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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.


More Ships to Bangladesh Shipbreakers

CTG ship-breakers import 42 large ships in last two months Chittagong-based ship-breakers imported 42 large-sized recyclable ships in February and March this year at a cost of US$ 45 million, according to Jasim Khan's news report in the Financial Express. Industry sources said the ships will be able to supply about one million tonnes of MS rod -- a major construction material -- against the annual national demand for four million tonnes.


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


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.


ITIC Reports on Ship Agents' Costly Transhipment Errors

Image: ITIC

International Transport Intermediaries Club (ITIC) says it continues to deal on a regular basis with claims resulting from errors by agents involving transhipment cargoes.   In one case, an agent in Argentina failed to declare a cargo as transhipment cargo within fifteen days of the


Ensco Lost 2 Petrobras Contracts

Image: Ensco Plc

 Ensco Plc has concluded discussions with Petrobras regarding revised commercial terms with respect to some rig contracts.   Ensco 6003 and Ensco 6004 had their contracts terminated effective May 1, 2016 by mutual agreement.  


Two New Tugs Built for TNPA

TNPA’s new tugs, Qunu and Cormorant, were launched and named at the Southern African Shipyards in Durban Linda Mabaso, Chair of Transnet SOC Limited, named the vessels, flanked by Trishna Misra, Chief Financial Officer of Southern African Shipyards. (Photo by Philip Wilson – Logico Creative Solutions)

 The South African government’s Operation Phakisa: Oceans Economy initiative has yielded more results with the ceremonial launch of two more tugboats built for Transnet National Ports Authority (TNPA).   The two tugs – named Qunu and Cormorant – form part of


Harkand North America Salvaged by MBO

Ethos Offshore Completes Harkand North America Management Buy Out   A team led by AJ Jain, Harkand North America Managing Director, has agreed to a management buyout (MBO) of Harkand’s North American and African business. The new company, to be named ETHOS OFFSHORE LIMITED


Statoil: Limited U.S. LNG Impact in Europe this Year

File Image: An LNG STS Transfer underway (credit: Excelerate)

The European natural gas market is well supplied by pipeline gas from Norway and Russia, Norway's Statoil said on Wednesday, adding that it expected only limited impact from U.S. liquefied natural gas (LNG) supply this year. "Looking at the gas market moving forward the starting point is


Satlink Signs on with Fleet Xpress, FleetBroadband

Satlink Satellite Communications Ltd, a satellite communication and technical services provider, announced that it has become an Inmarsat Partner for Fleet Xpress and FleetBroadband. As part of the partnership Satlink’s solutions will be integrated with Inmarsat’s Fleet Xpress service


Cosco Pacific Appoints Zhang Wei as Vice Chairman

Photo: Cosco Pacific Ltd.

 Cosco Pacific Ltd. has appointed Zhang Wei as vice chairman and managing director, replacing Qiu Jinguang who has stepped down from the positions with immediate effect, reports Dow Jones.   "Qiu Jinguang has resigned as an Executive Director


DP World Volume Up 3.7%

Sultan Ahmed bin Sulayem, DP World Group Chairman and Chief Executive Officer Photo DP World

DP World Limited today held its Annual General Meeting for the year ended 31 December 2015.  DP World Chairman, Sultan Ahmed Bin Sulayem, made the following statement regarding operational performance in the first quarter of 2016.  


Essar Ports Hazira Allows Third-party Cargo

Essar Ports Hazira  Photo Essar

Essar Bulk Terminal Limited, Hazira, a subsidiary of Essar Ports Limited, which is a part of Essar, has received an approval from Gujarat Maritime Board (GMB) to handle 15 million tonnes of merchant cargo over three years. Based on this approval, the Hazira Terminal


Aging Seaborne Steel Products

Graph: Clarksons Research

 In 2015, seaborne steel products trade accounted for around a fifth of minor bulk trade, having grown on average by 6 percent per annum since 2010, according to Clarksons Research.   Recent growth has largely been driven by Chinese exports, which reached a record 113mt in 2015


ANZAC Class Frigate Sustainment Deal Signed

HMAS Perth Anzac Class Frigate, Australia Photo RAN

The Turnbull Government has signed a long-term contract for the sustainment of ANZAC Class Frigates centred in Western Australia.   The strategic partnership between BAE Systems Australia Defence Pty Limited, Saab Australia Pty Ltd, Naval Ship Management Australia Pty Ltd (a joint venture


ICS Criticises 'Prestige’ Judgement by Spanish Court

An oil cleanup volunteer holds up Comorant covered in oil from the sunken Prestige oil tanker on the coast of Galicia, Spain. Photo Greenpeace

At a meeting of the International Oil Pollution Compensation Funds (IOPCF) this week, the International Chamber of Shipping (ICS) has strongly criticised the judgement of the Spanish Supreme Court in the ‘Prestige’ Case.  


Crowley’s Roberts Outlines Support for Puerto Rico, Jones Act

Michael Roberts, Crowleys senior vice president and general counsel (Photo: Crowley)

As U.S. lawmakers address means to stabilize Puerto Rico’s economy, Crowley Maritime Corporation’s senior vice president and general counsel, Michael Roberts, was called upon to offer recommendations for supporting the island’s economy and strengthening the U.S


India's Highest non-coking coal discharge at Gangavaram Port

Gangavaram Port achieves record by discharging 1,56,339 metric tons of Non-Coking Coal from the vessel M.V. Cape Asia in 24 hours Photo Gangavaram Port

Gangavaram Port, the deepest and the most modern port in the country, has created yet another historical milestone record by discharging 1,56,339 metric tons of Non-Coking Coal from the vessel M.V. Cape Asia in 24 hours. This achievement stands out as the fastest discharge rate in the history of


Wind-powered Oil Recovery Project Green-lighted

Image: DNV GL

The DNV GL-led WIN WIN Joint Industry Project (JIP), which melds offshore wind with offshore oil and gas, shows that for suitable fields,finds that  wind-powered water injection is technically feasible, capable of meeting performance targets and offers a cost-competitive alternative to






 
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