Marine Link
Tuesday, January 23, 2018

New Senior News

Blount/Barker Appoints New Senior V.P.

Blount/Barker ShipBuilding, Warren, R.I. has elected Jacob A. Stevens III as its new senior vice president. A well-known shipbuilder, whose career highlights include the construction of six 92 ft. (28 m), 4,000 hp Marci-Class Z drive tug boats in under 20 months for Moran Towing, Stevens will be responsible for all shipyard operations including engineering, design, labor, purchasing, scheduling and working with outside contractors. Prior to joining Blount/Barker, Stevens was production and project supervisor at Washburn & Doughty Associates. While there, Stevens implemented an in-house CAD technology to facilitate quick design adjustments and e-mail communication with subcontractors.

Manitowoc Appoints New Senior Vice President

The Manitowoc Company, Inc. named Timothy M. Wood as its new senior vice president and chief financial officer. He assumes the role from Carl J. Laurino, corporate treasurer, who had been serving on an interim basis since May. Wood, 54, of Chicago, brings 30 years of financial experience to the post. He previously held the same title at Redem Technologies, but spent the bulk of his career - 23 years - with Borg-Warner Corporation. For six years, he served as vice president of finance and chief financial officer for the billion-dollar company.

New Senior Advisors at Security Dynamics

Bryan Edwards

Security Dynamics LLC, a global security and risk management advisory firm, added three new Senior Advisors to its team of Subject Matter Experts. The news was announced by Kim E. Petersen, the firm’s Chairman and President. The new Senior Advisors will compliment Security Dynamics’ current team of experts bringing with them decades of career experience in intelligence, homeland security, infrastructure protection, intermodal transportation security and law enforcement training.

Ingram Barge Hires New Senior VP

Kim Nowell

Craig E. Philip, Chief Executive Officer, Ingram Barge Company announced the addition of Kim W. Nowell as the company’s new Senior Vice President, Human Resources. At Ingram, Ms. Nowell will have direct responsibility for overall planning and administration of both shore side and marine human resources. As part of the senior team reporting to Mr. Philip, she will provide an enhanced focus on organizational development and succession planning, as well as talent acquisition and retention. Ms.

Stolt-Nielsen S.A. Announces Bond Issue

Stolt-Nielsen S.A. announced plans to issue new senior five-year unsecured bonds with a term from April 15, 2004 to April 15, 2009. The senior five-year bonds will have a fixed yearly coupon of 8.75%. The first tranche of the senior five-year bonds will be NOK 500-700 million, with a total borrowing limit of NOK 1 billion. The nominal value of the senior five-year bonds will be NOK 500,000. The purpose of the bond issue is to refinance part of the Company's current debt. The offering period for the bond issue is from March 26, 2004 to April 2, 2004.

Trico Marine. Announces Pricing of New Senior Notes

Trico Marine Services, Inc. announced today the pricing of its previously announced private offering of $250.0 million aggregate principal amount of 8 7/8 % Senior Notes due 2012. The notes were priced at 99.196 to yield 9.0% Trico Marine expects to use the net proceeds of the offering of the senior notes due 2012 to purchase its existing 8 1/2% senior notes due 2005 pursuant to an outstanding offer to purchase such notes and to pay related fees and expenses. The notes being sold have not and will not be registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act. The notes will be eligible for trading under Rule 144A.

Teekay Completes Norwegian Bond Issuance

Courtesy Teekay

Teekay LNG Partners L.P. announced that it has issued NOK 900 million in new senior unsecured bonds that mature in October 2021 in the Norwegian bond market. The new bond issuance, which was significantly oversubscribed, has an aggregate principal amount equivalent to approximately USD 110 million and all payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%. In connection with the new bond issuance, the Partnership agreed to repurchase approximately NOK 275 million of Teekay LNG bond issue TKLNG01 (ISIN: NO 0010643257) maturing May 3…

Hydrasun Makes New Business Development Appointments

Hydrasun new Business Development appointments Stephen McIntyre and Derek Murray

Hydrasun, a provider of integrated fluid transfer, power and control solutions to the global energy industry, has made two new senior business development appointments as it positions itself for further development and growth in international markets. Stephen McIntyre joins Hydrasun as business development manager for global key accounts, and Derek Murray joins as International sales manager. Both positions are based in the company’s Aberdeen headquarters, and will support key elements of a growth strategy…

First Wave Marine Completes Financing

First Wave Marine, Inc. announced that it has closed into a new senior credit facility with Foothill Capital Corporation. The consummation of the financing allowed First Wave to execute its Plan of Reorganization which was confirmed on January 16th and conclude its Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas. The new credit facility provides for a $10 million revolving line of credit and an $8 million term loan. First Wave President Grady Walker said, “With the restructuring behind us, First Wave can now focus all its energies on the business. We have the best people in the industry and world-class facilities, and with our much-improved financial structure First Wave is poised for profitable growth."

