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DONG Energy Narrows IPO Pricing Range

Photo: DONG Energy

Danish utility and offshore wind farm developer DONG Energy has narrowed the price target for the company's share sale in Copenhagen, cutting off the top end of range, one source with direct knowledge to the matter said.   The price range has been narrowed to 225 Danish crowns and 235 crowns ($34.39-$35.92) from an earlier target of 220-255 crowns.   "A message was sent to investors on Tuesday night that they are at risk of not getting any shares granted if they place orders in the low end of the new price range," the source said.   Shares in DONG Energy are set to trade on the bourse in Copenhagen on Thursday. The top of the range would value the company at 98.2 billion Danish crowns ($15 billion), potentially making it Europe's biggest initial public offering this year.   ($1 = 6.5421 Danish crowns) ($1 = 6.5428 Danish crowns) (Reporting by Ole Mikkelsen, editing by Jacob Gronholt-Pedersen and Louise Heavens)


Port Valdez and Valdez Narrows – security zones

The U.S. Coast Guard issued a temporary rule extending through October 31 its security zone encompassing the Trans-Alaska Pipeline (TAPS) Valdez Terminal Complex and TAPS tank vessels and a second security zone in the Valdez Narrows. Comments on this action should be submitted by June 30. 69 Fed. Reg. 28827 (May 19, 2004). The U.S. Coast Guard also issued a proposal to make these security zones permanent. Comments on this proposal should be submitted by July 30. 69 Fed. Reg. 28871 (HK Law)


Russian Navy Blocks Channel Between Crimea, Russia

Reuters - Russian navy ships have blocked off the Kerch Strait which separates Ukraine's Crimea region and Russia, the Ukrainian border guard service said on Tuesday. The border guards have said that Russian servicemen are in control of the Crimean side of the narrow channel and that Russian armoured vehicles have been sighted on the Russian side. "The Kerch Strait is blocked by two Russian ships - from the north and from the south," Pavel Shishurin


Supertankers Pose No Danger to Bay of Fundy

Proponents of a controversial liquefied natural gas plant in Maine say a study ordered by the Canadian government has found there is no reason to ban supertankers from the Bay of Fundy, as Ottawa has threatened to do if the U.S. approves the project. Downeast LNG said the environmental study found there were no immediate risks of having LNG supertankers go through the Bay of Fundy, part of which is split by the New Brunswick-Maine border, to the proposed plant.


Bosphorus Strait Closed after Vessel Allides with Villa

A cargo ship ran aground and smashed into a villa on Turkey's Bosphorus Strait on Tuesday, forcing maritime authorities to close the key waterway to transit traffic, shipping agency GAC said. The 105 metre Sierra Leone-flagged Majed & Randy had no pilot on board when it suffered a rudder malfunction before hitting the villa, located on the Asian side of the waterway near Istanbul's Fatih Sultan Mehmet Bridge, GAC said.


World Economy Poised for Faster Growth Says Oil Report

The prediction comes from NYC-based PIRA Energy Group in its latest 'Oil Market Recap', as follows: The world economy is set for faster growth now that it has achieved escape velocity. Current low oil inventories and stock declines are supporting strong prices. Key light product inventories are low, with distillate vulnerable to a spike with very cold weather. Brent-Dubai will be fairly wide in January and February before narrowing sharply in April


ClassNK: Guidelines on Laser-Arc Hybrid Welding

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Classification society ClassNK has released Guidelines on Laser-Arc Hybrid Welding (Ver. 3) aiming to support the widespread application of laser-arc hybrid welding in shipyards.   Laser-arc hybrid welding is a high quality and highly-efficient welding process which combines both laser and arc welding methods, capable of achieving the same depth of penetration as the standard arc welding process whilst also inhibiting thermal deformation due to its low required heat input.  


Two Rescued from Vessel Taking on Water

The crew of the U.S. Coast Guard Cutter Anacapa rescued two men from a vessel taking on water approximately one mile southwest of Petersburg, Alaska, Tuesday. A smallboat crew from the Anacapa took the 24-foot pleasure craft Deborah K under tow and safely transported its passengers to the port in Petersburg. Coast Guard command center watchstanders at Sector Juneau received a call from passengers aboard the Deborah K reporting they had struck a rock and were taking on water near Wrangell


Brisbane Marine Pilots Train at MSI-Newport

Stephen Cummings and David Harris of the Brisbane Marine Pilots attended an Emergency Shiphandling course conducted September 13-17, 2004, at MarineSafety International's simulator training complex in Newport, RI. Topics covered included ship maneuvering in narrow channels and docking operations in tight quarters under difficult circumstances of wind and current. The pilots were also able to practice procedures for employing escort tugs using a computer model of the port of Brisbane


Laborde Provides Navy With Yanmar Training

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Laborde Products, Inc., provided a two-day class to enable U.S. Navy's Special Boat Teams to maintain and repair the engines that power the Special Operations Craft—Riverine (SOC-R). Certified Yanmar Technician Randy Saacks and other Laborde engine professionals demonstrated disassembly, assembly and trouble-shooting.  "This training ensures that the members of the Navy's Special Boat Teams have the skills required to get the job done no matter where they're deployed and


