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OCEAN FLEET

Golden Ocean: Worst Bulk Market Since 1980s

Dry bulk shipping firm Golden Ocean reported first-quarter earnings below forecasts on Thursday and said its market had gone from "bad to worse" with market conditions not seen in three decades. Golden Ocean, controlled by shipping tycoon John Fredriksen, said its made a net loss of $75.3 million in the first quarter, below expectations for a loss of $27 million, the result was weighed down by a $141 million impairment charge on its vessels. Excluding the impairments, the firm made an EBITDA loss of $3.6 million, not far from forecasts for a $1 million loss. Its shares were trading 3.13 percent lower at 32.84 Norwegian crowns at 0821 GMT. The dry bulk shipping market has suffered a deep downturn in recent months as China cut its first-quarter coal imports by 42 percent and markets expect its coal imports to stabilise at the reduced level. "The dry bulk market has remained weak so far in the second quarter; consequently the revenues of Golden Ocean are expected to remain low in the second quarter," the company said in a statement. The majority of Golden Ocean's fleet is exposed to the spot market or on time charter contracts linked to the spot market which means results will continue to correlate with spot rates. "The utilisation of the dry bulk fleet was hovering around 80 percent during the quarter and earnings were at levels not experienced since the mid 1980s," the company said.


Tank Barge Report

Currently, Marcon International, Inc., the ship sale & chartering firm, has 62 inland tank barges available for sale, down from 124 in June 1996. Most of these are typical U.S. inland river units of approximately 30 years of age (vs. an average active U.S. inland fleet age of 24 years). Marcon also has listed and available for sale a total of 41 ocean and coastwise barges compared with 50 in June 1996. Most of these are older single skin units.


Tank Barge Report

Currently, Marcon International, Inc., the ship sale & chartering firm, has 62 inland tank barges available for sale, down from 124 in June 1996. Most of these are typical U.S. inland river units of approximately 30 years of age (vs. an average active U.S. inland fleet age of 24 years). Marcon also has listed and available for sale a total of 41 ocean and coastwise barges compared with 50 in June 1996. Most of these are older single skin units.


Godby Shipping Rolls Out Wired Ocean Across Fleet

Wired Ocean, a solution to broadband internet at sea has been installed aboard the entire Godby Shipping fleet. The seven vessel installation of the unique system, which commenced in September 2007 was carried out by Telemar and completed when the final vessel in the fleet, Miranda, took delivery of the system in February 2008. Wired Ocean is a marine broadband system, designed to deliver shore to ship data via a vessel's satellite TV antenna


NOAA's 15-Year Plan to Invest in Ships

NOAA has completed a detailed plan to modernize its marine operations  by replacing nine research ships and refurbishing a tenth in the next  15 years. “Sea-going vessels are a key source of observational data used by NOAA  scientists. A modern, more capable fleet will ensure we can meet the  ever changing demands of the science community,” said retired Navy  Vice Admiral Conrad C. Lautenbacher, Jr., Ph.D., under secretary of 


Northern Fleet Adds Research Vessel

The newest research ship Amber was a part of the Northern Fleet

  The latest oceanographic research vessel "Yantar" has arrived at the base of the Northern Fleet in Murmansk region. This was announced by Head of Press Service of the Federation Council Vadim Serga. "The crew has completed the transition from the Atlantic Ocean to the Kola Bay" - quoted by TASS Sergey. In May of this year, "Amber" was raised by St. Andrew's flag. This was followed by testing of the equipment and facilities the ship in the deep


Ocean Safety to Supply Complete RNLI Liferaft Fleet

Back row from L-R: Shaun Botha, Commodity Buyer, RNLI; Allen Stevens, Senior Engineer, RNLI, Mandy Boughton, Business Development Manager, Ocean Safety; Front row from L-R David Brook, Director RNLI, Charlie Mill, MD, Ocean Safety

U.K. independent marine safety equipment supplier Ocean Safety was selected by the RNLI to carry out a wide reaching replacement program for all their current liferafts in an operation that will take up to three years. The Ocean Safety ISO liferaft will become the liferaft of choice on every RNLI all weather lifeboat, following a rigorous selection program in which Ocean Safety had to produce innovative solutions to the RNLI’s requirements to exceed their own high safety standards for


Knightsbridge and Golden Ocean to Merge

Golden Ocean’s capesize bulker, Channel Navigator. Image courtesy Golden Ocean

  Knightsbridge Shipping Limited and Golden Ocean Group Limited have today entered into an agreement and plan of merger pursuant to which the two companies have agreed to merge, with Knightsbridge as the surviving legal entity. The Combined Company will be renamed Golden Ocean Group Limited upon completion of the merger. As a result of the expected merger, the Combined Company would become one of the world's leading dry bulk companies with a modern fleet of 72 vessels


Golden Ocean and Knightsbridge Complete Merger

Image courtesy of Golden Ocean

  The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company, which will be called Golden Ocean Group Limited, will be one of the largest dry bulk shippers in the world, operating a fleet of 72 vessels, 34 of which are new buildings.      The merger was first announced in October and will allow John Fredriksen


The Emirati Crew Leads Volvo Ocean Race

Photo: Volvo Ocean Race

 Abu Dhabi Ocean Racing had the Volvo Ocean Race trophy within their grasp as the seven boats entered the final lap on Saturday heading for Gothenburg after a one-day ‘pit-stop’ in The Hague, reports the Khaleej Times.   The Emirati crew, skippered by Briton Ian Walker, has an eight-point lead in the nine-month offshore sailing marathon and would need to finish last in the leg and accrue two penalty points to lose that advantage.  


