Oil and gas shipping firm Osprey Maritime's bankers have agreed to an extension through the third quarter of 2002 of $362 million in short term loans. The facilities were originally repayable on July 20, 1999. The outlook for Osprey, which has a total debt of $813.7 million as of June 30, 1999, hinged on the outcome of its talks with bankers to extend its short term loans. The debt was incurred following its multi-million acquisition of Gotass Larsen Shipping Corp in 1997.
Bourbon announces that its 10 crew members kidnapped in Cameroon on 31st October on board the Bourbon Sagitta were released on Nov. 11. They are now safe in Yaoundé. After medical check-ups, all of them appear to be in good health. Bourbon wishes to thank everyone who has contributed to the successful outcome of this affair for their support and efforts, and in particular the local Cameroonian authorities, as well as the French Ministry for Foreign and European Affairs.
Navios Maritime Partners L.P. announced that the Navios Apollon and her crew were released on Feb. 27 2010. Navios Partners reported that the Captain and crew are healthy and will be reunited with their families shortly. Navios Partners thanks the Captain, the crew and their families for their fortitude through this trying ordeal. Many assisted the company in achieving this outcome. Navios wanted to recognize the special efforts of the Chinese Embassy in Greece, and the Ambassador personally
Safe Bulkers, Inc. (NYSE: SB) announced that it has entered into a new period time charter for the Maria, a 76,000 dwt Panamax class vessel, for a duration of 34 months to 36 months, with a forward delivery date in second quarter of 2011, at a gross daily charter rate of $20,250, less 3.5% total commissions. Dr. Loukas Barmparis, President of the company, said: “The new three-year time charter, which has a higher rate compared to the vessel’s current rate
BP Amoco confirmed, following a successful outcome to talks between the two companies, it has reached agreement to combine with the Atlantic Richfield Company (ARCO) of Los Angeles. The all-share transaction, approved by the boards of both companies, will involve the exchange of 0.82 BP Amoco American Depositary Shares (ADS) for each ARCO share. The deal will substantially boost BP Amoco's reserves and production, giving it the largest oil output of any non-state company
The Turkey-flag container ship Akaylar II has left Desan Shipyard, Tuzla, Turkey, after repairs were completed on the collision damaged vessel, Reuters reported. Akaylar II was towed to Tuzla from Buyukdere, where it had initially been towed following a collision around the entrance to the Bosphorus straits. The 4,263-dwt Akaylar II was leaving the straits for the Black Sea when it was involved in a collision with the southbound 8,971-dwt Cambodia-flag Med Glory, which was badly damaged.
DY4001 is the lead ship of the CROWN 63 series, a series of 63,500-DWT bulk carriers, which recently completed its sea trial items made its return voyage on February 17. According the shipyard, the vessel’s speed trial was proven beyond its design prediction and met all the guarantee. DY4001 was built by Dayang Shipyard, designed by Sinopacific Group Design, is owned by SETAF and is classed by Bureau Veritas.
International shipping adviser Moore Stephens said the UK budget for 2012 contains some encouraging signs for the shipping industry. The government has stated that it will consult later this year on whether to introduce a rule allowing companies with a non-sterling functional currency to compute their capital gains and losses in such functional currency, rather than in sterling, as is currently the case. “This is of particular relevance for UK companies
Hamburg, Germany – GL Garrad Hassan, part of the GL Group, has been awarded grants by the US Department of Energy (DOE) of $500,000 and $200,000 to fund two studies to identify optimal strategies for the installation, operation, and maintenance of offshore wind farms and to assess the readiness of US ports to meet the needs of the industry. To meet the renewable energy targets of the next century, offshore wind projects hold great promise with steady, strong winds
TransVoyant, LLC, active in the logistics field, announce ObjectFX & Portal Dynamics would soon trade as 'TransVoyant' “Last summer, we acquired several companies specializing in geospatial intelligence, logistics technology, and real-time risk decision-making,” stated Dennis Groseclose, President of TransVoyant. “TransVoyant combines the proven technology and global logistics knowledge of Portal Dynamics and the unique qualities of ObjectFX geospatial and
BC Ferries cut time loss injuries in half; it reduced serious injuries by two-thirds; it slashed annual insurance claims costs by more than three-quarters.
After 2-years of negotiations, the European Union (EU) agrees a workable deal on fisheries reform to recover fish stocks and support low-impact fishing. Following late-night talks, Irish fisheries minister Simon Coveney, representing the Council of European ministers
Cobham SATCOM announced at Nor-Shipping 2013 a new SAILOR FleetBroadband Dual Antenna solution which has been designed to secure uninterrupted data and voice communications on vessels. The innovative new solution consists of two SAILOR 500 FleetBroadband solutions and a Dual Antenna Control Unit
The wreck of the anchor handling tug 'Jascon 4', which sunk while on static tow of a tanker 15 Nm offshore Escravos, Nigeria, has now been abandoned for safety reasons. The owners, West African Ventures, report that the search and rescue operation that has been underway since 26 May
Almost 80% of collisions and groundings occur due to a failure of bridge systems and their usage. A new three-year European research project, part funded by the EU has been launched to help increase safety onboard vessels. CASCADe, (model-based Cooperative and Adaptive ship-based Context Aware
Preparation, Preservation of Resources Sets the Table for a Successful Trial Verdict Even the safest, most careful marine operator will, at some point in time, have an accident aboard one of their vessels. And, despite the best of intentions, sometimes employees gets hurt
A sector-specific Energy Efficiency Design Index (EEDI) for new ro-ro cargo & ro-pax vessels has been agreed by the IMO Marine Environment Protection Committee – MEPC 65. Formal approval was confirmed late on Friday (May 17) for an Interferry-backed modification that will take effect
Nearly 250 first responders participated in a National Preparedness Response Exercise Program in Los Angeles including U.S. Coast Guard, Chevron, California Department of Fish and Wildlife Office of Spill Prevention and Response, NOAA, Bureau of Safety and Environmental Enforcement
The IMO's Marine Environment Protection Committee (MEPC) meets for its 65th session from 13 to 17 May 2013, at IMO HQ in London. Items on a busy agenda include the implementation of energy-efficiency regulations and the ballast water management and ship-recycling treaties.
One challenge in the construction of a subsea project is the long delivery time of large steel forgings used for key components. This is mainly due to compliance with oil companies’ individual requirements. DNV is now inviting the subsea industry to jointly obtain synergies by developing a
WaveSentry, a Technology Strategy Board funded project backed by a consortium of industry and academic experts, successfully concluded at the end of April with an event to present the key outcomes of the project explore technologies and opportunities for further development of wave measurement and
The Department of the Interior’s Bureau of Safety & Environmental Enforcement (BSEE), Noble Energy, Inc. and the Helix Well Containment Group (HWCG) participated in the exercise. A full-scale deployment of critical well control equipment was employed to assess Noble
Huntington Ingalls Industries' Shipbuilding Division receives a Platinum Award in the American Heart Association's Fit-Friendly Worksite program. The award is the highest level recognized by the AHA for companies that demonstrate progressive leadership in making the health and wellness of their
ClassNK released the 2013 edition of the Rules and Guidance for the Survey and Construction of Steel Ships. ClassNK continuously reviews, updates and amends its technical rules and guidance as part of its ongoing efforts to improve the safety of life and property at sea
A human silhouette is outlined by the light of a cell phone as theater patrons shift their attention toward the disturbance. The user’s eyes scan messaging with expression of concern, reading of a boating accident and a lone mariner’s single call for help