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Bounce Back

A.P. Moeller Shares Bounce Back

Danish A.P. Moeller shares rebounded on Friday after news of its purchase of Dutch tug and salvage company Wijsmuller Group Holding on Thursday, brokers said. The two A P Moeller stocks, D/S 1912 and D/S Svendborg, traded at 69,500 crowns ($7,898) and 91,500 crowns respectively, 2.2 percent and 1.7 percent up from Thursday's close. The Copenhagen bourse's top 20 index KFX was down 0.4 percent at 316.15. Moeller shares have underperformed the KFX index by more than three percent the past 10 days, dented by news that Morgan Stanley within a year would cut the conglomerate's weight in its Denmark index. "The shares are rebounding on the Dutch news and it seems foreign sale pressure in the shares has faded," a trader said. Moeller's tug and salvage unit Svitzer said on Thursday it would buy Dutch Wijsmuller for around one billion crowns, a source said. The acquisition was seen increasing Svitzer's fleet to more than 220 vessels from the present 70.


Millennium Fever Should Drive Panamax Market Up

Fixing to cover the millennium holiday period is expected to kick-start the Panamax market in the fourth quarter, shipping broker Simpson Spence & Young (SSY) said. "The belief is that the fourth quarter will see a major improvement as people look to fix for the holiday period," SSY said in its latest monthly report. Capesize supply/demand fundamentals were also looking strong for the period, the broker said. However


E&P Spending 2000: Boom or Bust?

While the theoretical jury deciding which direction the offshore drilling market will take is still out, recent data suggests that the level of spending internationally will disappoint. Calling a 10.2 percent gain in spending may seem a bit harsh, particularly given the depths to which the market has sunken in the previous two years. But considering that the price per barrel has catapulted from the $10 level early in 1999 to the mid-20's by the beginning of 2000


Kirby Corp. Records Solid Results

Kirby Corp. has apparently had success incorporating Hollywood Marine, a move which effectively created the largest inland barge operator in the country. In February, the company reported earnings per share (EPS) of $0.38, versus $0.31 a year ago. While the company appears strong, poised for further growth, there are some concerns as noted in a research report from Lazard Freres & Co. LLC. Management expects the slowing U.S


Carib Tanker Rates Tank In New Year

Caribbean dirty tanker trades have sustained a massive hit, tumbling from W255 at the end of last week to W202.5, New York brokers said. "The holiday doldrums have left a lot of spare tonnage and that has affected rates. With both Christmas and New Year's Day falling on Mondays this year, we've had two short weeks in a row and the market simply couldn't take that," said one dirty tanker broker. He pointed to Exxon's fixture of the 70,000 tonr Lucky Lady from Covenas to the U.S


ABB Wins $26m Marine Repeat Order

Titan+Class_Bird+view.jpg

ABB won a $26m order to supply electrical power and propulsion systems for two next generation ‘Ramform’ vessels, capable of three-dimensional (3D) seismic data acquisition for deep sea resource exploration. The ships will be constructed by Mitsubishi Heavy Industries, and delivered in 2015 to Norway’s Petroleum Geo-Services ASA (PGS), a leading company in marine seismic and reservoir data acquisition, processing and analysis/interpretation services


Wales Reflects on Sea Empress Oil Spill

On the night of Thursday, February 15, 1996, shortly after 8pm the 147,000-ton supertanker Sea Empress had begun the final stages of its three-day voyage from Grangemouth, at the mouth of the River Forth, to Milford Haven docks and the Texaco refinery. As it was being piloted into port, the tanker, carrying a full cargo of North Sea light crude, ran aground on rocks in Mill Bay, just off St Ann’s Head, rupturing its oil tanks


Wall Street Worries About Cruise Fleet Pricing

The big cruise lines have been steadily filling their rapidly expanding fleets with passengers looking to escape an especially harsh North American winter, but as they get ready to release quarterly results, Wall Street is worried that ticket prices may not be high enough. Analysts are expecting profit declines for the winter quarter from the top three cruise lines, starting with industry leader Carnival Corp., which plans to release its fiscal first-quarter results on Wednesday (March 21


MHI Contracted for 3D Seismic Survey Vessels

Ramform Seismic Survey Ship: Photo courtesy of MHI

Mitsubishi Heavy Industries, Ltd. (MHI) gets additional order to build 2 seismic vessels for Norway's Petroleum Geo-Services ASA (PGS). The order for the two vessels was placed upon exercise by PGS of the option right that was provided when two same type vessels were ordered to MHI in April 2011. The two newly ordered vessels are scheduled for delivery in the first and second half, respectively, of 2015. With this latest order


US Imports Above Average as Port Contract Talks Continue

Container lift: File photo

Retailers concerned by the lack of a West Coast longshoremen’s contract will continue to bring merchandise into the country at above-average levels this month but volume will drop from the record set in August, according to the monthly Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates, and excerpted here. “The negotiations have made progress and retailers have been stocking up


