SEACOR to Go Private in $1 Billion Deal
Florida-based transportation and logistics firm SEACOR Holdings Inc announced Monday it has entered into a deal with private equity firm American Industrial Partners (AIP) to take the company private in an all-cash transaction valuing it at about $1 billion, including net debt.SEACOR said New York-based AIP will commence a tender offer to buy all its outstanding shares at $41.50 apiece, a premium of about 14% to the company’s closing stock price on Friday, and a premium of approximately…
AHM Offsets Emissions from Container Barge Service
SCF Marine Inc., a subsidiary of SEACOR Holdings Inc., announced that its container on barge service, operated by SEACOR AMH, is participating in a 12-month accredited U.S.-based carbon offset program starting June 2020.“Through this initiative, diesel carbon emissions from AMH’s container service and the St. Louis, Memphis and Port Allen terminals will be offset to achieve carbon neutrality, a benefit AMH is proud to extend to its direct and indirect customers,” said Rich Teubner…
Seacor to Acquire JV Partner's Sea-Vista Stake
Seacor Holdings Announces Acquisition of Joint Venture Partner’s Interest in Sea-Vista.SEACOR Holdings Inc. announced that it has become the sole owner of its consolidated SEA-Vista joint venture, acquiring through a subsidiary the 49% interest that had been owned by an affiliate of Avista Capital Partners (the “Seller”). Purchase consideration consisted of $106 million in cash and 1,500,000 shares of the Company’s common stock (the “Consideration Shares”).In connection with the purchase…
Seafarers’ House Launches $4.5m Campaign
Seafarers’ House at Port Everglades has launched the public phase of its “Place of Welcome” Campaign to build a new home for the mariners who visit the port. The announcement was made at its annual Golden Compass Gala on May 19, honoring President and CEO of Royal Caribbean International Michael Bayley, who announced that the cruise line is committing $500,000 to the campaign. The three-year, $4.5 million fundraising effort will allow Seafarers’ House to build a new facility,…
Long Joins SEACOR Holdings as Executive VP
SEACOR Holdings Inc. has appointed William “Bill” C. Long as the company's Executive Vice President, Chief Legal Officer and Corporate Secretary, effective immediately. He will report directly to Charles Fabrikant, SEACOR's Executive Chairman and Chief Executive Officer. Long brings to SEACOR more than 20 years of business and legal experience with publicly-traded companies. Prior to joining SEACOR Holdings, Long served as Senior Vice President, General Counsel and Secretary of GulfMark Offshore…
NASSCO Launches ECO Class Tanker Independence
U.S shipbuilder General Dynamics NASSCO launched the first ship in a series of ECO Class tankers for the SEA-Vista fleet at a christening and launch ceremony at the company’s shipyard in San Diego on Saturday, December 12. The ship, the Independence, is a 610-foot, 50,000 deadweight-ton, and LNG-conversion-ready product tanker with a 330,000 barrel cargo capacity. According to the shipbuilder, the new ECO Class tanker symbolizes the emerging direction of the shipping industry in the U.S. toward cleaner, more fuel-efficient modes of transporting product.
NASSCO Lays Tanker Keel
General Dynamics NASSCO has held a keel-laying ceremony for the first ECO tanker currently under construction for SEA-Vista, at the company’s shipyard in San Diego. The ECO tanker is the first of a three-tanker contract between General Dynamics NASSCO and SEA-Vista, which calls for the design and construction of three 50,000 deadweight ton LNG-conversion-ready product carriers with a 330,000 barrel cargo capacity. The 610-foot-long tankers are a new “ECO” design, offering improved fuel efficiency and the latest environmental protection features…
NASSCO Building Three Jones Act Tankers
Ceremony signals the start of construction for SEA-Vista ECO Tanker, the first of three tanker ships to be constructed locally at NASSCO. General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, signaled the start of construction for three 50,000 deadweight ton, 330,000 barrel cargo capacity product tankers for SEA-Vista LLC, a joint venture between SEACOR Holdings Inc. and Avista Capital Partners (SEA-Vista). Each LNG-conversion ready product tanker will be constructed at the NASSCO shipyard in San Diego under Jones Act requirements.
