Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to sign a time charter for the Genco Predator, a 2005-built Supramax vessel, with Pacific Basin Chartering Ltd. for approximately 11 to 13.5 months at a rate of $22,500 per day, less a 5% third-party brokerage commission. The time charter is expected to commence on or about May 7, 2010 and is subject to the completion of definitive documentation. Currently, Genco has approximately 67% of its fleet's estimated available days secured on contracts for the remainder of 2010.
DryShips Inc. (NASDAQ: DRYS) announced that its fully-owned subsidiary Ocean Rig UDW Inc has signed definitive documentation following the previously announced Letter of Award. The contract signed with Borders & Southern Petroleum plc is for a two well contract for exploration drilling offshore the Falkland Islands for a period of about 90 days, commencing in the fourth quarter of 2011, immediately after the completion of the current contract. The contract value is approximately $77m
Tidewater, Inc. has signed an agreement of intent to acquire six newbuild vessels from Hvide Marine Incorporated, for an aggregate price of $22 million. Closing, which is expected sometime during July 1999, is subject to customary due diligence matters, including executing a definitive agreement and satisfactory inspections of the vessels by Tidewater.
Ambassadors International, Inc., announced that its wholly-owned subsidiary, Ambassadors Cruise Group, LLC has completed its acquisition of American West Steamboat Company LLC and related entities ("American West Cruises"), one of North America's premier river and coastal cruise companies. The signing of a definitive agreement was previously announced on December 27, 2005.
FastShip has signed a Memorandum of Understanding with National Steel and Shipbuilding Company (NASSCO), a subsidiary of General Dynamics, for the building of the first generation high-speed vessels comprised of the FastShip trans-Atlantic transportation fleet. Under the proposed agreement, NASSCO, designer and builder of new ships headquartered in San Diego, will construct four revolutionary vessels in the FastShip fleet
Genmar Holdings, Inc. announces that it has signed a definitive agreement to sell Hatteras Yachts, Inc. to Brunswick Corporation for approximately $80 million in cash. The agreement contains provisions allowing for an additional payment of up to $20 million based on Hatteras achieving certain financial targets over the next 20 months. Consistent with its June 27, 2001announcement, Genmar's Board of Directors considered all appropriate alternatives with respect to Hatteras and concluded a
OMI Corporation (OMI), Teekay Shipping Corporation (Teekay) (NYSE: TK) and A/S Dampskibsselskabet TORM (TORM) announced that Teekay and TORM have entered into a definitive agreement to acquire OMI. The agreement was unanimously approved by OMI's Board of Directors. Under the agreement, OMI shareholders will receive $29.25 in cash for each share of OMI common stock they hold. Teekay and TORM will equally split the total cost of the transaction of approximately $2
Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes, announced that it has entered into a letter of intent with Aries Maritime Transport Limited (NASDAQ:RAMS) that contemplates, among other things, the acquisition of three Capesize drybulk carriers with an approximate net asset value of $36m in exchange for 15,977,778 newly issued shares of Aries, and a change of control of the company's Board of Directors.
Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to enter into a time charter for the Genco Vigour, a 1999-built Panamax vessel, with Global Maritime Investments Ltd. for approximately 10.5 to 13.5 months at a rate of $24,000 per day, less a 5% third-party brokerage commission. The time charter is expected to commence on or about January 8, 2010 following the expiration of the vessel's current time charter and is subject to the completion of definitive
Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced: $1.35 billion Bank Facility The Company announced that it has received firm commitments from lenders for a $1.35 billion syndicated secured term loan to partially finance the construction costs of the Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena. This facility has a 5 year term, and approximately an 11 year repayment profile
Hercules Offshore executes a definitive agreement to acquire the liftboat 'Titan 2' from a subsidiary of KS Energy Ltd. The purchase price is $42 million in cash. The Titan 2 is a 280 foot class vessel, constructed in 2008, registered and flagged in Panama, and currently located in Limbe
Ocean Rig UDW Inc international contractor of offshore deepwater drilling services reports unaudited losses in Q4 & year-end 2912 financial results. Year Ended December 31, 2012 Financial Highlights For the year ended 2012, the Company reported a net loss of $132.3 million, or $1
This guideline by the Canadian Association of Diving Contractors (CADC) provides a basic understanding of the forces and hazards associated with Delta P. The Canadian Association of Diving Contractors (CADC) recently published definitive guidance for divers working in differential pressure
Greece's Paragon Shipping Inc. obtains a $69-million credit facility with China Development Bank to partially finance its two 4,800 TEU containerships currently under construction. The two container ships on order are expected to be delivered in the second quarter of 2014
National Ocean Industries Association (NOIA) formally informs House Natural Resources Committee of its support of HR 6082 National Ocean Industries Association (NOIA) President Randall Luthi has sent the following letter to House Natural Resources Committee Chairman Doc Hastings in
CNOOC Limited (SEHK: 00883, NYSE: CEO) and Nexen Inc. (TSX: NXY, NYSE: NXY) announced today that they have entered into a definitive agreement under which CNOOC Limited will acquire all of the outstanding common shares of Nexen for $27.50 per share in cash.
OCENS announces version 3 of its award-winning WeatherNet Weather-on-Demand service. The manufacturers explain that WeatherNet 3 transforms the product selection process by asking users for their general weather interests and then responding with definitive file suggestions for the given area of
Great Lakes Dredge & Dock Corp. contracts Signal International for construction of hopper barge & tugboat. Great Lakes Dredge & Dock Corporation the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation
Keppel Shipyard enters into a term sheet agreement with Golar LNG regarding the conversion of three LNG vessels. Keppel Shipyard Ltd (Keppel Shipyard) has entered into a term sheet agreement with Golar LNG Ltd (Golar LNG), to work together on the conversion of up to three LNG vessels into
BAE Systems entered into a definitive agreement with American Maritime Holdings, Inc. to acquire Marine Hydraulics International, Inc. (“MHI”), a privately held company that operates a shipyard, pier and waterfront facilities in Norfolk, Va
Large-sized superyacht orders show a huge increase according to a recent market report. If orders for superyachts are any indication of consumer confidence, statistics show a small but definitely measurable increase (3.9%) in global orders for yachts above 150 feet in length overall (LOA) and
Dubai Maritime City infrastructure development speeds up as 35 percent companies agree to begin immediate plot development. Maritime World, the umbrella body constituting Dubai Maritime City (DMC) and other maritime entities, announce that the development of the Business District of Dubai
Floating Production Storage & Offloading (FPSO) vessel 'Cidade de Itajaí' arrives at the Santos Basin. Petrobras announce the FPSO's arrival at its definitive location to be integrated to the Baúna and Piracaba field production system
Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced that it has signed definitive documentation, following the previously announced Letter of Intent, for one of its semi-submersible drilling rigs, the Eirik Raude, with an oil major.
Shaping a vessel’s design and construction to the its function is the aim of most commercial boat building. Often, the demonstration of success is in how the boat does its job and makes money for the owner, and the definitive proof of good design and construction is defined by the