Northrop Grumman is moving ahead with plans to spin off its shipbuilding activities as Huntington Ingalls Industries Inc.The new enterprise will enter operations carrying a considerable burden of debt.That led the three
A Congressional Research Service specialist in transportation policy looks to be less than enthusiastic about marine highways. He’s John Fritelli and is the author of a recent CRS report entitled “Can Marine
Two Scandlines car ferry newbuilds from P+S Werften’s Volkswerft Stralsund shipyard in Germany will each be equipped with five MaK 9 M 32 C engines with Cat Common Rail. Each M 32
Attorney General Eric Holder says the U.S. Justice Department has brought a civil suit in New Orleans federal court against BP Exploration and Production Inc. and eight other companies involved in the
“We are ready to take more territory, especially in emerging markets,” he adds.
Maersk Group revenue for the nine month period ended September 30, 2010 increased by 17 percent to $41.4 billion, primarily as a result of higher container shipping freight rates and higher oil prices. The net result for the period was a profit of $4.2 billion compared with a loss of $0.7 billion in the same period last year
“The result is exceptional, and we are very satisfied,” says Group CEO Nils S. Andersen. ‘Markets have been favorable, but first of all, our businesses are in excellent shape. Especially our container business has improved and is ahead of competition on profitability. We have moved from defense to the attacking zone, and we are ready to take more territory, especially in emerging markets.”
Container shipping and related activities turned a profit of $2,254 million (against a loss of $1,590 million in the equivalent period last year). The result reflected an increase in average freight rates of 34 percent, an increase in transported volumes of 7 percent and substantial savings per unit.
APM Terminals’ segment result was $668 million ($340 million), helped by gains on sale of an ownership interest in Sigma Enterprises Ltd. The number of containers handled increased by 3 percent despite discontinued activities at six terminals. The remaining terminals had an 8 percent increase in volumes.
Oil and gas activities turned in $1,339 million ($958 million), primarily due to a 35 percent increase in oil prices to an average of $77 per barrel. The increase more than compensated for a 17 percent decline in the Group’s share of oil and gas production to 103 million barrels. The Group’s exploration costs were $346 million ($466 million). Exploration activities led to two new discoveries in Norway in the third quarter. Planned maintenance of platforms in the North Sea was completed in the third quarter.
Maersk Tankers’ segment result was a loss of $103 million in the first nine months of 2010 (same period loss last year was $193 million). Maersk Tankers incurred impairment losses of $107 million in the third quarter of 2010.
Maersk Drilling’s segment result increased to $300 million ($168 million), positively affected by delivery of new rigs and a continued high level of contract coverage at attractive rates.
Group] free cash flow increased by $6.3 billion in the first nine months of 2010 compared to the same period of 2009. Cash flow from operating activities was $7.4 billion ($4.1 billion), while cash flow used for capital expenditure was negative by $3.2 billion (negative by $6.3 billion). Net interest bearing debt was reduced by $4.4 billion to $13.7 billion.
Group competitiveness was enhanced by further cost reductions and activity adjustments with an expected full-year effect of between $500 million and $1 billion.
Outlook for the full year 2010
The group is now expecting a result for the full year in the order of $5 billion, excluding an expected gain from Dansk Supermarked A/S’ sale of Netto Foodstores Limited, UK. That transaction is not expected to be completed until the first half of 2011.
November 10, 2011
When both tugs were on station and current conditions right, they were expected to slowly two the vessel — at 113,323 gt one of the world’s largest cruise ships — to Ensenada to disembark passengers.
The Carnival Splendor is presently located 150 miles south of San Diego and has 3,299 passengers and 1,167 crew members aboard. They faced a second day without key hotel systems, including air conditioning, hot food service, and telephones, following an engine room fire that broke out yesterday morning. Last night, the ship’s engineers were able to restore toilet service to all cabins and public bathrooms, as well as cold running water. The ship’s crew continues to actively work to restore other services. though Carnival said last night that “the ship’s crew is actively working to restore partial services.”
No injuries to passengers or crew have been reported.
Units from the U.S. Coast Guard and the Mexican Navy have been deployed to the scene.
At the request of Coast Guard District 11 in San Diego, 3rd Fleet diverted the aircraft carrier USS Ronald Reagan from its current training maneuvers to a position south of the cruise ship to facilitate the delivery of needed supplies, That involved transfering 35 pallets of supplies by Fleet Logistics Support Squadron 30 carrier on-board delivery aircraft to Ronald Reagan. Once aboard Ronald Reagan, the supplies were to be delivered by helicopter to Carnival Splendor.
The ship became disabled after a fire was detected in the aft engine room at approximately 6.a.m, (U.S. Pacific Standard Time) yesterday.
