Indian Fishermen Hail US Supreme Court Decision to Hear World Bank Suit
Farmers and fishermen in western India have welcomed a U.S. Supreme Court decision to hear their lawsuit against a World Bank agency, which financed a power plant they blame for damaging the environment and their livelihoods.The U.S. Supreme Court on Monday agreed to hear an appeal by the villagers of a lower court ruling that the International Finance Corp (IFC) was immune from such lawsuits under federal law.The court must now consider for the first time whether international organisations are immune from such suits under federal law…
Schlumberger Wins in US Supreme Court on Patent Damages
The U.S. Supreme Court ruled on Friday that companies can recover profits lost because of the unauthorized use of their patented technology abroad in a victory for Schlumberger NV, the world's largest oilfield services provider.The 7-2 decision overturned a lower court's ruling that had enforced limits on applying U.S. patent law overseas and reduced by $93.4 million the damages sum that rival ION Geophysical Corp had to pay for infringing Schlumberger technology that helps find oil and gas beneath the ocean floor.
Seized Superyacht Linked to 1MDB Probe Arrives in Malaysia
A $250 million superyacht, impounded as part of a hunt for assets linked to the multi-billion dollar investigation into 1Malaysia Development Bhd, arrived at a port in Malaysia on Tuesday about six months after it was seized.The Cayman Islands-flagged Equanimity was first seized in the Indonesian holiday venue of Bali in February at the request of U.S. authorities investigating 1MDB.The Malaysian state fund is at the center of money-laundering probes in at least six countries, including the United States, Switzerland and Singapore.
Hanjin Shipping's Sale of Total Terminals Okayed
Bankrupt South Korean shipping line Hanjin Shipping Co Ltd won U.S. court approval at a hearing on Wednesday for the $78 million sale of its stake in U.S. terminal operator Total Terminals International LLC, overcoming objections of container companies. "My decision is to approve the sale," U.S. Bankruptcy Judge John Sherwood said, adding he would approve the transfer of the sale's proceeds to South Korea. The container companies are creditors of Hanjin and were concerned whether the shipping line was getting top dollar for its 54 percent stake in Total Terminals…
HMM Acquires 20% Stake in Long Beach Terminal
South Korean shipping line Hyundai Merchant Marine Co. (HMM) said it will buy a fifth of the company that runs the biggest container terminal at Long Beach Total Terminals International terminal (TTI), Calif., the U.S.’s second-largest port. HMM announced that its board of directors decided to buy a 20-percent stake in TTI and equipment-leasing firm HTEC for a combined US$15.6 million. HMM will now become the No. 2 stakeholder in TTI after Geneva-based Mediterranean Shipping Co (MSC). TTI operates terminals at Seattle and Long Beach.
FMC Commissioner Doyle Rejects Blanket Authorities for Foreign Ro/Ro Carriers
Commissioner William P. Doyle Votes to reject joint contracting authority for Ro/Ro foreign carriers to negotiate collectively for U.S.-Flag tug services. Doyle's Statement, shown below, says new rules go beyond the scope of the Shipping Act and shipping practices harmful to U.S. Today, I voted to disapprove the roll-on roll-off (Ro/Ro) WLL/Eukor/ARC/Glovis Cooperative Working Agreement amendment involving Wallenius Wilhelmsen Logistics AS (WWL), Eukor Car Carriers Inc. (Eukor), American Roll-on Roll-off Carrier LLC (ARC), and Hyundai Glovis Co. Ltd. (Glovis) (collectively Parties).
SunEdison Restrained from 'Unusual' Asset Transfers
Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors of renewable energy company Latin American Power. SunEdison's shares fell as much as 33 percent to $1.37, hitting its lowest in more than 14 years. SunEdison said in October that it terminated a deal for Latin American Power five months after agreeing to buy the company, which owns wind and hydropower projects in Chile and Peru. The restraining order also affects SunEdison's yieldco TerraForm Power, SunEdison spokesman Ben Harborne said on Friday. "The judge's order will remain in place pending a hearing on Feb. 25 and does not affect either company's ability to conduct normal business operations," Harborne said in an email.
