On the Hill: Advocacy for Domestic Maritime
Bipartisan Congressional Leaders Highlight Importance of Jones Act, Employing 650,000 Americans incl. Veterans, for National & Economic Security. Following the signing of an Executive Order by President Donald J. Trump to create an easier pathway for veterans to transition into maritime careers in the U.S. Merchant Marine, congressional and maritime leaders convened for two hearings exploring the state of the domestic maritime industry and the role of the Jones Act. These hearings…
Pacific Green Appoints Iain Lees as CEO
Pacific Green Technologies has announced the appointment of Iain Lees as Chief Operating Officer to support company growth initiatives around proprietary emission control systems for marine vessels.The owner of the ENVI-Marine and ENVI-Clean Exhaust Gas Scrubbing Systems said in a press note that Lees joins the Company from HannawayCA Corporate Finance Limited (HCACF), a leading financial and business advisory firm in Northern Ireland where he has served as Managing Director…
American Pride: Working Hard in the US Dredging Industry
We have had a great first couple of months at the Dredging Contractors of America. As the new CEO and Executive Director, I have begun to visit the companies, their facilities and associated dredging projects. So far, I have surveyed the beach re-nourishment project in Ocean City, Md. undertaken by Great Lakes Dredge and Dock. I’ve canvassed Weeks Marine’s repair and yard facility in Jersey City, N.J. In the last week of February, I visited Mike Hooks Inc.’s corporate headquarters and boatbuilding and repair yard in West Lake, La.
Wah Kwong Maritime's Chao is 2018 CMA Commodore
Award to be presented March 14, 2018 at the conclusion of the CMA’s Shipping 2018 Annual Conference and Exposition. Ms. Sabrina S. M. Chao, Executive Chairman of Wah Kwong Maritime Transport Holdings Ltd. has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2018. Ms. Chao follows a long succession of influential maritime industry leaders as Commodore. The 2018 Commodore Award will be presented on March 14, 2018 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition…
Torqeedo Acquired by DEUTZ
Independent engine manufacturer DEUTZ announced it has acquired Torqeedo, provider of electric drive systems for watercraft. As an independent subsidiary of DEUTZ AG, Torqeedo will continue product development under its established Torqeedo brand and with its current leadership. Founded 12 years ago in Starnberg, Germany, and supported by venture capital so far, DEUTZ said the acquisition marks a new phase in its development. “As part of DEUTZ, Torqeedo will realize substantial opportunities in the areas of industrialization, supply chain management, sales and service. We will use these to further accelerate the development of sustainable and modern mobility on the water,” said Christoph Ballin, CEO of Torqeedo.
Study Examines Economic Impact of US Waterways
A study unveiled today documents the contribution of the American tugboat, towboat and barge industry to the U.S. economy. The study, developed through a cooperative agreement between the American Waterways Operators (AWO) and the Maritime Administration (MARAD) and conducted by PricewaterhouseCoopers, explores the industry's economic contributions to employment, gross domestic product and taxes at the national and state levels; details the types and quantities of vital commodities transported on American waterways…
Only One Bidder for STX France
The South Korean court handling the bankruptcy proceedings of STX Offshore & Shipbuilding Co. said that only a single bidder had submitted a binding proposal to buy the shipyard's profitable French unit, says a report by AFP. STX France, which specialises in building cruise ships, is the only profitable unit of STX Offshore, which filed for receivership in May. Italian shipbuilding giant Fincantieri SpA, Netherlands-based Damen Shipyards Group and French state-controlled naval shipbuilder DCNS had initially expressed interest in acquiring STX France, which specialises in building cruise ships.
HMM Among 5 Bidders to Take Over Hanjin’s Transpacific Routes
South Korea’s Hyundai Merchant Marine (HMM) is one of five bidders for the trans-Pacific and intra-Asia networks of Hanjin Shipping Co, reports WSJ. HMM submitted letters of intent to bid on Friday, the last day for such submissions. The five bidders now have until Nov. 4 to review the assets, which include the vessels that operate on the trans-Pacific route. The final bids due Nov. According to various reports, the Korea Line Corporation, and the Korea Shipowners’ Association (KSA) are among five bidders for Hanjin Shipping’s transpacific operations.
