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Crowley Announces Promotions

Ismael Estrada has been promoted to director of Port Operations for Crowley Liner Service's Isla Grande terminal in San Juan, Puerto Rico. In his new role, he is responsible for all operational activities of the terminal including equipment control, freight services, security and maintenance. Estrada joined Crowley in 1990 as Supervisor of Vessel Cargo Operations and was subsequently promoted to Manager of Terminal Operations. Estrada will report to Roberto Lugo, Jr., Vice President and General Manager. Jose F. Nazario has been promoted to Director of Finance and Administration for Crowley Liner Service's Puerto Rico operations. In his new role, he is responsible for the direction and administration of the budget process, forecasting, tax interpretation, financial planning, accounting services and other reporting activities. Nazario joined Crowley in 1985 and has held a number of key managerial positions including his latest as Director of Port Operations. Nazario will continue to report to Roberto Lugo, Jr., Vice President and General Manager.

Petrobas Signs for US$1.5-Billion Japanese Bank LOC

The lines of credit are for Petrobras to purchase equipment & services from Japanese companies in Brazil & abroad, based on an earlier MOU that established a strategic partnership between JBIC and Petrobras.
 Petrobras has signed two financing programs with the Japan Bank for International Cooperation - JBIC for the offer of two lines of credit amounting to US$ 1.5 billion. Mizuho Bank, Ltd. is the agent bank for these programs and the lines of credit will be 60% financed by JBIC and

Offshore Wind Investment Survey – Summit Planned

A  'Wind Energy Update' survey identified key factors determining investor's choice of contracts; an offshore wind risk summit is planned “Experience of the team” was recently named as the principal trait to accumulate capital for current offshore wind projects as found in Wind Energy Update’s survey on offshore wind investment and finance. Further to this, survey participants also saw that: ”the use of proven technologies’’ and the

Ince & Co Advises Fugro on Vessels Sale

International law firm Ince & Co has announced that it has advised Fugro on a sale and lease back agreement with ICON Investments regarding two of its geotechnical drill ships Fugro Scout and Fugro Voyager. ICON financed the acquisition of the vessels by loan facilities from a syndicate of lending banks led by Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. Dutch stock exchange listed offshore operator Fugro is the world’s largest integrator of geotechnical, survey

Offshore Wind Spend to Average $21B per year

Douglas-Westwood (DW) forecast offshore wind installations averaging 3.2 GW per year over the next ten years with capital expenditure hitting a peak of $24.1B in 2016. The fifth edition of DW’s World Offshore Wind Market Forecast launched today presents a new longer-term forecast and examines the key commercial developments since the last publication to provide detailed insight to established players and new entrant alike.

VIKING, Daemyung Marine Invest in Korea

Courtesy VIKING

Marine safety equipment manufacturer and servicing provider VIKING Life-Saving Equipment A/S is to establish a local presence in Korea through a joint venture agreement with leading Korean marine safety equipment and servicing company Daemyung Marine Co. Ltd. The new joint venture, VIKING Life-Saving Equipment Korea LLC, has VIKING as the majority shareholder.   The venture aims to bring faster access for Korean-based and foreign-flag ship managers in the cargo

Cat Financial Announces Second-Quarter 2014 Results

CAT Brand

  Cat Financial reported second-quarter 2014 revenues of $728 million, an increase of $34 million, or 5 percent, compared with the second quarter of 2013. Second-quarter 2014 profit after tax was $146 million, a $35 million, or 32 percent, increase from the second quarter of 2013. The increase in revenues was primarily due to a $36 million favorable impact from higher average earning assets. Profit before income taxes was $206 million for the second quarter of 2014

Multi-National Consortium to Construct Russian Far East Shipyard

Russia's Rosneft, Gazprombank, Sovcomflot with Korean shipbuilding company Daewoo Shipbuilding & Marine Engineering Co. (DSME) have signed a Memorandum of Understanding (MOU) on key terms of co-operation to establish a shipbuilding and industrial cluster in the southern part of Primorskiy Krai (Russian Far East). The parties agreed to jointly complete the construction and launch a new shipyard – shipbuilding complex Zvezda – in 2016

Awilco Exercises Option for Jackup Drilling Rig No. 8

Awilco Offshore (AWO) has exercised an option with PPL to build a 375-ft. jackup drilling rig with drilling depth of 30.000 ft. The rig will be named WilConfidence. The rig is to be delivered in the second quarter of 2009, and has a delivered cost of $149m. The delivered cost includes contract price with the yard, site supervision, pipe handling equipment, spare parts and finance costs during construction.

Carbon War Room Launches Shipping Efficiency Advisory Board

Six leaders and influencers from across the shipping industry will join global NGO Carbon War Room’s (CWR’s) Shipping Operation Advisory Board. Their backgrounds span the shipowning, chartering, technical analysis, finance, and academic worlds.   The board will lend extensive industry insight and support CWR’s mission to profitably decarbonise the international shipping industry. Galen Hon, Manager, Shipping Operation, Carbon War Room

Capesize Rates Fall to Eight-week Low

Capesize dry bulk vessel Nord Power (File photo: Dennis Schnell, Bulldog and Partners / Dampskibsselskabet NORDEN A/S	)

Freight rates for large capesize dry cargo ships on key Asian routes, which fell to an eight-week low on Wednesday, are likely to continue to slide next week as charterers drip-feed cargoes in an over-tonnaged market, brokers said on Thursday.  