Carnival said that the ship has been operating on auxiliary generators , with engineers unable to restore additional power to the vessel.
Though passengers were initially asked to move from their cabins to the ship’s upper open deck areas, they later regained access to their cabins and were able to move about the ship. Bottled water and cold food items are being provided.
The current voyage has been terminated and Carnival says guests will be receiving a full refund along with reimbursement for transportation costs. Additionally, they will receive a complimentary future cruise equal to the amount paid for this voyage.
“We know this has been an extremely trying situation for our guests and we sincerely thank them for their patience. Conditions on board the ship are very challenging and we sincerely apologize for the discomfort and inconvenience our guests are currently enduring. The safety of our passengers and crew is our top priority and we are working to get our guests home as quickly as possible,” said Gerry Cahill, president and CEO of Carnival Cruise Lines.
Carnival Splendor was on the first leg of a seven-day Mexican Riviera cruise that departed yesterday, Nov. 7, from Long Beach, Calif.Yesterday was a scheduled day at sea. The ship’s normal itinerary includes stops in Puerto Vallarta, Mazatlan and Cabo San Lucas, Mexico.
The Fincantieri-built ship first entered service in July 2008.
November 9, 2010
According to a document filed with the court, the companies have total debts estimated at $353.6 million and assets of $30.56 million. The largest single unsecured creditor is Joseph S. Compofelice with a claim in relation to an employment agreement of $2.4 million, which is categorized as “contingent, unliquidated, disputed and subject to set off.”
Mr. Compofelice was replaced as the company’s Chairman, President and Chief Executive Officer on May 29.
You can access court documents and other general information about the Chapter 11 cases HERE
Aside from the Cayman Islands holding company, Trico’s foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico says that its U.S. and worldwide operations are expected to continue without interruption during the restructuring process.
Chairman of the Board of Directors, President and Chief Executive Officer, Richard A. Bachmann commented, “Over the last several months, we have worked diligently to improve our liquidity, including through the sale of $3 million of non-core assets, the sale of a North Sea class vessel for $16 million and additional cost-cutting initiatives. While we are beginning to see indications of improved operational performance, the combination of a sluggish economy, a highly leveraged balance sheet and imminent interest payments due, has led us to determine that a court-supervised restructuring is the best course of action for the company and its stakeholders. While we are continuing discussions with our lenders, the Board decided to begin this process now in order to get the company’s restructuring underway without delay. We intend to move through this process as quickly as possible. Throughout the restructuring process, we will remain focused on operating our business worldwide while continuing our efforts to manage costs, strengthen our balance sheet and gain financial flexibility in order to position Trico as a strong and profitable competitor in our industry.”
In conjunction with the filing, Trico has received a commitment for up to $35 million in debtor-in-possession (DIP) financing from Tennenbaum DIP Opportunity Fund and other funds managed by Tennenbaum Capital Partners, LLC, of which $10 million will represent incremental liquidity. The company says it “expects that, upon court approval and satisfaction of other customary conditions, the DIP financing, combined with cash from the company’s ongoing operations, will provide funding to support the business. In addition, the company anticipates that it will meet its obligations going forward to its employees, customers and suppliers.”
Separately, the company announced that Trico Shipping AS and its affiliates have reached an agreement in principle for $22 million in senior secured multi-draw term loan financing from certain holders of its 11 7/8% Senior Secured Notes (the “Trico Shipping Notes”) representing approximately 80% of the Trico Shipping Notes and from Tennenbaum. The closing of this financing arrangement is subject to obtaining required consents, as well as certain other closing conditions of Trico Shipping AS and its affiliates. This financing would be used to fund operating expenses and other working capital needs.
“We look forward to working together with all of our stakeholders to complete a successful financial restructuring,” said Mr. Bachmann. “Our global operations are expected to continue without interruption throughout the restructuring process, and we remain committed to providing our customers with high quality service. We appreciate the ongoing dedication of all our employees, whose hard work is critical to our success and the future of the company.”
Trico will file a series of motions with the court to ensure the continuation of normal operations, including requesting court approval to continue paying employee wages and salaries and providing employee benefits without interruption and to continue use of its bank accounts and insurance policies. The company expects the court to approve these requests. The company says that during the Chapter 11 process, suppliers will be paid in full for all goods and services provided after the filing date as required by the U.S. Bankruptcy Code, and Trico has taken steps to ensure continued supply of goods and services to its customers.
According to a document filed with the court, the companies have total debts estimated at $353.6 million and assets of $30.56 million. The largest single unsecured creditor is Joseph S. Compofelice with a claim in relation to an employment agreement of $2.4 million, which is categorized as “contingent, unliquidated, disputed and subject to set off.”