Teekay LNG Completes Norwegian Bond Issuance

Oak Spirit LNG carrier. Photo: Teekay LNG Partners

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.

New appointments at IMO

Two new senior level appointments have been made at the International Maritime Organization following the accession of Mr Efthimios E. Mitropoulos of Greece to the position of Secretary-General at the beginning of the year. Mr Koji Sekimizu of Japan moves across from the Organization's Marine Environment Division to fill Mr Mitropoulos's previous role as Director of the Maritime Safety Division, while Mr Jean-Claude Sainlos of France steps up to become Director of the Marine Environment Division. In announcing the two appointments, Mr Mitropoulos said, "With the MSD having to service two important sub-committees in the course of this month alone and the MED preparing for next month's all-important International Conference on Ballast Water Management for Ships and MEPC 51 in March…

New Appointments at IMO

Two new senior level appointments have been made at the International Maritime Organization following the accession of Mr Efthimios E. Mitropoulos of Greece to the position of Secretary-General at the beginning of the year. Mr Koji Sekimizu of Japan moves across from the Organization's Marine Environment Division to fill Mr Mitropoulos's previous role as Director of the Maritime Safety Division, while Mr Jean-Claude Sainlos of France steps up to become Director of the Marine Environment Division. In announcing the two appointments, Mr Mitropoulos said, "With the MSD having to service two important sub-committees in the course of this month alone and the MED preparing for next month's all-important International Conference on Ballast Water Management for Ships and MEPC 51 in March…

Aker Solutions Appoints New VP

Bob Shaw

The U.K. operation of international oil services group Aker Solutions has announced the appointment of a new vice president to lead greenfield projects as the company looks to expand its capabilities in the sector. Bob Shaw’s appointment is the latest in a series of new senior management appointments at Aker Solutions subsea business in Aberdeen as the company embarks on the next stage in its growth strategy. He will lead development of all greenfield projects, focusing on the successful delivery of work for key clients including Statoil, Petrobras, Total E&P, Dana Petroleum, ENI and others.

SAFE Boats Names Champagne Senior VP, Operations

Hartwell Champagne (Photo: SAFE Boats International)

SAFE Boats International has appointed Hartwell Champagne as its new Senior Vice President of Operations. Champagne joined SAFE Boats in 2013 and has been a key member of the company’s executive team. Prior to his new assignment, Champagne was the General Manager of the company’s Large Craft Production facility in Tacoma, Wash. where the U.S. Navy’s Mk VI Patrol Boats are manufactured. Hartwell has been part of the defense and government contracting industries almost the entirety of his career.

Stolt-Nielsen Limited Contemplates New Bond Issue

London - Stolt-Nielsen Limited is contemplating the issuance of new senior unsecured three-year and/or six-year bond issues in the Norwegian bond market. Proceeds from the bond issue(s) will be used to repay debt and for general corporate purposes. It is intended that the offering will be made to (i) Norwegian professional investors and eligible counterparties, as defined in the Norwegian Securities Trading Regulations Sections 10-2 to 10-4, (ii) to non-"United States persons" in "offshore transactions" within the meaning of Rule 902 under the Securities Act of 1933, as amended (the "Securities Act"), and (iii) "Qualified Institutional Buyers" pursuant to Rule 144A of the Securities Act. The bonds may not be purchased by, or for the benefit of, persons resident in Canada.

WQIS Bolsters Executive, Support Staff

The Water Quality Insurance Syndicate welcomed new Senior Vice President, John Ryszetnyk to the team. A graduate of Kings Point, The United States Merchant Marine Academy, Ryszetnyk holds a USCG 3rd Mate Unlimited Tonnage License and is a former U.S. Naval Officer. This will be Ryszetnyk’s second term at WQIS, having previously served as an Underwriter from 1999 to 2003. Along with Ryszetnyk, two more team members are also joining the WQIS ranks: Angela Konetzni and James Q. Stevens. Konetzni, previously an Assistant Claims Manager at WQIS, has returned after a short hiatus and will be working as a consultant in the claims department. Stevens is the former head of marine insurance for Scottsdale Insurance Company and is bringing his 40+ years of experience to WQIS.   

