Marine Hydraulics International
Marine Hydraulics International, Inc. is a major ship repair and conversion contractor located on the Mid-Atlantic Coast of the United States. Based in the port city of Norfolk, Virginia, MHI is close to major shipping lanes, within one of the worlds largest natural harbors and ice-free all year long. Channel depth and dockside draft are maintained at 9 meters. This gives our Clients' ships both deepwater access and heavy weather protection. At the same time, MHI is easily accessible via highway and railway. We are just minutes from airport passenger and cargo terminals. Major bulk and container cargo terminals are within a 20- Kilometer radius.
Unobstructed deepwater access feeds directly into MHI's deepwater berths, with full services available to perform extensive repairs or conversions with the greatest efficiency. MHI offers protected on-site dockage with close proximity to landside facilities saving time and money. Ships can be berthed right next to MHI work and fabrication shops, storage and landside facilities, ensuring easy access and quick response.
MHI completed the SMART Ship update on the USS Monterey for LITTON and several other items including the waste heat boiler repairs, in place generator cleaning, water tight door mods, galley equipment change outs and habitability upgrades. Subsequently MHI was chosen by a bulk carrier Stanships Inc. of NY to repair cargo hold bulkheads, decking, hatch comings and perform UT readings for RINA. All repairs were completed on their vessel the Brazilia over a 30 day availability.
Marine Hydraulics International Inc. emergee from bankruptcy reorganization in late 1995. The small Norfolk shipyard filed for the Chapter 11 bankruptcy in January 1995. The Navy guided-missile frigate Clark arrive at MHI's facility on the Elizabeth River's Eastern Branch for up to $2 million of repairs and alterations. The job sustained MHI, which employed about 160 people, through December as it emerged from bankruptcy.
MHI was the third Hampton Roads shipyard to go through bankruptcy since 1991. Colonna's Shipyard Inc. of Norfolk came out of a 19-month Chapter 11 in November 1991. Jonathan Corp. of Norfolk came out of a 14-month bankruptcy in March 1995 only to founder on a lack of work and go out of business in June 1995. MHI's prospects were better than Jonathan's since it did't have the crushing real estate debt that hindered that company. MHI also substantially reduced its overhead costs during tthe course of bankruptcy.
Walker agreed not to be paid the $1.2 million owed him until the unsecured creditors are paid. As owner of the real estate partnership that owns the waterfront property the company leases, he agreed to substantially reduce lease payments to about what the property costs. He also agreed to secure the cash payments to the unsecured creditors with a deed of trust in the property.
MHI's bankruptcy was attributed to a number of other events and trends, the biggest being Navy downsizing since the end of the Cold War. With less ship-repair work to go around, there had to be some fallout among those companies that did the work. MHI also had been doing some work at Newport News Shipbuilding, but the relationship fell apart, and the two yards sued each other in March 1994.
By mid-2005 Marine Hydraulics International Inc. in Norfolk and Tecnico Corp. in Chesapeake were said to be talking about docking up, riding a wave of change rolling through the region's ship repair industry. Both ship repairers are employee-owned companies. MHI spent $20 million building a pier to offer dockside repairs, while Tecnico offers fabrication, mechanical and electrical repair.
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