Sunday, May 31, 2020
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Siem Offshore Seeks Debt Relief in Troubled Offshore Market

By The Maritime Executive 05-29-2020 07:14:56

After years of struggling with oversupply and weak demand, companies in the OSV market are now being further challenged by the economic downturn from the global pandemic.  Siem Offshore, which operates a fleet of 35 vessels serving the oil and gas industry, announced that it has entered into a standstill agreement with its secured lenders in Europe and Norway to defer payments until April 30, 2021, as a first step toward improving cash flow and liquidity to maintain operations. In February,...

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Livestock Carrier with COVID-19 Remains in Australia as Deadline Looms

By The Maritime Executive 05-29-2020 06:58:47

The livestock carrier Al-Kuwait remains in Fremantle, Australia as the outbreak of the coronavirus continues among its crew. The health authorities in Western Australia are continuing to manage the situation as the deadline looms for the end of animal export season. According to the Western Australia Department of Health, the only new cases of COVID-19 being reported in the state are coming from the Al-Kuwait. Indeed, restrictions on citizens in the area are being reduced, as the state believes that...

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Kenneth Braithwaite Sworn In as 77th Navy Secretary

By The Maritime Executive 05-29-2020 06:57:55

In a private ceremony at the Pentagon Friday morning, U.S. Secretary of Defense Mark Esper administered the oath of office for the 77th Secretary of the Navy, Kenneth Braithwaite. Braithwaite is the third person to occupy the post in six months, following the back-to-back dismissals of Secretary Richard Spencer and Acting Secretary Thomas Modly.  Braithwaite was previously the U.S. ambassador to Norway, and he is well connected at both the Pentagon and at the White House: he worked for Donald...

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ICS: Seafarers Denied Medical Care Due to COVID-19 Restrictions

By The Maritime Executive 05-29-2020 05:43:41

The International Chamber of Shipping (ICS) reported Friday that it has received news of seafarers who have been denied medical attention by port authorities over concerns about COVID-19.  ICS said that it has heard of many cases in which seafarers who are suffering from non-COVID-related medical conditions have been refused entry to port or denied medical evacuation for more than four days. The organization called for urgent action to ensure that no other seafarers are denied care for an extended...

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Offshore

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Siem Offshore Seeks Debt Relief in Troubled Offshore Market

After years of struggling with oversupply and weak demand, companies in the OSV market are now being further challenged by the economic downturn from the global pandemic.  Siem Offshore, which operates a fleet of 35 vessels serving the oil and gas industry, announced that it has entered into a standstill agreement with its secured lenders in Europe and Norway to defer payments until April 30, 2021, as a first step toward improving cash flow and liquidity to maintain operations. In February,...

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Shipbuilding

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Electrifying!

An electric revolution is under way in the ferry sector. America’s largest ferry network, Washington State Ferries, has announced plans to deploy plug-in hybrid vessels on most of its routes. Norway’s leading ferry operators, Norled and Fjord1, are deploying multiple all-electric vessels for their shorter runs. In Canada, BC Ferries has just taken delivery of its first two hybrid-electric vessels.  Many other operators are considering diesel-electric power, which would give them the flexibility to add new energy sources later. If...

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Training

Credit: Safebridge

Safebridge Announces Free Access to its Digital Certificates Platform

Safebridge announces free access to its digital certificate management platform myCert as part of a new initiative of the #BeSafe campaign launched to alleviate the adverse impact of the pandemic on the maritime industry and to ensure the welfare of seafarers.  As a third initiative of the #BeSafe campaign, Safebridge has decided to offer free six months access to its digital certificate management platform myCert. The platform allows for a completely contactless creation and distribution of digital certificates. In doing so,...

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Business

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Capital Product Partners L.P. Announces Successful Refinancing

Capital Product Partners L.P. (the “Partnership,” “CPLP” or “we” / “us”) (NASDAQ: CPLP), an international owner of ocean-going vessels, today announced the successful closing of the refinancing of its three 9,000 TEU container vessels. The Partnership today completed the previously announced refinancing with ICBC Financial Leasing Co., Ltd. (“ICBCFL”) for the sale and lease back of three vessels previously mortgaged under our 2017 credit facility, namely the CMA CGM Amazon, the CMA CGM Uruguay and the CMA CGM Magdalena, for a total...

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