Maritime Transportation Services News

Florida-based Overseas Shipholding Group, Inc. (OSG) has announced that the Military Sealift Command has awarded the Overseas Mykonos a time charter contract to provide ongoing fuel transportation services.The Overseas Mykonos will be delivered to the Military Sealift Command at Pearl Harbor in August. The time charter awarded is for a one-year base period with the option to extend the contract out to a maximum period of five and a half years.The vessel, built in 2010, is a medium range product tanker with 12 cargo tanks and a cargo capacity of 333,000 barrels. The ship has the ability to perform consolidated cargo replenishment at sea operations, providing flexibility and options for refueling the U.S. military fleet while underway.

The U.S. Department of Transportation’s Maritime Administration (MARAD) today announced the immediate designation of four new Marine Highway Projects as part of the America’s Marine Highway Program (AMHP). Projects in North Carolina, Alaska, and Puerto Rico will receive these designations. They can now apply for record levels of funding through the Bipartisan Infrastructure Law to help address supply chain challenges.A Marine Highway Project is a planned service, or expansion of an existing service, on a designated Marine Highway Route.

The global provider of maritime transportation services in the drybulk and product tanker sectors Grindrod Shipping Holdings announced acquisition of an additional 33.25% stake in its IVS Bulk joint venture and the sale of the 2010-built small product tanker Kowie.A subsidiary of the company, Grindrod Shipping Pte. Ltd (GSPL) has agreed to acquire the 33.25% ordinary and preferred equity shares held by one of its two JV partners in IVS Bulk for a total consideration of $44.1 million, thereby increasing its stake to 66.75%. The acquisition will be funded through a combination of cash on hand, proceeds received from a refinancing of the IVS Bulk capital structure, and a new loan at GSPL, as summarized below.

Singapore-headquartered provider of maritime transportation services in the drybulk and product tanker sectors, Grindrod Shipping Holdings is planning acquisition of an additional 33.25% stake in its IVS Bulk joint venture."Grindrod Shipping is progressing negotiations to acquire all of the 33.25% ordinary and preference shares in IVS Bulk held by one of its two JV partners for approximately $44.2 million, thereby increasing our stake in the JV to 66.75%," said a press release from the provider of dry-bulk and liquid shipping services. In the event the transaction is implemented as anticipated, we will consolidate IVS Bulk’s financial…

Grindrod Shipping Holdings, a global provider of maritime transportation services in the dry-bulk and product tanker sectors, announced a number of transactions relating to a new financing arrangement, its fleet and share repurchases."Further to the previously-announced financing arrangements in respect of IVS Knot and IVS Kinglet, we expect to enter into a similar financing arrangement with a Japanese shipowner in respect of the 2011-built handy-size dry-bulk carrier, IVS Magpie, for a cash amount of $10.3 million (before commissions but net of charter pre-payments)," said a statement.The Singapore-headquartered company will bare-boat charter the vessel back for a period of up to 12 years and has the right…

Grindrod Shipping Holdings, a global provider of maritime transportation services in the drybulk and product tanker sectors, announced that it took delivery of the IVS Phoenix, a Japanese-built eco ultramax drybulk carrier newbuilding in June 2019. The vessel has been chartered-in from its owner for a minimum period of three years with options to extend for up to two additional years, at Grindrod Shipping’s election, it said.The Singapore-based company said that it sold the 2005-built Handysize vessel IVS Kawana for a gross price of $7.8 million with delivery to the buyers in April 2019."In June 2019, we completed a financing arrangement with a Japanese shipowner relating to the 2010-built Handysize vessel IVS Knot for a cash amount of $13.0 million…

Grindrod Shipping Holdings announced that it took delivery of the IVS Okudogo, the first of the two owned ultramax “eco” newbuildings that the Company agreed to acquire in May 2018.In conjunction with the delivery, the global provider of maritime transportation services in the drybulk and product tanker sectors, also announced the completion of a drawdown of a portion of the previously announced $31.4 million indicative newbuild financing with IYO Bank for the vessel.The $15.7 million facility relating to the IVS Okudogo has a seven-year term, is repayable in quarterly installments with a balloon payment at the end of the repayment schedule, bears interest at a rate of LIBOR plus 200 basis points per annum and is secured by, amongst other security, the IVS Okudogo.

