Lawrence Graham Completes LATCO Loans
London law firm, Lawrence Graham has advised the Latvian Shipping Company on a complex multi-bank loan scheme to finance its recently completed purchase of three 68,000 dwt product tankers. The $125 million deal, together with $90 million of associated acquisition finance, involved separate loan agreements with banks in Hamburg, Stockholm, Riga and Rotterdam. number of banks through separate loans rather than obtain one syndicated loan. Latvian Shipping Company agreed to pay $41.6 million for each of the sister vessels and Lawrence Graham advised them on three separate purchases and loan facilities of $30 million each. The purchases and financings involved coordinating legal advice from many jurisdictions around the world…
Law Firm Warns on Shipbuilding Contracts
London law firm Lawrence Graham LLP says owners contracting for new ships should be extra careful about communication with the yard to ensure that they do actually get the ship they want, when they want it. Writing in the March issue of Lawrence Graham’s newsletter, Shipping Lawgram, Mike Lax, partner in the shipping law team, says, “In a hot market shipowners want ships quickly. Some shipyards take advantage of that by wriggling out of contracts and reselling early building slots at higher prices to new buyers. If the shipbuilding contract has been correctly drawn up, the law is generally on the side of the owner – but it is an unwise owner who relies too much on the law.
Lawrence Graham Urges Swift Action On Problem Deals
Lawrence Graham says shipping companies caught up in disputes involving insolvency and receivership need not come away from the table empty-handed, provided the dispute is handled correctly. In the latest issue of its Lawgram newsletter, Lawrence Graham explains that it was recently called in to advise on the legal aspects of a dispute involving a trawler being built at Romania's Manglia yard. The yard was hit by labour disputes, and the company which placed the order for the vessel missed its repayment to the bank. There was a dispute about payment guarantees, a late-delivery claim by the Scandinavian end-buyer, a claim by the yard for outstanding construction bills, and an argument over an advance VAT guarantee paid to the Romanian authorities.
Huntington Ingalls Shipbuilder Nears Completion of Future JFK Aircraft Carrier
Huntington Ingalls Industries announced that its Newport News Shipbuilding division has built 70 percent of the structures necessary to complete the nuclear-powered aircraft carrier John F. Kennedy (CVN 79). Like its predecessor, the first-in-class USS Gerald R. Ford (CVN 78), Kennedy is being built with a modular construction technique where smaller sections of the ship are welded together to form larger structures called superlifts. The superlifts are pre-outfitted and hoisted into Dry Dock 12—where the ship is being built—by the company’s 1,050-metric ton gantry crane.
CEVA Expands Presence in Los Angeles Market
CEVA Logistics, one of the world’s leading supply chain management companies, today announced the expansion of its Los Angeles (LAX)/Torrance freight management operation. One of the largest operations in CEVA’s global network, the company’s LAX/Torrance station now comprises three facilities totaling more than one million sq. ft. (92,903 sqm.) and 170 dock doors. The latest facility to be added to the LAX/Torrance campus features 319,000 sq. ft. (29,635 sqm.) of warehouse space and 50,000 sq. ft. (4,645 sqm.) of office space, with 50 dock loading positions.
OCEAN ALLIANCE Sets Out Network
Members of the OCEAN ALLIANCE, COSCO Container Lines, CMA CGM, Evergreen Line and Orient Overseas Container Line, signed a document entitled the Day One Product, which sets out the proposed OCEAN ALLIANCE’s network, including port rotation for each service loop. The Day One network intends to deploy around 350 container vessels with an estimated total carrying capacity of 3.5 million TEUs to provide one of the most comprehensive service coverage in the market on the following trade lanes. The vessel deployment details for each service loop, will be released around end of this November.
Grassy Point Favoured as NW Canada LNG Terminal
Grassy Point terminal project, north of Prince Rupert, gains ground as it would steer shipping traffic away from sheltered coastal waters. The Coast Tsimshian village of Lax Kw'alaams north of Prince Rupert could be poised to become a liquefied natural gas centre with significant advantages over Prince Rupert and Kitimat after the province announced it has received four new LNG proposals. All four identify Grassy Point, across the harbour from Lax Kw'alaams, formerly Port Simpson, as the potential site for a terminal, reports 'The Vancouver Sun'. The Coast Tsimshian are already involved in talks with the energy players in the nascent LNG industry in the northwest and are generally supportive of it.