Philippines' ICTSI in $450 mln Bond Offering

Philippines port operator International Container Terminal Services Inc (ICTSI) said on Wednesday it is raising $450 million through a bond issue. In a disclosure to the local stock exchange, ICTSI said its board of directors approved on Tuesday night the offering of new senior perpetual capital securities through subsidiary Royal Capital BV. (http://bit.ly/1hLsASV) The corporate bonds would yield 5.5 percent per annum and would be guaranteed by ICTSI. Citigroup Global Markets Ltd, Credit Suisse Securities (Europe) Ltd and Standard Chartered Bank were the joint lead managers and bookrunners. ICTSI, owned by the Philippines' third richest man, Enrique Razon, is into 30 terminal concessions and port development projects in 20 countries. (Reporting By Neil Jerome Morales

Teekay Contemplates Norwegian Bond Issuance

Photo Teekay LNG

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) announces that it intends to issue new senior unsecured bonds in the Norwegian bond market through an add-on to its existing Norwegian bonds due in October 2021 (TKLNG04 - ISIN: NO0010777089). 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. A portion of…

MPC Containerships to Use USD 100mln Bond Proceeds for Fleet

Image: MPC Container Ships Invest B.V

MPC Container Ships Invest B.V., a wholly owned subsidiary of Oslo-listed MPC Container Ships AS, has successfully completed the issuance of a new senior secured bond issue of USD 100 million. The bond issue has a 5 year tenor, carries a floating interest rate of 3m LIBOR + 4.75% and has a borrowing limit of USD 200 million. The bond issue received strong demand and was oversubscribed. The net proceeds from the bond issue will be used to finance acquisitions of additional container vessels and for general corporate purposes.

CP Ships Strengthens Financial Management

CP Ships Limited announced a strengthened financial management structure, including new senior positions. David Auger joined CP Ships as Group Financial Controller. He previously held senior group finance positions in the UK with ICI and Invensys and also worked with PricewaterhouseCoopers. A new position, VP Business Control, has been assumed by David Nicklin, who has held a number of senior financial management positions at CP Ships. maintenance of the new SAP financial accounting processes. He will also lead the senior level task force established to review and strengthen financial controls and related business processes. Both Auger and Nicklin report to Ian Webber as does Iain Torrens, who continues to be responsible for treasury and tax functions.

IRClass Announces New Appointments

Ravi Kiron Kalra

Indian Register of Shipping (IRClass) has announced three new senior appointments aimed at boosting its presence in key international maritime centers. The new appointments in Singapore and London are part of IRClass’ strategic plan to expand its capabilities and geographical reach to meet growing demand in these vital markets. Mr. Narayanan Shankar joins as Senior Vice President of Business Development in Singapore. He will co-direct business development and strategy with Mr Anil Devli, Chief Operating Officer (Commercial) of IRClass.

NOL Key Senior Appointments

Neptune Orient Lines (NOL) Group President & CEO Ronald D. Widdows announced new senior management appointments to head the Group’s APL Logistics business unit and its South Asia Region organisation. Jim McAdam has been promoted and assumes the position of President, APL Logistics, the unit of the NOL Group that provides international supply chain capabilities for customers globally. He replaces Brian Lutt who recently left the Group to pursue other opportunities. McAdam is currently APL’s President South Asia Region and prior to that was President of the Asia/Middle East Region from 2006. From 2004 to 2006 he was NOL’s Senior Vice President, Business Solutions, responsible for developing and implementing supply chain solutions for some of the Group’s largest global customers.

Crowley Donate Land for Alaskan Senior Citizens' Center

Yukon River operations: Image courtesy of Crowley Maritime

Crowley Maritime Corporation's group recently completed the sale of 2.836 acres of unimproved land to Nenana Tortella Council on Aging for a mere $500. The lot, which has a market value of $25,000 upon recent appraisal in 2013, will be used by the council as a community match which is required to secure additional funds for a desperately needed, new Senior Center. Crowley’s Nenana terminal serves as a loading port for barges making fuel and freight deliveries to communities on the upper Yukon River, including company owned tank farms in Fort Yukon and Galena.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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