Quintana deal stalled as dry bulk nosedives

Prospects for an immediate tie-up between US listed dry bulk companies Excel Maritime and Quintana Maritime, which has been offering itself for sale since last November, appeared to recede this week as stocks in the sector plummeted.

An agreement with Excel was promoted as fact earlier this month that suggested the New York Stock Exchange listed company was paying $27 per share for Nasdaq listed Quintana, which controls an ultra modern fleet of 29 bulkers as well as an involvement in eight newbuildings on the way. Another shipping executive who has been following the saga predicted that a takeover of Quintana would now be “a waiting game”. However, the chief executives of the two companies concerned, Christopher Georgakis at 18-ship Excel and Stamatis Molaris at Quintana, flatly refused to comment on any aspect of the matter. Many arm’s length observers this week felt that even if the two companies had approached an understanding a fortnight ago, the nosedive in dry bulk stocks since then would probably have killed prospects for a deal.
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Barge Strikes Richmond-San Rafael Bridge in fog

A barge carrying tanks of heavy black oil struck the Richmond-San Rafael Bridge.

The crash occurred, as he barge 'Cascade', was being guided by tugboats 'Delta Deanna' and 'Pacific Wolf' at the time, was headed outbound from Rodeo when it hit the east piling of the west span of the bridge whilst carrying 65,195 barrels of heavy black oil. After measuring the amount of oil on the barge after the incident, officials determined no oil spilled into the bay. An investigation into the incident was scheduled to begin at daybreak but weather caused a temporary setback. Alcohol tests were administered to the crewmembers and none had been drinking prior to the incident. Drug tests were also administered but the results are pending. There were no reports of any injuries occurring from the collision.
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CMA CGM invests in the port of Busan

CMA CGM has acquired a 12% stake in South Korea’s ‘Busan 2-3’ container terminal that is expected to become operational in 2011.

The terminal, which will feature a 2.7m teu annual capacity when completed, will be operated in partnership with Macquarie, Bouygues, Hyundai, KMTC, Busan Port Authority and local operators KUKJE and KCTC. Busan 2-3 is CMA CGM’s first port investment in South Korea, and the second one in Asia (a cooperation agreement was signed in Xiamen in November 2007). The project further strengthens the relations ship between CMA CGM and South Korea, where the group’s giant container vessels are currently being built.

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Grounded Vessel Re-floated, Shipping Channel Re-opened

The Savannah River was reopened with no restrictions after the Ever Radiant was safely re-floated and removed from the navigational channel.

The 965-foot container ship ran aground in the Bloody Point Range while departing the Port of Savannah. The vessel was safely re-floated and moved farther offshore to an anchorage area at approximately 1:15 p.m. Two towing vessels were used to free the Ever Radiant from its grounding. The vessel has been ordered to remain at anchor until the problem causing the incident is identified and repaired. The Coast Guard has received information indicating three deep draft vessels were delayed because of this incident. The Coast Guard is investigating the cause of the incident.

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