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ABCO INDUSTRIES LIMITED

Aker Floating Production Wins $1b Contract

Aker Floating Production ASA said it had won a 10-year contract from Reliance Industries Limited worth $1.1b. Aker said Reliance Industries Limited had exercised an option to call a 10-year bare boat contract with Aker's subsidiary Aker Contracting for the FPSO (floating production, storage and offloading vessel) Aker SMART 1.


LLMC Increases – ICS Supports IMO Agreement

ICS logo.jpg

The International Chamber of Shipping (ICS), which represents all sectors and trades and over 80% of the global shipping industry, and leads shipowner representation at the International Maritime Organization (IMO) Legal Committee, has expressed strong support for the agreement reached by IMO this week to increase the limits of liability under the Limitation of Liability for Maritime Claims Convention 1996 (LLMC), by 51%.  


Keppel Hitachi Zosen To Buy Selected Businesses

Keppel Hitachi Zosen Limited (KHZ) has agreed to purchase the shiprepair/shipbuilding and related businesses of Keppel Marine Industries Limited (KMI) for $167 million in cash. Total net assets include $69 million, resulting in a gain of $4 million for KMI. KHZ will acquire all of KMI's investments in Keppel Singmarine Dockyard Pte, Eagle Engineering Company (100 percent), Keppel Philippines Marine (11.6 percent) and Penguin Boat International (16.5 percent)


Danaos Upgrades Vessel Sizes

Danaos Corporation agreed with China Shipbuilding Trading Company Limited the upgrading of its earlier order for four 6,800 TEU containerships to four 8,400 TEU vessels and signed the amendments to the relevant shipbuilding contracts. These vessels will be built by the Shanghai Jiangnan Changxing Heavy Industry Company Limited and are expected to be delivered to Danaos during 2010. The total capital expenditure commitment for this project is in the region of $500 million and is expected


Boat Manufacturer Introduces Warranty Scheme

Smoker Craft Inc. give warranty on hull & superstructure, other components on most of its models An industry leading warranty gives even more reliability to the confidence in the Smoker Craft family of boats. The warranty includes a limited lifetime warranty on the hull and structure, and a six-year warranty on all components, carpet, upholstery and electronics on most models. It is fully transferable to a second owner, and includes parts and labor. 


Swissco Steps Into Offshore Rig Chartering Business

Image courtesy of Swissco

Singapore based marine service provider for the offshore oil and gas industry, Swissco Holdings Limited, informs it has entered into a definitive Sale and Purchase Agreement for the  S$285.0 million acquisition of Scott and English Energy Pte. Ltd. which will enable Swissco to move into the offshore rig chartering business. Swissco adds that the SPA was signed with Double Dragon Energy Holdings Limited for the acquisition of the entire issued and paid-up share capital in Scott and English


MAN B&W Tier-II Engine Ready for Delivery

Photo courtesy MAN Diesel

The first Tier-II compliant MAN B&W engine has finished production at HHI-EMD (Hyundai Heavy Industries Engine & Machinery Division) in Korea and is ready for delivery. The low-speed, two-stroke MAN B&W 6S50ME-C7 type engine will power a shuttle tanker (hull number 1749), currently under construction by Samsung Heavy Industries Co., Ltd., and ordered by Teekay, global provider of marine services to the oil and gas industry. Ship delivery is planned for July this year.


Baltic Trading to Buy Two More Ultramax Bulkers

Bulk carrier: File photo

Baltic Trading Limited continues to execute its growth strategy with the exercise of its option to acquire two additional Ultramax newbuildings. The two option vessels, which will have the same specifications and purchase price as the Ultramax newbuildings Baltic Trading previously agreed to acquire, are expected to be delivered to Baltic Trading during the second and third quarters of 2015. John C. Wobensmith, President and Chief Financial Officer, commented


Swiber Holdings Hit the Ground Running in 2014

Francis Wong: Photo courtesy of Swiber Holdings

Construction & support services provider to the offshore oil and gas industry, Singapore's Swiber Holdings Limited (Swiber), announce they have already been awarded 5 sizeable contracts in 2014. Three of these contract, which amounted to approximately US$145-million, were awarded for works that will be executed in Latin America and Southeast Asia. The remaining two contracts, which aggregated to approximately US$90-million


UK Minister Rebuffs Plea to Delay SOx Limit Implementation

Minister Stephen Hammond

An attempt by the UK’s Chamber of Shipping last week to persuade the British government that the industry needed more time to comply with new sulphur emission limits entering force on 1 January next year received short shrift from the shipping minister. However the Chamber, along with other European shipowners' associations, is reported to be determined to continue its campaign, reports shipping trade association Maritime London.


