Creditors of the ailing shipbuilder agree to provide STX Offshore with (US$540 million) in emergency loans.The news is cited as coming from the main creditor bank and is reported by the Yonhap News Agency.STX Offshore, the shipbuilding unit of STX Group…
Container ship owners Box Ships Inc. release their financial results for the quarter ended March 31, 2013.Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of Box Ships Inc., commented on the report:'Our sector is…
The Board of Directors of leading US carrier in the Pacific, Matson Inc., declares its second quarter cash dividend of $0.15 per share.'I am pleased to announce that our Board of Directors have authorized our second quarter 2013 dividend,' said Matt Cox…
Ulstein Group report an operating income of NOK 2.27 billion and an operating profit of NOK 228 million in their 2012 financial report.*Operating income: NOK 2.27 billion (2011: NOK 2.06 billion) *Operating profit: NOK 228.0 million (2011: NOK 253…
USA Maritime, a coalition of ship owning companies, maritime labor organizations & maritime trade associations states its position.USA Maritime Chairman James L. Henry corrects reports about the efficacy of the U.S. Merchant Marine in delivering U…
Denmark's TORM agreed to sell five MR product tankers to a company controlled by Oaktree Capital Management as part of an earlier restructuring agreement.The sale is a consequence of the specific option rights, which one bank group exercised in connection with the Restructuring Agreement…
Navios Maritime Holdings & Navios Maritime Acquisition Corp. in J/V sign LOI to buy 10 ships from debtors of HSH Nordbank.The new Joint Venture company, named Navios JV, has executed a binding letter of intent to acquire ten vessels, composed…
Insurers, Lloyd's of London, say in a new report that the cost of dealing with shipwrecks is rising as ships grow in size.The report, 'The challenges and implications of removing shipwrecks in the 21st century', warns that the cost of dealing…
Scana lndustrier ASA, supplier of products & system solutions to energy-related businesses, including the offshore sector has released its 2012 financial report.Scana lndustrier ASA has companies in Norway, Sweden, China, U.S., Poland, Singapore…
Mark Brownrigg, Director-General of the UK Chamber of Shipping on the European Parliament rejection of proposals for a levy on ship recycling:'The UK Chamber of Shipping looks forward to significant improvements of social and environmental…
ITIC highlighted the value of diligently pursuing the collection of shipping industry debts in today’s difficult economic climate. In its latest Claims Review, ITIC notes that a shipbroker acting for charterers was owed $25,000 in commission…
Wärtsilä Corporation releases its January to March 2013 interim financial report.Highlights of the Review Period January-March 2013- Order intake increased 22% to EUR 1,352 million (1,109)- Net sales decreased 12% to EUR 882 million (1…
Port of Long Beach (POLB) modernization projects created 5,166 new construction-related jobs in the region in 2012.The number of new jobs is mainly linked to the award of contracts for the design and building of the Gerald Desmond Bridge replacement and an ongoing terminal makeover…
Coast Guard Commandant Adm. Bob Papp testifies before two U.S. House of Representatives sub-committees on the USCG Fiscal Year 2014 budget request.At both hearings the Commandant led his opening statement with a message of condolence to the victims of the terrorism attack in Boston…
Euronav reports its net loss slipped to US$ 10.7 million in the first three months of 2013, compared with US$ 9.0 million a year earlier.In its Q1 2013 financial report Euronav makes broad observations on the global tanker market as follows…