Ocean RIG Files for Bankruptcy Protection in US
Rig contractor Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Under U.S. bankruptcy laws, Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country.
US Court Rejects Frontline's Bid to Stop BW-DHT Deal
A U.S. court has rejected a last-minute effort by billionaire investor John Fredriksen's Frontline to prevent BW Group from acquiring a major stake in rival oil tanker firm DHT Holdings, DHT said on Thursday. The New York County Supreme Court's decision means that privately-owned BW Group, led by shipping tycoon Andreas Sohmen Pao, can proceed with the sale of 11 very large crude carriers (VLCCs) to DHT in exchange for DHT's shares. "The transaction will proceed as planned, and in fact the first ship is being transferred to DHT today…
Support for Uniform National Discharge Legislation Builds
AWO Pushes VIDA as the solution to the confusing patchwork of federal and state regulations that makes compliance unnecessarily complicated and costly. Even as the ballast water treatment issue becomes more and more confusing – both here and abroad – a united coalition of maritime stakeholders has expressed strong support for S.373, also known as amendment number 3170 (for the current energy bill). The law, known simply as the Vessel Incidental Discharge Act (VIDA), would establish a nationally uniform and environmentally sound standard for ballast water and other vessel discharges…
Frontline Alters Course, Drops DHT Pursuit
CEO: Frontline will continue to expand its fleet; won't pursue M&A now, though consolidation may come later. Oslo-listed oil tanker firm Frontline has abandoned its pursuit of New York-listed rival DHT Holdings and is not working on any alternative acquisitions, Frontline's CEO told Reuters on Monday. DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen's Frontline, calling the $500 million all-share bid "woefully inadequate". Frontline has now admitted defeat and switched course away from takeovers for the time being.
Colombia Moves to Salvage Treasure from Spanish Shipwreck
Colombia is making progress towards salvaging a Spanish galleon carrying jewels and coins that sank more than 300 years ago, President Juan Manuel Santos said on Wednesday after receiving a proposal from an investor to bring it to the surface. The ship named San Jose, thought by historians to be carrying one of the largest unsalvaged maritime treasures, sank in 1708 near the historical Caribbean port of Cartagena, and its wreckage was located in 2015. "The discovery of this ship…
Austal Hosts Christening of YUMA (EPF 8)
Austal celebrated the christening of the Expeditionary Fast Transport ship USNS Yuma (EPF 8) with a ceremony at its state-of-the-art shipyard here, this morning. The ship’s sponsor, former Secretary of Homeland Security and Arizona Governor Janet Napolitano, headlined the group of Austal officials, naval guests, civic leaders, community members and Austal employees who attended the ceremony beneath the hull of the ship in Austal’s final assembly bay. “As a former governor of Arizona…
Seadrill Receiving Rival Bids for Debt Restructuring
Drilling rig firm Seadrill confirmed on Wednesday it had received two rival bids for its debt restructuring from unsecured bondholders. The company, which filed for Chapter 11 restructuring in a U.S. court on Sept. 12, has sought alternative proposals for the plan put forward by its main owner, Norwegian-born billionaire John Fredriksen and a group of hedge funds. "We have received two alternative bids from unsecured bondholders ... We are evaluating these bids and are in active dialogue with the bidders," the company said in an emailed statement.
17 Keppel Employees Pay for Petrobras Bribery Case
Keppel Corp's rig-building unit has taken disciplinary action against 17 current and former employees as part of its Brazil bribery case, a U.S. court document showed, including $8.9 million of financial sanctions, demotions and departures. The measures were revealed after the Singapore-based company agreed to pay $422 million to settle charges it bribed Brazilian officials, including some at state-run oil company Petrobras. Singapore authorities are investigating individuals involved. In the document seen by Reuters, U.S.
