GoodBulk President Andrew Garcia Resigns
Monaco-based international owner and operator of dry bulk vessels GoodBulk has announced that Andrew Garcia has resigned from his position of president and director.The provider of marine transportation services said in a press release that its board has approved Brentwood Shipping and Trading’s appointment of Carlos Pena, Chief Commercial Officer of C Transport Maritime S.A.M. (CTM), as incoming Director.Pena has over 16 years’ experience in shipping across various areas and within CTM…
Kuok Makes Cash Offer for POSH
The Kuok Group, through its investment vehicle Quetzal Capital, announced a voluntary conditional cash offer to buy out Singapore-listed PACC Offshore Services Holdings Ltd (POSH).Quetzal Capital said that the conditional offer to acquire all of POSH for S$0.215 a share, marking a 97.2 percent premium over the stock’s closing price on 30 October.The offer price represents a premium of approximately 109.8%, 96.2%, 69.6% and 35.3% over the one-month, three-month, six-month and twelve-month volume-weighted average prices respectively…
Teekay Resolves China LNG JV Issues
Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation, a COSCO group firm…
Algoma Acquires Croatian-Built Vessel
Canadaian provider of marine transportation services Algoma Central Corporation has reached an agreement with 3Maj Brodogradiliste of Croatia under which Algoma will acquire a new Equinox Class 650’ self-unloading dry-bulk carrier upon completion of the vessel by the Shipyard.The vessel, the second of two such ships that were to be built by 3Maj for the Company, is partially built and moored at the 3Maj shipyard in Rijeka. Work on the vessel was halted in 2017 when the Shipyard entered an extended period of financial difficulties.Algoma took delivery of the Algoma Innovator…
New CEO for Cook Islands Registry
Maritime Cook Islands (MCI) has appointed Angelos Chatzigeorgiou to succeed Glenn Armstrong as Chief Executive Officer (CEO), effective from July 1, 2019.Glenn, who has led the registry since 2006, has stepped down and will join the registry’s Board of Directors.Angelos joins MCI from Hellenic Silk Company, and previously held senior management roles at Seagull S.A. international Freight Forwarders Group and Cardiff Marine, a shipping and marine transportation services provider.
Asahi MOL Tankers Established
Japanese shipping company Mitsui O.S.K. Lines (MOL) and the marine transportation services provider Asahi Tanker Co have launched a new MR product tankers pool with a fleet of about 25 ships.The new pool, named Asahi MOL Tankers and headquartered in Republic of the Marshall Islands, will also launch MR product tankers that will be assigned to the pool.MR stands for Medium Range and refers to product tankers in the 45,000-55,000 deadweight ton class. This ship type has great versatility in transporting petroleum products such as gasoline…
St. Louis, Plaquemines Ports Ink MoU for Mississippi River Cooperation
St. Louis Regional Freightway, Port of Plaquemines and St. Louis Regional Ports Sign Agreement to Foster Economic Growth on the Mississippi River. The pact will help support development of a new transportation link for cargo to move along the Mississippi River. The St. Louis Regional Freightway, Plaquemines Port Harbor & Terminal District located in the State of Louisiana and four ports in the St. Understanding (MOU) to establish and grow an alliance to generate new business by promoting international and inland trade routes at strategic locations along the Mississippi River.
Algoma Adds Algoma Innovator
Algoma Central Corporation, a leading provider of marine transportation services, today announced that it has taken ownership of the Algoma Innovator from the Uljanik d.d. shipyard in Croatia. The vessel is part of the Company’s Equinox 650’ class of self-unloading dry-bulk lake freighters and is the first new forward mounted boom ship to be built in 45 years. The vessel has been engineered to be a leader in the river class business; it’s forward mounted boom will permit cargo to be delivered into niche spaces allowing greater access and flexibility to customers.
Rasmussengruppen Sells Stake in Norden
Oslo based financial investor Rasmussengruppen sold its entire stake which is 4.8 million shares of Danish dry bulk bulker owner Norden. The company's share capital consists of 42,200,000 shares of DKK 1 each, amounting to DKK 42,200,000. Rasmussengruppen was the second biggest investor in Norden, after Danish company A/S Motortramp on 28.08%. Norden operates one of the industry’s most modern, flexible and competitive fleets globally within the dry cargo and tanker vessel types. Norden was founded in 1871 and is one of the world’s oldest listed ship owners.
