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Hornbeck Offshore Services Inc. (OTCQB:HOSS) and 14 affiliated debtors yesterday filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The debtors’ bankruptcy cases are pending joint administration under Case No. 20-32679 before the Honorable David R. Jones in the United States Bankruptcy Court for the Southern District of Texas. This… Read More
Hornbeck Offshore Services Inc. (OTCQB:HOSS) and 14 affiliated debtors yesterday filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The debtors’ bankruptcy cases are pending joint administration under Case No. 20-32679 before the Honorable David R. Jones in the United States Bankruptcy Court for the Southern District of Texas. This… Read More
Belle Chasse, La., based C&C Marine and Repair has acquired a 35,000-square-foot fabrication building from Versabar Inc. following the expiration of a leaseback provision in a 2018 purchase agreement between the companies. The new fabrication bay brings the company’s total, under-roof, indoor fabrication facilities to 540,000 square feet. The new facility has four 40-ton overhead… Read More
Belle Chasse, La., based C&C Marine and Repair has acquired a 35,000-square-foot fabrication building from Versabar Inc. following the expiration of a leaseback provision in a 2018 purchase agreement between the companies. The new fabrication bay brings the company’s total, under-roof, indoor fabrication facilities to 540,000 square feet. The new facility has four 40-ton overhead… Read More
GATX Corporation (NYSE:GATX) today announced that it has completed the sale of its American Steamship Company (ASC) business to Rand Logistics, LLC for approximately $260 million in cash proceeds, subject to customary post-closing adjustments. This is the final step in the sale of ASC to Rand Logistics, LLC, as previously announced on Feb. 10, 2020…. Read More
Hornbeck Offshore Services Inc. (OTCQB:HOSS) reported yesterday that it has launched a solicitation of votes from its lenders and unsecured noteholders in support of a prepackaged Chapter 11 plan of reorganization. The company had earlier announced that, under a restructuring support agreement, it had received support for the plan from secured lenders holding approximately 83%… Read More
Morgan City, La., headquartered shipbuilder Conrad Industries, Inc. (OTC Pink: CNRD) reported net income of $414,000 for the quarter ended March 31, 2020, compared to a net loss of $307,000 during the first quarter of 2019. Conrad’s backlog was $36.6 million at March 31, 2020 compared to $79.2 million at December 31, 2019 and $122.7… Read More
Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) today reported a number of additional actions it is taking to strengthen its liquidity position in the event of an extended pause in cruise operations due to COVID-19. Last month, the company completed a successful financing effort with a heavily oversubscribed offering of senior secured notes, senior… Read More
Michael Dyke has been named managing director by a joint venture of U.K.-based Balfour Beatty Group Ltd. and France’s VINCI Group S.A. of two engineering projects valued at $6.2 billion on Britain’s London-to Birmingham high-speed railroad (HS2). He will lead work on team contracts secured last month for the northern 90 km of rail linking… Read More
Kevin Rabbitt has been appointed CEO of small passenger vessel specialist Hornblower Group. He is expected to take up the role in July, while founder, Chairman and current CEO Terry MacRae will continue as Executive Chairman. “Kevin brings an entrepreneurial mindset and tremendous business expertise to Hornblower and is well qualified to helm our organization… Read More
A worldwide consultancy and specialist shipbroker for offshore renewable energy projects, Global Renewables Shipbrokers, is now venturing into the field of project investments and corporate finance. The Hamburg-based firm expanded its range of services with project investments and corporate finance from May 1, 2020. Uwe Schuldt is now heading the new department “Global Renewables Invest… Read More
EdgeTech, the leader in high resolution sonar imaging systems and underwater technology, recently promoted Gene Andella to the role of Customer Service Manager. Gene has worked with EdgeTech for over seven years. He started on the factory floor building EdgeTech products and then moved into a Customer Support role six years ago. Gene has valuable… Read More
Crowley Solutions has received a multi-year award from the U.S. Army 409th Contracting Support Brigade-Theater Contracting Command to provide transportation of personnel and cargo and procurement of material handling equipment (MHE) under the Third Party Logistics Europe Wide Movement (3PLEWM) contract. Under terms of the May 4 award, Crowley will provide third party logistics (3PL)… Read More
GREENWICH, Conn.–(BUSINESS WIRE)–Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”, or the “Company”), one of the largest publicly listed owners and operators of crude oil and product tankers, today announced results for the first quarter of 2020. Highlights for the First Quarter and Recent Events — Net income attributable to Diamond S of $45.0 million,… Read More
Royal Caribbean Cruises Ltd. (NYSE: RCL) estimates it is burning through cash in the range of approximately $250 million to $275 million per month during the present suspension of cruise operations, it said in a business update released today. “These are unprecedented times for all of us,” said Chairman and CEO Richard D. Fain.“Travel restrictions… Read More