Teekay LNG Completes Norwegian Bond Issuance
Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021. All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%. The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes, which may include funding installment payments on future newbuilding deliveries. Danske Bank Markets, DNB Markets, Nordea and Swedbank acted as Joint Lead Managers of the above mentioned new bond issuance.
Insights: Benny Cenac, Jr., Owner & CEO, Cenac Towing Company
Arlen “Benny” Cenac Jr. is a third-generation owner of Cenac Towing Company. The firm, originally founded in 1927 by his grandfather, now does business as Cenac Marine Services. Benny has led the company since 1981 through several industry downturns by focusing on customer service, efficiency, quality and safety in its marine transportation services. Cenac Towing has clients across the country and maintains a focus on transporting liquid petroleum barges. Cenac is guided by the…
Charters of Tsakos Tankers Extended
Tsakos Energy Navigation (TEN) announced charter extensions with a state oil company with profit sharing provisions for four panamax tankers, with an average duration of 22 months per vessel and minimum gross revenues of $65 million. These fixtures are expected to commence between April and November of 2016 upon expiration of their existing employments and contribute, on an annualized basis, an extra $20m to the Company's bottom line. "The extension of these contracts follow our…
Ocean Rig UDW Announces Closing
DryShips Inc. a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, announced today that Ocean Rig closed the previously announced offering of 28,571,428 shares of its common stock par value $0.01 per share, at a price of $7.00 per share. As part of the offering, George Economou, Ocean Rig’s Chairman, President and Chief Executive Officer, purchased $10 million…
Hellenic Wind sold for Demolishing
Hellenic Carriers Limited, an international provider of marine transportation services for dry bulk cargoes, on 17 May 2016 sold the Company’s vessel HELLENIC WIND (74,000 DWT built 1997) for demolition to an unrelated third party for a total gross cash consideration of US$2.88 million. US$1.6 million of the proceeds of this sale were used by the Company for repayment of its outstanding debt under the loan described as Loan B in note 11 to the Company’s audited consolidated financial…
Tsakos Orders Tankers at Sungdong
South Korean shipyard Sungdong Shipbuilding & Marine Engineering Co. (Sungdong) has won an order from Greece’s Tsakos Energy Navigation (TEN) for two 74,000 deadweight tonnage (DWT) crude-oil carriers with an option for two more. TEN has already ordered three tankers from Sungdong. The total value of the contract for the four LR1 tankers could reach up to USD 170 million. Delivery of the firm ship is due in the first half of 2018. Tsakos’s commitment is a massive boost for Sungdong after a tough period of instability and restructuring where the yard skirted with closure.
Teekay LNG Partners Declares Distribution
Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14, 2015 to all unitholders of record as at July 14, 2015. Teekay LNG Partners is one of the world's largest independent owners and operators of LNG carriers, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts through its interests in 50 LNG carriers (including one LNG regasification unit and 21 newbuildings)…
DryShips Announces Write-Off of Receivables
DryShips Inc., a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, has announced the agreement with one of its charterers to write-off about $16.5 million in overdue receivables related to charter hire payments due on 11 vessels on time charter. As part of the transaction, the charterer has agreed to forgo the exercise of certain "in-the-money" purchase options related to seven vessels on time charter and provide new charters for 11 vessels at $12,500/day gross with 50-50 profit sharing starting as of June 1, 2015 and for an average period of about 4.5 years. Mr.
DryShips Reaches Agreement with Ocean Rig
DryShips Inc. It has reached an agreement with Ocean Rig UDW Inc. ("Ocean Rig") to exchange the remaining outstanding balance of $80 million owed to Ocean Rig under the $120 million Exchangeable Promissory Note, for 17,777,778 shares of Ocean Rig owned by the Company. The agreement was approved by a committee of independent directors. Ocean Rig's Board of Directors has decided to suspend its quarterly dividend until the offshore drilling market conditions improve.
DryShips Misses on Revenue
The Athens, Greece-based DryShips reported a $1.44bn loss in the second quarter but delivered an operational profit that was in-line with expectations. DryShips is an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate, Ocean Rig, of offshore deepwater drilling services. The company has a loss of $2.17 per share. Earnings, adjusted for non-recurring costs and asset impairment costs, were 6 cents per share. The results fell short of Wall Street expectations.
Dryships Post 2Q Loss
DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the second quarter ended June 30, 2015. For the second quarter of 2015, the Company reported a net loss of $1.44 billion, or $2.17 basic and diluted loss per share. - A one-time non-cash loss of $1.35 billion, or $2.03 per share, as a result of the deconsolidation of Ocean Rig.
Victor Restis Buys Stake in Globus Maritime
Globus Maritime Limited, a dry bulk shipping company, announced that it has signed a share and warrant purchase agreement providing for the issuance, for gross proceeds of $2.5 million in a private placement to a private investor. The Company intends to use the proceeds from the sale of common shares and warrants for general corporate purposes and working capital. "Restis has significant experience in shipping and currently runs a fleet of approximately 40 vessels. We continue…
Algoma Niagara Arrives Sept Iles Port
Algoma Central Corporation, a leading provider of marine transportation services, announced that the first Equinox Class self-unloader, the seaway-max size Algoma Niagara, arrived at the Canadian port of Sept Iles, Quebec on November 1st. The Algoma Niagara is the fifth Equinox Class vessel in Canada and she joins her four gearless sister ships in the Algoma fleet. The vessel is currently undergoing inspections and re-flagging as a Canadian vessel before beginning commercial operations.
