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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.


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


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


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


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


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


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


Statoil: Polarled Pipe-Laying Kicks Off

The Polarled pipe-laying operation is scheduled  to be completed by the end of August. (Photo: Lillian Aasheim/Shell)

On 26 March, the Solitaire pipe-laying vessel started on the first stage of the Polarled installation project. The 482-kilometre long pipeline will transport gas from the Aasta Hansteen field in the Norwegian Sea to Nyhamna in western Norway.


Indonesia Partners with China on Maritime

Chinese President Xi Jinping holds a welcoming ceremony for Indonesian President Joko Widodo. Photo Credit: Zhang Duo

 Indonesian President Joko “Jokowi” Widodo and Chinese President Xi Jinping pledged increased maritime cooperation during the formers visit to China.   The joint statement issued after his meeting with Xi noted that “the 21st Century Maritime Silk Road


India to Promote Indian Ocean Rim and Coastal Tourism

Photo by the Indian Ocean Rim Association (IORA)

 The government of India will focus more on promoting the coastal tourism circuit and Indian Ocean Rim (IOR) tourism.   Dr Mahesh Sharma, India’s Minister of Tourism, Culture & Civil Aviation stressed the importance of developing


US-built Survey Vessel Delivered to Fugro

Photo courtesy of Fugro

Newbuild shallow draft survey vessel Fugro Americas was delivered to Fugro on March 18, 2015. Built by Thoma-Sea Marine Constructors in Louisiana, with supervision by Fugro Marine Services Custom, the new vessel is designed to Fugro’s specifications


Baltic Index up With Rising Capesize and Smaller Vessel Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, continued to rise on Monday, supported by positive capesize and smaller vessel rates.   The index, which factors in the average daily earnings of capesize, panamax


Legally China Can't Claim South China Sea: Indonesia

Indonesian President Joko Widodo (Photo:  The national association for Amateur Radio)

 Indonesian President Joko Widodo said China'a claims to the majority of the South China Sea have "no legal foundation in international law," he told Japan's Yomiuri newspaper.   "We need peace and stability in the Asia-Pacific region


Conservation Efforts in Revised ESA Listing of Green Sea Turtle

Green sea turtles are found around the globe in tropical and subtropical waters. (Credit NOAA)

  NOAA Fisheries and the U.S. Fish and Wildlife Service proposed today to reclassify the green sea turtle under the Endangered Species Act, and list turtles originating from two breeding populations currently considered endangered as threatened due to improvements in their populations.


China Criticizes US over Maritime Patrol Proposal in South China Sea

Vice Adm. Robert Thomas, commander of U.S. 7th Fleet: US Navy Photo

 China asked the United States to take no position on the South China Sea issue after US Navy Officer Robert Thomas promised to back the Association of Southeast Asian Nations (ASEAN) in patrolling areas of the waterway.   "We hope the United States will strictly honor its


MSC Cruises to Debut Seaside Class in 2017

Image courtesy of MSC Cruises

MSC Cruises announced that the first of its next generation Seaside class of ships, set to debut in November 2017, will be named MSC Seaside and sail year-round from Miami to the Caribbean. Following the first ship's delivery from the shipyard


US Urges Asia for a Joint Move in South China Sea

South China Sea Tensions:  Council on Foreign Relations

 The commander of the U.S. Navy Seventh Fleet Vice Admiral Robert Thomas urged Southeast Asian nations to form a combined maritime force to patrol areas of the South China Sea where territorial tensions flare with China, reports Bloomberg.  


Hansson Sees Positive Outlook for NAO

Photo: NAO

Nordic American Offshore Ltd. (NAO) executive chairman, Herbjørn Hansson, has increased his ownership in the company, purchasing an additional 50,000 NAO shares with his son, Alexander, yesterday at about $7.83 per share.   In a letter to NAO shareholders


Singapore Wants India to Play Key Role in South China Sea

Chief of Army Staff of the Indian Army, General (GEN) Bikram Singh and Singapore Minister for Defence Dr Ng Eng Hen (Photo: Government of Singapore)

 Singapore Defense Minister Ng Eng Hen said that his country wants India to play a bigger role in the South China Sea, according to a report in the Bloomberg.   This statement comes in a time when China generating plenty of anxiety from the other nations in the neighborhood as it isn't


Observation Pod Gives Passengers a Bird's Eye View

Photo: MacGregor

Royal Caribbean International's first Quantum Class cruise ship, Quantum of the Seas, will feature a crane and observation gondola to lift guests 91 meters above sea level, giving them panoramic views of the ship, sea and ports of call.  


Observation Pod for Cruise Lines by MacGregor

Crane and observation gondola called the North Star. It will lift guests 91m above sea level to give them panoramic views of the ship

  MacGregor, part of Cargotec, has supplied Royal Caribbean International's first Quantum Class cruise ship with a crane and observation gondola called the North Star. It will lift guests 91m above sea level to give them panoramic views of the ship, sea and ports of call.  


Inside The New US Maritime Strategy

Photo: United States Navy

  The US Navy, Marine Corps, and Coast Guard have revised America's maritime strategy to add "all domain access" to its traditional sea-based defense functions, a Navy report says.    "This [all domain access] function assures appropriate freedom of action in any






 
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