Marco Polo Seatrade has received court approval to obtain fresh financing from Royal Bank of Scotland, one of its senior lenders. The New York Court supervising the reorganisation of Marco Polo approved today new financing to be provided by the Royal Bank of Scotland. This financing is being provided on a fully consensual basis and resolves the various objections that were filed to Marco Polo’s original financing motion. This Court approval and the Court’s previous approval of the use of cash collateral ensures that Marco Polo will be able to continue to fulfil all charter contracts and to pay its expenses in the ordinary course of business. It also ensures that Marco Polo will be able to take advantage of profitable new charters. Post-petition financing from one of its senior lenders is a significant step towards Marco Polo’s focus on a plan to emerge from Chapter 11 as a strong and healthy competitor in the global shipping market.
Rig-builder Sembcorp Marine (SembMarine) is currently embroiled in a dispute with Marco Polo Marine over a US$214.3 million rig construction contract that Marco Polo wants terminated. In a statement on Monday, Macro Polo reiterated its position that it is not obliged to take delivery of the rig, as Sembcorp Marine unit PPL Shipyard had failed to comply with certain contractual obligations.
Bureau Veritas has classed what is currently the largest containership in the world. Built by DSME (Daewoo Shipbuilding and Marine Engineering) in South Korea for French operator CMA-CGM, CMA CGM Marco Polo is the first in a series of three 16,000 teu vessels which will each be named after great explorers. The CGM Marco Polo - 396 metres long and 54 metres wide with a draft of 16 metres - is equipped with the latest cutting-edge environmental technology
Khorfakkan Container Terminal (KCT) became the first terminal operator in the Middle East to handle the world’s largest container ship, 'CMA CGM Marco Polo'. With a length of four standard football pitches (396 metres), 54 metres beam and requiring a draft of 16m, Khorfakkan is one of the few ports in the world able to accommodate Marco Polo’s massive 16,020 TEU capacity, reports 'The Gulf Today'. The ship's arrival at KCT was marked with a presentation from Gulftainer to
A cruise ship passenger has died and another was airlifted to hospital after the 22,000-tonne cruise ship 'Marco Polo' was hit by a freak wave in the English Channel during the recent storm. The cruise ship operators, Cruise & Maritime Voyages (CMV) confirm that after a freak wave hit their cruise ship m/s Marco Polo in the English Channel during heavy weather, the ship is now in home port, London Tilbury.
Marco Polo Marine has unilaterally terminated a rig building order worth US$214.3 million from a subsidiary of Sembcorp Marine. Sembcorp Marine on early Wednesday morning said its subsidiary, PPL Shipyard, will regard the termination by Marco Polo Drilling (I) of the US$214.3 million newbuild contract as "repudiatory breach of the contract". The response comes after Marco Polo Marine, of which Marco Polo Drilling is an indirect wholly-owned subsidiary
Cal Dive International, Inc. announced that it has completed project financing to fund its share of the cost to construct production facilities at the Marco Polo and Gunnison Deepwater fields. Deepwater Gateway LLC, a joint venture owned by El Paso Energy Partners, L.P. and Cal Dive, has secured a $155 million commitment to fund 70 percent of the estimated total cost of the Marco Polo tension leg platform (TLP). As a 50% owner of Deepwater Gateway
MODEC International LLC has entered into a letter of intent with El Paso Energy Partners, L.P. for the engineering, procurement and construction of the hull, mooring and production riser system for the world’s deepest tension leg platform (TLP). The TLP is expected to be owned by EPN and Cal Dive International, Inc. and is planned to serve as a production hub at Green Canyon 608 in the Gulf of Mexico initially for Anadarko Petroleum Corporation’s Marco Polo field discovery
Terminal Pacífico Sur Valparaíso in Chile recently purchased three Ship-to-Shore container cranes (STS) from Irish based Liebherr Container Cranes Ltd. These cranes have an outreach of 62 m and a safe working load of 65 t under twin lift spreader. These are the largest container cranes that Liebherr has ever manufactured for the west coast of South America. The cranes allow the terminal to meet shipping companies’ newest requirements
