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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.


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


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.


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


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


Laborde Provides Navy With Yanmar Training

lab-pic-18681h_web.jpg

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


San Antonio Makes Inaugural Transit Through Suez Canal

By Mass Communication Specialist 3rd Class (SW) Brian Goodwin, Iwo Jima Expeditionary Strike Group Public Affairs The amphibious transport dock ship USS San Antonio (LPD 17) made its first transit through the Suez Canal as part of the Iwo Jima Expeditionary Strike Group Sept. 23. 's first transit through the Suez Canal marked its entry into the 5th Fleet area of operations. relied on the skill and expertise of its Sailors to successfully maneuver the 's navigational challenges.


Norsafe, VARD Ink lifeboats Supply Deal

Norsafe LHD 60   JYN 57 Photo Norsafe

Norsafe has signed a new contract with VARD Group, and will supply lifeboats complete with davit systems to a series of fifteen new vessels. Topaz Energy and Marine has appointed shipbuilder VARD Group to construct fifteen Module Carrying Vessels (MCVs), each measuring 123m long by 16.5m wide


Turkey Reopens Key Shipping Route After Coup Attempt

Daily transit volumes through world maritime oil chokepoints Courtesy US Energy Information Administration

Turkish maritime authorities have reopened Istanbul's Bosphorus Strait to transiting tankers after shutting it earlier on Saturday for several hours following what the government said was an attempted coup by a faction in the military. The Bosphorus is one of world's most important chokepoints


Panama's Expanded Canal Attracts Biz and Tourists

Photo: Panama Canal Authority

 Recent expansion of the Panama Canal should lower shipping costs, say market observers. Shipping geeks will delight at this engineering marvel that revolutionized global maritime trade.   As a major Latin American hub of finance, commerce and transportation


Norsafe Secures Contract with VARD Group

Image: Norsafe

Norsafe informs it has signed a new contract with VARD Group, and will supply lifeboats complete with davit systems to a series of 15 new vessels.    Topaz Energy and Marine has appointed shipbuilder VARD Group to construct 15 Module Carrying Vessels (MCVs)


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


Crashed EgyptAir Plane Located on the Seafloor

Photo courtesy of the Egyptian Armed Forces

The cockpit voice recorder from EgyptAir flight MS804 has been retrieved by search teams in a breakthrough for investigators seeking to explain what caused the plane to crash into the sea killing all 66 people on board.   The Airbus A320 plunged into the Mediterranean early on May 19 on its


S. Korea Boosting Condensate Imports from Iran

South Korea, Asia's largest buyer of condensate, will step up purchases of the ultra light oil from Iran by more than 50 percent in June, two sources said, as competitive pricing squeezes out rival oil from Qatar.   Expected June shipments of condensate from Iran may reach at least six


Huge Port Envisioned by Tycoon Opens in Brazil - without Him

The launch this week of Prumo Logistica's $3.7 billion Port of Açu, the largest in Latin America, marked the revival of a Brazilian logistics hub many thought doomed when the empire of its former billionaire owner collapsed.   Açu's more than 25 km (15


Lack of Communication Led to Houston Ship Collision -NTSB

The probable cause of the 2015 collision of the Conti Peridot and the Carla Maersk in the Houston Ship Channel was the inability of the pilot on the Conti Peridot to respond appropriately to hydrodynamic forces after meeting another vessel during restricted visibility


Daewoo Shipyard Posts Q1 Operating Loss

Photo: Daewoo Shipbuilding & Marine Engineering Co

 South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. posted a first-quarter loss after incurring more costs to finish some offshore projects.   First-quarter operating loss came to 26.3 billion won ($22.8 million) , sharply narrowing from an operating loss of 1


Liner Reliability Bucks Downward Trend

Graph: Drewry Shipping Consultants Limited

 Ocean carriers bucked a five-month downwards trend by improving container service reliability in March, according to Carrier Performance Insight, the online schedule reliability tool provided by Drewry Supply Chain Advisors.   The average on-time performance in March gained 5


Liner Reliability Bucks Downward Trend - Drewry

Drewry containership reliability by trade, March 2016.

Ocean carriers bucked a five-month downwards trend by improving container service reliability in March, according to Carrier Performance Insight, the online schedule reliability tool provided by Drewry Supply Chain Advisors. The average on-time performance in March gained 5


Cruise Ship Industry Sues Alaska Capital over Artificial Island

City leaders in Juneau, Alaska, have misspent millions in fees from cruise ship passengers to build an artificial island with a life-sized statue of a humpback whale, a passenger vessel association said in a lawsuit.   The Cruise Lines International Association on Tuesday sued Alaska's


Norway Shortlists DCNS, ThyssenKrupp for New Subs

Ula-class submarines. Source: Royal Norwegian Navy

 Norway's Defence Minister Ine Eriksen Søreide of the Conservative Party made it clear that there would be no submarine deal with Sweden, according to the Norwegian newspaper Verdens Gang.    Instead, Norwegian defense officials have narrowed down their search to French and


US Ports Planning Big Investments -Survey

Photo: Port of Houston Authority

Survey shows U.S. ports plan big investments in capital projects; anticipated federal under-investment in port-related infrastructure could dampen job and economic prospects    In its just-released 2016-2020 Port Planned Infrastructure Investment Survey






 
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