US Tankers Built on Spec Face Choppy Waters
U.S. shipbuilders are making a $500 million bet on robust domestic demand for crude oil from newly-tapped shale fields by building new tankers without having lined up customers to lease them. Philly Tankers AS, majority-owned by Aker Philadelphia Shipyard is building four ships on spec, and Seabulk Tankers Inc, an indirect wholly-owned subsidiary of SEACOR Holdings Inc, is building another two. The 330,000-barrel ships, which cost about $125 million each, conform to the 1920 Jones Act, which requires ships moving between U.S.
U.S. Maritime Advisory Panel Names 10 New Members
U.S. Transportation Secretary Anthony Foxx today announced the appointment of 10 new members to the Marine Transportation System National Advisory Council (MTSNAC). Established in 2010, MTSNAC is comprised of leaders from commercial transportation firms, trade associations, state and local public entities, labor organizations, academics, and environmental groups that advise the Secretary on policies to ensure that the U.S. Marine Transportation System is capable of responding to projected trade increases.
New York Shipping Conference Adds Speakers
Examining areas of change and growth in shipping is the focus of the 20th annual Hellenic-American and Norwegian-American Chambers of Commerce conference, often called the New York Shipping Conference. Entitled “Today’s Vision- Tomorrow’s Reality”, the conference will present a Macro Shipping and Economic Overview, a look at Shipping 2020, the challenges of balancing safety, regulatory compliance and costs, the current outlook and sources of dry bulk demand and supply, sourcing ship finance, and the commercial impacts of decisions regarding trade routes, chartering and futures.
Maritime & Offshore M&A
Workboat and offshore marine markets have been gaining strength over the past three years. A resurgence of oil production in the Gulf of Mexico has brought orders for new vessels, major oil companies are ramping up their presence in the region, and Gulf-oriented state governments are aligning to encourage offshore growth. Merger and Acquisition volumes have generally expanded in the US along with this growth as strategic companies seek to strengthen their positions in niche competencies (Figure 1).
NASSCO to Construct Two Product Tankers for Seabulk
General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, has entered into a contract with Seabulk Tankers, Inc., a wholly owned subsidiary of SEACOR Holdings Inc., for the design and construction of two 50,000 deadweight ton LNG-conversion-ready product carriers each with a 330,000 barrel cargo capacity. Construction of the first tanker is scheduled to begin in late 2014, with deliveries scheduled for the second quarter of 2016 and first quarter of 2017. The tankers will be constructed at the NASSCO shipyard in San Diego.
Great Lakes Shipyard Launches First Seacor Tugboat
Great Lakes Shipyard continues to make progress on the construction of two Aura-class tugboats for Seacor Holdings. Great Lakes Shipyard was earlier awarded contracts by Caribbean Tugz, LLC, an affiliate of Seacor Holdings, Inc., to simultaneously build the new state-of-the-art 50-ton bollard pull tugboats. Designed by Jensen Maritime Consultant, Inc., Seattle, Washington, the new tugs are being built for classification by the American Bureau of Shipping, and the tugs, named Aura And Atlas are to be completed in May 2013.
Great Lakes Shipyard Winter Season Update
Inland Lakes Management’s laker 'SS Alpena' recently left the Cleveland Ohio shipyard upon completion of winter work projects. The shipyard performed a variety of work on the vessel during its layup period which consisted of basic repairs and other general maintenance items. The S/S Alpena is the second of three lakers to complete winter work at Great Lakes Shipyard this season. Interlake Steamship Company’s ATB Dorthy Ann and Pathfinder were first, departing last weekend, and work on the American Steamship Company’s American Courage is soon coming to completion.
Great Lakes Shipyard Winter Season Contracts
Great Lakes Shipyard contracted by Interlake Steamship Company to perform winter work services on two vessels. Two more vessels have arrived: Interlake Steamship vessels, the ATB Dorothy Ann and the Pathfinder, are in Cleveland and docked at Great Lakes Shipyard's facility. A variety of work is to be done, including: miscellaneous steel work, generator maintenance, main drive unit maintenance, and other miscellaneous tug and barge repairs and maintenance. Great Lakes Shipyard is a full-service yard specializing in new construction…
$23m Contracts Awarded to Great Lakes Shipyard
Caribbean Tugz, LLC, an affiliate of SEACOR Holdings, Inc., Fort Lauderdale, Florida has awarded Great Lakes Shipyard, Cleveland, Ohio vessel construction contracts to simultaneously build two new state-of-the-art 50-ton bollard pull ASD tugboats to be used for ship docking and escort operations at the Hovensa Oil Refinery in St. Croix, U.S. Virgin Islands. The contracts’ total price of the new tugs is $23 million. Design and construction are to start immediately, and the tugs are scheduled for completion in early 2013.