Hanjin Gets US Court Order, Cash to Unload Ships
A U.S. judge said on Friday he will grant Hanjin Shipping Co Ltd provisional protection from creditors in the United States, enabling some vessels to dock and unload at U.S. ports. South Korea's Hanjin asked U.S. Bankruptcy Judge John Sherwood to issue an order that would prevent creditors from seizing Hanjin ships or property, and allow cargo owners to make arrangements to retrieve goods stranded in warehouses. Sherwood said he would sign the order later on Friday. Earlier, the company received authority to spend the money needed to dock at U.S.
Hanjin Ship Unloads, New Funds Pledged
A Hanjin Shipping Co Ltd vessel is finishing unloading in California and scheduled to leave port on Monday, shipping industry officials said, as shareholders and executives associated with the South Korean firm pledged funds to help resolve the turmoil created by its collapse. The Hanjin Greece docked in Long Beach on Saturday after a U.S. bankruptcy court granted it protection and terminal operators agreed to take it. Truck drivers probably will begin moving containers from the Greece on Monday while the vessel prepares to leave late in the day for the Port of Oakland…
Seadrill Bondholders Post Cash Deposit for Rival Restructuring
Owners of unsecured bonds in rig firm Seadrill have posted a cash deposit to back an alternative financial restructuring, paving the way for talks with the drilling operator over its future, the two sides said on Monday. Seadrill, once the largest drilling rig operator by market value, filed for bankruptcy protection in a U.S. court on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices. The company's main owner, Norwegian-born billionaire John Fredriksen…
Seadrill Nears Comprehensive Restructuring Deal
Rig firm Seadrill, which last year filed for bankruptcy protection in a U.S. court, is working towards a comprehensive deal with all its creditors that could be concluded this week, it said in a court filing late on Friday. Once the largest drilling rig operator by market value, Oslo-listed Seadrill filed its bankruptcy case in Texas on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices. The company, controlled by Norwegian-born billionaire John Fredriksen…
Seadrill Rises as Creditors Reach Joint Restructuring Deal
U.S.-listed shares of oil rig firm Seadrill are up 10 percent at 28 cents in early trade. Seadrill, controlled by John Fredriksen, has reached an agreement with a majority of creditors over a restructuring plan according to U.S. court documents. Under an amended plan, the company will raise $1.08 billion in new capital via the issuance of new secured notes and equity. The company filed for Chapter 11 bankruptcy protection with debt and liabilities of over $10 billion last September after a sharp drop in oil prices in 2014 cut demand for rigs.
Seadrill, Creditors Reach Joint Restructuring Deal
Shipping tycoon John Fredriksen has reached an agreement with a majority of creditors over a restructuring plan for oil rig firm Seadrill, according to U.S. court documents on Monday. The company, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy protection with debt and liabilities of over $10 billion last September after a sharp drop in oil prices in 2014 cut demand for rigs. "It's good for all parties that Seadrill comes out of an expensive and time-consuming process," said Frederik Lunde, head of research at brokerage Carnegie.
Colombia to Build Museum showcasing Shipwreck Discovery
Colombia will build a museum to showcase artefacts found in the wreckage of a Spanish galleon discovered near the historic Caribbean port city of Cartagena, President Juan Manuel Santos said on Saturday. The San Jose, thought by historians to be laden with emeralds and precious coins, sank in 1708. It was part of the fleet of King Philip V, who fought the English during the War of Spanish Succession. "We will build a great museum here in Cartagena," Santos said on national television from Cartagena's naval base.
US Court Approves Seadrill's Bankruptcy Exit Plan
A U.S. judge said on Tuesday he would approve Seadrill Ltd's plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S. Bankruptcy Judge David Jones in Houston overruled two minor objections to the reorganization plan during a 90-minute hearing. The plan extends maturities on more than $5 billion of bank loans and converts about $2.3 billion in bond debt into equity in a reorganized Seadrill.