Algoma Niagara Arrives Sept Iles Port
Algoma Central Corporation, a leading provider of marine transportation services, announced that the first Equinox Class self-unloader, the seaway-max size Algoma Niagara, arrived at the Canadian port of Sept Iles, Quebec on November 1st. The Algoma Niagara is the fifth Equinox Class vessel in Canada and she joins her four gearless sister ships in the Algoma fleet. The vessel is currently undergoing inspections and re-flagging as a Canadian vessel before beginning commercial operations.
Tsakos Orders Tankers at Sungdong
South Korean shipyard Sungdong Shipbuilding & Marine Engineering Co. (Sungdong) has won an order from Greece’s Tsakos Energy Navigation (TEN) for two 74,000 deadweight tonnage (DWT) crude-oil carriers with an option for two more. TEN has already ordered three tankers from Sungdong. The total value of the contract for the four LR1 tankers could reach up to USD 170 million. Delivery of the firm ship is due in the first half of 2018. Tsakos’s commitment is a massive boost for Sungdong after a tough period of instability and restructuring where the yard skirted with closure.
Hellenic Wind sold for Demolishing
Hellenic Carriers Limited, an international provider of marine transportation services for dry bulk cargoes, on 17 May 2016 sold the Company’s vessel HELLENIC WIND (74,000 DWT built 1997) for demolition to an unrelated third party for a total gross cash consideration of US$2.88 million. US$1.6 million of the proceeds of this sale were used by the Company for repayment of its outstanding debt under the loan described as Loan B in note 11 to the Company’s audited consolidated financial…
Charters of Tsakos Tankers Extended
Tsakos Energy Navigation (TEN) announced charter extensions with a state oil company with profit sharing provisions for four panamax tankers, with an average duration of 22 months per vessel and minimum gross revenues of $65 million. These fixtures are expected to commence between April and November of 2016 upon expiration of their existing employments and contribute, on an annualized basis, an extra $20m to the Company's bottom line. "The extension of these contracts follow our…
Globus Maritime CEO Steps Down
Greek dry bulk shipowner Globus Maritime announced the resignation of Georgios Karageorgiou from the position of president, CEO and interim CFO and Director of Globus Maritime Limited. Karageorgiou is leaving for personal reasons. Athanasios Feidakis, the company's current Non-Executive Director, will replace him as president, CEO and CFO. Feidakis is the son of chairman, Georgios Feidakis. Georgios Feidakis, chairman of Globus Maritime, commented: “We thank Mr. Karageorgiou for his long service to the company and we wish him every success in his future endeavors.
Nasdaq's Second Delisting Warning to Globus Maritime
Nasdaq-listed Greek dry bulk shipowner Globus Maritime has received notification from Nasdaq indicating it is in breach of Nasdaq Global Market requirements because the closing bid price of the company’s common stock has been under $1 for the last 30 consecutive business days. The Company no longer meets the minimum bid price continued listing requirement for the Nasdaq Global Market, as set forth in Nasdaq Listing Rule. Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until May 9, 2016.
DryShips to Sell 17 Vessels for a Huge Loss
DryShips Inc. a global provider of marine transportation services for drybulk cargoes, and through its affiliate, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced today that it has entered into firm sales agreements with entities controlled by the Company’s Chairman and Chief Executive Officer, George Economou, to sell 17 vessels. The 17 vessels, comprised of 13 Capesize and 4 Panamax bulk carriers, are being sold for an aggregate price of $377.0 million…
DryShips Misses on Revenue
The Athens, Greece-based DryShips reported a $1.44bn loss in the second quarter but delivered an operational profit that was in-line with expectations. DryShips is an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate, Ocean Rig, of offshore deepwater drilling services. The company has a loss of $2.17 per share. Earnings, adjusted for non-recurring costs and asset impairment costs, were 6 cents per share. The results fell short of Wall Street expectations.