Shipping Companies Urge Governments to Tackle Piracy
According to a report from The Wall Street Journal, ship owners are stepping up pressure on governments world-wide to take a stronger role in policing the waters off Somalia and prosecuting hijackers, saying lax enforcement is encouraging attacks and is allowing pirates extend their operations farther into the Indian Ocean. Piracy hit an all-time high in the first three months of 2011, with 142 attacks world-wide, up from 67 a year earlier, according to statistics from the International Maritime Bureau. (Source: The Wall Street Journal)
CEVA Expanding Presence in Southern California
CEVA Logistics, one of the world’s leading supply chain management companies, today announced plans to expand its presence in the San Diego market with a new Freight Management and Logistics facility totaling 125,000 sq. ft. (11,612 sqm.) and 23 dock doors. The new facility will be the largest Freight Management and Logistics facility serving the San Diego market and represents the largest new warehouse agreement completed in central San Diego in the past five years. It will combine two current CEVA operations – a customer-dedicated facility presently based in Poway, CA, and the company’s current Freight Management operation, which is located in the same office park as the new facility in Mission Trails Industrial Park…
16 Die in Coal Mine Accident in China
Sixteen workers were killed after a coal mine collapsed in China's far western region of Xinjiang, the official Xinhua news agency reported on Saturday, highlighting the poor safety standards in the world's biggest coal producing country. The accident occurred in the regional capital of Urumqi on Friday night when 33 workers were underground, the report said citing local officials. Eleven workers were injured and six escaped, it added. The report did not identify the name of the coal mine and said the cause of the accident is being investigated.
One Dead, Several Missing after Congo Boat Capsizes
At least one person died and a dozen others were missing after a boat capsized in eastern Democratic Republic of Congo, a spokesman for the United Nations mission in the country said on Monday. A U.N. drone spotted the vessel capsizing on Lake Kivu and peacekeepers intervened, Lieutenant-Colonel Felix Prosper Basse, a spokesman for the UN Stabilisation Mission in the DRC, told Reuters. "A corpse was recovered and 14 people were rescued. We were told about a dozen others are still missing," Basse said, adding that it was unclear how many people the boat had been carrying. The vessel had been travelling to Congo's North Kivu Province from South Kivu. Accidents are common on the Great Lakes of central Africa due to overloading, lack of maintenance and lax enforcement of safety standards.
Mike Terrett, Roll-Royce COO, Retires
Rolls-Royce announce that Mike Terrett, Chief Operating Officer, has decided to retire at the end of the year. Mike has worked for Rolls-Royce for 34 years and has been instrumental in shaping the current success of the business. Mike, an engineer, started as a graduate apprentice in Derby in 1978. He has succeeded in many roles since then, including as the Chief Engineer on the Trent 800 programme, President and CEO, International Aero Engines (IAE) and President Civil Aerospace. He was appointed Chief Operating Officer and a member of the Rolls-Royce Board in 2007.
Clarkson's Long-serving Mike Cameron Retires
Maritime industry veteran Mike Cameron has retired after 40 years – 34 of them with Clarksons. Guests from Italy, Scandinavia, USA, South Africa, Australia, Singapore, Canada, Dubai and Greece recently gathered to celebrate the retirement of Mike Cameron after 34 years of working at Clarksons. Mike's family and industry friends were entertained by witty speeches recalling his almost 40 years of working in the shipping industry and later played crazy golf in the sunshine on Clarksons' terrace overlooking the River Thames.
Southco Appoints Hottinger to Sales Director
Southco, a supplier of marine access hardware, has recently promoted Mike Hottinger to Marine Sales Director of North America. Mike has been with Southco for 17 years in various sales and marketing roles and most recently performed as North American Sales Director for the Southco Diversified Markets Business Unit. Southco’s marine business has recently expanded with the acquisition of Mobella AB, a leading supplier and premier brand of marine locks, latches and accessories. Mike and his family have relocated to the Merritt Island, Florida area.