China-bound Norwegian Joy Sets Sail

Photo: Norwegian Cruise Line

 Norwegian Joy, Norwegian Cruise Line’s first custom-designed ship for the Chinese cruise market, began her journey to her home port of Shanghai, China this week, as she departed the Meyer Werft shipyard in Papenburg, Germany on Sunday


Marine Coatings Evolve for the Better

High performance underwater hull coatings are always in demand, driven by continuous pressure to reduce operational fuel costs while staying environmentally compliant. (Photo: Sherwin Williams)

Innovation and new technology continue to shape the marine coatings market. A narrowing field of global coatings manufacturers offer new products while improving existing ones to meet customer demand. Ultimately, customer demand, along with environmental compliance pressures are all driving the


Tech File: Harken’s TR31 Tight Radius Rail and Trolley System

Photo: Harken

Being safe on board any workboat has never been easier. That’s because when the Sabine Pilots in Port Arthur, Texas took delivery of their all new all-aluminum pilot boat, the Port Arthur, in May of last year, the vessel came with all the bells and whistles that operators have come to expect


Arctic Ice Loss Driven by Natural Swings, Not Just Mankind -Study

© z576 / Adobe Stock

Natural swings in the Arctic climate have caused up to half the precipitous losses of sea ice around the North Pole in recent decades, with the rest driven by man-made global warming, scientists said on Monday.   The study indicates that an ice-free Arctic Ocean


OPEC's Hope for Goldilocks Price Fade: Kemp

File Image: CREDIT GearSTD AdobeStock

CERAWeek has exposed all the contradictions at the heart of OPEC’s attempt to rebalance the oil market without rekindling the shale boom or conceding too much market share to rivals.   The oil industry conference in Houston started with a celebration of higher prices


Safe Bulkers Reports 4Q Loss

Photo: Safe Bulkers

 Greece-based Safe Bulkers (SB) has reported a loss of $4.6 million in its fourth quarter. On a per-share basis, it has a loss of 9 cents.   Net revenues for the fourth quarter of 2016 increased by 6% to $31.7 million from $29.9 million during the same period in 2015.   


Damaged Tug Heads to Seattle for Repair

The U.S. Coast Guard said it has green lighted a transit plan for the damaged tug Samson Mariner to head south from Ketchikan, Alaska for repairs in Seattle. The vessel departed on Tuesday accompanied by an escort tug.   Samson Mariner was damaged and spilled approximately 1


Tug Grounding Causes Fuel Spill in Alaska

Emergency personnel continue their response to the tug boat Samson Mariner which ran aground and spilled fuel while towing a barge in the vicinity of Rosa Reef in north Tongass Narrows, Alaska, Wednesday evening.   Approximately 1,100 gallons of diesel spilled from the tug prior to being


Search on for Missing Boaters in AK

Courtesy USCG

The Coast Guard is searching for two men reported overdue from a boating trip near Ketchikan Sunday. Coast Guard Air Station Sitka MH-60 Jayhawk crews and Coast Guard Station Ketchikan 45-foot Response Boat - Medium crews are conducting search patterns on the southern end of Gravina Island.


Improved Demand Easing Dry Bulk Vessel Oversupply

An impressive outlook for dry bulk demand coupled with a small orderbook of newbuilds Drewry

With contraction in vessel supply and healthy demand growth, the dry bulk shipping market is expected to recover from 2017 onwards, according to the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry.


Scorpio Bulkers Narrows Loss

Photo: Scorpio Bulkers

 Scorpio Bulkers has its loss narrowed to $124.8 million, or $2.22 per share for the year ended December 31, 2016, compared with a net loss of $510.7 million  seen in the same period a year earlier.   However, it  reported a loss of $20


Old Ships, Not Enough New Tricks?

Graph: Clarkson Research

 As widely expected, the opening of the new, expanded locks at the Panama Canal in June 2016 has considerably impacted the ‘old Panamax’ containership sector, says a report by Clarkson Research Services.   The displacement of these narrow beam vessels


Samsung Heavy Trims Operating Loss for 2016

Photo: Samsung Heavy Industries

 Samsung Heavy Industries (SHI), South Korea's second largest shipbuilder,  has managed to reduce its operating loss by around 90 percent due to a stabilization in shipbuilding and offshore construction.   SHI ended the year with an operating loss of KRW 147


Norwegian Shipping Firm Denies Polisario Accusation of Illegal Shipment

A Norwegian shipping firm on Thursday denied a tanker it manages had violated a European court ruling after Western Sahara's Polisario movement accused it of illegally transporting an oil cargo through disputed territory it claims. The Polisario independence movement this week called on the


Start of 2017 Looks Rocky for Asian Tankers

© Carabay / Adobe Stock

Dirty Tankers Asia’s crude tanker market faces the double whammy of a flood of newbuild deliveries and a cut in OPEC production in Q1 2017. On the supply side, net capacity growth is estimated to be around 5 percent for VLCCs, 9.6 percent for Suezmaxes and 7 percent for the Aframaxes/LR2






 
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