Mr. Compofelice was replaced as the company’s Chairman, President and Chief Executive Officer on May 29.
You can access court documents and other general information about the Chapter 11 cases HERE
Aside from the Cayman Islands holding company, Trico’s foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico says that its U.S. and worldwide operations are expected to continue without interruption during the restructuring process.
Chairman of the Board of Directors, President and Chief Executive Officer, Richard A. Bachmann commented, “Over the last several months, we have worked diligently to improve our liquidity, including through the sale of $3 million of non-core assets, the sale of a North Sea class vessel for $16 million and additional cost-cutting initiatives. While we are beginning to see indications of improved operational performance, the combination of a sluggish economy, a highly leveraged balance sheet and imminent interest payments due, has led us to determine that a court-supervised restructuring is the best course of action for the company and its stakeholders. While we are continuing discussions with our lenders, the Board decided to begin this process now in order to get the company’s restructuring underway without delay. We intend to move through this process as quickly as possible. Throughout the restructuring process, we will remain focused on operating our business worldwide while continuing our efforts to manage costs, strengthen our balance sheet and gain financial flexibility in order to position Trico as a strong and profitable competitor in our industry.”
In conjunction with the filing, Trico has received a commitment for up to $35 million in debtor-in-possession (DIP) financing from Tennenbaum DIP Opportunity Fund and other funds managed by Tennenbaum Capital Partners, LLC, of which $10 million will represent incremental liquidity. The company says it “expects that, upon court approval and satisfaction of other customary conditions, the DIP financing, combined with cash from the company’s ongoing operations, will provide funding to support the business. In addition, the company anticipates that it will meet its obligations going forward to its employees, customers and suppliers.”
Separately, the company announced that Trico Shipping AS and its affiliates have reached an agreement in principle for $22 million in senior secured multi-draw term loan financing from certain holders of its 11 7/8% Senior Secured Notes (the “Trico Shipping Notes”) representing approximately 80% of the Trico Shipping Notes and from Tennenbaum. The closing of this financing arrangement is subject to obtaining required consents, as well as certain other closing conditions of Trico Shipping AS and its affiliates. This financing would be used to fund operating expenses and other working capital needs.
“We look forward to working together with all of our stakeholders to complete a successful financial restructuring,” said Mr. Bachmann. “Our global operations are expected to continue without interruption throughout the restructuring process, and we remain committed to providing our customers with high quality service. We appreciate the ongoing dedication of all our employees, whose hard work is critical to our success and the future of the company.”
Trico will file a series of motions with the court to ensure the continuation of normal operations, including requesting court approval to continue paying employee wages and salaries and providing employee benefits without interruption and to continue use of its bank accounts and insurance policies. The company expects the court to approve these requests. The company says that during the Chapter 11 process, suppliers will be paid in full for all goods and services provided after the filing date as required by the U.S. Bankruptcy Code, and Trico has taken steps to ensure continued supply of goods and services to its customers.
According to a document filed with the court, the companies have total debts estimated at $353.6 million and assets of $30.56 million. The largest single unsecured creditor is Joseph S. Compofelice with a claim in relation to an employment agreement of $2.4 million, which is categorized as “contingent, unliquidated, disputed and subject to set off.”
Mr. Compofelice was replaced as the company’s Chairman, President and Chief Executive Officer on May 29.
You can access court documents and other general information about the Chapter 11 cases HERE
Aside from the Cayman Islands holding company, Trico’s foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico says that its U.S. and worldwide operations are expected to continue without interruption during the restructuring process.
Chairman of the Board of Directors, President and Chief Executive Officer, Richard A. Bachmann commented, “Over the last several months, we have worked diligently to improve our liquidity, including through the sale of $3 million of non-core assets, the sale of a North Sea class vessel for $16 million and additional cost-cutting initiatives. While we are beginning to see indications of improved operational performance, the combination of a sluggish economy, a highly leveraged balance sheet and imminent interest payments due, has led us to determine that a court-supervised restructuring is the best course of action for the company and its stakeholders. While we are continuing discussions with our lenders, the Board decided to begin this process now in order to get the company’s restructuring underway without delay. We intend to move through this process as quickly as possible. Throughout the restructuring process, we will remain focused on operating our business worldwide while continuing our efforts to manage costs, strengthen our balance sheet and gain financial flexibility in order to position Trico as a strong and profitable competitor in our industry.”
In conjunction with the filing, Trico has received a commitment for up to $35 million in debtor-in-possession (DIP) financing from Tennenbaum DIP Opportunity Fund and other funds managed by Tennenbaum Capital Partners, LLC, of which $10 million will represent incremental liquidity. The company says it “expects that, upon court approval and satisfaction of other customary conditions, the DIP financing, combined with cash from the company’s ongoing operations, will provide funding to support the business. In addition, the company anticipates that it will meet its obligations going forward to its employees, customers and suppliers.”