NOIA: Draft Offshore Lease Program Both Hits and Misses

National Ocean Industries Association (NOIA) President Randall Luthi issued a statement on the 2017-2022 Draft Proposed OCS Oil and Gas Leasing Program, stating the U.S. Department of the Interior’s draft offshore oil and gas leasing program adds Atlantic opportunities, but misses others.


Greatship to Buy PSV

  Greatship (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company Limited, has signed a contract to buy a 2015-built 4000 dwt Platform Supply Vessel (PSV). The vessel is expected to join the Company’s fleet during Q4FY2015.


Greek Shipping Fears Syriza Tax Plan

Image: Hellenic Shortsea Shipowners Association

Will the new government in Greece led by radical-left party Syriza levy higher taxes that the shipping industry can’t afford? A report in WSJ says that several owners in Greece’s important shipping sector are worried about this. 


International Sulphur Campaign Launched

Image: DMA

An international information campaign on the new, stricter sulphur requirements and their enforcement will be launched in February and, at the same time, cooperation between the so-called SECA countries is further strengthened, Tthe Danish Maritime Authority (DMA) announced.  


Scrubbers Installed on Newbuild Gas Carrier

Corvette (Photo courtesy of Dorian LPG)

The ECO VLGC Corvette, delivered from Hyundai Heavy Industries on January 2, 2015, is fitted with a Class and Flag State approved exhaust gas cleaning system (EGCS) provided by Clean Marine.   The measurements of exhaust gas emission and washwater criteria are well below the required limits


US Judge: BP Spill Smaller Than Feared

Photo: BP

BP Plc will face Clean Water Act fines for its Gulf of Mexico oil spill of up to $13.7 billion, less than a maximum of $17.6 billion it could have been fined, after a judge ruled on Thursday the size of the spill was 3.19 million barrels.  


COSCOL Profit Jumps

Courtesy: COSCOL

Shanghai Stock Exchange-listed COSCO Shipping Company Limited (COSCOL) says its profits shot up 491% year on year (y/y) to CNY193M ($31M) in 2014. Revenue improved 3% year-on-year.  The results also boosted by government subsidies and benefitted from cost cutting measures


Cruise Ship Passenger Medevaced Off Atlantic City

Photo: USCG

The U.S. Coast Guard medevaced a 67-year-old woman Thursday from a cruise ship approximately 75 miles east of Atlantic City, New Jersey.   A medical doctor aboard the cruise ship Norwegian Breakaway contacted Coast Guard watchstanders at 7:53 p.m


Update on Stricken Ship Hoegh Osaka

Hoegh Osaka

  The stricken ship Hoegh Osaka continues to be stable and the salvors ongoing ballasting operations have now reduced the list to 48 degrees. The divers yesterday successfully carried out a limited inspection of the Hoegh Osaka’s hull


Congestion hits Lagos Ports

(Image courtesy: Lagos Ports Complex )

With 11 vessels have been waiting to get a space to berth in  Lagos Ports Complex (LPC) in order to discharge cargo since December 2014 heavy congestion hits Lagos Ports General Cargo Terminal.  More than 251,860 metric tons (MT) of cargo are currently stranded at Terminal C and D of


HHI, HSL Ink Pact to Build Submarines

HSL Layout (Image: Hindustan Shipyard Limited)

Hyundai Heavy Industries (HHI), world’s largest shipbuilder, signed memorandum of understanding (MoU) with Hindustan Shipyard Limited (HSL) to build submarines for India as part of a 40-year program to strengthen the nation’s naval forces. 


Slow Economy Growth Offers No Respite for Shipping

File photo

A limited economic growth potential and a slow recovery pace of the global economy only ease the pain in the global shipping industry somewhat, BIMCO reported, adding that while the industry continues to suffer from oversupply in the freight market


Change in CEO at Golar LNG

Golar Ship

  Golar LNG Limited today announced that Doug Arnell has decided to step down as CEO of Golar on February 1, 2015. Mr. Arnell's decision is driven by a personal wish to return with his family to his home country of Canada. Mr. Arnell will be succeeded by Gary Smith


Launch of Asian Marine Casualty Forum

Asian Marine Casualty Forum logo

  The Crisis in Global Maritime Casualty Response – Now Is the Time To Act – An industry Forum Designed to Promote Change An industry forum aimed at producing a practical response to the current crises in maritime casualty management was officially launched in Singapore today


Sino-Global to Acquire Tanker

RONG ZHOU

  Sino-Global Shipping America, Ltd. a shipping agency, logistics and ship management services company, today announced that it has entered into a Memorandum of Understanding (the "MOU"), between the Company and Rong Yao International Shipping Limited






 
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