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GLOBAL INDUSTRIES LTD

Global Completes Securities Filing

Global Industries Ltd. filed to sell from time to time up to $500 million in debt securities, common and preferred stock, depositary shares and warrants. Net proceeds will be used for general corporate purposes, which may include debt repayment, capital expenditures, future acquisitions and additions to working capital, the company, based in Lafayette, La., said in a shelf registration filing with the Securities and Exchange Commission.


Téllez Elected to Board at Global Industries

Luis Téllez has been elected to the Global Industries, Ltd. Board of Directors of the Company effective March 31, 2003. Téllez is Executive Vice-President and Chief Executive Officer of DESC, S.A. de C.V., a diversified industrial conglomerate and one of Mexico’s largest corporations. Prior to his association with DESC, Téllez served as Mexico’s Secretary of Energy from 1997 until 2000. He served as Chief of Staff to President Ernesto Zedillo from 1994 to 1997


Hyundai Heavy, Baoshan Sign MoU

Hyundai Heavy Industries Co., Ltd. disclosed that it had signed a Memorandum of Understanding with Baoshan Iron & Steel Co., Ltd. to import wide and heavy plates for shipbuilding. Hyundai Heavy Industries plans to import 180,000 tons of steel plates from Baosteel yearly. Both declined to disclose the price of the deal to keep trade secret. Hyundai Heavy Industries said that the price was lower than that offered by Japanese steelmarkers and a South Korean report said that South Korea would


China Tightens Shipbuilders' Credits: Singapore May Benefit

Singapore's Keppel Corp Ltd and Sembcorp Marine Ltd, the world's top offshore rig-makers, stand to be among the winners through Beijing's moves to tighten credit amid a downturn at China's shipyards, reports Reuters. The two companies have been under mounting pressure from Chinese yards offering generous payment terms, price discounts and help with financing, but that may be changing after Beijing pledged to cut credit to industries plagued with overcapacity


LNG Ship Sails off Shipyard

According to Xinhua, China's first liquefied natural gas(LNG) ship sailed off shipyard Wednesday in Shanghai, marking China's shipbuilding industry stepping into a new era. Sources from the China State Shipbuilding Corp (CSSC) said the LNG ship was built by CSSC's Shanghai subsidiary, the Hudong-Zhonghua shipbuilding (Group) Co Ltd, which fills a blank in China's shipbuilding history. The LNG ship is regarded a high-tech product with high-added value in the shipbuilding industry


Dalian to Produce and Sell Kappel Propellers in China

Photo: MAN

Dalian propeller deal coincides with order involving the world’s largest car carriers On August 30, 2013 MAN Diesel & Turbo signed an agreement regarding the production of its Kappel propeller portfolio with Dalian Marine Propeller Co., Ltd (DMMP) – part of the China Shipbuilding Industry Corporation (CSIC) Group – at its facility in Frederikshavn, Denmark. The deal allows DMMP to produce and sell MAN Alpha Kappel design propellers in China.


Five Shipping Lines Agree to Form Alliance

Through its U.S. General Agent, Solar International Shipping, Yang Ming Line announced that five major Asian steamship lines have agreed to form one of the largest cooperative international sea container transport efforts among steamship lines. The new alliance for a cooperative worldwide network will consist of: COSCO Container Lines Ltd., Kawasaki Kisen Kaisha, Ltd. (K-Line), Yang Ming Marine Transport, Hanjin Shipping Co., Ltd., and Senator Lines GmbH.


Zim to Buy Eight Ships for $1.36B

Israel Corp. subsidiary Zim Integrated Shipping Services Ltd. said it had placed an order to purchase eight mega container ships from the South Korea’s shipyard Samsung Heavy Industries Co. Ltd. The deal, valued at $1.37b, ($170m each) comes six weeks after Zim Integrated Shipping Services Ltd. announced its plan to upgrade its container vessels fleet. The company had ordered eight TEU 12,600 mega containership for delivery by July 2012


Singapore's Transport Minister to Speak at LISW 2015

Minister for Transport Mr Lui Tuck Yew Courtesy Singapore Transport Ministry

London International Shipping Week 2015 (LISW) is delighted to announce that Mr Lui Tuck Yew, Singapore’s Minister for Transport, has confirmed that he will speak at the official LISW Conference on 10th  September 2015 at the Grosvenor House Hotel on London’s Park Lane.   Mr Lui Tuck Yew will speak in the session on: “National, Supranational and Global Governance – The role of governments in a global maritime industry: Should governments lend their support


YMD of China Completes First Mitsubishi-UE Engine

Yichang Marine Diesel Engine Co., Ltd. (YMD), a group company of China Shipbuilding Industry Corporation (CSIC), has completed production of its first Mitsubishi-UE low-speed marine diesel engine under a technology licensing arrangement with Mitsubishi Heavy Industries, Ltd. (MHI). YMD, located in Yichang, Hubei Province, is expected to complete three more Mitsubishi-UE engines within this year, with plans calling for progressive expansion of engine production going forward.


