Sailors’ Society Appoints New Director
Maritime Charity Sailors’ Society welcomes Prasanta Roy as its new director general.Roy, who has 25 years of experience in leadership and governance within the banking and finance industry, is stepping down as a trustee of the charity to take the key role.Sandra Welch, previously the Society’s deputy CEO and director of program, has been promoted to chief operating officer. She will continue to head up global program delivery as well as taking on additional responsibilities across the operations of the Society…
Container Shipping Bankruptcy Lends Insight on Potential Fallout from Trade War
Global trade tensions have captured headlines in recent months, as the imposition of a series of tariffs and counter-tariffs by various global trade counterparts has raised questions about the possibility of a trade war. Such development could potentially have an impact on global trade flows, and, consequently, the companies which facilitate international movement of goods.Though the situation is still developing and the final impact is uncertain, Gregory Draco, the Chief U.S. Economist at Oxford, predicted in July that the tariffs would create an 0.1 percent to 0.2 percent drag on U.S. GDP.
Port of Corpus Christi Raises USD 216mln for Ship Channel Expansion
Port of Corpus Christi successfully priced and sold $216.2 million of Senior Lien Revenue Bonds. These bonds will be used for both the deepening and widening of the Corpus Christi Ship Channel as well as upcoming capital projects within the Port.Wells Fargo Securities acted as Lead Manager of a syndicate of underwriters including JP Morgan, Citigroup, and Frost Bank.“We are pleased with the level of interest the institutional investment community demonstrated for both series of our bonds.” said Sean Strawbridge, CEO of the Port of Corpus Christi.
Port of Corpus Christi Raises $216.2 Mln in Bond Sale
The Port of Corpus Christi said it has raised $216.2 million to support the deepening and widening its ship channel and other projects through a Senior Lien Revenue Bonds sale.“We are pleased with the level of interest the institutional investment community demonstrated for both series of our bonds,” said Sean Strawbridge, CEO of the Port of Corpus Christi. “This round of funding will help the Port of Corpus Christi further progress our ambitious yet achievable capital investment…
Corpus Christi Gearing Up to Handle US Shale Export Boom
Port officials on Tuesday are expected to consider $300 million in financing that would prepare the country's largest oil-export port - Corpus Christi, Texas - to handle a surge in U.S. shale production over the next five years.International buyers would like more U.S. crude but are unable to get it because of infrastructure constraints along the U.S. Gulf Coast. Terminals originally designed for imports only recently have revamped operations to handle exports including accepting…
Washington Maritime Economy Grows Stronger -Study
A new report from the Washington Maritime Federation shows strong health of industry, increased average salaries and tremendous opportunity to continue to grow maritime jobs. The Washington State Maritime Sector Economic Impact Study 2017 Update, released at the April 2017 Propeller Club luncheon, updates the seminal 2013 study of the same name and provides a detailed analysis of the positive economic impact of the state’s maritime industry. “This study builds upon past efforts and clearly shows the maritime industry is a cornerstone of the State’s economy…
N. American World Maritime Day to Be Held in New York
The 2016 North American World Maritime Day Observance will be held on October 27 at Pier A in New York City, announced Joseph Hughes, Chairman of the North American Marine Environment Protection Association (NAMEPA). This year’s theme, “Shipping: Indispensable to the World” will be explored by such speakers as Jan-Willem van den Dijssel of Cargill, Dr. Sandra Whitehouse of Ocean Conservancy, Jon Waldron of Blank Rome, and Anthony Teo of DNVGL. They will focus their remarks on the benefits of Corporate Social Responsibility in shipping.
