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Container ship THESEUS suffered containers collapse and loss in Gulf of Aden, while en route from Jeddah, Saudi Arabia, to Colombo, Sri Lanka, being caught in cyclone which ravaged northwest Indian ocean.

Tanker LEE BO was boarded by 14 pirates in the morning Jun 1 off Baharu, Malaysia, north of Singapore.

Tanker LEE BO was boarded by 14 pirates in the morning Jun 1 off Baharu, Malaysia, north of Singapore.

Toronto-based financial holding company Fairfax Financial Holdings Limited has agreed to invest an additional USD 500 million of equity in Seaspan Corporation, increasing its total investment in Seaspan to USD 1 billion.

Our Board of Directors and management team are excited by this transformative investment, which will further bolster Seaspan’s strategy to lead consolidation in the fragmented containership sector and capitalize on the most compelling opportunities in the shipping sector and beyond it, David Sokol, Chairman of Seaspan Corporation, commented.

The company’s consolidation push resulted in Seaspan’s acquisition of Greater China Intermodal Investments, which owns a fleet of 18 containerships, comprising 10,000 TEU and 14,000 TEU eco-class vessels. As the global containership industry continues to consolidate, we believe owner-operators like Seaspan, with financially sound balance sheets, will have excellent growth prospects. We are excited about Seaspan’s outstanding progress over the past six months, and with David Sokol’s proven capital allocation and shareholder value creation credentials, we are thrilled to expand our relationship, Prem Watsa, Chairman and Chief Executive Officer of Fairfax.

Under the terms of the transaction, upon exercise of the warrants issued to Fairfax, in January 2019 Fairfax will acquire approximately 38.46 million Class A common shares at an exercise price of USD 6.50 per share, for a total equity investment of USD 500 million. Seaspan will issue Fairfax seven year warrants to acquire 25 million Class A common shares at an exercise price of USD 8.05 per share and amend the terms of the debentures that were issued in February 2018 and those to be issued in January 2019 to allow Fairfax to call for early redemption of those debentures.

This will bring Fairfax’s total investment in Seaspan to USD 1 billion, consisting of USD 500 million of Class A common shares and USD 500 million in debentures.

 

source:worldmaritimenewsImage Courtesy: Pixabay

Friday, 01 June 2018 06:15

Oldendorff Carriers Opts for Erma First BWMS

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Germany’s dry bulk shipowner Oldendorff Carriers has teamed up with Greek manufacturer of ballast water treatment systems Erma First to make its ships compliant with the International Convention for the Control and Management of Ships’ Ballast Water and Sediments.

Cargo discharge operations on Maersk Line’s fire-stricken containership Maersk Honam were completed and first containers have been released for onward transport.

Friday, 01 June 2018 06:03

Euroseas Wraps Up EuroDry Spin-Off

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Greece-based containership owner Euroseas has completed the spin-off of its drybulk fleet into EuroDry Ltd.

Norway-based owner of liquefied natural gas (LNG) carriers I.M. Skaugen SE has filed applications to the High Court of the Republic of Singapore for a moratorium to commence the reorganization of liabilities and businesses.

Friday, 01 June 2018 05:58

Offshore ship grounding, Norway

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Offshore ship grounding, NorwayOffshore supply ship URTER ran onto embankment at Storasund, Norway, south of Bergen, at 1640 LT May 30, and refloated probably an hour later by own means.

Bulk carrier SHENG MING reportedly sank on May 28 some 180 nm west of Cape Town, after being towed around in legs for more than a month.

Maritime News from

Golden Bollard 2017
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