Maritime Partners Hires Two In Executive Leadership Roles
Maritime Partners,a Louisiana-based provider of maritime financing solutions primarily focused on Jones Act vessels, announced the addition of Stephen J. Bordes and Greg Chase to its executive leadership team.Bordes joins Maritime Partners as its chief financial officer, and Chase as as the firm’s chief legal officer.Bordes brings to the company more than 20 years of experience in the fields of finance and fund management. Prior to joining Maritime Partners, he served as the CFO for New York-based American Industrial Partners…
Maritime Partners Agrees to Acquire MG Transport
Maritime Partners, LLC, through its managed funds, has agreed to acquire M/G Transport Holdings LLC, from Auxo Investment Partners LLC and its affiliates. Terms of the transaction were not disclosed, and completion of the acquisition is expected in the third quarter of 2022 subject to customary closing conditions, including receipt of regulatory approvals.Founded in 1968, M/G is a provider of marine transportation services along the West Canal and Lower Mississippi River. Through its fleet of approximately 300 dry cargo barges…
Maritime Partners Acquires J. Russell Flowers
Maritime Partners, LLC, through its managed funds, has acquired from J. Russell Flowers, Inc. and its affiliates, a diversified portfolio of over 1,000 marine vessels operating on bareboat charter. JRF’s fleet includes a variety of towboats, tank barges, hopper barges, and deck barges.With this acquisition, Maritime Partners’ portfolio has grown to approximately 1,600 vessels with an estimated fair market value of $1.2 billion, making the firm the largest lessor of marine equipment in the United States.J. Russell Flowers, Inc.
GoodBulk Acquires up to 13 Capesize Vessels
GoodBulk, an owner and operator of dry bulk vessels announced that it has entered into an agreement to acquire 7 to 13 Capesize dry bulk carriers from entities managed by CarVal Investors. Delivery of the vessels is expected to occur during the 4th Quarter of 2017 and the 1st Quarter of 2018. “We are excited to partner with CarVal Investors in this transaction as we continue to execute upon the Company’s strategy of building an industry leading platform for investment in dry bulk vessels,” commented Chairman and CEO John Michael Radziwill. “Not only does this transaction provide GoodBulk’s shareholders with increased Capesize exposure at what we believe to be an opportune time in a recovering market…
New York, London Juxtaposed by New Maritime Event
On November 13, the newly formed New York Maritime Consortium, a coalition of leaders from New York Maritime Inc. (NYMAR), the Society of Maritime Arbitrators (SMA), the Maritime Law Association (MLA) and the Association of Shipbrokers and Agents (ASBA), will host an event entitled “New York and London: Perception and Reality”. According to the event’s organizers, key industry figures from the areas of finance, arbitration and law from both sides of the Atlantic have been invited to illustrate the strengths of each jurisdiction, and how the two relate to each other. Chief Judge Loretta Preska of the Southern District of New York Federal Court will moderate the event. The forum will be held from 2:30-6 p.m. at The Harvard Club.
Composite Tech Sells Turbine Business to DSME
Composite Technology Corporation (CTC) (OTCBB: CPTC) announced that it has reached agreement to sell substantially all of the operating assets and operating liabilities of DeWind Inc., including its subsidiaries and certain assets of DeWind Ltd. to Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) of Korea. Under the terms of the asset purchase agreements, the sale price is approximately $46,500,000 for substantially all of the operating assets and operating liabilities of DeWind Inc., and approximately $3,000,000 for certain assets of DeWind Ltd., subject to certain possible post-closing adjustments. The transactions are subject to customary closing conditions and are expected to close within the next 30 days.