Shipping Must Disclose or Risk Being Exposed - Moore Stephens
International accountant and shipping adviser Moore Stephens says the shipping industry must adopt a transparent, proactive approach to corporate governance or else risk exposure to business and reputational damage. Corporate governance in shipping has been in sharp focus recently, particularly following publication of the research by Wells Fargo Securities into Shipping’s Corporate Governance War. Robert Noye-Allen, a partner in the Moore Stephens Governance Risk & Assurance team…
Ithaca Energy Completes RBL Redetermination
Ithaca Energy Inc. announced having successfully completed its planned semi-annual reserves based lending (“RBL”) facilities review and continues to maintain in excess of $100 million of funding headroom ahead of planned first hydrocarbons from the Greater Stella Area in the third quarter of 2016. The Company commenced deleveraging the business in 2015 with net debt reducing from a peak of over $800 million in the first half of 2015 to $630 million at 31 March 2016. Following…
Hueneme Port Expands Ship Pollution Reduction Program
The Port of Hueneme launched the second phase of its Grid-Connected Shore Power System, celebrating another next step forward in reducing air emissions and minimizing environmental impact. Among the community leaders attending the ribbon cutting were Congresswoman Julia Brownley, County Supervisor Kathy Long, Ms. Sabiha Khan with Senator Dianne Feinstein’s office, Port Hueneme Mayor Douglas Breeze, and VCTC chairman Keith Millhouse. By connecting to the Port’s Grid-Based Shore Power System…
Global Shipping in Doldrums
Wells Fargo Securities says that headwinds face global shipping industry and the continued overcapacity means freight rate gains are less likely to stick. "Given the continued overcapacity headwinds and easing containerized trade demand, we believe these freight rate gains are less likely to stick, and we expect rates to remain under pressure as we approach the slack winter season, particularly following a muted peak season," says a report from Wells Fargo Securities, written by Michael Webber that appeared in the Forbes.
Two Long Beach Port Funded Projects Opened
In a festive ceremony, two Port of Long Beach grant-funded environmental projects had their grand openings yesterday, at the Century Villages of Cabrillo homeless rehabilitation complex in West Long Beach. Century Villages at Cabrillo was awarded grants under the Port’s Greenhouse Gas Emissions Reduction Grant Program. One $161,455 grant went toward a solar energy system that will provide 150,000 kilowatt-hours of clean electricity annually, and another $170,000 grant for a picturesque urban garden to beautify and also capture harmful emissions.
Transocean Prices Initial Public Offering
Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced the pricing of its initial public offering of 17,500,000 common units representing limited liability company interests at $22.00 per unit. All of the common units are being offered by Transocean Partners Holdings Limited, a wholly owned subsidiary of Transocean Ltd. Transocean Partners Holdings Limited has also granted the underwriters of the offering a 30-day option to purchase up to an additional 2,625,000 common units.
Marathon Petroleum to Buy Hess's Retail Business for $2.87 bln
Refiner Marathon Petroleum Corp said it would buy oil and natural gas company Hess Corp's retail and transport business for $2.87 billion, expanding its network of gas stations and convenience stores along the U.S. East Coast. While Hess has been shedding downstream assets to focus on more profitable shale drilling, the deal offers Marathon a buffer against the volatile refining business by boosting exposure to more stable cash flows from retail. It also provides a guaranteed market for the company's fuel, Marathon's Chief Executive Officer Gary Heminger said on a conference call on Thursday.
Signet Buys Harvey Gulf's Towing Division
Harvey Gulf International Marine has sold its towing division to Signet Maritime Corporation. Through the deal, Signet will acquire eight offshore towing vessels (OTVs) ranging in size from 75 to 153 metric tons bollard pull. The sale will encompass all Harvey OTVs, spares, business and supplies. The transfer of OTV ownership was completed on May 15, 2014 in New Orleans, Louisiana with financing provided by Wells Fargo Equipment Finance as part of a $209 million syndicated financing facility.
Stalwart Tankers Postpones U.S. IPO
Greece-based chemical transportation company Stalwart Tankers Inc has postponed its U.S. IPO plans due to "market conditions," an underwriter told Reuters. The company filed with U.S. regulators in February to raise up to $100 million in an IPO of its common stock. Stalwart Tankers later said it expected to price its IPO of 12.5 million common shares at between $11 and $13 per share. The decision to postpone the IPO comes on the heels of Greece returning to the bond market on Thursday…
Stealth Gas Offer Stock in Order to Buy LNG/LPG Ships
StealthGas Inc., has increased the size of its stock offering, & will sell 10-million shares at $10 each using the proceeds towards purchase of 5 ships. The gross proceeds from the offering before the underwriting discount and other offering expenses are $100,000,000. An entity controlled by the family of the Company’s President and Chief Executive Officer has agreed to purchase 500,000 of the shares sold in the offering. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock.
