Latest news from Heavy Lift & Project Forwarding International Magazine

Horizon Lines terminates five ship charter agreements

April 11 - According to statements released by both companies, Horizon Lines has reached an agreement with Ship Finance International Ltd to terminate five charter ship contracts.

The companies said that the deal will offer Ship Finance, the owner and operator of the 2,824 teu container ships that were built in Korea in 2006, warrants exercisable into ten percent of the common stock of the restructuring Horizon Lines, Inc and USD40 million in second lien notes.

"Ship Finance will become a large stakeholder in the restructured Horizon Lines and expects to benefit from both the interest on the notes as well as the value of securities received," said the chief executive of Ship Finance Management ASOle B. Hjertaker.

"The redelivery of the five vessels to Ship Finance will enable Horizon Lines to focus entirely on its core domestic U.S Jones Act container market, and Horizon Lines should be well positioned to deliver positive results going forward," Hjertaker said.

Charlotte-based Horizons Lines says it has completed transactions with over 99 percent of its noteholders that will slash USD188.4 million worth of the shipping company's debt.

"The significant deleveraging resulting from these transactions greatly improves the company's cash flow and liquidity, allowing for greater financial flexibility and stability," said Michael T. Avara, executive vice president and chief financial officer for Horizon Lines.

Heavy Lift | News

Marine insurance: Reducing costs and capacity thumbnail image

Marine insurance: Reducing costs and capacity

September 19 - Marine insurance providers are commoditising their products in order to reduce costs. The result, according to the International Union of Marine Insurance (IUMI), is a loss of expertise.
Views: 292
Zeaborn forms JV with MPC thumbnail image

Zeaborn forms JV with MPC

September 18 - Zeaborn Group has formed a joint venture with MPC Capital Group to handle the chartering and commercial management of a fleet of more than 160 container and bulk carriers.
Views: 676
DHL strengthens network in Middle East and Africa thumbnail image

DHL strengthens network in Middle East and Africa

September 18 - DHL Industrial Projects is opening a centre of excellence (COE) in Dubai as well as offices in Egypt, Ethiopia, Kenya and Turkey to coordinate complex logistics projects in the Middle East and Africa.
Views: 774
ALE plans Swedish branch thumbnail image

ALE plans Swedish branch

September 18 - ALE will open an office in Sweden during the last quarter of 2019 as it looks to expand its operations in Scandinavia.
Views: 539

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