Emas Goes Under Judicial Management
EMAS Offshore, a global offshore contractor and provider of integrated offshore solutions to the oil and gas industry, said that its July application to be placed under judicial management approved by High Court of Singapore.According to a press note, the Court had granted the judicial management application on October 21, 2019.Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PWC) have been appointed judicial managers and will seek to achieve the survival of the company…
B.C. Backs LNG Bunkering
The British Columbia Government has joined Vancouver Fraser Port Authority and FortisBC to establish the first ship-to-ship LNG marine refueling – or bunkering – facility on the west coast of North America.The use of LNG to power the world’s ocean-going vessels is forecast to expand and B.C. is well positioned to benefit from this growth.According to industry standards, replacing diesel fuel with LNG has the potential to reduce greenhouse gas (GHG) emissions by approximately 20%. Because FortisBC’s Tilbury facility runs on clean B.C.
Great Lakes Region Creates 132K+ Maritime Jobs
According to a new study conducted by PricewaterhouseCoopers (PwC) on behalf of Transportation Institute (TI), the Jones Act continues to fuel a strong maritime industry throughout the Great Lakes region, where the PwC report shows 123,670 Jones Act-related jobs – or 20% of the national total – are based.Between 2011 and 2016, maritime employment in the region increased by 25,400 jobs. Overall, the industry generates $30 billion of economic activity and $8.45 billion in worker income in the eight Great Lakes states.“With our Great Lakes and rich maritime history…
Workboat Report: The U.S. Workboat ($33.8B) Market
The U.S. towing and tug business is 5,500 boats, more than 31,000 barges with an estimated total impact on U.S. GDP of $33.8 billion.“At a macro level, the bigger ships are causing downward pressure on the ship assist business because there are fewer ship calls given the increased capacity of these vessels. However, certain ports have seen tremendous growth, based on strategic location and infrastructure investments that have attracted these larger ships and been a net plus for these areas.”Kate Fuhrman…
DeFazio Honored with 2019 SCA Leadership Award
The Shipbuilders Council of America (SCA) honored U.S. House of Representatives Chairman of the House Transportation & Infrastructure Committee, Peter DeFazio (R-OR) as a 2019 recipient of SCA’s Maritime Leadership Award.As recipient of the Maritime Leadership Award, Chairman DeFazio is recognized as an exemplary leader in Congress who has demonstrated outstanding dedication and support of the U.S. shipbuilding and repair industry. Overall the American maritime industry, including shipbuilding and repair…
SCA honors U.S. Senator Susan Collins
The Shipbuilders Council of America (SCA) honored U.S. Senator Susan Collins as a 2019 recipient of SCA’s prestigious Maritime Leadership Award.The national trade association representing the U.S. shipyard industry said that as recipient of the Maritime Leadership Award, Sen. Collins is recognized as an exemplary leader in Congress who has demonstrated outstanding dedication and support of the U.S. shipbuilding and repair industry.Overall the American maritime industry, including shipbuilding and repair…
Washington Maritime Industry Worth $6.12bln
According to the findings of a new report conducted by PricewaterhouseCoopers (PwC) on behalf of Transportation Institute (TI), the domestic maritime industry in Washington ranks sixth among all American states for jobs and labor income relating to the Jones Act.The industry employs more than 22,500 individuals, produces $6.12 billion for the local economy, and generates more than $1.5 billion in worker income.Regionally, the same study shows that the domestic maritime industry employs over 37…
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.