Commercial Barge Line Company Announces Results
Company announces offering of $650 million senior secured term loan. Commercial Barge Line Company announced results for the quarter and year ended December 31, 2012. For the year, the Company reported total revenues of $811.6 million and Adjusted EBITDAR of $232.1 million. Compared to 2011 results, revenues declined $41.4 million, or 4.9%, while Adjusted EBITDAR improved by $57.8 million, or 33.2%. For the quarter, total revenues were $207.9 million compared to $244.5 million in 2011 and Adjusted EBITDAR was $62.8 million compared to $60.3 million in 2011.
Alexander & Baldwin Finalizes Financing
New A&B Will Have a Well-Capitalized Balance Sheet Providing Strong Liquidity and Financial Flexibility; Receives Favorable IRS Ruling on Tax-Free Nature of Planned Separation. Alexander & Baldwin Holdings, Inc. (NYSE: ALEX) ("Company"), successor by merger to Alexander & Baldwin, Inc., today announced that, in connection with previously announced plans to separate its transportation and land businesses into two publicly traded companies, it has entered into new financing arrangements for the land business ("New A&B").
Horizon Lines Completes Comprehensive Refinancing
New Capital Structure Provides Opportunity for Significant Deleveraging. Horizon Lines, Inc. (NYSE: HRZ) today announced that it has completed a comprehensive refinancing of the company's entire capital structure. The new capital structure addresses the company's financial needs by providing adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction. "We now have a new capital structure that eliminates the refinancing uncertainty faced by our company over the past several months and better positions us for the future," said Stephen H.
Horizon Lines Modifies Agreement with Note holders
Commitments Secured to Move Forward with Refinancing; Consummation of Transaction Expected by the End of September. Horizon Lines, Inc. announced that it has entered into a definitive agreement and secured commitments from holders of more than 99% of its 4.25% convertible senior notes due in 2012 to move forward with a modified transaction that will refinance the company's entire capital structure. As part of the refinancing, the company has launched an exchange offer today for the $330.0 million of existing unsecured 4.25% convertible senior notes.
Crude Carries Pricing, Initial Public Offering
Crude Carriers Corp. announced that it has priced its initial public offering of 13,500,000 common shares at $19 per share. The underwriters have an option to purchase up to an additional 2,025,000 common shares to cover overallotments. Crude Carriers Corp. will use substantially all the proceeds from the offering, together with a $40m capital contribution from Crude Carriers Investments Corp., to acquire one 2006-built high specification Suezmax vessel from Capital Maritime & Trading Corp.
Hornbeck Offshore Exchange Offer
Hornbeck Offshore Services, Inc. (NYSE:HOS) announced that it has successfully completed its offer to exchange $250m aggregate principal amount of its outstanding 8% Series A Senior Notes due 2017 (CUSIPs440543 AF 3 and U44070 AC 1), which were issued in a private placement and sold in accordance with Rule 144A or Regulation S under the Securities Act of 1933, for an equal aggregate principal amount of its 8% Series B Senior Notes due 2017 (CUSIP 440543 AH 9). The issuance of the New Notes was registered under the Act.
Conover Voted WISTA Personality of the Year
Pamela C. Conover, who has taken leadership roles at three major cruise lines, has been voted Personality of the Year 2009 by the Women’s International Shipping & Trading Association. The decision was announced at the 2009 conference of WISTA, taking place at IMO headquarters in London from September 16-18. Pam Conover is president and chief executive of Seabourn Cruise Line, a luxury cruise subsidiary of the Carnival group. The special WISTA accolade recognises an outstanding personal contribution to the maritime industry.