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CLASSIC CHARTERS

SBM Offshore Nominates Wood as CFO

SBM Offshore has nominated D.H.M. Wood as a member of the management board and chief financial officer (CFO) to replace current CFO, P.M. van Rossum, who is set to retire.   The company will hold an Extraordinary General Meeting (EGM) on November 30, 2016 where it will be proposed that Wood be appointed as a member of the management board for a period of four years until the 2021 AGM. Van Rossum will then step down as management board member and CFO.    Wood has worked at Royal Dutch Shell plc since 1993 in various financial and management positions, including as Vice President Finance & Planning Exploration (at Shell Upstream International) and most recently as CFO of Showa Shell Sekiyu K.K. in Japan, a company listed on the Tokyo Stock Exchange.    Wood obtained his degree in Classics in 1993 at Oxford University (Wadham College) and became a Fellow of the Chartered Institute of Management Accountants in 2006.   Wood will join the company per October 1, 2016.


EPSITRON Line Carries GL Approval

EPSITRON GL 1200x1200

  EPSITRON CLASSIC power supplies and electronic circuit breakers now carry GL marine and on-and-offshore approval. Offering an ultra-slim power supply package solution featuring economically-priced 1-, 2- and 3-phase modules, EPSITRON CLASSIC power supplies feature an identical housing profile, and wide input and voltage range. 787 Series EPSITRON circuit breakers offer excellent features and reliable protection against overload and short circuits


OceanConnect and Starsupply Launch Hedging Service

OceanConnect President Thomas Reilly today announced the launch of a new risk management service aimed at helping shipowners and suppliers protect their profits. "Financial derivatives have become an important tool in the risk management arena. OceanConnect, in partnership with Starsupply Petroleum, will offer the first derivative brokerage service focused exclusively on the world's bunker markets," Reilly said.


New Shipyard for Belfast's Working Waterfront

According to the Marine Public Broadcasting Network, a new shipyard is opening in Belfast. Boat builders, led by J.B. Turner and partners Taylor Allen of Rockport Marine and Steve White of Brooklyn Boatyard, will construct composite and classic wooden yachts. The yard will have a retrofitting business, a full-service marina, some unique shipping ventures.    Source: Marine Public Broadcasting Network  


Star Cruises of Malaysia to Order Metso DNA System

MS Star Pisces cruise ship will be operated by a Metso DNA automation system from March 2013.

The Star Cruises of Malaysia has chosen Metso to refurbish the automation system on its MS Star Pisces cruise ship that sails in the Far East.   The vessel's new automation will increase reliability and customer comfort. After docking in Hong Kong in February, the vessel will continue its cruise program from March 2013 onwards. Metso will supply its state-of-the-art Metso DNA system to replace the present Damatic Classic automation system that it had supplied earlier


New Wärtsilä Subsidiary Trades Classic Engine Parts

Wärtsilä announced it has established a subsidiary to trade spare parts for classic four-stroke Wärtsilä engines. QuantiParts, fully owned by Wärtsilä, will operate from the Netherlands and serves customers in the marine, locomotive and power plant industries worldwide.   QuantiParts trades original engine manufacturer (OEM) spare parts for selected mature Wärtsilä medium- and high-speed four-stroke engines, such as Deutz, Stork, Bolnes, Sulzer A/S


OIG Issues Audit of Title XI Loan Guarantee Program

The Department of Transportation Office of Inspector General (OIG) issued its Report on the Audit of the Title XI Loan Guarantee Program The audit examined whether proper procedures were followed and the impact of recent bankruptcies. As of December 2002, the Title XI portfolio totaled approximately $4.3 billion in executed loan guarantees and loan guarantee commitments. The report discussed the impact of the American Classic Voyages Co. (AMCV) bankruptcy ($1


Boat Recycling

Some excursion vessels happily seem to live forever. They change owners, change paint colors, endure countless renovations, bare scars from misguided attempts to "improve" her propulsion system… but the boat lives on. Such is the case of a 1969 vintage two-deck paddle wheeler built in 1969 by the Dubuque Boat and Boiler Company. The vessel has had many names. But the one most associated with the vessel is Bonnie Belle


Delta Queen Makes A Comeback

Following the decision to enter into bankruptcy this past October, American Classic Voyages has agreed to sell two of steamboats - Delta Queen and Mississippi to Chicago-based investment firm Waveland Investments LLC for $3.75 million. The company, which is privately-held, plans to take over the boats, effective next month. Mississippi Queen, which ceased operations in October, will resume its itinerary on May 7, while Delta Queen


Stewart Group Paves Way for Further Growth

The Stewart Group’s management includes (from left to right): Director Andrew Miller, Non-Executive Chairman Bill Budge and Managing Director Paul Love. (Photo: The Stewart Group)

The Stewart Group, an international shipbroker, has underpinned its growth plans by relocating to new premises in Aberdeen which triple its office space. The established business, which currently has 12 people based in the city, as well as a further 14 at offices in London, Houston, Cape Town and Ghana, now has space for 26 staff following a move to the multi-million pound City Wharf development on Shiprow. The company, which was previously based in Union Street


US Fines 'Duck Boat' Manufacturer in Fatal Crash

The U.S. Transportation Department said on Tuesday the company that built a Seattle amphibious "duck boat" involved in a deadly 2015 collision between the vehicle and a charter bus that killed five international students has agreed to pay a fine of up to $1 million.  