Near-Record Volume for Burns Harbor Port

Port Of Indiana-Burns Harbor Courtesy Port of Indiana

The Port of Indiana-Burns Harbor handled 2.8 million tons of cargo in 2015, the second highest tonnage in over two decades. Following 2014's all-time record volume, the year marked only the third time the port handled 2.8 million tons or more in the port's 45-year history.  


VT Halter Delivers ATB Tug to Bouchard

M/V Morton S. Bouchard Jr. on sea trials (Photo: VT Halter Marine)

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co. Inc.    Measuring 130 feet by 38 feet by 22 feet, the M/V Morton S. Bouchard Jr


West Antarctic Ice Sheet: How Stable is it?

West Antarctic Ice Sheet Photo courtesy   Alfred Wegener Institute

Exceeding critical temperature limits in the Southern Ocean may cause the collapse of ice sheets and a sharp rise in sea levels A future warming of the Southern Ocean caused by rising greenhouse gas concentrations in the atmosphere may severely disrupt the stability of the West Antarctic Ice


Guy Harvey to be Honored by Seafarer's House

Guy Harvey

Guy Harvey – artist, conservationist and entrepreneur – has been selected as this year’s recipient of the Seafarers’ House International Golden Compass Award. The award is given each year to those who have achieved distinction in the maritime world


Oceans Will Have More Plastic than Fish by 2050

Image: US Fish and Wildlife Service

 The world’s oceans could contain more plastic than fish by 2050 if current business practices are continued, according to a report released by the  World Economic Forum (WEF).   Researchers warned 8 million metric tons of plastics currently find their way into the ocean


Contracts Awarded for U.S. National Defense Reserve Fleet

Courtesy Maritime Administration

U.S. Transportation Secretary Anthony Foxx today announced that DOT has awarded contracts with a total award value of $1.96 billion over eight years to seven U.S. maritime firms to manage, maintain and operate 48 National Defense Reserve Fleet (NDRF) vessels through January 2024


Damen Takes on Six Viking River Cruises Vessel Jobs

Viking River Cruises (2).jpg

Damen Shiprepair Amsterdam (DSAm) reports that it is currently working on a modification and maintenance contract for six inland cruise vessels owned by Viking River Cruises. With this winter service complete, all six vessels – known as longships – will be ready for the coming river


SUPSALV & Finding El Faro

Captain Gregg W. Baumann discusses with CBS ‘60 Minutes’ anchor Scott Pelley  the technology to be deployed in the search for El Faro. The feature El Faro spot aired on CBS on Sunday, January 3, 2016.  If you missed it, view the 60 Minutes video here:http://www.cbsnews.com/videos/lost-in-the-bermuda-triangle  (Courtesy of U.S. Navy/CBS ‘60 Minutes’)

Last month we were offered an in-depth discussion on marine salvage with Captain Gregg W. Baumann, U.S. Navy, Director of Ocean Engineering, Supervisor of Salvage and Diving. Captain Baumann and his team have a long history regarding difficult missions accomplished


Happy Reunion with CMA CGM

Photo: CMA CGM

 CMA CGM is offering more Reunion Island services as it positions the French department to be its hub in the Indian Ocean.   CMA CGM presented its new strengthened services offer linking the Reunion Island during the inauguration of the Group’s new offices, on Tuesday 26th January


Evergas Acquires 4th multigas LNG vessel

Courtesy Evergas

Evergas’ latest addition to its fleet, the 4 th ‘dragon class’ 27.500 cbm multigas LNG carrier in a series of eight was successfully named today the 28th of January, at a ceremony at the Sinopacific Offshore & Engineering (SOE) shipyard in Qidong, China.


Energy from the Ocean: The Ocean Thermal Energy Converter

A 1MW plant developed by the Korea Research Institute of Ships and Ocean Engineering (KRISO) which will be built for installation off the coast of South Tarawa, Republic of Kiribati, in the South Pacific Ocean.

Despite historic lows in traditional oil and gas energy markets, research and develoment continues in earnest on a number of projects designed to produce green energy. The latest, an Ocean Thermal Energy Converter (OTEC) from KRISO, received Approval in Principle from classification society Bureau


U.S. Navy Commander Guilty in Corruption Scandal

A U.S. Navy commander charged with accepting paid travel, prostitutes and Lady Gaga concert tickets from a Malaysian defense contractor in exchange for classified information pleaded guilty on Thursday to federal corruption charges. Commander Michael Vannak Khem Misiewicz appeared in U.S


Cutlass Express 2016 Commences

Maritime forces from various nations attend the opening ceremony for Cutlass Express 2016 Jan. 30. U.S. Navy photo by Mass Communication Specialist 2nd Class Mat Murch

Maritime forces from Eastern Africa, Western Indian Ocean island nations, Europe and the United States, as well as several international organizations began the fifth iteration of the multinational maritime exercise Cutlass Express, Jan. 30.


New China Cosco Shipping Commencing Ops

Pic: China Cosco Holdings

China's Ministry of Commerce has approved the merger of China Ocean Shipping (Group) and China Shipping (Group) so that the combined company can begin full operations.   The company sources said, the newly merged entity will officially be launched and commence operations in Shanghai on


Boxship Aground Near Port of Hamburg

A Chinese container ship that is one of the world's largest has run aground on the river Elbe near Germany's largest port Hamburg but shipping to the harbour continues as normal, German marine police said on Thursday.   The stricken vessel is the CSCL Indian Ocean of Chinese shipping






 
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