Singapore-based Grindrod Shipping Holdings, a global provider of maritime transportation services in the drybulk and product tanker sectors, announced a number of transactions for the purpose of modernizing its fleet and increasing its financial flexibility and liquidity.The shipping services company said in a press note that it took delivery of the IVS Phoenix, a Japanese-built eco ultramax drybulk carrier newbuilding on June 3, 2019. As previously disclosed, the vessel has been chartered-in from its owner for a minimum period of three years with options to extend for up to two additional years, at Grindrod Shipping’s election.Meanwhile…

Grindrod Shipping Holdings, the provider of shipping services across dry-bulk and liquid, announced that it has contracted to sell to unaffiliated third parties two vessels in in two separate transactions.The global provider of maritime transportation services in the drybulk and product tanker sectors said that the vessels are the 2005-built handysize drybulk carrier IVS Kawana for a gross price of US$7.8 million and the 2011-built small product tanker Umgeni for a gross price of US$8.875 million.The IVS Kawana is expected to deliver to the new owners on April 30, 2019 while the Umgeni is expected to deliver to its new owners by June 30…

"On 18 June 2018 at 09h30 EST in New York City, the bell rang on the Nasdaq trading floor signifying the first day of trade for Grindrod Shipping Holdings. The seven-storey Nasdaq Tower in Times Square lit up with the Grindrod Shipping logo and displayed Grindrod Shipping’s majestic vessels," said a press release from the company. The separation and listing of the Shipping division on an offshore stock exchange was contemplated for many years. The separate listing will enable shareholders to better understand and evaluate Grindrod Limited’s Freight and Financial Services divisions and better evaluate the separate Shipping business, which will now be listed alongside its peers in an improving commodity cycle.

Avalon Freight Services co-founded by Greg and Tim Bombard and Harley Franco, will debut freight service on Friday, April 1, 2016. Currently scheduled to operate a minimum of five days a week, year round, the company will transport freight from Berth 95 in San Pedro and the Pebbly Beach freight facility in Avalon. In addition to scouring the country seeking the best Landing Craft and Tug and Barge systems, the new company will provide the safest, fastest, quietest, most efficient…

Foss Maritime Company is wholly owned by Saltchuk Resources, a privately owned family investment company formed in 1982 and based in the Pacific Northwest. Saltchuk has over $2 billion of assets invested in numerous operating companies in several different business groups, including deep water shipping logistics, ship management, tug and barge operations, fuel distribution and trucking. Foss regularly partners with its sister companies in the Saltchuk portfolio to offer a diverse range of maritime transportation services.

President & CEO: Paul E. Foss Maritime Company is wholly owned by Saltchuk Resources, a privately owned family investment company formed in 1982 and based in the Pacific Northwest. Saltchuk has over $2 billion of assets invested in numerous operating companies in several different business groups, including deep water shipping logistics, ship management, tug and barge operations, fuel distribution, and trucking. Foss regularly partners with its sister companies in the Saltchuk portfolio to offer a diverse range of maritime transportation services.

International Shipholding Corporation inform that its Board of Directors has declared a dividend of $2.375 per share on its Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE:ISHPRA) and a dividend of $2.25 per share on its Series B Cumulative Redeemable Perpetual Preferred Stock (NYSE:ISHPRB), each representing payment for the full ninety day period ending July 30, 2014. The dividend will be paid on July 30, 2014 to preferred shareholders as of record on July 29, 2014. According to its web site, International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and International Flag vessels…

International Shipholding Corporation (ISC) provides preliminary guidance for first quarter 2014 results and announces timing of earnings release and conference call. The company says that it expects to report a first quarter net loss, before Preferred Dividends, in the range of $3.3 million to $3.7 million. This result for the quarter is primarily attributable to lower than projected results from supplemental cargoes, repositioning days in the international dry bulk segment and…

International Shipholding Corporation (ISH) has bought the integrated tug/barge unit, 'Coastal 202' and 'Florida Enterprise', from CIT and GE Capital. These two vessels have been operating under a sale and leaseback arrangement and were part of ISH’s purchase of United Ocean Services. Mr. Niels M. International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and international flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts.

