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SEA NOTE

Little Change in Overall Shipping Confidence

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Little change occurred in the latest monthly Stifel Logistics Confidence Index. Slipping only 0.1 points from 57 in March to 56.9 this month, the overall index did however favor improvements in the present situation increasing 1.6 points to 51.8. However, expectations for the next six months dimmed falling 1.8 points to 62 for April. The monthly airfreight data is such an example. For April, the present situation increased 0.5 points to 49 whereas expectations declined 2 points to 61.3. The present situation indicates a current market in contraction due to the index figure below the 50-level. However, compared to April 2013, the present situation has improved 7 points. By lane, all lanes except U.S. to Europe, are below the 50-level but compared to the same month in 2013, much improvement has been made. Europe to Asia has improved at 8.1 points higher than 2013 followed by U.S. to Europe up 7.1 points. In fact, for the current month, the U.S. to Europe lane climbed above the 50-level for the first time since the Stifel survey begun. The airfreight expected situation declined on all trade lanes except Europe to Asia which noted a 1.2 point increase to 62. Etihad Cargo, a division of Etihad Airways, has noted increases in this trade lane in particular. “We are seeing an adjustment of flows between European exports in China, for example


Bureau Veritas Polar Rules & Ice Guidance

International classification society Bureau Veritas has published new rules for Polar Class vessels and specific guidance on ice/structure interaction. The rules are aimed at speeding Arctic and Caspian Sea oil and gas development by facilitating the building of tank, cargo and offshore service vessels which can operate unsupported by icebreakers in very heavy ice. The guidance note aims to facilitate floating LNG and oil platform construction in high Arctic conditions.


K-Sea Barge Strikes Object, Fuel Spills

AP reported that K-Sea Transportation Partners LP on Friday said one of its tank barges struck an underwater object in the middle of the night, taking in water and leaking unspecified amounts of fuel into the Gulf of Mexico. The company, which runs a fleet of about 100 oil tank barges and tug boats, said the tug boat master reported that the barge rammed an unidentified object in gulf waters. The company noted that it carries both protection and indemnity liability insurance


Hornbeck Offshore Exchange Offer

Hornbeck Offshore Services, Inc. (NYSE:HOS) announced that it has successfully completed its offer to exchange $250m aggregate principal amount of its outstanding 8% Series A Senior Notes due 2017 (CUSIPs440543 AF 3 and U44070 AC 1), which were issued in a private placement and sold in accordance with Rule 144A or Regulation S under the Securities Act of 1933, for an equal aggregate principal amount of its 8% Series B Senior Notes due 2017 (CUSIP 440543 AH 9)


Horizon Lines Completes Comprehensive Refinancing

New Capital Structure Provides Opportunity for Significant Deleveraging.   Horizon Lines, Inc. (NYSE: HRZ) today announced that it has completed a comprehensive refinancing of the company's entire capital structure.  The new capital structure addresses the company's financial needs by providing adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction


Courageous Chinese Crew Wins Inmarsat-sponsored Award

A cargo vessel operated by China Navigation Company helped rescue 246 people & wins a Lloyd's List Global Award sponsored by Inmarsat. The Amver Assisted Rescue at Sea Award was presented by President of Inmarsat Maritime, Frank Coles, to Captain Vimar Vidanagamage, representing the China Navigation Company, at a ceremony in London on 26 September 2012. The Chinese ship MV Kwangtung, was diverted using the Amver system to save the lives of passengers from the ferry Rabaul Queen which


Propulsion Annual: ABS: Large Ship Hull Deflections Impact the Shaft Alignment

A report issued earlier this year from ABS indicates that larger ships, driven by the latest generation of very high-powered diesel engines, are particularly susceptible to alignment problems on the bearings supporting the propulsion shafting as well as the main engine bearings. Hull girder deflection is one of the major reasons for the increased number of propulsion shafting and the main engine bearing failures and damages that are being reported


Ship Finance Terminates Charters With Horizon

Ship Finance International Limited (NYSE:SFL) has agreed to terminate chartering agreements with Horizon Lines, LLC relating to five of its vessels. Ship Finance will receive as termination compensation $40 million in second lien notes issued by Horizon Lines and warrants exercisable into ten percent of the common stock of Horizon Lines, Inc. as part of the restructuring outlined below. The 2,824teu vessels were built in Korea in 2006 and 2007


Bureau Veritas Launches Wind Farm Service Ships Guidance

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International classification society Bureau Veritas has published guidance for designers and builders of Wind Farm Service Ships. Maxime Pachot, offshore service vessel manager at Bureau Veritas, says, “Although some of the existing Offshore Service Vessel fleet can perform the tasks necessary for developing and maintaining offshore wind farms, we see an increasing need for specialist craft. These will include specialised vessels for servicing offshore wind farms


GSL Prices First Priority Secured Notes

Global Ship Lease, Inc. (GSL) announced  that it has priced an offering of $420,000,000 aggregate principal amount of 10.000% first priority secured notes due 2019 at an issue price of 98.5% in a private placement. The notes will be fully and unconditionally guaranteed, jointly and severally, on a senior basis by Global Ship Lease Services Limited and each of the company's 17 vessel-owning subsidiaries and in the future by certain of the company's existing and future restricted


BIO-SEA Undergoing USCG Type Approval Trials

Photo: BIO-UV

BIO-UV informs it has started the process of USCG Type Approval for its BIO-SEA BBWTS. Land-based and shipboard tests are currently underway. The original design has been retained, due to its efficient and relevant technology, and some technical improvements have been made.


