OSG America, L.P. (OSG America, NYSE: OSP) reported that Overseas Shipholding Group, Inc. (OSG; NYSE: OSG), which owns a 77.1% interest in OSG America, announced that it has increased the price per unit that it will offer to pay for all of the…
GHL Acquisition Corp. (NYX: GHQ, GHQ.WS and GHQ.U) announced that its stockholders have voted to approve its acquisition of Iridium Holdings LLC. The stockholders of GHL Acquisition also approved all of the other proposals which came before the special meeting of the stockholders…
Support services company VT Group plc announced that it has signed a legally binding agreement with BAE Systems plc on the disposal of its 45 percent shareholding in BVT Surface Fleet Limited, the shipbuilding and naval support joint venture between BAE and VT…
“Liquidity has come back to some extent,” said Oliver Ebner, Senior Manager, Project and Structured Finance for the National Bank of Abu Dhabi. “However, shipping with its long tenors, falls right into the banks’ funding mismatch of mainly short term deposits versus long term loans…
Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the quarter ended June 30, 2009. For the quarter ended June 30…
Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced its unaudited financial results for the three and six months periods ended June 30, 2009. Summary of Second Quarter 2009 Results…
Teekay Corporation (Teekay or the Company) (NYSE:TK) reported an adjusted net loss attributable to stockholders of Teekay(1) of $21.8 million, or $0.30 per share, for the quarter ended June 30, 2009, compared to adjusted net income of $77.1 million…
Concordia Maritime has sold its holding of 1.5 million shares in the US shipping company General Maritime. As the shares had already been written down to their market value, the sale only marginally affects the company’s equity and total comprehensive income…
Marine-Finance.Com announced that Joe Pitch has signed on as Managing Director for Marine-Finance.Com LLC. Pitch joins former CitiCapital Commercial Marine Finance colleague Robert Girard, SVP, who, along with CEO Richard Paine, constituted the core of the CitiBank- affiliated marine group…
Shipbuilder stocks in Korea rallied today, apparently fueled on hopes the shipbuilding industry had hit bottom in the second quarter and that demand for new vessels may revive as world economies stabilize, according to a Reuters report. Reuters…
The U.S. Department of Transportation’s Maritime Administration today announced $17.1 million in grants to 14 small shipyards in 10 states. The grants are part of the Assistance to Small Shipyards program.“Small shipyards are vitally important for the health of the maritime industry…
Drewry’s latest Container Forecaster analysis predicts casualties and continued unsustainable freight rates unless the industry market share mind-set is discarded. According to Drewry’s analysis, there will be a 10.3% contraction for containers…
According to China Daily, the nation’s shipbuilding sector is suffering from a shortage of funds. China's ship builders received 1.18 million deadweight tons (DWT) of new orders in the first five months this year, a decrease of 96 percent year-on-year…
Bender Shipbuilding & Repair Co. agreed to seek protection from its creditors, filing a Chapter 11 bankruptcy petition to reorganize.The company announced in a prepared statement that it intended to cut its workforce to about 300 to keep operations…
Dockwise announced that it expects to reduce its debt by a total of $58m to just below $963m by the end of Q2 2009. The reduction will be driven by:• Release of the remaining $40.6 million held in the Mighty Servant 3 escrow account • Successful buy back of $ 8…