TEN Announces Four New Time Charter Contracts

Photo: Tsakos Energy Navigation Limited

 Tsakos Energy Navigation Limited (TEN), a leading diversified tanker owner, has announced new time charter contracts for four vessels, an aframax, two panamaxes, and a handysize product tanker, all to major end users.    The average contract length of all four fixtures is 14


New LNG Carrier Delivered for Petronet

Photo: Petronet LNG

A consortium comprising Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd. (“K” Line), and the Shipping Corporation of India Ltd. (SCI) took delivery of a new liquefied natural fas (LNG) carrier on November 30, 2016, in South Korea.


Asia Dry Bulk-Capesize Rates Sliding as Overcapacity Weighs

File Image: a dry bulk vessel underway (CREDIT: Norden)

Capesize rates 26-33 pct higher than a year ago, but could fall towards Chinese New Year. Freight rates for large capesize dry cargo ships on key Asian routes may fall further next week as prospects for a pre-Christmas rally fade with ship supply outpacing cargo demand, ship brokers said.


Diana Shipping Slips into Red

Alcyon Courtesy Diana Shipping

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported a net loss of $78.3 million and net loss attributed to common stockholders of $79.8 million for the third quarter of 2016, of which $50


Hyundai Denies 2M Partnership Failure

Photo: Hyundai Merchant Marine

 Hyundai Merchant Marine (HMM) has denied reports that it failed to join the global shipping alliance 2M  that the company has sought for months as part of its normalization plan.   According to Yonhap, "We are still in negotiations (with 2M) to iron out differences


Scorpio Bulkers Signs Time Charter-Out Agreements

Photo: Scorpio Bulkers Inc

 Scorpio Bulkers, Inc.  announced that it has entered into time charter-out agreements for two Ultramax vessels and one Kamsarmax vessel.   The two Ultramax vessels are SBI Leo and SBI Achilles and the Kamsarmax vessel is SBI Cakewalk.  


Ethane Carrier GasChem Beluga Delivered

Photo: Hartmann Reederei

On November 11 the first vessel of the new ECO STAR 36k type, GasChem Beluga, was delivered to the owners Ocean Yield ASA in China. The design for this new type of vessel was developed under the lead of German ship owner Hartmann Reederei together with its long-term partners HB Hunte Engineering


Nakilat Transfers LNG Umm Slal to in-house Management

(Photo: Nakilat)

  cut Umm Slal_edited (greg d:)     Nakilat has assumed full ship management and operations of Q-Max LNG carrier Umm Slal from STASCo (Shell Trading and Shipping Company Ltd.) effective November 23, 2016, as part of the planned transition announced last month.


Navig8 Receives 8th Interline-Coated Tanker

Courtesy NAVIG8 CHEMICAL TANKERS

Navig8 Chemical Tankers Inc. today announced that it has taken delivery of the Navig8 Tanzanite, a 49,000 DWT IMO2 Interline-coated chemical tanker, from STX Offshore & Shipbuilding Co., Ltd. (“STX”), the final 49,000 DWT IMO2 Interline-Coated vessel from the Company’s


Asia Tankers-VLCC Rates May Hit Multi-Month Highs

File Image of a VLCC (CREDIT: EURONAV)

VLCC rates last week hit highest since April, May; balanced tonnage supply-cargo demand support rates. Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs last week, could climb further if there is a flurry of pre-Christmas chartering activity


WFW advises CMB Financial Leasing on Sale, Leaseback of Eight Vessels

International law firm, Watson Farley & Williams (“WFW”), advised CMB Financial Leasing Co. Ltd (“CMB”) in respect of: (i) the sale of eight container vessels by NOL Liner (Pte.) Ltd to certain Singapore incorporated SPVs wholly owned by CMB International Leasing


Bahri Signs $350 mln Islamic Finance Deal for Oil Tankers

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers. The 10-year murahaba financing was arranged by Standard Chartered


Diana Shipping Gets Charters Two Bulkers

New Orleans. Photo: Diana Shipping

 Greek dry bulk shipping company Diana Shipping has entered into time charter contracts for its two vessels, the M/V Orleans and the M/V Melite, which are scheduled to start in December 2016.   "Diana Shipping, through a separate wholly-owned subsidiary


Siemens’ Turbine Transport Ship Commissioned

Photo: Concordia Group

The heavy cargo roll on/roll off' coaster vessel recently delivered and commissioned by Concordia Group is not the typical RO/RO.   Once a containership, the 141-meter-long and 20-meter-wide Rotra Vente was converted into a specifically designed ship to be used under charter by Siemens






 
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