Rickmers Maritime to Restructure Debt
Singapore-listed Rickmers Maritime, which owns and operates containerships, said on Thursday it was seeking noteholders' support to restructure debt worth S$100 million ($73.21 million) in a bid to avoid potential liquidation. The business trust also said it was unable to repay $179.7 million of senior debt due March 2017. "Rickmers Maritime needs to restructure its debt to operate as a going-concern," it said in a presentation to noteholders, a copy of which it sent to the stock exchange. It is seeking bondholders' approval to convert their debt into S$28 million of new perpetual convertible bonds with a step-up coupon starting at 3.88 percent, to avoid potential liquidation or judicial management, which it said would be "likely to result in zero recovery for noteholders".
Rickmers Maritime Gets Breathing Space
Marine transport company Rickmers Maritime has been offered a credit facility worth USD 260 million in order to cover bank debt. The carrier is also considering converting its debt to bonds worth more than USD 70 million as part of an ongoing restructuring of the listed company's debt burden. Rickmers Maritime received an offer from HSH Syndicate for a restructured secured amortising term loan facility of up to US$260.2 million, says a report in Singapore Business Review. This is to refinance the company’s outstanding debt under existing facilities granted by its lenders.
STX to Slash Jobs, Sell Yard
To stay above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ. The country's fourth largest shipyard filed for receivership in May. The court has been supervising the firm’s rehabilitation since June. STX told a bankruptcy court in Korea that it has hired PricewaterhouseCoopers to help it sell STX France, a profitable yard in France specializing in building cruise ships. STX said it plans to cut its 2,090 staff in Korea by 35% by the end of September.
Texas Ranks Third for U.S. Maritime Jobs, Houston No. 2
Texas ranks third among all states for domestic maritime jobs with Houston ranked second among all U.S. cities for its contribution to the U.S. maritime industry, according to a new study PricewaterhouseCoopers (PwC) for the Transportation Institute and released by the American Maritime Partnership (AMP), the voice of the U.S. domestic maritime industry. The domestic maritime industry, comprised of the vessels which move cargoes between American ports, pumps $8 billion annually into the Texas economy, and provides 39,190 Texas maritime jobs, with $2.3 billion in worker income.
K&L's Gorton Stresses Critical Role of Jones Act
A former member of the 9-11 Commission recently wrote in The Hill that an “often overlooked” benefit of the Jones Act is its role in homeland security and border protection. Former U.S. Senator Slade Gorton and former state attorney general and homeland security expert from the Commission, said he finds border security the Jones Act’s “most vital benefit” in addition to its economic benefits of supporting more than 500,000 American jobs and the nearly $100 billion it fuels into the U.S. economy every year. The complete article written by Mr. As homeland security and border control remain a top priority among presidential candidates, one important provider of that security is often overlooked—the principal role the domestic maritime industry plays in securing America’s borders.
Huntington Ingalls Appoints New C & CAO
Huntington Ingalls Industries yesterday promoted Nicolas Schuck to the position of controller and chief accounting officer, effectively immediately. He will report to Barbara Niland, corporate vice president, business management, and chief financial officer. "Nicolas has been an important member of our financial team and brings a great sense of enthusiasm, commitment, financial acumen and a wealth of experience to his new role," Niland said. In this position, Schuck has responsibility for all accounting matters related to SEC reporting…
Overseas Shipholding Investors Settle Lawsuit with Execs, Others
Overseas Shipholding Group Inc investors have reached $16.25 million in settlements with the executives, underwriters and an auditor of the tanker company in a lawsuit related to its 2012 bankruptcy and tax problems. Company directors and officers, including former Chief Executive Morten Arntzen and former Chief Financial Officer Myles Itkin, agreed to pay $10.5 million, papers filed in Manhattan federal court on Thursday showed. Underwriters including Citigroup Inc, Deutsche Bank AG and Goldman Sachs Group Inc will pay $4 million, while accounting firm PricewaterhouseCoopers LLP will pay $1.75 million. "We're think its an extraordinary result in an extremely complex case," David Rosenfeld, a lawyer for the plaintiffs, said on Friday.
Twin Disc Elects Knutson CFO, Treasurer
The board of directors of Twin Disc, Inc. has elected Jeffrey S. Knutson to the position of chief financial officer and treasurer effective June 22, 2015 in addition to his current roles as vice president of finance, corporate controller and secretary. "Jeff has done a fantastic job since assuming the interim chief financial officer role in February," stated John H. Batten, president and chief executive officer. "Jeff's experience and contributions to Twin Disc since joining the company in 2005 make him uniquely qualified to step into the chief financial officer position. His strong global financial experience and deep understanding of our business and culture are valuable assets to Twin Disc.
