Marine Link
Wednesday, January 17, 2018

Reaches Agreement News

Bureau Veritas and RINA Suspend Alliance Discussions

French classification society Bureau Veritas and RINA, of Italy, have acknowledged that discussions concerning an alliance between the two IACS members have been suspended. structuring such an alliance but, in the process of concluding the deal, late difficulties arose concerning corporate governance and certain guarantees requested by RINA, which made the deal unfeasible as initially agreed, and which could not be accepted by Bureau Veritas as they were. Bureau Veritas was prepared to discuss an alternative structuring of the agreement, but this did not meet the strategic objectives of RINA, which therefore decided not to continue negotiations at the present time.

Scorpio Order 11 Bulk Carriers from China Shipyards

China – Shipyard: Photo courtesy of Jinling shipyard

Scorpio Bulkers Inc. has reached agreements with three yards in China to construct a minimum of 11 and up to 14 dry bulk carrier newbuildings. Scorpio Bulkers is a newly established company listed on the Norwegian OTC with offices in Monaco and New York. They have reached agreements with ChengXi Shipyard CO. Ltd. Dalian, COSCO KHI Ship Engineering Co. Ltd., and Nantong COSCO KHI Ship Engineering Co. Ltd. for the construction of the vessels for approximately $27 million each. The vessels are from 61,000 to 64,000 DWT designed for the carriage of dry bulk commodities.

Strike Averted at St. Lawrence Seaway

St. Lawrence Seaway and UNIFOR agree to binding arbitration, avoid strike The St. Lawrence Seaway Management Corporation (SLSMC) announced that it has reached agreement with UNIFOR, which represents the corporation’s 460 unionized employees, on Sunday evening to refer certain important issues to binding arbitration, also suspending the right to strike or lockout, ensuring that shippers will encounter uninterrupted navigation until March 31, 2018. Terence Bowles, President and CEO of the SLSMC, said “I am very pleased that we have reached this agreement, which enables navigation on the Seaway to continue without interruption.”  

Scorpio Tankers Continue Spending Spree

Scorpio Tankship: Photo courtesy of Scorpio Tankers

Scorpio Tankers Inc. announces 16 newbuilding agreements and US$ 525-million in commitments to its 2013 Credit Facility. The company has reached agreements with five shipyards in Korea to construct 16 newbuilding vessels consisting of eight LR2, four MR, and four Handymax ice class-1A product tankers. In addition, the Company announced that syndication of the Company's previously announced $267 million Credit Facility has been heavily over-subscribed resulting in an increase of the overall commitments received from new and existing financial institutions to US$ 525-million.

RN-Aero, KazMunayGas-Aero Join Forces

...

RN-Aero (Rosneft subsidiary) and KazMunayGas-Aero (KazMunayGas subsidiary) signed an agreement, substantially increasing cooperation between the Companies. The accord on the signing of the agreement was reached at the IATA International Aviation Forum in Dubai in the end of November. Specifically, the document envisages the possibility of organization of high-quality RN-Aero fuels supplies towards KazMunayGas-Aero by means of conclusion of storage agreements at points of presence of the Kazakh Company.

Conoco Talks On Azeri Field Expire Without Agreement

Conoco is reportedly was "considering all options" after failing to reach agreement in talks with Azerbaijan over a $1.2 billion deal to rehabilitate and develop a major oil field.

Federal Agreement on Missouri River

The U.S. Army Corps of Engineers issued a News Release

Scorpio Tankers Order More Newbuildings, Receive 11th MR

Image courtesy of Scorpio Tankers

Scorpio Tankers has reached agreements to construct four Very Large Gas Carriers (VLGC) at two yards in South Korea along with two MR and two Handymax ice class-1A fuel efficient product tankers at Hyundai Mipo Dockyard Co., Ltd. of South Korea (HMD). Additionally, the Company took delivery of the eleventh vessel under its newbuilding program at HMD, 'STI Fontvieille'. The Company has reached agreements with Hyundai Samho Heavy Industries ("HSHI") and Daewoo Shipbuilding and Marine Engineering Co., Ltd. ("DSME") for the construction of four VLGCs for approximately $75.0 million each.