DHT Adjusts Senior Notes Conversion Price

DHT Holdings, Inc. announced that, in connection with the cumulative effect of the previously announced (i) cash dividend of $0.02 per share of common stock paid on November 26, 2014 to stockholders of record as of the close of business on November 20, 2014, (ii) cash dividend of $0


Petronet LNG appoints new chairman

Image: Petronet LNG

 India’s largest importer of the chilled gas Petronet LNG has appointed Kapil Dev Tripathi, Secretary, Ministry of Petroleum and Natural gas as Chairman and Director on the Board of the company.   The appointment follows the former Chairman and Director of the company Board


Asia Dry Bulk-Capesize Rates Mixed on Uncertainty

Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come under pressure next week if charterers hold back cargoes, ship brokers said. "So far, I can't see too much cargo in the market


SSI Launches ShipConstructor 2016

ShipConstructor 2016 has a new MDI interface (tabs) and the ability to copy/paste parts with associated intelligence into different drawings

SSI's newly released version of its Autodesk based ShipConstructor CAD/CAM software, ShipConstructor 2016, provides 27 new features and 104 enhancements including important new functionality to easily and intuitively reuse work. This includes intelligent copy and paste features


Philippines Says Important to Uphold Rights Over South China Sea

Philippine President Benigno Aquino, in remarks that follow Chinese warnings against Philippine flights over the South China Sea, said on Friday it was important to uphold the right to fly in that area.   "It is in our interest to uphold the freedom of navigation and overflight in


Zamakona Delivers New Ship to Atlantic Offshore

Photo: Zamakona Yards

Norwegian shipping company Atlantic Offshore A.S. took delivery of new offshore multipurpose vessel Ocean Falcon from Zamakona Yards at the builder’s facilities in Pasajes, San Sebastián.   Ocean Falcon is the third and final vessels in a series built by Zamakona for Atlantic


Vietnam Reclaims Land in South China Sea

The South China Sea by southchinasea.org

 Vietnam has carried out significant land reclamation at two sites in disputed South China Sea waters, recent satellite pictures show, but analysts say the scale of the work is dwarfed by that of China, reports AFP.   The expansion of the land area of Vietnamese-controlled Sand Cay and


Japan, Philippines First Naval Drill in South China Sea

Matsu-class Destroyer by Japanese Navy

 Two Japanese warships arrived in the Philippines on Saturday to take part in the first naval drill between the two countries in the disputed South China Sea.   The May 12 maritime safety exercise in the South China Sea near a disputed shoal claimed by China


Turkey Signs Contract for Light Career

Picture: Navantia

 The Turkish shipyard SEDEF has signed a contract with the Turkey's procurement agency, the Undersecretariat for Defense Industries (SSM) for the design and construction of Landing Platform Dock (LPD) for the Turkish Navy.   


Rolls-Royce: 50 Years of Azimuth Thruster Production

Photo: Rolls-Royce

Marking 50 years since the delivery of its first azimuth thruster, Rolls-Royce held an event in Rauma, Finland to celebrate the occasion.   Azimuthing thrusters, which today are one of Rolls-Royce’s most successful marine products,  rotate through 360 degrees


Asia Dry Bulk-Capesize Rates Steady

Rates for capesize bulk carriers, which climbed to their highest since at least January on Wednesday, are likely to remain steady next week on tighter tonnage supply, ship brokers said. That comes as charterers could hold back cargoes to cool this week's rise in freight rates


'Mass Casualties' Unless Thailand Meets Migrant Obligations

Thailand, Indonesia and Malaysia should fulfil their obligations under international maritime law by rescuing thousands of migrants adrift at sea and avoiding "mass casualties", shipping experts said on Friday. Thousands of mostly Rohingya Muslims fleeing persecution in Myanmar and


South China Sea Dispute Takes to the Skies

When the U.S. navy sent a littoral combat ship on its first patrol of the disputed Spratly islands in the South China Sea during the past week, it was watching the skies as well.   The USS Fort Worth, one of the most modern ships in the U.S


South-East Asian Migrant Crisis

Southeast Asia migrants stranded at sea. Photo by United Nations News Centre

 Thousands of migrants from Bangladeshi and Rohingya Muslims from Myanmar Myanmar are still stranded at sea in south-east Asia in desperate need of food and water.   Like Malaysia, Indonesia and Thailand, the Philippines will push back to sea undocumented Asian “boat






 
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