UPDATE biz notes
HHI wIns $1.4 bIllIon boxsHIp order
Hornbeck closes sale of tugs and barges Hornbeck offsHore services, Inc, Covington, LA, has closed the sale of the assets and business of its Downstream segment’s tug and tank barge fleet—made up of nine ocean-going tugs and nine double-hulled tank barges— to Genesis Marine, LLC, an affiliate of Genesis Energy L.P. The downstream segment was sold for cash consideration of $230 million. Hornbeck reports it received approximately $224 million in proceeds, net of expenses and estimated cash taxes from the transaction. The money will be used for corporate purposes that may include retirement of debt or funding for the acquisition, construction or retrofit of vessels. In connection with the closing, Hornbeck and Genesis entered into transition service agreements in order to ensure a smooth transition of operations and services for both employees and customers.
korea’s Hyundai Heavy Industries (HHI) has won a $1.4 billion order to build five 18,000 TEU class and five 14,000 TEU class containerships for the United Arab Shipping Company (UASC). The 18,000 TEU class boxships and 14,000 TEU class boxships are scheduled to be delivered from late 2014 and the first half of 2015, respectively. The contract also includes options exercisable by UASC to order an additional 18,000 TEU class containership and six additional 14,000 TEU class boxships. When delivered, the UASC ships will
signing ceremony: dr. abdul aziz al-ohaly, uasc board director (third from left) and Mr. kim oi-hyun, President and coo of Hyundai Heavy industries (third from right)
each be fitted with an electronically controlled main engine to maximize fuel efficiency, and reduce noise, vibrations, and carbon emissions. HHIs history of building quality containerships and its ability to deliver the ships in a short period, in cooperation with its affiliate Hyundai Samho Heavy Industries played a key role in winning the contract.
SEA READY SEA TOUGH SEE SILVERSHIPS.COM
251-973-0000 • silverships.com DESIGNERS AND BUILDERS OF ALUMINUM BOATS 10 MARINE LOG September 2013