China’s 21st Century Maritime Silk Road and Economic Belt development vision has takers in UK maritime sector, reports Xinhua News Agency. Both countries expected to improve bilateral maritime cooperation in the "Belt and Road" initiative, chairman of Maritime London Lord Mountevans said. ‘All maritime roads lead to London’ stated moderator Doug Barrow, chief executive of promotional body Maritime London, organiser of the One Belt
Jan De Nul NV is part of a consortium that is responsible for the expansion of the port of Kingston. In 25 months the access channel and the port basin will be deepened, and the berths on the existing quay walls will be reinforced and renovated
Lerwick Harbor has logged its best cruise season yet, with the Shetland port setting four new records in 2016 – and three expected to be broken again next year. The season closes tomorrow, Thursday 6 October, with another visit by the Cruise & Maritime Voyages-operated Marco Polo
Damen Shiprepair Amsterdam (DSAm), part of Damen Shiprepair & Conversion (DSC), has completed maintenance works on cruise vessels Marco Polo and Magellan. Both vessels are operated by British based Cruise & Maritime Voyages (CMV), part of the Global Maritime Group
Marco Polo Marine Group Group recorded a revenue of S$11.4 million in Q1FY2017, a decrease of 33% from that of S$17.0 million in Q1FY2016. Relative to Q1FY2016, the Ship Chartering Operations’ revenue of the Group decreased by 31% to S$4.4 million in Q1FY2017
Sound Oil, the Mediterranean focused upstream oil and gas company, announced the appointment with immediate effect of Marco Fumagalli as a Non Executive Director of the Company following the institutional investment announced on 25 April 2014.
CMA CGM Group is now offering genuine cruises aboard its biggest vessels, the new 16,020 TEUs containerships, such as the CMA CGM MARCO POLO or the CMA CGM ALEXANDER VON HUMBOLDT. These giants of the seas (365 meters long, which is equivalent to more than 4 soccer fields)
Tropical storm Polo barreled nearer on Friday to the Mexican Pacific resort of Los Cabos where thousands of troops were restoring order following widespread chaos caused by Hurricane Odile at the start of the week. Odile plowed into the southern tip of the Baja California peninsula on
After a very fast and successful 17-day drydocking the cruise ship MSC Magnifica left Damen Shiprepair Rotterdam (part of Damen Shiprepair & Conversion) for Hamburg on schedule to start her next cruise. Next week (December 2) another cruise vessel will arrive at Damen Shiprepair
Astor and Marco Polo receive refurbishment and class survey work Damen Shiprepair & Conversion has recently carried out a number of cruise ship repair and refurbishment projects in the Netherlands, including Astor and Marco Polo, both operated by Cruise & Maritime Voyages
The Indian Register of Shipping (IRClass), a ship classification society, has issued a ringing endorsement of the COP21 agreement at the United Nations Climate Conference in Paris. Arun Sharma, CMD, IRClass represented the voice of the Indian Shipping fraternity at the recently concluded
Damen Shiprepair Vlissingen (DSV), part of Damen Shiprepair & Conversion (DSC), has said farewell to Marco Polo, the 800 passenger cruise ship owned by Global Maritime and operated by Cruise & Maritime Voyages. Launched in 1964 as the Aleksandr Pushkin
AIDA Cruises will help the Port of Hamburg ring in its 827th anniversary with the christening if its new flagship, AIDAprima. AIDA Cruises will christen its 11th ship, AIDAprima, in Hamburg on May 7, 2016 as part of the celebrations for the 827th Hamburg Port Anniversary
The first cruise ship arrival of the year will enter Lerwick Harbour this weekend at the start of a record-breaking season which is expected to see the most passengers and vessels yet at the Shetland port, along with the highest gross tonnage of cruise ships, including the biggest vessels to date
While the Silk Road initiated trade between the East and the West starting in the 4th Century BC, the first traces of spice trading, which the Romans loved so much, seem to appear as early as the 1st Century. Over the centuries, and in response to wars and invasions
Singapore's Marco Polo Marine Ltd, whose business includes building and chartering ships, said it has appointed KPMG Services as an adviser to conduct an independent business review of the company. The company, which has S$50 million ($37.19 million) worth of notes maturing on Oct