Seabulk Enrolls in Carbon Offset Program
Seabulk Towing Holdings Inc., a subsidiary of SEACOR Holdings Inc., announced it is participating in a U.S.-based carbon offset project to neutralize carbon emissions from the physical operation of its harbor tugs in 2020.Daniel Thorogood, chief executive officer of Seabulk, said the company’s investment in an accredited carbon offset program is an initial step toward longer-term solutions that improve or eliminate direct emissions from its equipment. Seabulk, through its affiliates…
SCHOTTEL to Supply Propulsion for Seabulk Newbuilds
German propulsion manufacturer SCHOTTEL announced it has been awarded a contract from Alabama shipbuilder Master Boat Builders to supply a total of six rudderpropellers for a pair of new tugs being constructed for U.S.-based Seabulk Towing Inc, a subsidiary of SEACOR Holdings Inc.Both Robert Allan Ltd.-designed newbuilds will feature the Advanced Rotortug (ART) design triangular propulsion system.The tugs will be propelled by three SCHOTTEL Rudderpropellers type SRP 430 FP with a propeller diameter of 2.4 meters, each driven by a 1,771-kilowatt diesel engine.
Seacor Borrows $200M for SEA-Vista
Florida-based marine services company Seacor Holdings said that its indirect wholly-owned tanker subsidiary SEA-Vista entered into an amended and restated $200 million credit agreement, which refinanced its existing credit facilities, with a syndicate of lenders led by JPMorgan Chase.The agreement provides for a $100 million revolving credit facility and a $100 million term loan facility, both of which mature in December 2024. The agreement allows SEA-Vista to use the borrowings for general corporate purposes…
Seabulk Orders Four Tugs from Master Boat Builders
Seabulk Towing Holdings Inc., a subsidiary of SEACOR Holdings Inc., announced Wednesday it has contracted with Alabama-based Master Boat Builders, Inc. for the construction of four 80 metric ton bollard pull harbor tugs with an expected delivery beginning in the second half of 2021 through early 2022.Two of the newbuilds will augment the company’s existing Rotortug fleet and feature updates to the Rotortug design, Seabulk said.The other two Azimuth Stern Drive newbuilds will be equipped with diesel mechanical and electric motor propulsion systems. These vessels represent Seabulk’s initial investment in hybrid power towing assets and will operate alongside the company’s existing harbor fleet in the U.S. Gulf of Mexico and the U.S. East Coast.
Brazil Targets Greek Tanker in Pollution Probe
Brazilian investigators said on Friday a Greek-flagged ship carrying Venezuelan crude was the source of oil tarring thousands of kilometers of coastline over the past two months.While prosecutors and police did not name the vessel, a prosecutors' document obtained by Reuters identified the ship as the Bouboulina, owned by Greece's Delta Tankers Ltd. Police said the tanker appears to have spilled the crude about 700 km (420 miles) off Brazil's coast between July 28-29, bound for…
Cleancor's LNG Supply Push Via Mississipi River
Cleancor Energy Solutions, a unit of the the marine services company SEACOR Holdings, launched a joint initiative with the logistics and barge transportation company SCF Marine to increase the use and supply of LNG and CNG natural gas throughout the Mississippi River system.SCF’s in-depth knowledge of the U.S. Inland Waterways and its strategically located ports, terminals, barge fleets, and existing customer relationships provide Cleancor with a robust platform from which to deploy modern and mobile LNG and CNG equipment.
