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Seadrill Receiving Rival Bids for Debt Restructuring

(Photo: Seadrill)

Drilling rig firm Seadrill confirmed on Wednesday it had received two rival bids for its debt restructuring from unsecured bondholders.   The company, which filed for Chapter 11 restructuring in a U.S. court on Sept. 12, has sought alternative proposals for the plan put forward by its main owner,

West Coast Intermodal Update: Mario Cordero

Mario Cordero

POLB Executive Director Mario Cordero weighs in from his new West Coast chair, on the most pressing issues of the day. Arguably the industry authority from both the regulatory and commercial sides of the equation, his opinion carries weight and, sometimes, surprises.   It has been a busy year at the port of Long Beach, Calif.

US Invests $18.5 Mln in Offshore Wind Research

© Björn Wylezich / Adobe Stock

U.S. Secretary of Energy Rick Perry announced $18.5 million in new Department of Energy (DOE) funding for a consortium that will conduct research aimed at reducing the cost of offshore wind in the U.S. As it seeks to capitalize on momentum in the offshore wind market, the U.S. still faces several challenges,

Seadrill Bondholders Propose Alternative Debt Restructuring

(Photo: Seadrill)

An unofficial committee of Seadrill's unsecured bondholders has submitted a binding alternative proposal for the company's restructuring, two sources familiar with the proposal told Reuters on Tuesday. Norwegian-born billionaire John Fredriksen and a group of hedge funds proposed on Sept. 12 to invest $1.

NAT Announces Public Offering of USD 100mln

Photo: Nordic American Tankers

 Nordic American Tankers (NAT) announced an underwritten public offering of $100 million of its common shares pursuant to the Company’s effective shelf registration statement.    At the Company’s request, the underwriters have reserved for sale an aggregate of approximately $1.2 million of its common

Proposal for 355-ship US Navy Signed into Law

File photo: Nuclear-powered aircraft carrier John F. Kennedy under construction at Newport News Shipbuilding (Photo: John Whalen)

Included in the 2018 National Defense Authorization Act (NDAA) signed today by President Donald Trump is policy to grow the U.S. Navy fleet from its current 279 ships to a minimum of 355. “With his signature, President Trump has confirmed the United States’ resolve to meet the growing needs of our U.

Samsung Heavy Industries Replaces CEO

South Korea’s Samsung Heavy Industries named Joonou Nam as its new chief executive officer on Monday after Park Dae-young resigned to take responsibility for the firm’s losses.   The shipbuilder’s shares plunged last week as it forecast a fourth straight year of operating losses and announced a rights issue.

Arctech Helsinki Shipyard Looks for New Investor as Sanctions Bite

Arctech Helsinki shipyard (Photo: Eric Haun)

Russian state-owned United Shipbuilding Corporation (USC) is looking for a new owner for its Arctech Helsinki shipyard as sanctions against the holding company hamper business, the head of the shipyard said on Tuesday.   The shipyard is the world’s biggest builder of vessels that can navigate ice-covered waters,

Concordia Eyes Growing Product Tanker Market

Kim Ullman, CEO of Concordia Maritime (Photo: Concordia Maritime)

Swedish tanker shipping company Concordia Maritime said it has signed a contract to charter in another IMO2/3 class MR tanker while also extending an expiring charter of another MR tanker.   The new charter contract will run for two years from the time the newbuild is delivered in January 2018, with multiple options to extend.

FSL Trust Sells Vessel for USD 6.2mln to Reduce Debt

FSL Santos. Photo: FSL Trust

 Singapore's First Ship Lease (FSL) Trust said that  it has sold containership, FSL Santos for $6.2 million to reduce its debt service requirements for the fourth quarter.   A press release from the company stated: FSL Trust Management, as trusteemanager of First Ship Lease Trust , announces that the Trust has sold containership,

Eagle Bulk Completes $265 Mln Refinancing

Pic: Eagle Bulk Shipping Inc.

Eagle Bulk Shipping, through its wholly-owned subsidiaries Eagle Bulk Shipco and Eagle Shipping LLC, has entered into a series of refinancing transactions, including the repayment in full of Eagle Shipping’s outstanding first and second lien credit facilities, each dated as of March 30, 2016.  As a result of these transactions,

Oil Gains on Forties Pipeline Shutdown, New York Blast

Oil prices rose Monday, reversing earlier declines, after a North Sea pipeline shut for repairs and investors focused on commodities following an explosion in New York. Brent crude futures were up $1.20, or nearly 2 percent, at $64.60 by 12:22 p.m. EST (1722 GMT). U.S. West Texas Intermediate (WTI) crude futures were at $57.

Keppel Secures $130 mln in Projects

Keppel Offshore & Marine (Keppel O&M) has, through its wholly-owned subsidiaries, Keppel FELS Brasil S.A. and Keppel Shipyard Ltd (Keppel Shipyard), secured projects from repeat customers, Petrobras and SOFEC Inc. (SOFEC) respectively, worth a combined value of approximately S$130 million.   Keppel

JNPT Records Growth of 5.76% in Container Handling

Photo: Jawaharlal Nehru Port Trust (JNPT)

 Jawaharlal Nehru Port Trust (JNPT), handled 3.9 lakh TEUs in the month of November 2017, while recording a growth of 5.76% in container handling for the period Apr-Nov2017 as compared to same period last year.   Of the four terminals at JNPT, JNPCT handled 1.18 lakh TEUs, APM Terminal’s total stood at 1.

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