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Tanker Subsidiary News

09 Jan 2020

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, including acquisitions, and contains a $50 million accordion feature subject to lender approval.At closing, the revolving credit facility remained undrawn, and approximately $76 million of the term loan proceeds were used to fund the repayment of SEA-Vista’s original credit facility.

08 Nov 2018

Paolo d'Amico Takes Over as d'Amico International Shipping CEO

Product tanker carrier d’Amico International Shipping (DIS) has appointed current D'Amico group chairman Paolo d'Amico as new CEO.The D'Amico group's listed product tanker subsidiary said in a press statement that following the resignation of Marco Fiori, its Board of Directors resolved to grant to Mr. Paolo d’Amico all the powers of the resigning Chief Executive Officer of DIS starting from the 1st day of January 2019.Paolo d’Amico stated: “My personal involvement and dedication is to confirm, in an important moment for DIS, the d’Amico Group’s commitment to the success of the Company, and my appointment as CEO will assure continuity…

24 Apr 2015

MISC Says AET Tankers Unit Not for Sale

Photo: AET

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers. The statement comes in response to now disconfirmed media reports that stated MISC was looking to sell AET to Teekay. Malaysian-headquartered AET operates a fleet of approximately 80 owned and chartered vessels, with one DP2 shuttle tanker scheduled to be delivered this year.

26 Apr 2004

Euronav, Partners Buy World’s Largest Tankers

Euronav, the tanker subsidiary of the CMB group, together with partners have reached an agreement for the acquisition of four double hull ‘V plus’ ships (also known as Ultra Large Crude Carriers) of 442,500 dwt. The vessels are: Hellespont Alhambra, Hellespont Tara, Hellespont Fairfax and Hellespont Metropolis. The ships will be delivered in the course of the months of May and June 2004 and will be renamed: TI Asia, TI Europe, TI America and TI Africa. The vessels will trade through the Tankers International pool. The vessels will be acquired by a Belgian company and will fly the Belgian Flag. The vessels were built at Daewoo Shipbuilding…

11 Mar 2001

Two Oil Production Ships For Sale

Shipping companies Aker Maritime and Bergesen will sell two oil production ships, the Berge Hugin and Navion Nunin, which they co-own with Norwegian energy giant Statoil. "We have agreed with the other owners to sell those production ships," said a spokesman for Aker Maritime. Aker Maritime is a 50/50 co-owner with Statoil of the topside processing equipment of both ships. No sale price was given. Statoil declined to comment. Navion Nunin is co-owned by Statoil and its tanker subsidiary Navion, in which it holds an 80 percent stake. It is on charter to Statoil until 2004, and is stationed at the Lufeng field in China. Berge Hugin is co-owned by Statoil and Norwegian tanker group Bergesen.

09 Mar 2001

Teekay Acquisition May Lead to Another Merger

International tanker group Teekay's acquisition of a majority of the world's biggest shuttle-tanker owner Ugland Nordic Shipping could lead to a second merger to dominate the sector, with Statoil's tanker subsidiary Navion, analysts said. Norwegian energy giant Statoil is close to being privatized, and the future direction of Navion, in which it holds 80 percent, is uncertain. Co-owner of Navion, Norway's Rasmussen group, last month bought a major stake in Ugland, and analysts said this was the first step towards an Ugland-Navion merger. Both Teekay and Rasmussen now seem open to the possibility that one huge merger involving all four parties could still go ahead. Ugland Nordic has a fleet of 14, and four more on order.

16 Dec 2002

Teekay Buys Navion for $800M

Teekay Shipping Corporation announced that it will buy Statoil's wholly-owned shipping company, Navion ASA, on a debt free basis, for approximately $ 800 million in cash. The transaction positions Teekay as a strategic logistics provider of shuttle tanker services to Statoil and other oil companies, and increases Teekay's presence in the conventional crude oil and product tanker trades. In 2001, Navion transported a total of 160 million tons of crude oil and petroleum products, exceeding the 135 million tons carried by Teekay in that year. Operating from Stavanger, Norway, Navion has built a leading franchise in the complex North Sea offshore loading business.