Palmer Johnson Chairman Emeritus Mike Kelsey, Sr., Dies
The people of Palmer Johnson Yachts and family, friends and colleagues from around the world are mourning the loss of Chairman Emeritus Mike Kelsey, Sr., who died Sunday, July 21. Mike Kelsey, Sr., was large responsible for building the company into one of the world’s leading custom yacht brands, as a yacht builder and also a provider of yacht refit/repair services, brokerage, chandlery and related support services. Kelsey’s son, Mike Kelsey, Jr., who is now worldwide director of sales for the company, said “I am so lucky to have had him for a dad and teacher. He taught so many people about our business. Phil Friedman, current president and CEO of Palmer Johnson, said that Mike Kelsey represented the true spirit of Palmer Johnson. “We’re all very saddened,” he said.
Obituary: Michael Jean Markey
Michael Jean Markey died peacefully at Swedish Hospital on March 2, 2013. Mike was born in Seattle, Wash., in 1932. He graduated from West Seattle High School in June 1950, and he received a Bachelor's Degree in Engineering from Stanford University in June 1954. In 1958, Mike joined his father, William C. Markey, at the family firm, Markey Machinery Company, Inc. in Seattle. MMCo was founded in 1907 by Mike's grandfather, Charles H. Markey. Mike was with the company until his retirement in 1996.
Huntington Ingalls Industries Q4 Revenue up 3.9%
U.S. military shipbuilder Huntington Ingalls Industries reported fourth quarter 2017 revenues of $2 billion, up 3.9 percent from the fourth quarter of 2016. Operating income in the quarter was $227 million and operating margin was 11.4 percent, compared to $268 million and 13.9 percent, respectively, in the fourth quarter of 2016. Diluted earnings per share in the quarter was $1.41, compared to $4.20 in the same period of 2016. Diluted earnings per share in fourth quarter 2017 included a one-time expense related to the early extinguishment of debt…
WCI Presents Leadership Award to Senator Mitch McConnell (R-KY)
On February 14, 2018, Senator Mitch McConnell (R-KY) received Waterways Council, Inc.'s (WCI) 17th Annual Leadership Service Award for his strong and continued leadership on ports and inland waterways issues. He was presented the award by Stephen Little, Chairman of Crounse Corporation. WCI President & CEO Mike Toohey said, “We were honored to have the opportunity to celebrate Senator McConnell, who has been a stalwart advocate for the inland waterways in his state of Kentucky, but throughout the United States. Also on February 14, 2018, recently retired former U.S.
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.
Sonardyne Appoints New Sales Agent in the US
Sonardyne Inc., Houston, is pleased to announce the appointment of Mike Chapman, founder of MECCO Inc., to its expanding team of sales agents in the United States. Based in Duvall, Washington, Mike has over 30 years of experience in the marine and oceanographic industries and will focus on developing Sonardyne’s business in Western North America. As part of his new role Mike is promoting Sonardyne’s 6G® product range, the latest in acoustic technology. 6G products utilise Sonardyne’s ultra-wideband width…
Calecore Appoints Geotechnical Division GM
Calecore announced the appointment of Mike Southall who commenced employment with the company in June 2013 as General Manager, Calegeo. Mike is a chartered engineer and geologist with nearly 30 years experience as a practicing geotechnical engineer and was previously General Manager for SEtech Ltd. He will be responsible for the leadership and day-to-day management of geotechnical operations, including the DP2 Highland Spirit and Calegeo’s range of seabed geotechnical equipment. calecore.com
Huntington Ingalls Industries Announces Leadership Changes
Huntington Ingalls Industries announced changes to its senior leadership team. Michael Smith, executive vice president, strategy and development, is moving to HII’s Technical Solutions division, where he will serve as president of the SN3 business and report to Michael Lempke, president of the Nuclear & Environmental group, effective immediately. Scott Stabler, executive vice president, internal audit, is moving into a new role as HII’s executive vice president and chief transformation officer, reporting to Mike Petters, HII’s president and CEO.
Adm. Mike Mullen Testifies Before the Senate
Chief of Naval Operations (CNO) Adm. Mike Mullen testifies before the Senate Armed Services Committee during his confirmation hearing for appointment to Chairman of the Joint Chiefs of Staff at Hart Senate Office Building. U.S. Navy photo by Mass Communication Specialist 1st Class Chad J. McNeeley.