CHARLOTTE, NC, May 2, 2011 – Horizon Lines, Inc. (NYSE: HRZ) today announced that it has finalized an agreement with CSX Corporation to reduce charter payments on three vessels leased from CSX. Under the agreement, charter hire expense has been reduced by $3 million annually, retroactive to January 2011, through the January 2015 expiration of the charter. The agreement represents a total savings of $12 million for Horizon Lines over the remaining life of the charter. The three chartered vessels, the Horizon Anchorage, Horizon Tacoma, and Horizon Kodiak, serve in the Alaska tradelane and were built in 1987. “We greatly appreciate the willingness of CSX to provide meaningful financial assistance as we work to refinance our debt and position Horizon Lines for long-term success,” said Michael T. Avara, Executive Vice President and Chief Financial Officer. “As our former parent company, CSX remains a valued and very important business partner.” The reduction in charter hire expense of $3 million this year that was achieved by the finalization of this agreement was previously included in company estimated 2011 cost-savings projections of $18 million or greater. Source: Horizon Lines
Offshore Solutions B.V. (OSBV) reported that the OAS, mounted onboard the GDF SUEZ E&P Nederland B.V. (GSEPN) chartered vessel, REM Mermaid, has achieved over 1,000 operational connections without any LTIs. An OAS is a heave compensated telescopic gangway, enabling the safe transfer of personnel from a vessel to an offshore installation (wind turbine, oil or gas platform) designed to operate in 2.5 metre Hs (significant wave height) sea states
Cory Brothers Shipping has been awarded a five year Hub Agency contract by BP Shipping covering the Baltic, Europe, and Mediterranean regions. This is the largest region awarded by BP Shipping within its global system and covers some 6,000 port calls per year. Cory Brothers will be responsible for managing the agency network for BP’s own fleet and voyage chartered vessels employed on BP business. The Hub Agency system ‘ShipTrak’ developed by Cory is linked to BP’s
End March Cecon has completed the installation of four flexible pipelines and umbilical’s for Broron Oil & Gas/Addax Petroleum in waters offshore Nigeria, West Africa. The project was initially awarded (Oct 2011) to Cecon ASA as a fast-track subsea tieback project for the management, transport, installation and tie-ins of two flexible pipelines and two umbilicals between two wells in 130 m water depth and the Okwori FPSO
NEW YORK, March 25, 2011 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) ("Eagle Bulk") announced today that it has reached a comprehensive agreement with the Receivers of Korea Line Corporation ("KLC") regarding twelve time-chartered vessels impacted by KLC's decision to file for protective receivership earlier this year. The agreement follows extensive and highly constructive dialogue between the two parties.
Irish Ferries has chartered the Epsilon (built in 2011) to supplement its existing Ireland to Britain services. The ship will provide two additional departures per day in each direction which will result in an increase in the company’s schedule to a maximum of twelve sailings between Dublin and Holyhead each day. The recently built vessel will provide significant vehicle capacity along with modern facilities on board including cabins, bar/cafeteria and self-service restaurant.
