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VESSEL RECOVERY

Odyssey: First Load of Silver Cargo From Three Miles Deep

Odyssey Marine Exploration (Nasdaq:OMEX), announced it has successfully recovered approximately 48 tons of silver bullion from a depth of approximately three miles. This initial recovery of bullion from the SS Gairsoppa, a 412-foot steel-hulled British cargo ship that sank in February 1941, totals 1,203 silver bars or approximately 1.4 million troy ounces of silver and has been transported to a secure facility in the United Kingdom. After unloading the cargo, taking on fuel and changing  personnel, recovery operations will continue and are expected to be completed in the third quarter of 2012.This record-breaking operation has so far produced the heaviest and deepest recovery of precious metals from a shipwreck. Odyssey is conducting the Gairsoppa project under contract with the UK Department for Transport. Under the terms of the agreement, which follows standard commercial practices, Odyssey bears the risk of search and recovery and retains 80% of the net salved value of the  Gairsoppa silver cargo after recovering its expenses. The contract was awarded to Odyssey following a competitive tender process. The amount of silver bars recovered so far represents approximately 43% of the insured silver bars, or approximately 20% of the total silver cargo which research has indicated may be on board. In addition, an estimated 600,000 oz


Trinity Offshore to Build Very Shallow Multi–System Skimmer

Trinity Offshore, LLC announced that they have signed a contract to build one 56-ft by 14-ft MKII Very Shallow Multi-System Skimmer (VSMSS) with Clean Gulf Associates of New Orleans, La.  Clean Gulf Associates, one of the largest oil spill response cooperative in North America, will operate the vessel to provide marine service and environmental clean up along the Gulf Coast to its member companies. Designed by Trinity’s in house engineering department


Alfa Laval EGR-HPE Economizer a Boon

Alfa Laval PureNOx approved for MAN Diesel & Turbo EGR system

  With Tier III NOx limits entering into force in North America and the US Caribbean in January 2016, the time has come for many ship owners to choose their method of compliance. Exhaust Gas Recirculation (EGR) on MAN B&W engines has strong advantages on its own. But combined with a new pressurized EGR economizer from Alfa Laval, it also offers the potential for massive fuel savings. “EGR provides Tier III NOx compliance with a very compact footprint


Caley Davits for Japanese Vessels

Caley Davits for Japanese Fisheries hi-resWEB.jpg

Caley Ocean Systems has supplied davits for four Japanese Fisheries patrol vessels. The davits will allow the rapid deployment and retrieval of a range of high speed workboats, even in Sea State 6 conditions, during patrol operations. The all-weather Caley davits enable rigid inflatable boats (RIBS) to be held in readiness and launched in seconds. Crew safety is paramount to the davit's handling system which features anti-pendulation control for pitch and roll damping and reduction of


Towline Aboard Stranded 'Kulluk' Rig

Rig Kulluk Aground: Photo credit Shell

Aerial and onboard inspections confirm the vessel remains firmly aground & stable on Sitkalidak Island, Alaska, with no sign of leakage of pollutants. Naval architects on the survey team confirm the Kulluk is structurally sound and fit for towing to safe harbor in nearby Kiliuda Bay.  The exact timing for potential towing activity is dependent on weather, tides and operational readiness. Once the Unified Command team managing the incident confirms it is safe and ready to move forward


Hurricane Pollution Recovery Ops Update

In the aftermath of Hurricane Katrina, federal, state, local and industry personnel continue to work together to conduct pollution recovery operations to mitigate further damage to the environment. The following industries are continuing pollution recovery operations: Murphy Oil Corporation, near Chalmette, La.: - Estimated 819,000 gallons of oil have been discharged, with the vast majority contained within the existing secondary containment unit located on refinery property


Recovery Plan for Sunken Drydock in Guam

Guam Shipyard has finalized plans to recover the floating dry dock Machinist, or Big Blue, which took on water and became partially submerged Jan. 3. The Coast Guard has established a unified command with Guam Environmental Protection Agency and Guam Shipyard to manage the recovery process. Coast Guard Sector Guam reviewed the shipyard’s plans, which outline the shipyard’s commitment to work with oil recovery contractor Gresco under the supervision of the Coast Guard and Guam EPA


Odyssey Recovers 1.8 Million Ounces of Silver From Shipwreck

Gairsoppa - Silver

The latest recovery from SS Gairsoppa reportedly set the world record for deepest, largest precious metal recovery. Odyssey Marine Exploration said it has recovered more than 61 tons of silver bullion this month from a depth of nearly three miles. This recovery of bullion from the SS Gairsoppa, a 412-foot steel-hulled British cargo ship that sank in February 1941, consists of 1,574 silver ingots weighing about 1,100 ounces each or almost 1


Container Recovery from RENA continues

RENA_Pumpout.jpg

RENA Container Recovery Passes 800 Mark.   The number of containers recovered from the stricken Rena on Mount Mauganui’s Astrolabe Reef has risen above the 800 mark.  A total of 815 of the 1,368 containers have now been brought to port. Braemar Howells’ operations manager Neil Lloyd confirmed numbers were boosted this week with 21 containers landed on Monday, and a further eight on Tuesday.  