Today in U.S. Naval history: May 22

USS Scorpion alongside USS Tallahatchie County (AVB-2) outside Claywall Harbor, Naples, Italy, in April 1968, shortly before she departed on her last voyage. This is believed to be one of the last photographs taken of Scorpion. (Courtesy Lieutenant John R. Holland, Engineering Officer, USS Tallahatchie County, 1969. U.S. Naval History & Heritage Command Photograph)

Today in U.S. Naval history - May 22 1882 - Commodore Shufeldt signs commerce treaty opening Korea to U.S. trade 1958 - Naval aircraft F4D-1 Sky Ray sets five world speed-to-climb records, May 22-23 1967 - New York City reaches agreement to purchase Brooklyn Navy Yard, ending 166 years of construction and repair of naval vessels. 1968 - USS Scorpion (SSN-589) lost with all hands For more information about naval history, visit the Naval Historical Center website at www.history.navy.mil.  

EU Says No Deal Yet in Ukraine-Russia Gas Talks

The European Commission cancelled a news conference planned to follow talks between Russia and Ukraine on gas supplies on Wednesday, saying negotiations in Brussels were continuing late into the evening. All three parties had been hoping to conclude a deal on resuming Russian natural gas supplies to Ukraine over the winter but differences over payments have been hampering their efforts to reach agreement. (Reporting by Alastair Macdonald; Editing by Mark Heinrich)

CP Ships To Acquire Christensen Canadian African Line

CP Ships has reached agreement with Thor Dahl Shipping AS of Norway to acquire Christensen Canadian African Line (CCAL). The transaction is expected to be completed by the end of April. The acquisition includes the CCAL brand and three Astrakhan-class ships, designed to carry containers, breakbulk and Ro-Ro cargo. CCAL, which will operate as part of the CP Ships subsidiary, Americana Ships, offers a 21-day multi-purpose service between Montreal and South Africa under the CCAL brand.

Greek Court Sets New Deadline for Royal Olympic Cruise Lines

Royal Olympic Cruise Lines announced that the Greek court administering the section 45 proceeding regarding its subsidiaries has allowed the company an extension until Thursday, February 12, 2004, to reach agreement on a plan of restructuring with the holders of at least 51% of outstanding obligations. The company is in negotiations with its major creditor, Fortis Bank, which itself holds more than 51% of the total obligations. In addition the company announced that it has put all administrative staff in Greece on unpaid leave pending the outcome of the court ruling and discussions with financial institutions and various creditors.

Hamburg Süd, Maersk Line, and NYK Announce Joint Operations

Hamburg Süd, Maersk Line, and NYK announced that they have reached agreement to operate jointly in the trade between Asia, South Africa, and South America. From mid April, the linew will replace the current three strings (one operated by Maersk Line and two operated by Hamburg Süd and NYK) by two strings with modern and fast vessels. The overall capacity produced by the new two string system is roughly the same as the capacity presently provided by the three Lines.

This Day in Naval History - May 22

From the Navy News Service 1882 - Commodore Shufeldt signs commerce treaty opening to trade. 1958 - Naval aircraft F4D-1 Sky Ray sets five world speed-to-climb records, May 22-23. 1967 - reaches agreement to purchase Brooklyn Navy Yard, ending 166 years of construction and repair of naval vessels. 1968 - USS Scorpion (SSN 589) is lost with all hands.