Nakilat-Keppel Offshore & Marine (N-KOM) has received the first Qatargas-chartered vessel “Al Wakrah” to dry dock at the Erhama Bin Jaber Al Jalahma Shipyard, Qatar’s new, world-class offshore and marine hub at the Port of Ras Laffan. “Al Wakrah”, which is owned by a Japanese consortium led by Mitsui O.S.K. Lines, Ltd. (MOL) and managed by MOL LNG Transport Co., Ltd. (MOLLNG), will undergo general maintenance works such as main and generator turbine
PortVision, provider of business intelligence solutions for the maritime industry, announced its web-based service platform integrating vessel tracking, management and analysis in a single, operational dashboard for marine terminal operators. The TerminalSmart solution gives terminal operators access to PortVision’s comprehensive database of both real-time and historical vessel movements based on AIS vessel-tracking data, and combines it with management
Jeppesen optimization solutions to be used aboard BP's LNG, Product & Crude Oil vessels to increase efficiency, reduce risks & save fuel. The contract will result in the installation of Jeppesen’s Vessel and Voyage Optimization Solution (VVOS) on 52 BP vessels carrying crude oil and LNG shipments globally. The contract also provides for integration of Jeppesen’s FleetManager shoreside component into BP Shipping operations
Rickmers-Linie, the Hamburg based global breakbulk, heavylift and project cargo specialist, is well known for special and extraordinary cargoes being shipped on its multipurpose vessels. While floating craft are already a regular sight on Rickmers-Linie vessels, the company has now added a submersible craft to its portfolio of cargoes carried. A yellow tourist submarine, to be used for underwater excursions on the coast of Cheju Island, Korea’s biggest island, was lifted onboard the 17
The container industry is a notoriously difficult sector to make any money in, but a few major lines have managed to avoid the red ink while others have toiled. Drewry Maritime Equity Research compares the performances of Asian companies OOIL and NOL for clues behind the varying results and the
International Transport Workers’ Federation (ITF) president Paddy Crumlin has met with key stakeholders in Auckland, New Zealand, about the ongoing campaign to secure NZD30 million in unpaid wages for fishers in the region. The ITF has contributed to Slave Free Seas’ campaign to
The U.S. Shale Gas Revolution continues to drive orders for some of the world’s largest, most sophisticated tonnage. Mitsubishi Heavy Industries, Ltd. (MHI) received an order from Astomos Energy Corporation for a very large liquefied petroleum gas (LPG) carrier
SCF Group (Sovcomflot) has released its audited financial results for the year ending 31, December 2013, indicating a slip in profitability during what they describe as another challenging year for the international tanker industry. 2013 Financial Highlights
Net Income Group share up 174% to €115 million. Increased operating margin1 and capital gains generated €575.7 million EBITDA, up 41.7% compared to 2012. EBITDAR2 (excluding capital gains) reached €450.3 million (+17.6%), an increase of 2.1 pts to 34
Stena Bulk/Stena Weco and Golden Agri (GAR) have invested in a further six chemical tankers. Golden Stena Weco, which is a joint venture between Stena Weco and Golden Agri-Resources (GAR), will be responsible for the commercial management. The main aim of the investment is to ensure that Golden
Scorpio Bulkers Inc. announced it has agreed to time charter-in five dry bulk vessels. The chartered vessels will be the first to operate in the Scorpio Bulker fleet, while the company awaits 74 newbuild and purchased dry bulk vessels (28 Ultramax
Yara International ASA has entered into shipbuilding contracts with Hyundai Mipo Dockyard (HMD) for the construction and delivery of three 20,600 CBM semi-refrigerated LPG carriers with an expected cost per vessel of $51 million (USD). Following an evaluation of current newbuild and time
M/T Kerala vanished on January 18 off Angola; Angolan Navy says hijacking faked. The Angolan Navy is claiming that the crew of an oil tanker reported missing off its coast on Jan. 18 were part of faked pirate attack. Separately, a regional security expert who declined to be named for the
On Wednesday, December 11, Spanish EU Naval Force (EU NAVFOR) ship ESPS Tornado completed a three-day escort of a World Food Program (WFP) chartered vessel. The WFP ship was escorted by ESPS Tornado from Mombasa to the port of Kismayo in Somalia.
The St. Lawrence Seaway reported that year-to-date total cargo shipments for the period March 22 to October 31 were 28 million metric tons, down 7% over the same period in 2012. With only two months left in the shipping season, U.S. ports are hustling to move as much cargo as possible.
Moody's Investors Service has upgraded CMA CGM S.A.'s corporate family rating (CFR) to B2 from B3 and the company's probability of default rating to B2-PD from B3-PD. Concurrently, the rating agency has upgraded to Caa1 (LGD5/84) from Caa2 (LGD5/80) CMA CGM's EUR325 million and $475 million worth
Metro Ports provides stevedore and terminal handling services for Siemens Energy Inc.’s export wind turbine blade projects through the Port of Galveston. Siemens plans to export 246 53-meter blades between May and July 2013. These wind turbine blades
Atle Jacobsen, the CEO of Dolphin Geophysical, is, in many ways, a bit of a paradox. An experienced, no-nonsense, veteran of the marine seismic surveying industry, he is also disarmingly easy to “talk shop” with, engaging and has an obvious thirst for new ideas and technology
Odfjell buys long-term chartered vessel 'MT Bow Engineer', a 30,086 dwt chemical tanker. Odfjell, a leading company in the global market for transportation and storage of bulk liquid chemicals, acids, edible oils and other special products, has entered into a contract for the purchase of the MT