September 24, 2022

Published by The Maritime Executive
Published by The Maritime Executive
Published by The Maritime Executive
Published by The Maritime Executive
Published Sep 16, 2022 9:25 PM by The Maritime Executive
Canadian shipowner Seaspan Corporation has suspended a deal it signed earlier this year to build four "ultra-modern" 7,700 TEU boxships with dual-fuel LNG propulsion. 
The agreement, announced in May, would have seen the four ships deliver in late 2024 for long-term charter to a global container liner. The agreement included a purchase obligation at the end of the charter and would have contributed about $1 billion to Seaspan's contracted cashflow. 
However, the deal appears to have fallen through. Seaspan claimed Thursday that the contracts for the vessel orders were "not being fulfilled by the counterparty," and declared that they "have become null and void." In a preview of potential legal action, it said that it has "reserved its rights to claim against the counterparty" in connection with the dispute. 
The names of the liner and shipbuilder counterparties involved in the deal were not disclosed, but industry media have indicated that the builder may have been K Shipbuilding, the rebranded Korean yard once know as STX Offshore. The value of the orders is reported to exceed $500 million. 
Seaspan is a Vancouver-headquartered container ship owner and operator specializing in long-term chartering to blue chip liner companies. It relies on fixed-rate, staggered charters to reliable carriers to smooth over the bumps in the shipping industry's business cycle. The firm crews and operates its 120-plus owned vessels. 
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Tugs & Salvage
Published Sep 16, 2022 9:48 PM by The Maritime Executive
The U.S. Navy's salvage arm has agreed to help the National Transportation Safety Bureau recover the wreckage of a seaplane that went down off Whidbey Island earlier this month.  On September 4, a de Havilland DHC-3 seaplane was en route from San Juan Island to Renton, southeast of Seattle. At about 1500, as it transited off the west coast of Whidbey Island, witnesses saw it climb up slightly and then pitch nose-down in a "near-vertical descent." The pilot and nine passengers…
Business
Published Sep 16, 2022 9:25 PM by The Maritime Executive
Canadian shipowner Seaspan Corporation has suspended a deal it signed earlier this year to build four "ultra-modern" 7,700 TEU boxships with dual-fuel LNG propulsion.  The agreement, announced in May, would have seen the four ships deliver in late 2024 for long-term charter to a global container liner. The agreement included a purchase obligation at the end of the charter and would have contributed about $1 billion to Seaspan's contracted cashflow.  However, the deal appears to have fallen through. Seaspan claimed…
Business
Published Sep 16, 2022 7:40 PM by The Maritime Executive
Norway’s Havila Kystruten reports it has signed term sheets with lenders for refinancing for its fleet of four cruise ships it is building for a new Norwegian coastal cruise service. The company had been forced to seek a new financing agreement after it found itself unwittingly caught in the sanctions placed against Russian-owned financial institutions after the invasion of Ukraine. Havila had an agreement with divisions of GTLK to finance the construction of four 15,400 gross ton ships being built…
Offshore
Published Sep 16, 2022 7:16 PM by The Maritime Executive
The Biden administration has announced a new initiative to radically reduce the cost of floating offshore wind, a technology that will be key to developing the wind energy potential of the U.S. West Coast's deep waters. The plan is part of the administration's new goal to see 15 gigawatts worth of floating offshore wind capacity installed in U.S. waters by 2035.  Most of the world's offshore wind potential is located in water depths that are too great for bottom-fixed foundations….
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