Separately, the company announced that Trico Shipping AS and its affiliates have reached an agreement in principle for $22 million in senior secured multi-draw term loan financing from certain holders of its 11 7/8% Senior Secured Notes (the “Trico Shipping Notes”) representing approximately 80% of the Trico Shipping Notes and from Tennenbaum. The closing of this financing arrangement is subject to obtaining required consents, as well as certain other closing conditions of Trico Shipping AS and its affiliates. This financing would be used to fund operating expenses and other working capital needs.
“We look forward to working together with all of our stakeholders to complete a successful financial restructuring,” said Mr. Bachmann. “Our global operations are expected to continue without interruption throughout the restructuring process, and we remain committed to providing our customers with high quality service. We appreciate the ongoing dedication of all our employees, whose hard work is critical to our success and the future of the company.”
Trico will file a series of motions with the court to ensure the continuation of normal operations, including requesting court approval to continue paying employee wages and salaries and providing employee benefits without interruption and to continue use of its bank accounts and insurance policies. The company expects the court to approve these requests. The company says that during the Chapter 11 process, suppliers will be paid in full for all goods and services provided after the filing date as required by the U.S. Bankruptcy Code, and Trico has taken steps to ensure continued supply of goods and services to its customers.
According to a document filed with the court, the companies have total debts estimated at $353.6 million and assets of $30.56 million. The largest single unsecured creditor is Joseph S. Compofelice with a claim in relation to an employment agreement of $2.4 million, which is categorized as “contingent, unliquidated, disputed and subject to set off.”
Mr. Compofelice was replaced as the company’s Chairman, President and Chief Executive Officer on May 29.
You can access court documents and other general information about the Chapter 11 cases HERE
Aside from the Cayman Islands holding company, Trico’s foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico says that its U.S. and worldwide operations are expected to continue without interruption during the restructuring process.
Chairman of the Board of Directors, President and Chief Executive Officer, Richard A. Bachmann commented, “Over the last several months, we have worked diligently to improve our liquidity, including through the sale of $3 million of non-core assets, the sale of a North Sea class vessel for $16 million and additional cost-cutting initiatives. While we are beginning to see indications of improved operational performance, the combination of a sluggish economy, a highly leveraged balance sheet and imminent interest payments due, has led us to determine that a court-supervised restructuring is the best course of action for the company and its stakeholders. While we are continuing discussions with our lenders, the Board decided to begin this process now in order to get the company’s restructuring underway without delay. We intend to move through this process as quickly as possible. Throughout the restructuring process, we will remain focused on operating our business worldwide while continuing our efforts to manage costs, strengthen our balance sheet and gain financial flexibility in order to position Trico as a strong and profitable competitor in our industry.”
In conjunction with the filing, Trico has received a commitment for up to $35 million in debtor-in-possession (DIP) financing from Tennenbaum DIP Opportunity Fund and other funds managed by Tennenbaum Capital Partners, LLC, of which $10 million will represent incremental liquidity. The company says it “expects that, upon court approval and satisfaction of other customary conditions, the DIP financing, combined with cash from the company’s ongoing operations, will provide funding to support the business. In addition, the company anticipates that it will meet its obligations going forward to its employees, customers and suppliers.”
Separately, the company announced that Trico Shipping AS and its affiliates have reached an agreement in principle for $22 million in senior secured multi-draw term loan financing from certain holders of its 11 7/8% Senior Secured Notes (the “Trico Shipping Notes”) representing approximately 80% of the Trico Shipping Notes and from Tennenbaum. The closing of this financing arrangement is subject to obtaining required consents, as well as certain other closing conditions of Trico Shipping AS and its affiliates. This financing would be used to fund operating expenses and other working capital needs.
“We look forward to working together with all of our stakeholders to complete a successful financial restructuring,” said Mr. Bachmann. “Our global operations are expected to continue without interruption throughout the restructuring process, and we remain committed to providing our customers with high quality service. We appreciate the ongoing dedication of all our employees, whose hard work is critical to our success and the future of the company.”
Trico will file a series of motions with the court to ensure the continuation of normal operations, including requesting court approval to continue paying employee wages and salaries and providing employee benefits without interruption and to continue use of its bank accounts and insurance policies. The company expects the court to approve these requests. The company says that during the Chapter 11 process, suppliers will be paid in full for all goods and services provided after the filing date as required by the U.S. Bankruptcy Code, and Trico has taken steps to ensure continued supply of goods and services to its customers.
