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What will be the BIGGEST challenge for your part of the marine industry in 2009?

Credit crunch
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MARINE LOG NEWS STORIES
JANUARY 2009

 

 

$518.5 million in penalties for export of SS Oceanic (ex SS Independence)
settlement of alleged illegal distribution and export of a PCB-containing ship

$4.5 billion for Corps in stimulus bill
House favors lock and dam projects that are labor-intensive and can be completed within two years

Sea Star ex-exec sentenced to four years
Longest ever antitrust jail sentence plus $20,000 fine

IMO Djibouti meeting agrees antipiracy measures
Nine countries sign on to "Code of Conduct" for repression of piracy

Clock still ticking for U.S. Shipping Partners
Has until February 10 to come up with answer to its woes

Rowan cuts dividend--and jack-up newbuild program
SEC filing gives details of capital conservation measures

MSC paints with PPG
Paint company gets Miltary Sealift Command contract worth a potential $47.26 million

First FDPSO delivered
Prosafe Production takes delivery of Floating, Drilling, Production, Storage and Offloading vessel

DryShips in breach of loan covenants
shares fall after SEC filing

Somali pirates seize LPG tanker
Bernard Schulte operated Longchamp is latest victim

Kirby reports another earnings record
Sees weaker 2009, but still plans tank barge and towboat newbuildings

$37.75 million LCS award
GD-BIW gets basic ordering agreement for Post-Shakedown Availability (PSA) on LCS-2

Delta Queen to serve as floating hotel
but quest goes on for Congressional exemption to permit return to overnight cruising

Cascade General gets MSC contract
alterations to T-AKE 6 and T-AKE 7

Vessel sales boost OSG liquidity
sale and sale/leaseback transactions generated $194 million 4Q 2008 and are set to generate $193 million in 1Q 2009

Shipping woes hit marine insurers
Pressure on premiums as a deferred maintenance nightmare looms

Erie Shipbuilding closes doors
Cash flow crisis forces what's hoped to be temporary closure

Genco renegotiates $1.4 billion credit facility
Gets waiver on collateral maintenance, but must cease dividends and share repurchases

Pirates free U.S.-owned chemical tanker
Biscaglia freed after reported air drop of ransom

Pirates free U.S.-owned chemical tanker
Biscaglia freed after reported air drop of ransom

No executive bonuses at StealthGas
move will save $1.3 million

STX Europe delivers car passenger ferry
1,500 passenger, 470 car Armorique joins Brittany Ferries fleet

DHS Secretary Napolitano visits USCG Headquarters
First DHS Agency to be visited following swearing in

KDB to seek new buyer for Daewoo Shipbuilding
Hanwha to sue for return of deposit

Coral Princess is first ship accepted for USCG STEP program
Equipped with Hyde Guardian ballast water treatment system

Shipowners risk claims for charterers' unpaid bunkers
warning from North of England P&I Club

DryShips suspends dividend
set to report a fourth quarter net loss of between $380.6 million and $431.4 million

S&P cuts OSG ratings outlook
revises outlook from stabl to negative on fears of softer tanker rates

Washburn & Doughty books order for Intercon tug
fourth for Moran Towing Corporation

Matson Navigation cuts non-union jobs
plans to reduce its non-union headcount by approximately 60 positions

New Robert Allan ASD tug class
Turkish yard and naval architect develop a standard 32 m design to meet a Norwegian owner's requirements

Davie Yards client loses credit line
challenge to Quebec yard's restructuring plans

Ferry magnate freed
Kidnappers release Panagopoulos

Management changes at OSG
U.S.-flag management beefed up as Whitworth departs

Tighter security for ships arriving U.S. from Venezuela
Coast Guard ratchets up requirements

MISC cuts eight ship order to four
prunes order for 45,000 dwt tankers placed when palm oil exports were soaring

Global Industries books $100 million pipelaying contract
will utilize pipelay barge Cheyenne offshore Nigeria

Recent Navy contracts
$373.5 million for second Ford class carrier;$48.5 million maritime prepositioning ship purchase; $34.9 million SSN drydocking

International Shipholding still looking at strategic options
responds to news that Liberty Shipping has dropped unsolicited offer

Netherlands to try pirate suspects
seeks extradition of five held by Danish Navy

Chouest outlines Tampa Ship plans
commits to continuing commercial ship repair and dry-docking