Military2Maritime Career Fair Features 30 Exhibitors
San Diego Military2Maritime Career Fair with Rep. Hunter (R-CA) Connects California Veterans With Opportunity. More than one hundred veterans attended a Military2Maritime career fair on Monday June 22, 2015 from 10:00am until 2:00pm at the Port Pavilion on Broadway Pier in San Diego, Ca. The free event, sponsored by the American Maritime Partnership (AMP) and hosted by the Port of San Diego, is part of a nationwide program to help connect the nation’s servicemen and women with jobs in the American maritime industry.
Petrobras Expects 3Q Unaudited Results Jan 27
Brazil's Petroleo Brasileiro SA expects to release unaudited third-quarter financial results on Jan. 27 after a scheduled meeting of its board of directors, the state-run oil company said Wednesday in a statement. Petrobras, as the company is known, had previously said it will release the results by the end of January. If the board fails to approve the accounts, the results won't be released, the statement said. Results have been delayed since November after its auditor, PricewaterhouseCoopers failed to certify Petrobras' accounts after a price-fixing, bribery and political kick-back scandal raised questions about the value of its assets. (Reporting by Jeb Blount; Editing by James Dalgleish)
Petrobras Delays Results as Corruption Scandal Grows
Brazil's state-run oil company Petroleo Brasileiro SA said it delayed the release of its third-quarter financial results for a second time on Friday as a result of new developments in a widening corruption probe. Prosecutors on Thursday indicted executives of some of the country's largest engineering firms for allegedly skimming billions of dollars off overpriced contracts with the oil giant in a kickback and bribery scheme. Petrobras had set Friday as a deadline for the release, but it said in a statement it has until Jan. 15, 2015, to present the unaudited results without breaking covenants. If broken, the covenants could put some of the company's debt into technical default, forcing early repayment.
Swire Pacific Wins Sustainable Business Award
Swire Pacific Offshore (SPO) was presented the Sustainable Business Award (SBA) for Business Responsibility and Ethics at the inaugural Responsible Business Forum on Sustainable Development held in Singapore on Tuesday, 25 November 2014. “SPO is honoured to receive the award from the respected and expert panel of judges. The Company will continue to deepen the integration of sustainability as an essential part of how we manage and operate our business. Moving forward, we will increase our communication of how sustainability adds value to SPO and its communities to all our stakeholders”…
Odd Arne Slettebø new CFO of “Noreco”
Norwegian Energy Company ASA has appointed Odd Arne Slettebø as Chief Financial Officer (CFO). Odd Arne Slettebø replaces Tommy Sundt who has been appointed new CEO of the Company. Slettebø joined Noreco in August 2012 and was until now Group Finance Manager of Noreco. “I am very pleased to announce that Odd Arne Slettebø will be my successor as CFO. He is highly skilled and knows the Company very well, which will secure continuity in the team,” says Tommy Sundt, CEO of Noreco.
Atteridge Retires from Furuno USA
After 30 years of service to Furuno USA, Inc., Jim Atteridge is retiring as President and assuming a new role, as Director and Corporate Advisor. Effective December 1, 2014, Brad Reents will assume the role of President and CFO of Furuno USA, Inc. Reents has been with Furuno USA for 15 years in the role of Treasurer and Board Member. Reents is a licensed CPA and brings with him years of experience as a financial officer. Prior to Furuno USA, Reents worked at accounting firm PricewaterhouseCoopers. In addition to the presidential change, Furuno USA, Inc.
Genco Names Wobensmith President
Genco Shipping & Trading Limited (OTCBB: GSKNF) has announced that John C. Wobensmith, the company's CFO has been appointed as President effective December 19, 2014. He succeeds Robert Gerald Buchanan, who will retire as of the same date. Buchanan has served as President of Genco since June 2005. "John's appointment as President represents the significant contributions he has made to Genco since joining the Company close to a decade ago as well as his deep knowledge of the drybulk industry," said Peter C. Georgiopoulos, Chairman of the Board. "John has played a critical role in strengthening Genco's prospects and I am confident that under his leadership the Company is poised to both further strengthen its standing in the drybulk industry and create long-term shareholder value.