Dryships Agreement with HSH on Waiver Terms

DryShips Inc. (NASDAQ:DRYS) announced that it has reached agreement with HSH Nordbank as agents on waiver terms for $654m of its outstanding debt. George Economou, Chairman and Chief Executive Officer, said, “This facility covers 23 of our drybulk vessels.” (www.dryships.com)

This Day in Naval History – May 22

1882 - Commodore Shufeldt signs commerce treaty opening Korea to U.S. trade 1958 - Naval aircraft F4D-1 Sky Ray sets five world speed-to-climb records, 22-23 May 1967 - New York City reaches agreement to purchase Brooklyn Navy Yard, ending 166 years of construction and repair of naval vessels. 1968 - USS Scorpion (SSN-589) lost with all hands (Source: Navy News Service)

Picket Line Outside Bay Shipbuilding, WI

 According to a report from the Door County Advocate, workers without contracts from Bay Shipbuilding Co./Fincantieri in Sturgeon Bay are forming an informational picket line outside the company to draw public attention to the union’s inability to reach agreement with Bay Ship on a contract to replace the one that expired April 30.   Source: Door County Advocate  

This Day in Naval History - May 22

From the Navy News Service:   1882 - Commodore Shufeldt signs commerce treaty opening Korea to U.S. trade. 1958 - Naval aircraft F4D-1 Sky Ray sets five world speed-to-climb records, May 22-23. 1967 - New York City reaches agreement to purchase Brooklyn Navy Yard, ending 166 years of construction and repair of naval vessels. 1968 - USS Scorpion (SSN 589) is lost with all hands.   For more information about naval history, visit the Naval Historical Center Web site at http://www.history.navy.mil.

Scorpio Sells Two Kasamax Bulkers

Scorpio Bulkers Inc. said it has reached agreements with unaffiliated third parties to sell two Kamsarmax bulk carriers approximately $45 million combined. The two vessels, SBI Charleston and SBI Cakewalk, were both built in 2014 at Shanghai Waigaoqiao Shipbuilding Co., Ltd. in China.

BHP Billiton Sets Iron Ore Price

BHP Billiton today announced it had reached agreement with China's Baosteel on the price for iron ore deliveries for the contract year commencing 1 April 2008. The following prices apply to all of its long-term supply agreements for deliveries in the contract year with Baosteel. US cents 144.66 per dry metric tonne unit. US cents 201.69 per dry metric tonne unit. President BHP Billiton Marketing, Tom Schutte said: "We note the recent 2008 contract year price settlement of a major supply source for Australian iron ore with Baosteel. We are pleased to have also reached agreement with Baosteel at the prices announced today. Chief Executive Ferrous and Coal…

Dryships Reaches Agreement on Debt

DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that it has reached agreement with DnB NOR on waiver terms for $86m of our outstanding debt. This agreement is subject to customary documentation. George Economou, Chairman and Chief Executive Officer, commented, “We are delighted to have reached an agreement with DnB NOR on yet another facility. This facility covers two of our drybulk vessels. We continue to have constructive discussions with the remainder of our banks who are all very supportive of the company”. (www.dryships.com)

Dryships Agreement on $1.1b of Debt

DryShips Inc. (NASDAQ:DRYS) announced that it has reached agreement on waiver terms with Deutsche Bank AG, lender and Mandated Lead Arranger on $1.125b facility. This facility covers drillships hull numbers 1865 and 1866 currently under construction at Samsung Heavy Industries. This agreement is subject to customary documentation provisions. George Economou, Chairman and Chief Executive Officer, commented: “We are pleased to have reached this agreement on a very important credit facility for DryShips. We are delivering the waivers as promised and we hope to conclude discussions with the rest of the lenders in the near future”. (www.dryships.com)

US East & Gulf Ports Labor Talks Make Progress

Concluding three of four days of scheduled negotiations, the two sides announced agreement in principle on issues involving the introduction of new technology and automation and maintenance and repair of chassis within marine terminals and at off-pier facilities at the East and Gulf Coast ports. "We had a productive session in Florida," ILA president Harold J. Daggett and USMX chairman and CEO James A. Capo said in a joint statement. "The East and Gulf Coasts ports are crucial to the health of the nation's economy and we take seriously our responsibility to reaching an agreement without any disruption in the supply chain and operation of the 14 ports," they said. Capo and Daggett also directed management and ILA locals to begin bargaining on local port issues.

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

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