Ocean Safety Secures Contract with Royal Netherlands Navy

Jonbuoy man overboard recovery system

The UK’s largest independent safety supplier, Ocean Safety, has concluded a contract to supply its Jonbuoy man overboard recovery systems to the Royal Netherlands Navy.    The Jonbuoy, an automatically inflating recovery device which is designed to make simple work of hoisting a person back on board a ship or yacht, is directly manufactured by Ocean Safety.  The contract was negotiated in conjunction with Ocean Safety’s Netherlands distributor Datema.


Daewoo Shipbuilding to Get Fresh $2.6 Bln Bailout

File photo: Daewoo Shipbuilding & Marine Engineering Co Ltd

South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding & Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments.   Daewoo


Guam Bolsters Oil Spill Recovery Capacity

Photo: Lamor Corporation

Lamor recently commissioned itsLSC 4C Side Collecting Oil Skimming System for Guam’s Oil Spill Response Operations Company (OSROCO) and T&T Marine Salvage (T&T) making it the largest skimming system in the region.   OSROCO, a wholly owned subsidiary of Cabras Marine


Potential Maritime Disaster Averted

Photo: TNPA

Collaboration between the Ports of East London and Ngqura, together with the South African Maritime Safety Authority (SAMSA), helped avert another potential maritime disaster in the Eastern Cape during the past week.   Transnet National Ports Authority (TNPA) towed the BBC Shanghai


DryShips Completes Common Stock Offering

File Photo: DryShips Inc

 DryShips Inc. has successfully completed the previously announced $200 million common stock offering, in which the Company raised net proceeds of $198 million, pursuant to the prospectus supplement filed on February 17, 2017.   Following the completion of the offering


Finnish Firms Present Oil Recovery Project Results

Hanna Suutarla, Arctia’s Development Manager, presents the results of the IMOR Project. (Photo: Arctia)

 A recent seminar held March 7 and 8 in Porvoo, Finland, saw Finnish companies Arctia and Lamor Corporation present the results of the IMOR (Ice Management & Oil Recovery) project, which seeks to enhance oil recovery in ice conditions.  


Is Dry Bulk Still on Track for Profitability in 2019?

© Volodymyr Kyrylyuk / Adobe Stock

The dry bulk industry remains well on target for profitable freight rates in 2019, according to BIMCO. This relies however, on the projected fleet supply growth rate of 0 percent in 2017 continuing. The handymax segment may even see profits in 2018 as demand may go beyond 2 percent in 2017 before


Subsea 7 CFO has 'Measured Optimism' of Oil Service Market Recovery

File photo: Subsea 7

Oslo-listed oil services firm Subsea 7's Chief Financial Officer Ricardo Rosa told an energy conference in Oslo he sees gradual market recovery as oil prices stabilize, and the outlook for subsea project awards increasing within the next 12 months.


Consolidation – A Path to Subsea Vessel Sustainability

Graphics: Subsea Vessel Operations expenditure by Sector – 2017-2021. Source: Douglas-Westwood, World Subsea Hardware & Vessel Operations Market Forecast

 In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London.   This has been further exacerbated by sustained low oil prices


Combination Tug & Dive Support for Peruvian Navy

Photo: Cummins

The Peruvian Navy has recently taken delivery of a well-equipped dive support vessel (DSV) from the shipyard Servicios Industriales de la Marina S.A. (SIMA). Designed in-house by the shipyard, the new 4400 HP vessel has significant towing capabilities and can act as a salvage tug.


CMA CGM Returns to Net Profit in Q4

File photo: CMA CGM

CMA CGM, the world's third-largest container line, swung back to a net profit in the fourth quarter of last year, supported by a recovery in freight rates and efficiency measures taken during a prolonged downturn in shipping, the company said.  


Herman Senior Orders Damen Workboat

Damen MultiCat 2712 Panda (Photo: Damen Shipyards)

The Dutch family-owned tug and workboat company Herman Senior BV has ordered its 12th Damen vessel, a Multi Cat 2712. Given the very short delivery time, the new vessel will be officially launched and christened Panda on March 23. Herman Senior has a tradition of naming its ships after famous bears


Digital Tech Turning Around Marine Prospects in Uncertain Waters

Digital solutions help to de-risk decisions, bring practical, actionable insights into vessel and fleet performance and provide proven opportunities to optimize operations in a sustainable way. (Image: GE Marine)

The start of every year calls for time to reflect on the last. The offshore and marine industry can look back on 2016 as one of the most bruising in recent memory. The downturn has been tough and drawn out, with increased divestment, more stringent environmental regulations and a prolonged


Offshore Vessel Contractors Re-shaping for a Rebound

File photo: BOA

The announcement on the February 28 of EMAS Chiyoda’s bankruptcy is the latest in a long line of vessel contractors to fall victim to the downturn since January 2015. Multiple companies such as Cal Dive, Ceona, Cecon, Hercules Offshore, Harkand and Swiber have entered into administration


Asia Tankers-VLCC Rates Uncertain on Tonnage Woes

File Image (CREDIT: AdobeStock)

MidEast tanker rates fall to $22,000 a day, below breakeven; 52 VLCCs to be delivered this year, highest since 2011.   Freight rates for very large crude carriers (VLCCs), which fell to four-month lows this week, face an uncertain direction next week as refinery maintenance and excess


Genco Shipping Reports 4Q Loss

Image:  Genco Shipping & Trading Limited

 Genco Shipping and Trading (GNK) has reported a loss of $24.5 million in its fourth quarter of 2016.    The transporter of drybulk cargo said that its basic and diluted loss per share is $3.35. It had posted revenue of $43.9 million in the period.  






 
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