Latest news from Heavy Lift & Project Forwarding International Magazine

Dockwise to reduce outstanding debt by $ 58 million during Q2 2009

June 25 - Dockwise expects to reduce its debt by a total of USD58 million to just below USD963 million by the end of Q2 2009.

According to a company statement, the reduction will be driven by the release of the remaining USD40.6 million held in the Mighty Servant 3 escrow account; the successful buy back of USD8.5 million of debt; the USD4 million proceeds from the sale of Dock Express 12; and, scheduled mandatory repayments of USD5 million. 

Shortly, following its 18-month refurbishment, Mighty Servant 3 will rejoin the Dockwise Transport fleet bringing Dockwise's total fleet to 20 semi-submersible vessels. Delivery of the vessel triggers the release of the remaining USD40.6 million currently held in escrow to cover the costs of reinstatement and vendor compensation. 

Settlement of the previously announced debt buy back is scheduled for 30 June 2009. As a result, the group's debt will reduce by some USD8.5 million. 

Dockwise agreed the sales of Dock Express 10 and 12 in 2008 as part of its strategy to optimise fleet composition. The group received payment of USD4 million in Q2 2009 after the delivery of Dock Express 12 to its new owner. Dock Express 10 was delivered in 2008 and payment received accordingly. 

In addition, approximately USD5 million of the group's free cash flow has been applied over the quarter for mandatory lender repayments. 

André Goedée, Chief Executive, Dockwise Ltd, said: "The return of close to USD60 million to our lenders is a significant step towards Dockwise's aim of securing the gearing targets we have set for year end 2009. Reduction of our debt position is a key priority and I am confident that this step, combined with the continued free cash flow generation, will enable us to achieve the Board's target of reducing the net debt to less than three times EBITDA."

Heavy Lift | News

Drake closes Cometto deal for ANI thumbnail image

Drake closes Cometto deal for ANI

May 20 - The Drake Group, in its capacity as representative of the Cometto brand in Australia, has received an order from Australian Naval Infrastructure (ANI) for 16 self-propelled MSPE modules.
Views: 130
Dsouza joins Virgin Atlantic  thumbnail image

Dsouza joins Virgin Atlantic 

May 20 - Virgin Atlantic Cargo has named Bosco Dsouza as its account manager in Melbourne as the airline looks to continue its expansion in Australia. 
Views: 163
Sohar launches online route planner thumbnail image

Sohar launches online route planner

May 20 - Sohar Port and Freezone has launched an online route planner that provides information on available connections to hinterland destinations.
Views: 185
Crowley realigns activities thumbnail image

Crowley realigns activities

May 17 - Crowley Maritime Corporation has realigned its shipping and solutions business units in a bid to enhance its focus on non-asset based customer solutions.
Views: 530

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.