April 2nd, 20200US offshore vessel owner Hornbeck Offshore Services has revealed in an SEC filing that it is headed for a prepackaged chapter 11 after defaulting on its payment obligations. The company has reached an agreement with lenders and holders of the company’s unsecured 5.875% senior notes pursuant to which the creditors have agreed to...
March 31st, 20200Houston-headquartered McDermott International has been awarded a contract by BHP in Mexico to provide pre-front-end engineering design (pre-FEED) services for a floating production unit that will be installed in the Trion field, located around 180 km off the Mexican coast. The pre-FEED scope includes engineering tasks related to the...
March 31st, 20200Overseas Shipholding Group (OSG) has closed on a $33.15m loan, led by Wintrust Commercial Finance (WCF), to finance a newbuild 204,000 barrel US-flagged oil and chemical ATB barge. The loan term is five years, and the lenders will hold a perfected first priority security interest and preferred ship mortgage against the vessel. The...
March 26th, 20200Norwegian roro shipowner Wallenius Wilhelmsen has announced that it has started temporary layoffs of about 2,500 production workers in the United States and Mexico. The company said the layoffs are in line with automaker plant closures as part of the fight against coronavirus, and amount to around half of the company’s production...
March 26th, 20200December saw tanker commercial management firm Concord Maritime, launched in April 2018 by Ben Ognibene, move into shipowning with the acquisition of 2007-built Samsung aframax tanker Aegean Blue from Greece’s Arcadia Shipmanagement. “We like the fundamentals in the aframax markets – global cargo volume growth, rapidly slowing...
March 25th, 20200Three American lines are seeking an emergency tie-up to cope with the supply chain fallout brought about by the spread of coronavirus. Crowley Liner Services, King Ocean Services and Seaboard Marine who have service networks focused on the US Gulf, Central America and the Caribbean Basin have filed an application to implement an...
March 24th, 20200Singapore-based Unix Line, the primary shipmanagement arm of MOL Chemical Tankers, was fined $1.65m and placed on four years probation after pleading guilty last month in the US to a violation of the Act to Prevent Pollution from Ships. Unix Line admitted that its crewmembers onboard the 26,200 dwt tanker knowingly failed to record...
March 23rd, 20200Houston-headquartered Seacor Marine Holdings has acquired the remaining 28% stake in liftboat company Falcon Global Holdings from Montco Offshore. The deal consolidates Seacor’s ownership of 14 liftboats as it takes 100% ownership of Falcon Global, while Montco Offshore will be issued 900,000 Seacor shares via a private placement as...
March 20th, 20200The Port of Houston has reopened the Bayport and Barbours Cut container terminals, which were shut down after a worker there tested positive for coronavirus. The port authority said is has conducted a joint investigation with the International Longshoremen’s Association regarding the worker, who had recently worked at both...
March 17th, 202002020 is proving to be the year where shipping pools roared back in popularity across many segments. The latest development sees Chembulk Tankers signing commercial management agreements for its entire fleet of owned and chartered stainless-steel chemical tankers to enter commercial pools managed by Womar Logistics. Womar will assume...