Reliance Inaugurates New Ethane Carriers

A Type C Tank being installed on World’s first very large ethane carrier of Reliance

In a ceremony held in Geoje (South Korea), Indian's largest private sector company Reliance Industries Limited (Reliance) inaugurated its very first two VLEC (Very Large Ethane Carrier), in the presence of the shipyard Samsung Heavy Industries (SHI) and other key partners of the project

Obama Taps Foss VP for USMMA Board

Susan Hayman (Photo: Foss Maritime)

Susan Hayman, Foss Maritime VP of HSQE & External Affairs, has been nominated by President Barack Obama to the United States Merchant Marine Academy's (USMMA) Board of Visitors. This key administrative post is for a term of two years, commencing at the beginning of each Congress.  

Sembcorp Marine Posts Q3 Loss

Singaporean rig builder Sembcorp Marine Ltd. posted a loss in the third quarter, hurt by higher financing costs and a fall in orders due to weak oil prices.   The company posted a net loss of S$21.8 million ($15.7 million) for the three months ended Sept

Astican & Astander Continue to Invest

(Photo: Astican & Astander Shipyards)

Astican & Astander: pair of privately owned Spanish yards continue to invest in facilities and equipment   Astander and Astican are the two busiest privately owned shipyards in Spain carrying out heavy repairs and special conversion projects with a boutique style attitude towards

Beta Release of Safe, Efficient Data Exchange at Sea

Effiensea2 Image Danish Maritime Authority

The EfficienSea2 project, which is led by the Danish Maritime Authority, is now ready to demonstrate its first results. At a coming conference, beta releases of some of the solutions will be launched. Now, the EfficienSea2 project is ready to present beta releases of some of its solutions

ACE Winches Introduces New 500te Linear Winch

Photo: ACE Winches

At this year’s Offshore Energy exhibition, global deck machinery specialist ACE Winches announced a new 500te Linear Winch to its range of specialized deck equipment. The company will showcase its range of products and services supplied to European clients operating within marine

Why Do Accidents Happen in Oil Industry?

Photo: DNV GL

 As the oil and gas industry strives for cost effective execution in projects and operations while maintaining a high focus on safety and environmental footprint, innovative and smart solutions are needed more than ever.    By extracting data and knowledge from all the detailed

Cosco Raises $1.8bln Capital

Photo: COSCO

 China’s COSCO Shipping Development Co Ltd  announced a proposed nonpublic issuance of about 3.28 billion shares to specific investors, including its parent company, to raise up to 12 billion yuan ($1.79 billion), reports China Daily.  

ExxonMobil Fires its New R&D Test Engine

Image: ExxonMobil

ExxonMobil announced the first firing of its new crosshead slow speed test engine to drive its research and development of next generation cylinder and system oils for the marine industry.    The test engine will provide ExxonMobil with a platform for meeting the needs of increasingly

New Container Terminal Inaugurated in Iraq

Enrique K. Razon Jr., ICTSI Chairman and President, cuts the ribbon symbolizing the formal opening of the BGT expansion area, the first entirely foreign financed new port infrastructure in Iraq. Photo ICTSI

International Container Terminal Services, Inc. (ICTSI) formally opened the first phase of its new greenfield terminal development at its Basra Gateway Terminal in the North Port, Umm Qasr, Iraq.   The official inauguration of the new facility marks the implementation of the first entirely

France Mulls Majority Stake in STX Yard

France could take a majority stake in the French subsidiary of struggling South Korean shipyard group STX Corp, French daily Liberation said on Monday, citing unnamed sources at the finance ministry. The French state holds a 33 percent minority stake in STX France

ICC Releases its Latest Trade Finance Survey

Image: ICC

 According to this year's Global Survey - which received 357 responses from 109 countries worldwide - 61% of respondents reported a global shortage of trade finance.    Only 52% of respondents reported an increase in trade finance activity, compared to 63% in 2015 and 80% in 2012

Palfinger Wins Deck Equipment Package

Illustration of Havyard 832 MPV, where Palfinger Marine will deliver and extensive deck equipment package of cranes, winches and offshore equipment. (Copyright: Palfinger Marine GmbH, Havyard Group)

Palfinger Marine signed a contract with Turkish shipyard Cemre to supply a deck equipment package to a Havyard 832 MPV vessel being built for Esvagt. The package from Palfinger consists of cranes, winches and offshore equipment. The MPV will measure 81.9 x 17.16 m, with a  deck area of 620 sq

Global Submarine Battery Market Growth at 5.28%

Photo: SEC

 The global submarine battery market to grow at a CAGR of 5.28% during the period 2016-2020, says Global Submarine Battery Market 2016-2020 report by Research and Markets.   Global Submarine Battery Market 2016-2020, has been prepared based on an in-depth market analysis with inputs

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