this newly added division Kvichak will expand its product offering for its existing line of all-aluminum vessels used in the spill recovery industry – many of which utilize the MARCO Filterbelt module as the primary recovery platform. “We saw this purchase as a perfect fit for Kvichak,” said company president, Keith Whittemore. “This purchase enhances our product line by providing owners and operators with a one-stop shopping source for the complete recovery package. Kvichak’s first goal following…
CMA CGM MARCO POLO
CMA CGM Group said that the CMA CGM Marco Polo, the world’s largest containership, began its first voyage on Wednesday, November 7, in Ningbo, China. The ship is a 16,000 TEU vessel, owned by CMA CGM, sailing under the UK flag. Built by DSME (Daewoo Shipbuilding and Marine Engineering) in South Korea, the ship displays exceptional dimensions at 396 x 54m, with a draft of 16m. CMA CGM Marco Polo is the first of a series of three 16,000 TEU vessels, will to be named after great explorers. The delivery of the two next vessels is expected in 2013.
Marco Shipyard: Rolling With The Changes
Over their lifetime, fishing vessels are arguably the most robustly constructed maritime structures around, due to their continuous operation in the most arduous of conditions. Marco Shipyard in Seattle — founded in 1953 — built its business and reputation in the fishing industry, producing boats for operation around the globe. In fact, Peter G. Schmidt, company founder and president, was an innovator in the use of steel construction for the fishing vessel market, which previously consisted mostly of wooden boats. "He wanted to bring small boatbuilding into the modern world," said Bob McMahon, vice president. While the market for building new fishing vessels is a far cry from 10 years ago…
MARCO Delivers First of Two 104-ft. Boats for SF Bar Pilots
A few weeks before scheduled delivery of the first of two new 104-ft. pilot boats for the San Francisco Bar Pilots, Marco Shipyard Seattle managers were anticipating a smooth, on-time delivery – but everything changed during the vessel’s first sea trial. “At that late date we realized that the keel coolers that we specified and purchased were not adequate to cool the diesel generators. After we had already purchased the generator sets and the keel coolers, the diesel engines’ specifications, including heat rejection, were changed by their manufacturer,” says Bob McMahon, Marco Shipyard’s vice president and general manager at Marco Seattle. McMahon contacted Duramax Marine, the manufacturer of the new DuraCooler keel coolers used on the pilot boats.