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KEY EQUIPMENT FINANCE

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


Energy, Finance & the GoM

© Scott Bufkin / Adobe Stock

Some positive market indicators could presage an investment revival in the U.S. Gulf of Mexico – and beyond.   The good news, reported by Bloomberg, is that in the third quarter of 2016, the largest oil companies increased cash from operations by nearly $26 billion. This reflects a 67 percent increase from the previous quarter and more than twice the amount of the first quarter of 2016. Exxon Mobil, Royal Dutch Shell, Chevron


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.


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


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.


Vallianz Shuts Singapore Yard

Photo: Vallianz Holdings Limited

 Singapore’s offshore-support vessel provider  Vallianz Holdings has ceased operations at its shipyard in Singapore as part of efforts to streamline business operations amidst the severe industry downturn.   At the end of 2016


Wärtsilä Repowers Italian Ferry

As the existing 30-year-old equipment is replaced with new Wärtsilä products, MV Moby Zazas environmental footprint is considerably reduced. Photo Wartsila

The Italian ferry company Moby S.p.A has chosen Wärtsilä to carry out the repowering of its passenger ferry MV Moby Zaza, the final vessel in a series of repowering projects that started with MV Moby Corse and continued with MV Moby Kiss.


Delay Averted with Underwater Sterntube Renewal

Photo: Hydrex

Hydrex Underwater Technology has assisted an excavation vessel hemorrhaging oil from a stern tube seal entangled with steel wire to pass safely through the Panama Canal. The 156m long, Dutch-owned vessel was unable to make the canal transit until the propeller shaft seal had been repaired


Cost Reduction Through Modified EMC Regulation

Photo: RH Marine

The joint proposal to applicate risk based EMC regulations has been accepted and will be implemented January 2017. The intention of this proposal is to reduce EMC related costs by applying a risk based approach combined with smart installation methods


Wanax Invests in PSV Market

Photo:  S.D. Standard Drilling Plc

 Wanax AS, a wholly owned subsidiary of S.D Standard Drilling Plc, will  invest USD 5.215mln in platform supply vessels  (PSV) Opportunity III DIS.    The investment will be done through subscription of ownership interests in PSV Opportunity  III and gives Wanax AS


Milestone for Polar Protection

Photo: International Maritime Organization

 With more and more ships navigating in polar waters, IMO has moved to address international concern about the protection of the polar environment and the safety of seafarers and passengers with the introduction of new regulations that all ships operating in these harsh and challenging waters


Daewoo to Develop Iranian Shipyard

Image: Industrial Development and Renovation Organization of Iran

 South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) and the Industrial Development and Renovation Organization of Iran (IDRO) have signed an outline agreement to cooperate on developing the shipbuilding Industry in Iran.  


Debt Looms for South Korean Shipyards

 The top four Korean shipbuilders have 2.3 trillion won ($1.9 billion) in notes maturing next year, the most in Bloomberg-compiled data going back to 1997.    Bloomberg reports that some of them may have trouble paying debts without help from the government or group firms


Schlumberger, Transocean Ink Service Agreements

Logo

Cameron, a Schlumberger company, today announced the signing of two 10-year pressure control equipment management service contracts on behalf of Transocean valued at greater than $350 million. The first contract calls for Schlumberger to manage Transocean’s Cameron risers in the Gulf of


Rigmarine Provides Custom Winch Package for Caspian Sea Topside

Photo: Rigmarine

Lifting and marine product specialist Rigmarine said it has recently supplied a bespoke winch system for a multinational oil and gas company, a key customer in the Caspian Sea region.   The riser pull-in system comprises 38t and 12t winches


Shipping Confidence Improved: Moore Stephens

Graphics: Moore Stephens

 Shipping confidence improved for the third successive quarter in the three months to end-November 2016, says a report by Moore Stephens, an accounting and advisory network in UK.   In November 2016, the average confidence level expressed by respondents was 5.6 out of 10


SFL Takes Delivery of 19,200 TEU Containership

Ship Finance International Limited (SFL) said it has taken delivery of MSC Anna, the first of two 19,200 TEU container vessels from Huyndai Heavy Industries, Korea. The vessel is chartered out for a period of 15 years, and lease financing has been secured for the full term of the charter.


Shippers’ Confidence at 15-month High -Survey

© Sergii Figurnyi / Adobe Stock

    Shipping confidence improved for the third successive quarter in the three months to end-November 2016, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.   


Royal HaskoningDHV Appoints Two Corporate Directors

Jasper de Wit (left) and Abhishek Kaushal (right). Photo Royal HaskoningDHV

Royal HaskoningDHV appoints two new leaders at Corporate level for Finance & Control and Global HR Services: Jasper de Wit has been named Corporate Director Finance & Control per January 1, 2017, and Abhishek Kaushal has been appointed to lead Global HR Services per December 12, 2016


GE Blog: Navigating through the Rough Seas

Digital Marine Naval Ships (Photo: GE)

No two days in the navy are the same. Whether teams are facing a humanitarian mission, complex manoeuvres or a training exercise, navy recruits must be prepared for all eventualities, pushing their bodies and minds to the limits of their abilities. The same is true of navy fleets






 
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