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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


Where Everyone is A Celebrity

That is the basic business principle that has sustained Dietmar Wertanzl, senior VP of Fleet operations for Celebrity Cruises, since he began his career with the industry in the late 1970's. Not even 30-years old, Wertanzl began on what was then known as Norwegian America Line's Vistafjord as a dining room steward, so swept up by the magic of sea travel. Wertanzl's philosophy is simple. Treat your employees and customers the way that you would want to be treated


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


Shippers Turn to Equity Markets as Sector Eyes Recovery

Photo courtesy OW Bunker

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector recovering from its worst downturn since the 1980s. Ship owners ordered large numbers of vessels between 2007 and 2009


Intesa Sanpaolo, Vei Capital Invest in RINA

Photo courtesy RINA

Intesa Sanpaolo, through the Merchant Banking Management of its Corporate and Investment Banking Division, and VEI Capital, investment company of Palladio Finanziaria in the Private Equity Mid-Cap segment, have agreed to buy a stake in RINA S.p.A


Stranded Virginia Beach Bulker Salvage Plan Set

Stranded Bulk Carrier: Photo USCG

The Coast Guard advises it is in the final stages of reviewing a salvage plan that is scheduled to begin Friday morning to move the 751-foot bulk carrier, 'Ornak', aground near First Landing State Park in Virginia Beach, Va. “Moving a vessel of this size off the beach is a complicated and


Shipping Turns From Banks to Equity Markets for Cash

File photo

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector recovering from its worst downturn since the 1980s. Ship owners ordered large numbers of vessels between 2007 and 2009


Commodity Funds Bounce in Q1 after 2013 Losses

Commodity funds bounced in the first quarter from a 2013 loss, with the top performers in the Lipper Global Commodity group racking up double-digit returns after rallies in agriculture, natural gas and nickel. Supply disruptions provided opportunities across the asset class


Ship Ready to Destroy Syria's Chemical Arms at Sea

The container ship M/V Cape Ray departs Portsmouth, Va., Jan. 10, 2014, for sea trials. U.S. Navy photo by Petty Officer 3rd Class Lacordrick Wilson

Experts on board a cargo ship transformed into a multimillion dollar chemical weapons destroyer said on Thursday they were ready to start working on Syria's stock of toxic arms in the middle of the Mediterranean as early as May. Now they just have to hope the weather holds and Damascus delivers


GasAtacama has US LNG Providers Lined Up

Photo: GasAtacama

GasAtacama, energy provider to metal producers in Chile's Atacama desert, has lined up eight potential U.S. natural gas suppliers for a proposed import terminal on its Pacific Coast, but uncertainty about energy demand has delayed deals, CEO Rudolf Araneda told Reuters on Thursday.


Nanjing Tanker To Be Delisted, First By Central Gov't Backed Firm

 Loss-making shipping company Nanjing Tanker Corp will be delisted from the Shanghai Stock Exchange after a five-day grace period, marking the first time for a company backed by the central government to be dropped from a domestic exchange.  


Topaz Secures another West Africa Contract

The Topaz Faye

Topaz Energy and Marine, an offshore support vessel company with primary operations in the Middle East and Caspian, announced a new contract win for its fast growing West Africa operation. Under the terms of the $11 million agreement, Topaz will supply a global oil major with a platform supply


China crude oil output up

China's refinery crude throughput in March rose 2.6 percent from a year earlier to 41.92 million tonnes, or 9.87 million barrels per day (bpd), data from the National Bureau of Statistics showed on Wednesday. Daily crude runs, however, fell 5.7 percent from 10


US FMC Commissioner Visits Panama Canal Expansion Sites

Official photo of Commissioner Doyle

Counsel to the U.S. Federal Maritime Commission informs that  Commissioner William P. Doyle has recently surveyed the construction site on a visit to the Pacific-side of the expanded Panama Canal. Doyle viewed construction sites on the Pacific side and received extensive updates on several


Damen Launches Kuwait Oil Company’s New Tug

Photo: Damen

First of 14 ASD Tugs launched at Damen Shipyards Galati The Kuwait Oil Company’s (KOC) new ASD Tug 3212 was launched end of March at Damen Shipyards Galati, Romania. The ceremony marks the first in a 14-terminal tug contract between the two companies whose working relationship spans more


US: $4B in Loan Aid for Renewable Energy

Are increased use of offshore wind farms in the future for the U.S.?

The U.S. Energy Department on Wednesday unveiled a plan for up to $4 billion in loan aid for renewable energy companies to help rejuvenate a program that faced harsh political attacks over past failures of federally subsidized projects. The Obama administration's draft plan would provide loan


Keppel Q1 Profits Dip Slightly

Maersk Intrepid was delivered by Keppel in Q1 2014 (Photo courtesy Maersk)

The Keppel Corporation released its limited unaudited results for the first quarter ending March31, 2014, reporting a 5% decrease in net profits to S$339 million compared to Q1 2013's S$357 million, though the company attributed the decline to one-off gains from the reversal of provision from the


Putin set on defusing Ukraine crisis

Foreign ministers from East and West will try to defuse the Ukraine crisis on Thursday in Geneva, once frequently the scene of Cold War negotiations, but will risk being upstaged by Russian President Vladimir Putin. With Russian troops massed on the border with Ukraine


 
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