Connaughton set to step down at MarAd
but nomination as Federal Maritime Commissioner dies in committee

Lakes lawmakers press for another icebreaker
Seek Mackinaw sistership as part of stimulus package

Mayor Bloomberg honors splash down responders
NY Waterway and Circle Line employees among those honored

Ferries to the rescue in Hudson River crash landing
"Miracle on Hudson" largely thanks to swift response by NYC ferries and workboats

U.S. Shipping Partners ITB's sold to Nigerian owner
Vintage ex-Hess duo had been trading in grain

Hebei Two get bail
London rally postponed

Liberty Shipping withdraws offer for International Shipholding
Shapiro regrets "missed opportunity to create strong combined company"

Winter to soldier on
Secretary of Navy to stay in office untl mid-March, unless Obama names replacement before then

Navy closer to homeporting carrier at Mayport
By signing record of decision favoring Mayport, stage is set for bitter Congressional battle

Russian Navy foils pirate attack on Maersk ship
hands captured pirate boats to Yemen Coast Guard

U.S. Shipping Partners JV takes delivery of NASSCO tanker
set to start work on BP charter

OSHA issues fines, citations in Goliath crane collapse
agency says contractors exposed workers to crushing and struck-by hazards

Eidesvik takes delivery of X-bow construction vessel
Viking Poseidon set for 8-year Gulf of Mexico contract

Signal International wins drillship upgrade work
$50 million job for Noble Corporation

Hunt on for kidnapped ferry magnate
€40 million reportedly demanded for Panagopoulos

ThyssenKrupp buys out OEP stake in shipyards
Now sole owner of ThyssenKrupp Marine Systems AG

Bollinger FRC award confirmed
GAO rejects protest

Gulf Island Fabrication names Meche as President, COO
Chauvin continues as CEO and Chairman

Trinity Yachts delivers patrol craft
first of two for USMI

Sirius Star pirates drowned in botched getaway
part of $3 million ransom lost

Sirius Star freed after ransom drop
Somali pirates said to get $3 million

Layoffs at Bath Iron Works
Shipbuilder says 179 employees affected

Aker Philadelphia names Director of Sales & Marketing
Robin H. Booth hired to grow company's orderbook

New counter-piracy task force
Combined Maritime Force sets up task force dedicated to defeating pirates

USMI promotes Bryant Bernhard to President
Barry Dreyfus retains CEO title

STX Europe books ship upgrade contracts
Sees growing demand for Lifecycle Services

Water taxi woes blamed on sabotage
Start-up Trinidad & Tobago service takes new security precautions

CMA names COSCO CEO as next Commodore
Capt. Wei Jiafu to receive award at March 25 dinner

California seeks damages in Cosco Busan case
suit names the owners, operators and pilot of spill ship

Maersk sheds 100 headquarters jobs
part of reorganization of Copenhagen headquarters set up

$850 million financing for Stena drillship newbuild
Watson, Farley & Williams advises Citibank in complex deal

China undertakes first Gulf of Aden escort
Four Chinese ships shepherded through pirate plagued waters

Trico Marine wins offshore Egypt contract
Trenching and installation division CTC Marine Projects looks beyond North Sea

Time running out for U.S. Shipping Partners
operating under "forebearance agreement" with lenders

Salvors welcome new vessel response plan requirements
USCG final rule clarifies salvage and marine firefighting services that must be identified in vessel response plans

TxDOT launch at Conrad Industries
Alan C McClure Associates releases video of ferry launch and roll over

$725,000 fine in Bourbon Dolphin case
Captain had insufficient time to familiarize himself with ship, says prosecutor

French Navy captures 19 Somali pirates
Foils two separate hijacking attempts

U.S. Shipping CFO jumps ship with $930,000 golden parachute
Al Bergeron decides to "pursue other opportunities"

Manitowoc completes sale of shipyards
Fincantieri completes $120million acquisition

New Year opens with muiltiple pirate attacks
Egyptian owned cargo ship seized, but three other attacks foiled

Captain gets home detention in dumping case
spared prison because of medical condition

Atlantic Marine makes acquisitions
swoops on Boston Ship Repair, PennShip Services and Millennium Industrial and Marine


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