Seabulk Completes First Methanol Shipment
Seabulk Tankers, a subsidiary of SEACOR Holdings, has announced the successful delivery of its first methanol parcel chemical shipment aboard the articulated tug-barge (“ATB”) Sea-Power/Sea-Chem I.The Sea-Power/Sea-Chem I loaded a 10,500 metric ton methanol parcel in the U.S. Gulf of Mexico and discharged the parcel in Charleston, South Carolina and Chesapeake, Virginia. The vessel can load up to 30,000 metric tons of cargo into eleven segregations and is equipped with stainless steel cargo piping and MarineLINE 784 cargo tank coating. She is one of the most modern, fuel efficient, and capable chemical parcel vessels in the Jones Act fleet today.Methanol is a liquid chemical produced from conventional fossil sources as well as sustainable raw materials like biomass…
Seacor to Acquire JV Partner's Sea-Vista Stake
Seacor Holdings Announces Acquisition of Joint Venture Partner’s Interest in Sea-Vista.SEACOR Holdings Inc. announced that it has become the sole owner of its consolidated SEA-Vista joint venture, acquiring through a subsidiary the 49% interest that had been owned by an affiliate of Avista Capital Partners (the “Seller”). Purchase consideration consisted of $106 million in cash and 1,500,000 shares of the Company’s common stock (the “Consideration Shares”).In connection with the purchase…
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…
LNG is the Bridge to ‘Zero Emissions’ Shipping
The advent of industry wide tightening of allowable sulfur emissions is getting nearer. Suddenly, with the deadline now little more than one year away, the countdown clock will very soon be ticking much louder. Simply stated, the cap on allowable sulfur content in marine fuels, presently at 3.5 percent in many geographical regions, will be reduced to 0.5 percent in January 2020. The 0.1 percent sulfur cap, already in effect since 2015 in coastal Emissions Control Areas (ECAs) in Europe and North America…
By the Numbers: Barge Transportation Market
Barge transportation comprises an extensive network, ideal for carrying seaborne cargo to inland destinations and exports alike. Responsible, in part, for the worldwide trade of bulk transport, the industry is of great significance to the agricultural sector. In North America, The Army Corps of Engineers maintains and operates over 12,000 miles of canals, rivers, and inland waterways. The Illinois Waterway and Mississippi River are the major waterways in the region that are responsible for moving agricultural and farm products through barges.
GoM Stakeholders Energized Despite Lingering Oil Bust
Gulf of Mexico vessel builders – and their customers – adapt to a lean offshore market. After oil prices plunged in late 2014 – pressured by shale output – demand for offshore vessels in the Gulf of Mexico shrank, day rates for boats fell and non-working units were idled. This year, several GoM boat builders filed for Chapter 11, or voluntary bankruptcy, while others consolidated. The most diversified companies kept their heads above water. Today, the outlook's a bit brighter. Crude oil prices hit bottom early last year. Tidewater Inc.
SEACOR Marine Holdings Begins Trading on NYSE
SEACOR Holdings Inc. has announced the completion of the spin-off of SEACOR Marine, finalizing the transition to SEACOR Marine’s status as an independent public company. Until this point a subsidiary of SEACOR, SEACOR Marine attained full independent status yesterday, June 1, 2017. SEACOR Marine begins “regular-way” trading on NYSE today under the symbol “SMHI”.
SEACOR Declares Spin-Off Dividend of SEACOR Marine Shares
SEACOR Holdings Inc. and SEACOR Marine Holdings Inc. announced the timing and details regarding the spin-off of SEACOR Marine from SEACOR. The SEACOR board of directors has declared a pro rata dividend of the shares of SEACOR Marine common stock owned by SEACOR that will result in the complete legal and structural separation of the two companies. On the distribution date of June 1, 2017, SEACOR will distribute to its stockholders of record as of 5:00 p.m., New York City time, on May 22, 2017, the record date for the distribution, for every share of SEACOR common stock held, one share of SEACOR Marine common stock multiplied by a fraction…
As Operators Look for the Bottom, Gulf Gloom Persists
Gulf of Mexico vessel operators want to see sustained, higher oil prices. After a rough two years, supply boat owners and operators in the Gulf of Mexico hope crude oil prices will improve in 2017. That would encourage activity among the offshore drillers that they service and would put unemployed boats back in the water. Vessel owners aren’t necessarily banking on a good year ahead, however. “Utilization of OSVs and PSVs in the Gulf is below 50 percent now, down from about 70 percent a year ago and 90 percent two years ago…
NASSCO Delivers Jones Act Tanker to SEA-Vista
On November 8, 2016, shipbuilder General Dynamics NASSCO delivered the American Jones Act-qualified ECO Class tanker Constitution to SEA-Vista LLC. The ship was delivered during a signing ceremony at the builder’s shipyard in San Diego. Construction on Constitution began in June 2015, and the vessel was christened and launched on August 27, 2016. Constitution was built for SEA-Vista, a partnership between SEACOR Holdings Inc. (CKH) and Avista Capital Partners, and will be operated by Seabulk Tankers, Inc.