MN 100: Bordelon Marine
Founded in 1979, Bordelon Marine is a leading provider of Marine Transportation services operating in the Gulf of Mexico and around the world. The company owns and operates a fleet of modern offshore supply vessels ranging in size and type from DP1 Mini-supply Vessels to MPSV 260 DP2 vessels, offering a full range of services, including construction support, exploration, production, Survey and ROV support, topside mobilization and fabrication management. Bordelon Marine offers a full range of services including: construction support…
Rasmussengruppen Sells Stake in Norden
Oslo based financial investor Rasmussengruppen sold its entire stake which is 4.8 million shares of Danish dry bulk bulker owner Norden. The company's share capital consists of 42,200,000 shares of DKK 1 each, amounting to DKK 42,200,000. Rasmussengruppen was the second biggest investor in Norden, after Danish company A/S Motortramp on 28.08%. Norden operates one of the industry’s most modern, flexible and competitive fleets globally within the dry cargo and tanker vessel types. Norden was founded in 1871 and is one of the world’s oldest listed ship owners.
DryShips to Sell 17 Vessels for a Huge Loss
DryShips Inc. a global provider of marine transportation services for drybulk cargoes, and through its affiliate, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced today that it has entered into firm sales agreements with entities controlled by the Company’s Chairman and Chief Executive Officer, George Economou, to sell 17 vessels. The 17 vessels, comprised of 13 Capesize and 4 Panamax bulk carriers, are being sold for an aggregate price of $377.0 million…
Algoma Adds Algoma Innovator
Algoma Central Corporation, a leading provider of marine transportation services, today announced that it has taken ownership of the Algoma Innovator from the Uljanik d.d. shipyard in Croatia. The vessel is part of the Company’s Equinox 650’ class of self-unloading dry-bulk lake freighters and is the first new forward mounted boom ship to be built in 45 years. The vessel has been engineered to be a leader in the river class business; it’s forward mounted boom will permit cargo to be delivered into niche spaces allowing greater access and flexibility to customers.
Algoma Purchases Four U.S. Flag 'Lakers'
Algoma Central Corporation, a provider of marine transportation services, today announced it has reached an agreement with American Steamship Company to acquire four vessels. The Company has acquired the M.V. Buffalo, the M.V. Adam E. Cornelius, the S.S. American Valor and the S.S. American Victory. The availability of these vessels presented an opportunity to expand Algoma’s vessel fleet and capacity at extremely attractive values. Both the M.V. Buffalo and the M.V. Adam E. Cornelius…
Teekay LNG May Issue Bonds to Fund Newbuilds
Teekay LNG Partners intends to issue new five-year senior unsecured bonds in the Norwegian bond market. Net proceeds from the bonds are expected to be used to fund newbuilding installments, as well as to refinance NOK bonds maturing in May 2017 and general partnership purposes. "The net proceeds from the bonds are expected to be used for refinancing NOK bonds maturing in May 2017 and general partnership purposes, including funding of newbuilding installments. Teekay LNG expects to apply for listing of the bonds on the Oslo Stock Exchange," says a statement from the company.
Nasdaq's Second Delisting Warning to Globus Maritime
Nasdaq-listed Greek dry bulk shipowner Globus Maritime has received notification from Nasdaq indicating it is in breach of Nasdaq Global Market requirements because the closing bid price of the company’s common stock has been under $1 for the last 30 consecutive business days. The Company no longer meets the minimum bid price continued listing requirement for the Nasdaq Global Market, as set forth in Nasdaq Listing Rule. Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until May 9, 2016.
Allianz Middle East Ship Management, MCS Join Forces
Allianz Middle East Ship Management and Maritime Craft Services (MCS)have taken delivery of a Damen Fast Crew Supplier 2610. Demonstrating the cooperative relationship between the two companies, the new vessel will offer safe and cost efficient crew transfer services for up to 50 passengers to and from the Abu Dhabi oil fields.The two companies welcomed guests on board the new vessel in a festive celebration during this year’s Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
St. Louis, Plaquemines Ports Ink MoU for Mississippi River Cooperation
St. Louis Regional Freightway, Port of Plaquemines and St. Louis Regional Ports Sign Agreement to Foster Economic Growth on the Mississippi River. The pact will help support development of a new transportation link for cargo to move along the Mississippi River. The St. Louis Regional Freightway, Plaquemines Port Harbor & Terminal District located in the State of Louisiana and four ports in the St. Understanding (MOU) to establish and grow an alliance to generate new business by promoting international and inland trade routes at strategic locations along the Mississippi River.
Globus Maritime CEO Steps Down
Greek dry bulk shipowner Globus Maritime announced the resignation of Georgios Karageorgiou from the position of president, CEO and interim CFO and Director of Globus Maritime Limited. Karageorgiou is leaving for personal reasons. Athanasios Feidakis, the company's current Non-Executive Director, will replace him as president, CEO and CFO. Feidakis is the son of chairman, Georgios Feidakis. Georgios Feidakis, chairman of Globus Maritime, commented: “We thank Mr. Karageorgiou for his long service to the company and we wish him every success in his future endeavors.