A&P Tyne Shipyard Awarded Sub Fabrication Contract

Submarine construction: Photo A&P

A&P Groups Tyne Facility informs it has recently been awarded a £3 million project from BAE Systems for the fabrication of submarine sections. A&P explains that the scope of work will involve a number of complex structures, requiring the use of build jigs to maintain the accuracy


MOL, Mitsui in Cameron LNG Transport Deal

LNG carrier in terminal: File photo

Mitsui O.S.K. Lines, Ltd. (MOL) apprise that a contract has been signed with Mitsui & Co., Ltd. to charter two new 155,000m3 LNG carriers that will transport shale gas-derived liquefied natural gas (LNG) from the United States. MOL will manage the new vessels


VADM Hilarides Commander, Naval Sea Systems Command

Vice Adm. William Hilarides Commander, Naval Sea Systems Command

Vice Adm. William Hilarides, the commander of the Naval Sea Systems Command (NAVSEA), recently spoke to a small group of reporters about his vision for NAVSEA and the challenges and opportunities he faces. A decline in the number of skilled Sailors able to conduct repairs onboard their ships; an


Volvo Penta's New Keel Cooling Option

Volvo Penta is offering factory-built keel-cooled engines for the line of marine commercial inboard and sterndrive D4 3.7-liter and D6 5.5-liter engines.

Volvo Penta is offering factory-built keel-cooled engines for the entire line of marine commercial inboard and sterndrive D4 3.7-liter and D6 5.5-liter engines. The D4/D6 keel-cooled version uses a twin circuit design, with keel coolers for both the high-temperature engine block circuit and


EMGS - Agreement with Petrobras for EM Leader

Roar Bekker

  Electromagnetic Geoservices ASA (EMGS) has received a contract worth USD 5.5 million from Petrobras for 3D EM data acquisition in Brazil.   "With this contract, we are back in a strategically important region for us. We look forward to working with Petrobras again and expect to


Pariah Containership Detained in NZ

The troubled German-owned, Liberia-flagged containership 'Vega Auriga', which was last week banned by Australia from entering its ports for three months, has now arrived in New Zealand, where it has been detained, informs ITF Seafarers. The ship – described by the Australian Maritime


Oil Demand Growth Slowing at 'Remarkable' Pace

  World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America. "The recent slowdown in demand growth is nothing short of remarkable


Growing American Shipping Act Gaining Support

Legislation promotes revitalization of maritime industry through export of liquefied natural gas on U.S. flagged ships Chairman Duncan Hunter (R-Calif.) and Ranking Member John Garamendi (D-Calif.) held a hearing Wednesday that brought together the House Committee on Transportation and


Brent Holds Above $98 Despite Weak Demand

HFO: File image

Brent crude held above $98 a barrel on Friday, heading for its worst week in six as concerns over weak demand outweighed geopolitical worries in the Middle East and Ukraine. * China, Europe oil demand growth slows at remarkable -IEA * Geopolitical tensions ratchet up over Syria


Cook Joins Horizon Shipbuilding as Operations VP

Travis Short (left) with Mickey Cook

Horizon Shipbuilding, Inc. announced that Mickey Cook has joined the corporation as the Vice President of Operations for the Bayou La Batre shipyard. Cook, one of the founders of C & G Boatworks, where he served as General Manager, brings 38 years of experience in the shipbuilding industry


Bangladeshi Albedo Survivors Helped by their Govt.

Chirag Bahri (centre, back) with the 7 Bangladeshi Albedo survivors

  Yesterday, 16th September 2014, Chirag Bahri, MPHRP's Regional Director for South Asia, attended a ceremonial event organised by the Ministry of Shipping, Bangladesh to facilitate financial help to the 7 Bangladeshi crew members of MV Albedo.


MNZ Inspectors Board Fishing Vessels Off South Island

Fishing trawler: File photo

A joint operation by Maritime New Zealand (MNZ) and the New Zealand Defence Force – Operation Moana – has seen 16 fishing vessels operating off the west coast of the South Island boarded and inspected to ensure they are meeting environmental and safety standards.


MN 100: Superior-Lidgerwood-Mundy Corporation

SLM comm_barge_haul-1 EH.jpg

302 Grand Avenue Superior, Wisconsin 54880 E-mail: stenerelli@lidgerwood.com Website: lidgerwood.com President: Kent Phillips Number of employees: 35 The Company: With more than 150 years of experience, Superior-Lidgerwood-Mundy (SLM) is a leading U.S


Chariot Oil & Gas 1H 2014 Interim Results

Larry Bottomley, CEO of Chariot,

  Chariot Oil & Gas Announce Interim Results for 1H 2014 Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announces its unaudited interim results for the six month period ended 30 June 2014.  


IMTRA Agrees to Distribute Entire ROCA Wiper Line

IMTRA SIGNS EXCLUSIVE DISTRIBUTION AGREEMENT TO CARRY ENTIRE ROCA WIPER LINE

  IMTRA, the leading manufacturer and importer of quality marine products, announced today an exclusive distribution agreement for the full range of Roca windshield wipers. To cement this relationship, IMTRA is expanding its catalog with the introduction of the largest wiper model that Roca






 
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