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.
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…
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.
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.
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.
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
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.
French, Spanish Funds for Motorways of the Sea
The European Commission gave its green light for the public financing from France and Spain to the Fres Mos project. It will link the French port of Nantes-Saint Nazaire with the Spanish port of Gijon, and will be operated by GLD Atlantique. This Motorways of the Sea project will also receive an EU grant in the framework of the 2009 Marco Polo II call for proposals, in which the Commission selected twenty-two projects with overall funding of $92.3m. With these projects, the Commission expects to shift a total of 16.8 billion tonne/kilometres of freight away from the roads. The EU Marco Polo II program selects each year a range of projects that aim to shift freight from the road onto more environmentally-friendly transport modes, such as railway, inland waterway and maritime transport.
Freak Wave Kills Cruise Ship Passenger, Injures Others
A cruise ship passenger has died and another was airlifted to hospital after the 22,000-tonne cruise ship 'Marco Polo' was hit by a freak wave in the English Channel during the recent storm. The cruise ship operators, Cruise & Maritime Voyages (CMV) confirm that after a freak wave hit their cruise ship m/s Marco Polo in the English Channel during heavy weather, the ship is now in home port, London Tilbury. They add that they regret to advise that one elderly passenger has died…
Damen Performs Cruise Ship Maintenance
Damen Shiprepair & Conversion has recently carried out a number of cruise ship repair and refurbishment projects in the Netherlands, including Astor and Marco Polo, both operated by Cruise & Maritime Voyages. The vessels have been at Damen Shiprepair Vlissingen (DSV) for a wide-ranging program of scheduled and unscheduled work. Damen carried out its scope within a tight timeframe so that both ships were ready for planned onward voyages. Astor, with passenger capacity just over 600, arrived at DSV on October 17.
Marco Polo Seeks Protection from Creditors
The Board of Directors of Marco Polo Marine informed that PT Marcopolo Shipyard (PTMS), has filed an application to place itself under a Penundaan Kewajiban Pembayaran Utang (PKPU) suspension of debt payment plan in accordance with Law on Bankruptcy and Suspension of Debt Payment. On 18 May 2017 and pursuant to the PKPU application filed by PTMS, it was ordered, amongst others, that a temporary restraint of legal proceedings against PTMS be put in place for 45 days commencing from 18 May 2017.
World's Largest Containership Enters Asia/Europe Trade
CMA CGM Group said that the CMA CGM MARCO POLO, the world’s largest containership, has begun its first voyage Wednesday, November 7th, in Ningbo, China. Symbol of the pioneer spirit of the CMA CGM Group, the new 16 000 TEU vessel, owned by CMA CGM, sails under the UK flag. Built by DSME (Daewoo Shipbuilding and Marine Engineering) in South Korea, the giant ship reportedly displays exceptional dimensions: 396 m long, 54 m wide, with a draft of 16 m. The CMA CGM MARCO POLO is the first of a series of three 16 000 TEU vessels, that will all be named after great explorers.
KMSS To Upgrade System on M/V Marco Polo
Kongsberg Maritime Ship Systems (KMSS) has been awarded the contract to upgrade the fire detection system on the M/V Marco Polo. Star Cruises. The contract includes 1500 Detectors, 800 ‘smart buzzers’ and the Autromaster 5000 Color Graphic Workstation. a color graphic indication, monitoring and control system that has been approved by the maritime authorities and classification societies, and will replace the traditional LED panel system. The ‘Marco Polo’ is a world traveler built with an ice-strengthened hull making it perfect for Antarctic expeditions. liner continues the traditional values of luxury cruising taking up to 700 passengers. around the world where the giant ships cannot go.
World's Largest Container Ship Flies Red Ensign
The 175,343 gt 'CMA CGM Marco Polo' owned by CMA CGM Group joins the UK ship register. The first in a series of three new 16,000 TEU container ships, for the CMA CGM group to serve on the Asia-Europe routes, the ship was built in Korea by Daewoo Shipbuilding & Marine Engineering Co Ltd, and is almost a quarter of a mile long. The new vessel is also designed with cutting edge technology for high levels of performance, safety and environmental protection. Features include a mid-ship deckhouse…
CMA CGM Invites Passengers Aboard Marco Polo
CMA CGM, announced that passengers cabins are now available on board the massive CMA CGM Marco Polo containership (16 020 TEUs). These original cruises offer travelers the possibility to live a unique experience by discovering oceans, seas and continents to the beat of international trade and involving themselves in the life on board by sharing the crew’s everyday life. The CMA CGM Marco Polo includes 5 double modern cabins of 20m2 each, a lounge with TV equipment, a library, a fitness room and even a swimming pool.
New York Court Grants Interim Relief to Marco Polo
Netherlands-based Marco Polo Seatrade BV has been granted interim relief by a New York court which will allow it to continue to operate the business in the ordinary course under Chapter 11 protection. The court granted Marco Polo, a company managed by Seaarland Shipping Management, the right to continue to operate and pay all operating expenses, the right to continue to pay employees and crew, the right to continue all cash management procedures, and the right to continue to maintain all insurance - all in the ordinary course of business. The management team continues to operate the business and the company will continue to honor all of its charter obligations during the pendency of the court protection.
Marco Polo Appoints Adviser for Business Review
Singapore's Marco Polo Marine Ltd, whose business includes building and chartering ships, said it has appointed KPMG Services as an adviser to conduct an independent business review of the company. The company, which has S$50 million ($37.19 million) worth of notes maturing on Oct. 18, said it would hold an informal meeting with holders of the notes on Sept. 13 to present KPMG's review and discuss various options in connection with the notes. Marco Polo is one of several companies in Singapore's offshore and marine sector whose financial results have been hit by the slump in oil prices.
CMA CGM Marco Polo Fitted with Marinestar
Fugro Seastar AS announced that CMA CGM Marco Polo has been fitted with Marinestar maneuvering system to assist in berthing and navigation. The satellite aided navigation technology is based on composite GPS and GLONASS constellations and measures precise speeds at the bow and the stern together with quay distances to assist the vessel safely to the berth. The Marinestar system provides speed and heading information to a higher level of accuracy than conventional navigational aids such as doppler log and gyro compass. In addition to its navigation and berthing functions, Marinestar Maneuvering System is able to measure vessel trim fore and aft trim dynamically whilst underway at sea.