Jones Act Tanker Constitution Completes Sea Trials
The U.S. built tanker ship Constitution returned to the NASSCO shipyard on Wednesday, October 26 following tests and trials off the coast of San Diego, Calif. The ECO Class vessel is a 610-foot, 50,000 deadweight-ton, and LNG-conversion-ready product tanker with a 330,000 barrel cargo capacity. Christened and launched on August 27, 2016, Constitution was built for SEA-Vista, a partnership between SEACOR Holdings Inc. and Avista Capital Partners, and will be operated by Seabulk Tankers, Inc.
NASSCO Christens LNG-ready Tanker Constitution
On Saturday, August 27, shipbuilders at General Dynamics NASSCO celebrated the christening and launch of the Constitution, the sixth ship in a series of eight eco-friendly tankers constructed or under construction at the company’s San Diego-based shipyard. The ship, the Constitution, is a 610-foot, 50,000 deadweight-ton, and LNG-conversion-ready ECO Class product tanker with a 330,000 barrel cargo capacity. As part of the ceremony, the ship’s sponsor, Cristin Thorogood – wife of Dan Thorogood…
Seacor Misses on Revenue
For the quarter ended June 30, 2016, net loss attributable to Seacor Holdings Inc. was $55.2 million ($3.26 per diluted share). For the six months ended June 30, 2016, net loss attributable to Seacor Holdings Inc. was $82.3 million ($4.88 per diluted share). For the quarter ended June 30, 2015, net income attributable to Seacor Holdings Inc. was $0.7 million ($0.04 per diluted share). For the six months ended June 30, 2015, net loss attributable to SEACOR Holdings Inc. was $18.9 million ($1.06 per diluted share).
NASSCO Delivers Garden State to APT
Marking its seventh ship delivery in the span of just over a year, General Dynamics NASSCO has delivered the newly built ECO Class tanker Garden State for American Petroleum Tankers. Garden State was delivered during a special signing ceremony and is one of three classes of ships delivered by the San Diego-based shipyard since June of last year. “In the past year, NASSCO shipbuilders have delivered seven ships – or the equivalent to 100,000 tons worth of steel,” said Kevin Graney, vice president and general manager for General Dynamics NASSCO.
NASSCO Lays Keel for Jones Act Tanker Liberty
U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a construction contract with SEA-Vista LLC, a partnership between SEACOR Holdings, Inc. and Avista Capital Partners. Construction on the Liberty began at NASSCO’s San Diego shipyard in October 2015. Once completed, the vessel will be a 610-foot, 50,000 deadweight-ton, LNG-conversion-ready product tanker with a 330,000 barrel cargo capacity, operated by Seabulk Tankers, Inc.
Long Joins SEACOR Holdings as Executive VP
SEACOR Holdings Inc. has appointed William “Bill” C. Long as the company's Executive Vice President, Chief Legal Officer and Corporate Secretary, effective immediately. He will report directly to Charles Fabrikant, SEACOR's Executive Chairman and Chief Executive Officer. Long brings to SEACOR more than 20 years of business and legal experience with publicly-traded companies. Prior to joining SEACOR Holdings, Long served as Senior Vice President, General Counsel and Secretary of GulfMark Offshore, Inc., and previously spent more than 17 years with Diamond Offshore Drilling, Inc., where he was Senior Vice President, General Counsel and Secretary.
Kirby Buys Seacor’s Inland Tank Barge Fleet
Kirby Corporation has agreed to purchase the inland tank barge fleet of SEACOR Holdings Inc. from subsidiaries of Seacor for approximately $88 million in cash. The asset purchase will consist of 27 inland 30,000 barrel tank barges and 13 inland towboats, plus one 30,000 barrel tank barge and one towboat currently under construction. Also, as part of the agreement, Kirby will transfer to Seacor the ownership of one Florida-based ship docking tugboat. The deal is expected to close early in the second quarter of 2016 and is subject to certain customary conditions, including regulatory approvals.