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Report on MOL Comfort Incident is out

MOL Comfort

  In response to the casualty of “MOL COMFORT” which occurred on 17 June 2013, ClassNK established the Investigative Panel on Large Container Ship Safety, comprised of leading experts from shipbuilders, shipowners and academic institutions, to carry out the following course of action: (1) Investigate the possibility of casualty occurrence (2) Consider and examine safety of large container ship structure The findings and outcomes of the panel have been consolidated into a report, which is available to download in both English and Japanese via the website below: For all inquiries regarding the report, please fill out an Enquiry Form via the website above. Answers to these inquiries will also be regularly updated as Q&As on the ClassNK website. ClassNK has scheduled an immediate Explanatory Meeting with IACS members to explain the report and to share the findings and outcomes among the IACS members. ClassNK will continue to work towards the safety of the large container ships including improvement of the relevant Rules, Guidance  and Guidelines.  

Osprey Maritime Gets Extension

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.

Kidnapped Bourbon Crew Released

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.

Safe Bulkers Time Charter for Panamax Vessel

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

EDHEC-Risk Institute Welcomes Eight New Members

EDHEC-Risk Institute announced that eight new members have joined its international advisory board, which brings together scholars, representatives of regulatory bodies as well as senior executives from business partners and other institutions. The role of the international advisory board is to validate the relevance and goals of the research program proposals presented by the institute’s management and to evaluate research outcomes with respect to their potential impact on industry

WCI Names Zea as Director

Tracy Zea (Photo: WCI)

Waterways Council, Inc. (WCI) has named Tracy R. Zea as its Director-Government Relations, effective August 4.  He will be based in the Washington, D.C. office and will primarily advocate for WCI’s goals for authorizations and appropriations which support a modern, efficient, and reliable inland waterways transportation system.  Zea will also work to enhance WCI’s stakeholder relationship with the U.S. Army Corps of Engineers

BP-Amoco and ARCO in $26.8 Billion Deal

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

Repairs Complete on Damaged Akaylar II

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.

Navios Apollon Released from Captivity

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

Fergusons Shipbuilders Takeover: Preferred Bidder

Scots flag: File image

The Scottish Government informs that KPMG has announced that Clyde Blowers Capital is to be the preferred bidder for the group’s business and its assets. First Minister Alex Salmond said:
 “I am delighted that Clyde Blowers Capital has been named the preferred bidder for the Fergusons yard. Jim McColl’s company is one of Scotland’s greatest job creators, and I will be meeting with the company

Singapore to Develop Maritime Ports in Egypt

Image: PSA Singapore

 The Maritime Sector of the Egyptian Ministry of Transportation signed a Memorandum of Understanding (MoU) with the Port of Singapore Authority (PSA) as Singapore will operate and develop the Egyptian maritime ports, reports the Cairo Post.  

Ship Operating Costs to Increase

Photo: Maersk Line

 Moore Stephens’ annual survey, which indicates the direction of ship operating costs, suggests that crew wages, repairs and maintenance, along with drydocking are the costs that are most likely to increase most significantly this year and next, says a report from BIMCO.  

Subsea 7, Centirca Collaborate in Norway

Subsea 7 was awarded of a long-term agreement to provide support to Centrica throughout early phase Concept engineering, FEED, SURF project execution and Life of Field operations on an exclusive basis.   The agreement is applicable to the Centrica portfolio on the Norwegian Continental

DNV GL Issues Guidance on Inspection Planning

Photo: DNV GL

The low oil price and a reduction in newbuilds have driven the integrity of existing assets up the agenda for the oil & gas industry. However, the cost of inspection programs can be significant, adding to the operational costs.   DNV GL has now launched a recommended practice

‘Chapplaincy’ for Better Seafarers' Welfare Support


  Smartphone App created with support from Augustea Group and MarineTraffic will help charity deliver improved service and better measure impact of its work Sailors’ Society, one of the largest seafarer support charities operating internationally

Swedish Club 1H post $ 6.3 mln Deficit


  In the first six months of the accounting year 2015 the Swedish Club made a deficit of USD 6.3 million. The result was affected by lower returns from both the technical- and non-technical accounts.   Underwriting performance registered a combined ratio of 112% but remains slightly

South Korea Takes Stab at Slaying Zombie Company Menace

Okpo Shipyard of Daewoo Shipbuilding & Marine Engineering (Photo: Visit Korea)

South Korea is getting serious about tackling its "zombie company" problem and will set up its first restructuring firm backed by the government and banks in November, spooked by some huge corporate losses and a darkening economic outlook.  

IACS Focus on Education & Training on World Maritime Day

IACS Chairman Christopher J Wiernicki

  The International Association of Classification Societies (IACS) has marked World Maritime Day by expressing its support for the efforts of the International Maritime Organization to promote the vital contribution made to the industry by its most important asset: its people

U.S. East Coast Threatened by Hurricane Joaquin

Hurricane Joaquin was gaining strength on Thursday as it moved toward the Bahamas, with forecasts still inconclusive on whether the storm would slam into the U.S. East Coast or head out to sea without making landfall, the Hurricane Center (NHC) said.

NOIA Response : Cancellation of Alaska OCS Lease Sales

Outer Continental Shelf Image courtesy NOIA

  National Ocean Industries Association (NOIA) President Randall Luthi today issued the following statement regarding the Interior Department’s decision to cancel two offshore Alaska lease sales and deny requests to extend current Alaska offshore leases:

GAC Takes Care of ‘Maersk Deliverer’ at Ngqura

Maersk Deliverer at Ngqura port South Africa

   A massive drilling rig has completed its latest Special Periodic Survey and is now back in active duty off the coast of Angola. GAC South Africa was appointed to take care of the behemoth during its five-week stay at the deep water port of Ngqura.

ABB Steps Up Marine R&D with New Lab

(Photo: ABB)

Next generation of maritime technology will be developed with ship owners at high technology facility in Helsinki, Finland.  Power and automation group ABB has upped its commitment to research and development in the marine sector by opening a new laboratory in Helsinki

EnviroLogic 210EP Approved for Thrustmaster

RSC Bio Solutions announced that its EnviroLogic 210EP readily biodegradable gear oil has been approved for use in Thrustmaster gearboxes and thrusters.   With this approval, Thrustmaster has extended its existing relationship with RSC Bio Solutions

Port Truckers Take Wage Theft Grievances to City Hall, LA

Courtesy Port of Long Beach

  Striking Southern California port truckers who accuse shipping companies of wage theft took their grievances on Friday to City Hall in Los Angeles, where they gained new political backing for their cause. The City Council voted unanimously in favor of a resolution voicing support for

IPO: Hapag-Lloyd Raises $300 Million

Photo: Hapag-Lloyd

 Hapag-Lloyd AG, the German container shipping company, has succeeded in completing its  initial public offering (IPO), after a hard campaign in which the outcome sometimes looked in doubt.   It has set the final offer price for its shares at €20 ($21

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