Gulf Firms Moving Cargo, Staff To Distant Rigs
More than a decade ago, deepwater oil production in the Gulf of Mexico surpassed shallow water output for the first time ever. These days, rigs are found hundreds of miles offshore. Companies need to get equipment, employees, fuel and mud to those sites economically and usually on a tight schedule. Gulf marine companies are trying to meet those requirements by increasing the speed, size and energy efficiency of their vessels--though not necessarily all at once. Shane Guidry, Chief Executive Officer of Harvey Gulf International Marine…
Lorentzen Named CMA 2012 Commodore
Øivind Lorentzen, III, CEO of SEACOR Holdings Inc. has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2012. Mr. Lorentzen follows a long succession of influential maritime industry leaders as Commodore. The 2012 Commodore Award will be presented to Mr. Lorentzen on March 21, 2012 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Conn. The Award…
SEACOR Holdings 2Q 2012 Results
SEACOR Holdings Announces Results for the Second Quarter Ended June 30, 2012. SEACOR Holdings Inc. (NYSE: CKH) announced its results for the second quarter ended June 30, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended June 30, 2012 was $11.2 million, or $0.54 per diluted share, including a net loss from discontinued operations of $0.4 million, or $0.02 per diluted share. For the six months ended June 30, 2012, net income attributable to SEACOR Holdings Inc.
Bow Thruster Repaired Fast by Great Lakes Shipyard
Great Lakes Shipyard, Cleveland, Ohio, performs emergency repairs on USCG Aids to Navigation barge. United States Coast Guard Cutter Mobile Bay of Sturgeon Bay, Wisconsin departs Great Lakes Shipyard, Cleveland, Ohio after completion of drydocking and repairs to the bow thruster on it 120-foot Aids to Navigation Barge. The barge was hauled out on Monday, September 17th using the Shipyard’s 770-ton Marine Travelift. The shipyard immediately removed the bow thruster and disassembled it in the shop for repairs.
Training the Next Generation at Great Lakes Towing
The Great Lakes Towing Company and Great Lakes Shipyard have entered into another year as a partner in St. Martin de Porres High School’s Corporate Work Study Program. Four students, one from each grade level, work one day a week in various departments at the Company headquarters to help fund about 50% of the cost of their education. The relationship between the school and the Company is aimed at assisting the young men and women develop habits that give them an introduction to the marine industry and enable them to be successful in college, careers, and life. St.
WIN Group, Seacor Work on Haiti's Fuel Terminal
WIN Group, the Haitian conglomerate that owns and operates Terminal Varreux in Port-au-Prince, situated just five miles from the epicenter of the January 12 earthquake, and Seacor Holdings Inc. (NYSE: CKH) have launched an emergency response project to enable the crucial marine terminal to resume receiving bulk fuel and containerized cargoes thereby replenishing the stricken country’s rapidly dwindling supplies of gasoline, diesel fuel, fuel oil, propane gas and edible oils used for cooking.
Fuel Ops Resume at Haiti’s Main Terminal
On Feb. 9, WIN Group, the Haitian enterprise that owns and operates Terminal Varreux in Port-au-Prince, and Seacor Holdings Inc. announced that emergency repairs have enabled tanker shipments of fuel to resume to Haiti. Restoration of Terminal Varreux's marine operations included the installation of an interim vessel mooring system, the repair and testing of critical piping systems and the revision of terminal operating procedures. Additional emergency construction at Terminal Varreux is also providing the capability to receive containerized cargoes, furthering recovery efforts.
SEACOR Q4 Results
SEACOR Holdings Inc. (NYSE: CKH) announced its results for the fourth quarter of 2009. Net income attributable to SEACOR Holdings Inc. for the quarter ended December 31, 2009 was $22.2 million, or $1.04 per diluted share, on operating revenues of $476.5 million. During the fourth quarter, the Company called and settled all of its outstanding 2.875% Convertible Senior Debentures due 2024 resulting in a debt extinguishment loss of $6.1 million, net of tax, or $0.26 per diluted share. For the preceding quarter ended September 30, 2009, net income attributable to SEACOR Holdings Inc.