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CLASSIC CHARTERS

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. With a maximum width of 45 mm, WAGO's electronic circuit breakers feature high channel density, providing space-saving installation in the control cabinet. EPSITRON CLASSIC power supplies (787-16xx) and electronic circuit breakers (787-166x) with GL approval are now compliant with the highest safety standards making it the ideal integrated solution for worldwide use both on-and offshore.


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  


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 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


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


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


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


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


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


RCCL Names Pimentel President & CEO

Royal Caribbean Cruises Ltd. (RCCL) has announced the appointment of Larry Pimentel to the newly created position of president and chief executive officer of Azamara Cruises. Pimentel will have responsibility for the strategic direction and leadership of the deluxe brand to ensure its continuous growth and success. He will report directly to Richard D. Fain, chairman and chief executive officer of RCCL. Pimentel has more than 25 years of travel industry experience catering to the high-end


Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies

File Image: A VLCC at sea (EuroNav)

MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next week amid a seasonal slowdown exacerbated by strong vessel supply, shipping executives said.


GasLog Reports Higher Profit in 2Q16

Photo: GasLog Partners LP

 GasLog Partners LP has released its financial results for 2Q16, boasting a profit of US$17.38 million – 38% higher than in 2Q15. Its demand outlook for LNG carriers with long-term charters remains positive.   The company also generated US$49


Navios Maritime Posts 2Q Profit

Photo: Navios Maritime Midstream Partners

 Navios Maritime Midstream Partners LP (NAP) has reported second-quarter earnings of $5.9 million.   It says revenue for three month period ended June 30, 2016 increased by $4.3 million to $22.7 million.   The company said it had net income of 28 cents per share


Concordia Maritime Posts Q2 Profit

Stena Polaris (Photo: Concordia Maritime)

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel employment and successful chartering, though still coming in under its Q2 2015 results largely due to an arbitration


Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady as ship owners resist charterers' attempts to push rates lower amid a dearth of cargo


Diana Containerships in Red, Suspends Dividend

File Photo: Diana Containerships

 Greece-based Diana Containerships Inc. has reported a second-quarter loss of $8 million, after reporting a profit in the same period a year earlier.   The shipping company posted revenue of $8 million in the period.   Net loss for the six months ended June 30


No Clues on Hanjin's Financial Health

Photo: Hanjin Shipping Co.

 Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.1 shipping line has come under growing pressure from its creditors to secure more money


Boeing 767 Shipped by Barge

(Photo: MTS)

MTS Statum completes marine towage of barge carrying Boeing 767 from Shannon Airport   Marine service provider Marine and Towage Services Group Ltd. (MTS) has completed a charter to deliver a Boeing 767 from Shannon Airport to its new home at the Quirky Glamping site in Enniscrone


C. Raymond Hunt Associates Celebrates 50 Years

(Photo: C. Raymond Hunt Associates)

C. Raymond Hunt Associates, a boat design firm that continues to expand on the legacy of its founder, C. Raymond Hunt, to produce innovative boats with rugged seaworthiness, is now celebrating its 50th year.   “Ray Hunt was a genius


Navig8 Acquires Chemical Tanker from STX

Photo Navig8

Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Topaz, a 49,000 DWT IMO2 Interline-coated chemical tanker


MOL Signs Long-Term Charter with Uruguayan JV for FSRU

Photo: Mitsui O.S.K. Lines

 Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for a floating storage and regasification unit (FSRU) project in Montevideo, Uruguay.  


Asia Tankers-VLCC Rates to Hold, Ample Tonnage Weighs

file image: a VLCC transits the Suez Canal (Suez Canal Authority)

"Pure" chartering market with little disruption. Rates to hold around W45 for Middle East; W48 for West Africa. Freight rates for very large crude carriers (VLCCs) are likely to hold steady around existing levels as new vessel deliveries and a reduction in port delays weigh on a ample


Safe Bulkers to Amend Loan Pact with RBS

Photo: Safe Bulkers, Inc

 Safe Bulkers, Inc., an international provider of marine drybulk transportation services,  has agreed with the Royal Bank of Scotland plc (RBS) to amend certain financial covenants and terms to an existing term loan facility with an outstanding balance of US $73.4 million.   


Asia Dry Bulk-Capesize Owners Remain Confident

File Image: typical bulk carrier underway (BSM)

Number of idle ships down to around 15, from 70 in early 2016 - broker. Freight rates for large capesize dry cargo ships on key Asian routes could nudge lower next week although they are generally expected to remain around the current levels, ship brokers said.


Creditors May Give Breathing Room for Hanjin Shipping

Photo: Hanjin Shipping

 State-run Korea Development Bank and other creditors are expected to extend their conditional debt rescheduling program for Hanjin Shipping Co. to stay afloat, reports Korea Herald.   This move will give the struggling shipping company enough time to cover liquidity shortage on its own






 
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