US-based International Shipholding Corporation (NYSE: ISH) plans to offer shares of its Series B Cumulative Redeemable Perpetual Preferred Stock in an underwritten registered public offering. ISH intends to use the net proceeds from the offering for working capital and other general corporate purposes, including using a substantial portion of the funds to repay certain indebtedness and to finance certain vessel investment costs. Upon completion of the offering, ISH intends to file an application to list the Series B Preferred Shares on the New York Stock Exchange. Incapital LLC, DNB Markets, Inc., Sterne, Agee & Leach, Inc., Regions Securities LLC and Euro Pacific Capital Inc. will underwrite the offering.

The United Seamen’s Service (USS) 2009 40th Annual Admiral of the Ocean Sea Awards (AOTOS) were presented to Donald Kurz, President and CEO of Keystone Shipping Co., headquartered in Philadelphia, and to Ronald Widdows, Group President and CEO of Neptune Orient Lines (NOL) of Singapore, parent company of American President Lines (APL). A Special AOTOS Award was also presented to The United States Coast Guard. The maritime industry’s most prestigious honors were awarded at a gala industry dinner and dance held at the Sheraton New York Hotel and Towers, New York City, on November 13, 2009.

Stratos Global Corporation announced it has been selected by Stolt Tankers B.V. to provide a fleetwide, high-speed satellite-based communications network. Stolt Tankers is a subsidiary of Stolt-Nielsen S.A., provider of integrated maritime transportation services.   The Stratos network will serve Stolt’s 75-ship fleet of tanker ships with services that include: Inmarsat B, C and Fleet; and Iridium crew calling. The network is custom-designed for Stolt to help increase the performance and efficiency of a wide variety of business-critical applications, including crew communications to support the recruitment and retention of well-trained seafarers.   (www.stolt-nielsen.com) (www.stratosglobal.com)

The United Seamen's Service (USS) 2009 40th Annual Admiral of the Ocean Sea Awards (AOTOS) will be presented to Donald Kurz, President and CEO of Keystone Shipping Co., headquartered in Philadelphia, and to Ronald Widdows, Group President and CEO of NOL (Neptune Orient Lines) of Singapore, parent company of American President Lines (APL). A Special AOTOS Award will also be presented to the United States Coast Guard. The maritime industry's most prestigious honors will be awarded at a gala industry dinner and dance to be held at the Sheraton New York Hotel and Towers, New York City, on November 13, 2009. Richard Hughes, Chairman of the USS AOTOS Committee and President of the International Longshoremen's Association, AFL-CIO, made the announcement on the occasion of the USS Annual meeting.

Peter M. Johnston has been promoted to executive vice president of International Shipholding Corporation. The announcement was made by Erik L. Johnsen, president of the company. Johnston, whose appointment is effective immediately, is a 1977 graduate of SUNY Maritime College. He is a veteran of many years in the offshore industry and rose to the rank of port captain for American Overseas Marine. Johnston joined International Shipholding Corporation in 1991 as director of operations with responsibility for the Waterman’s Defense Department Contracting Program.

Dryships Inc. (NASDAQ: DRYS), a global provider of maritime transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that on April 8, 2009, pursuant to the previously announced letter of award, its wholly owned subsidiary Ocean Rig ASA signed a three year employment contract with Petrobras for exploration drilling in the Black Sea for its semi-submersible rig, the Leiv Eiriksson. The contract is expected to commence in direct continuation from the current contract with Shell. The contract value is approximately $630m, including an estimated 60 days of mobilization, disassembly and reassembly of the derrick structure, and an incentive bonus of 8%. (www.dryships.com)

Stratos Global Corp. announced it has completed deployment of its AmosConnect from Stratos maritime satellite communications solution for 28 commercial vessels managed by Dockendale Shipping Co., Ltd. Dockendale is is a provider of maritime transportation services. Deployed on more than 10,000 vessels worldwide, AmosConnect integrates email, fax, telex and GSM text into a single messaging system for use onboard or in offices onshore. The user-friendly solution can be tailored to meet the mobile connectivity needs of maritime vessels ranging from small yachts to large commercial fleets. Stratos outfitted each of Dockendale’s 28 vessels with one AmosConnect license, installed on an Inmarsat Fleet F77 satellite terminal.