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Hvide Van Ommeren Tankers Options LLC history
Hvide Van Ommeren Tankers Options LLC company history timeline
Hvide Marine Incorporated began in 1958 as a Port Everglades harbor tugboat operator and almost immediately expanded to Port Canaveral, just as America's space program was getting under way.
In 1975 the company acquired its first petroleum product carrier.
The company began transporting specialty chemicals in 1977 with the launching of the Seabulk Magnachem, followed by the launching of the Seabulk America, the newest chemical tanker to enter the domestic trade.
The first ship is scheduled for delivery in 1996. It's the yard's first commercial shipbuilding order since 1979.
Hvide Marine expanded into offshore energy support vessels with the acquisition of eight supply boats in 1989.
Since entering service Hvide's Seabulk Challenger derived all of its revenue from successive voyage and time charters to Shell, a lucrative charter arrangement that provided Hvide Marine with 22 percent of its total revenues in 1993.
The yard re-entered the commercial market in 1994 after a 15-year hiatus.
* 1994: Eletson Corp. signs a deal to buy two Double Eagle tankers with an option to buy two more.
* 1995: Hvide/Van Ommeren, a Dutch-American partnership whose largest investor is Tenneco, the yard's parent company, signs a letter of intent to buy five Double Eagles.
The first ship is scheduled for delivery in 1996.
In 1996 the company did finally complete the IPO, which resulted in proceeds of approximately $76.7 million.
In May of 1997 the company reported that it agreed to purchase a fleet of 37 vessels for $61 million from Gulf Marine & Maintenance Offshore Service Company of Dubai, United Arab emirates.
* 1997: The yard announces Mobil will buy the Despotico instead of Eletson.
It's also the fifth christened since the yard announced in March 1998 it would terminate the program because of more than $300 million in losses.
Hvide Marine contracted for three SDMs scheduled for completion in early 1998 and has applied for patent protection of their design in the United States and in numerous foreign countries.
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