Ocean Rig UDW Announces Closing
DryShips Inc. a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, announced today that Ocean Rig closed the previously announced offering of 28,571,428 shares of its common stock par value $0.01 per share, at a price of $7.00 per share. As part of the offering, George Economou, Ocean Rig’s Chairman, President and Chief Executive Officer, purchased $10 million…
US Marine Highways to Help Prepare for the Future
With America's population expected to grow by 70 million over the next 30 years, moving the goods that enrich our lives --and the freight that fuels our economy-- will be a key challenge. As our Beyond Traffic draft framework indicates, by 2045, the volume of goods on our roads, rail, air, and water will increase 45 percent or more. Because tomorrow's looming increase will pose a significant burden on our transportation system, we must prepare to handle that freight now by developing and investing in solutions today. The good news is that DOT is working to do just that.
Dryships Achieves Refinance of 5% Convertible Notes
DryShips Inc. * The Company has repurchased on the open market and cancelled $191,090,000 principal amount of its 5% convertible notes. No other repurchases are planned and therefore the outstanding principal balance of the 5% convertible notes due on December 1 is $508,910,000. * On October 29, 2014, the Company signed definitive documentation for the Nordea $170 million senior secured credit facility. We expect to draw down under this facility during the week commencing Monday, November 24, 2014.
DryShips Reports 3Q 2014 Results
DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the third quarter ended September 30, 2014. For the third quarter of 2014, the Company reported net income of $16.7 million, or $0.04 basic and diluted earnings per share. - Non-cash write…
American Maritime Safety Award Recipients Announced
American Maritime Safety, Inc., (AMS), announced today that Bouchard Transportation Company, Inc., Circle Line Sightseeing Cruises, General Dynamics/American Overseas Marine Corporation, Patriot Contract Services and U.S. Shipping Corporation would be the recipients of the 2014 AMS Maritime Safety Awards. AMS is a nonprofit maritime trade association, which facilitates the maritime industry's compliance with international shipping protocols and U.S. Coast Guard regulations. The AMS consortium is comprised of more than 400 vessel owners and operators.
Tractor Tug M/V Robert Franco Arrives in Los Angeles
On July 1st, 2013 Harley Marine Service’s new Z-drive tractor tug, the M/V Robert Franco arrived in Southern California. This 100’x40’ tractor tug will enter the ship assist and tanker escort market for both Millennium Maritime and Harley Marine Services in Los Angeles and Long Beach Harbors. The M/V Robert Franco was built with the most technically and environmentally advanced equipment available. This tug features Tier III engines and cold ironing/shore power capabilities. It also marks the second Tier III engine on a ship assist/escort tug boat…
Korea Lines Upgrades Navigation Package
Thomas Gunn is delighted to announce that Korea Lines, the marine transportation services company, is the latest ship owner to choose new Voyager 4 for its navigation requirements. It will be upgrading four LNG gas carriers from Voyager 3 to the new Voyager 4 digital chart management system with immediate effect. When asked why Korea Lines selected Voyager 4, Mr Cho Han-Ung, Principal Superintendent, Fleet Management Team 2 explained, “We needed a navigation solution which would best serve the needs of the internationally trading vessels operating within our fleet.
Harley Tractor Tug 'Robert Franco' Launched
Nichols Brothers Boat Builders has launched the first of two tractor tugs they have contracted with Harley Marine Services. The new tugboat will be delivered to Harley Marine Services in mid April 2013. The Tractor Tug, a Jensen Maritime of Seattle, Washington design, is ABS load line certified. It has two Caterpillar 3516C diesel engines coupled to the Rolls Royce z-drive system and it is also equipped with two Cat C9 generators. The propulsion package will produce over 90 tons of bollard pull with a combined horsepower of 6,770, giving the tug exceptional pulling power and maneuverability.
DryShips Inc. Announces Public Offering of Ocean Rig Shares
DryShips Inc. (NASDAQ: DRYS), or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, has announced it is offering 5,000,000 common shares of Ocean Rig that it owns in an underwritten public offering pursuant to Ocean Rig's effective shelf registration statement on Form F-3ASR filed with the Securities and Exchange Commission.