India's Iran Oil Imports Surge in June

India's Iran oil imports rose about 39 percent in June year on year, preliminary data obtained by Reuters shows.   In the first half of 2016 India's Iran oil imports surged by about 58 percent to about 342,000 bpd, the data showed, in comparison with 216,500 bpd in the same period last year


Dry Bulk Shipping: Troubled Waters Get Rougher

Pic: AlixPartners, LLP.

According to AlixPartners’ inaugural study of industry performance based on an analysis of the major dry bulk shipping companies, industry revenues for the global group fell 18% from 2014 to 2015. Even more troubling was the collapse in earnings before interest, taxes, depreciation


PALFINGER Finalizes Harding Acquisition

Morten Blix (Herkules) shaking hands with Herbert Ortner (CEO,Palfinger) and Styrk Bekkenes (CEO, Harding Safety) in the background (Photo: Harding Group)

The PALFINGER Group closed the acquisition of 100 percent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group, supplier of lifesaving equipment and lifecycle services for maritime installations and ships.  


VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27, 2016 from Hyundai Samho Heavy Industries Co. Ltd.   The Gener8 Constantine represents the 11th of 21 ECO VLCCs


The Historical Passage of Cosco Shipping Panama

An aerial view of COSCO Shipping Panama in the upper chamber of the Cocoli Locks. Photo by Panama Canal Authority

 The Chinese giant Cosco Shipping  has made the inaugural transit on Sunday June 26, 2016  through the expanded Panama Canal expansion project , event appreciated by thousands of people in Agua Clara lock province of Colon.  


Day of the Seafarer: Ban Spotlights Sustainable Agenda Targets

Port scenes, Antwerp, 2013. International Maritime Organization (IMO) Photo: IMO

 Marking the Day of the Seafarer, United Nations Secretary-General Ban Ki-moon highlighted the role of the shipping industry in moving forward the international agenda on sustainable development and climate change.   “The world is now embarking on carrying out twin plans for the


The American Club Reports Solid Progress in 2015

Arnold Witte (Photo: Donjon Marine)

The American Club reported solid progress during 2015 at the annual meeting of its members held in New York yesterday. Despite a challenging economic climate, the Club’s business developed respectably, and 2016 had started on a positive note.  


Norsepower’s Rotor Sail Wins Innovation Award

M/V Estraden vessel with two rotors fitted (Photo: International Windship Association)

Judges describe world’s first renewable energy-powered vessel technology as “unlike anything else and…truly innovative”   Norsepower Oy Ltd., the developer of the world’s first renewable energy-powered vessel technology


Merger: Survitec Joins Forces with WMS

 Survitec Group announced a transformational deal with the Marine Safety business of Wilhelmsen Maritime Services AS (WMS), in which WMS will transfer into Survitec all related safety products and services, including Wilhelmsen Technical Solutions


RBS Receives Bids for Greek Shipping Business

The Royal Bank of Scotland has received bids for its Greek ship finance business, banking and financial sources familiar with the matter said, following a leap in bad shipping debts at the lender over the past few months. They told Reuters that the operation was worth about $3 billion although


AkzoNobel Wins Major Environmental Award

Mike Winter accepting award on behalf of AkzoNobel

AkzoNobel’s pioneering methodology for rewarding ship owners who use sustainable hull coatings has been named Environmental Leader Product of the Year for 2016. The award recognizes the introduction of the shipping industry’s first carbon credits methodology


TEN Sends New Aframax Tanker to Work for Statoil

Tsakos Energy Navigation Ltd. (NYSE:TNP) has taken delivery of the aframax tanker Elias Tsakos, part of the 15-vessel newbuilding program and the first of the nine assigned for the Statoil long-term business. The vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately


ECB Reviews Shipping Loans

Image: European Central Bank

European Central Bank (ECB) kicked off a review into the risks of banks’ shipping exposure, Reuters reported.   ECB is conducting an in-depth review of banks’ exposure in shipping amid rising provisions for bad debt in an industry still mired in crisis.  


Negative Outlook for Global Shipping Industry: Moody’s

Photo: Global Shippers Association (GSA)

 Moody's Japan K.K. says that its outlook for the global shipping industry over the next 12-18 months is negative.   "The negative outlook reflects our expectation that earnings will worsen, with freight rates likely to remain depressed amid ample supply," says Mariko Semetko


World's First Offshore Fish Farm Rig

(Image: Rolls-Royce)

World's First Offshore Fish Farm Rig: Designed by Global Maritime - Owned by SalMar - Built by Qingdao Wuchuan Heavy Industries - Moored by Rolls-Royce   Rolls-Royce signed a contract for the construction and delivery of an eight point mooring system to the world’s first offshore fish






 
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