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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


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


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


ACL Outlines Restructure Plan

American Commercial Lines LLC (ACL) announced that on April 15, 2002 it commenced an offer to the holders of its outstanding senior notes to exchange new 11-1/4% cash pay senior notes due January 1, 2008 and new 12% pay-in-kind senior subordinated notes due July 1, 2008 for its outstanding 10-1/4% senior notes due June 30, 2008. In connection with the exchange offer, ACL is also soliciting its noteholders to (1) become party to, and a beneficiary of, a mutual release


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


Domestic American Maritime Industry Booming

Mark Tabbutt testifying

The U.S. House Subcommittee on Coast Guard and Maritime Transportation today heard first hand about America’s booming domestic maritime industry from Mark Tabbutt, Chairman of the Board of Saltchuk, one of the country’s most recognized transportation and distribution companies


Arctic Shipping Routes: P&I Insurance FAQs

Arctic navigation: File photo

The UK P&I Club has compiled an FAQ which focuses on the implications for P&I insurance of choosing to use the Northern Sea Route. The Northern Sea Route (NSR), or North East Passage, runs along the Russian coast from the Atlantic to the Pacific through the Kara, Laptev, East Siberian


American Maritime Industry Booming Testifies AMP

AMP Chairman Tom Allegretti

The U.S. House Subcommittee on Coast Guard and Maritime Transportation today heard first hand about America’s booming domestic maritime industry from Mark Tabbutt, Chairman of the Board of Saltchuk, one of the country’s most recognized transportation and distribution companies


ICS to Plead Shipowners' Eco-Concerns to IMO Member States

Masamichi Morooka: Photo ICS

In advance of a critical intergovernmental meeting next month at the UN International Maritime Organization (IMO), the International Chamber of Shipping (ICS) has called on IMO Member States to give careful consideration to shipowners’ concerns about the implementation of an avalanche of new


Scottish Independence Would Hurt Maritime Sector

Image courtesy of Moore Stephens

A vote for independence from the U.K. would have a negative effect on the Scottish shipping and offshore maritime sector, according to a survey by leading international accountant and shipping adviser Moore Stephens. The survey elicited the views of leading members of the international shipping


Latest Ocean-Going Shipbuilding Orders

Welding: Photo courtesy GLG

Clarkson Hellas notes in its latest 'S&P Weekly Bulletin' shipbuilding orders placed in the dry bulk, tankship, gas carrier and containership sectors, as follows: Dry bulk carriers A couple of orders to report in dry this week with Santoku Senpaku adding further Kamsarmax to their orderbook


General Dynamics Delivers North Dakota (SSN-784) to U.S. Navy

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  General Dynamics Electric Boat yestereday delivered the nuclear-powered attack submarine North Dakota (SSN-784) on time and more than $30 million below target cost. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE:GD).


Athabasca Completes Dover Stake Sale to PetroChina

Great Assets

  Canada's Athabasca Oil Corp said it had closed the sale of its 40 percent interest in the Dover oil sands project to a unit of PertroChina Co Ltd for $1.18 billion. Athabasca said it received $600 million in cash and $584 million in three interest-bearing promissory notes from the


CAT 3500 D-F Gensets Power Rio Fast Ferries

Fast ferry for Rio Olympics: Photo courtesy of Cat Marine

Caterpillar Marine with Cat Dealer Pon Power are pleased to announce the first Cat 3512C marine generator sets with Dynamic Gas Blending (DGB) have been selected to power Assessoria Transporte Aquaviaro fast ferries for the 2016 Olympics in Rio de Janeiro, Brazil.


LR Clarifies Gas Readiness Standard

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To justify design and production requirements, CAPEX investment and operational planning, LR’s Gas Fuelled Readiness (GR) notation, with levels A, S, T, P and E (M, A, B and I), gives real meaning to options for ‘gas readiness’  


Cat to Power Ferries for 2016 Olympics in Rio de Janeiro

Photo: Caterpillar Marine

First Cat 3500 Dual Fuel Generator Sets to Power Fast Ferries at 2016 Rio Olympics Caterpillar Marine and Cat Dealer Pon Power announced the first Cat 3512C marine generator sets with Dynamic Gas Blending (DGB) have been selected to power Assessoria Transporte Aquaviaro fast ferries for the


Danelec Introduces VDRConnect at SMM14

Danelec Marines DM100 VDR (Credit Danelec)

At SMM 2014, Danelec Marine is unveiling VDRConnect, a Web-based remote access service available with the Danelec DM100 Voyage Data Recorder (VDR). VDRConnect is a module that provides selective transmission of data from the Danelec DM100 via satellite to the home office


Damen Launches First PSV 3300 for PROMAR

Photo: Damen

Offshore ship manager PROMAR recently marked a milestone with the sideways launch into the Danube of the first of its two Damen PSV 3300s on order. On delivery in February 2015, the Swiss company believes the 80-metre Mamola Reliance will give them a valuable competitive edge in the West African


Caterpillar Launches Electronic Generator Set

Cat C4.4 ACERT generator set

Caterpillar Marine will launch the Cat C4.4 ACERT generator set for commercial vessels at the 2014 SMM Exhibition, held September 9 -12 in Hamburg, Germany. Designed to provide essential, nonessential or emergency power across a wide range of commercial platforms, the new C4


Russia, Japan Hold Shipbuilding and Repair Seminar

The fourth Russian-Japanese seminar Development of Cooperation in Shipbuilding and Ship Repair, organized by Russian Maritime Register of Shipping (RS) and the Japan Ship Machinery & Equipment Association (JSMEA), was held September 4-5 in St. Petersburg.






 
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