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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.


Worldwide Ship Traffic Up 300% Since 1992

Global shipping routes crisscross the world’s oceans in this map of shipping lanes derived from a 2008 study of the human impact on marine ecosystems. (Credit: Grolltech)

Satellite data reveals major boost in shipping traffic Maritime traffic on the world’s oceans has increased fourfold over the past 20 years, according to a strudy recently published by the American Geophysical Union which examined international ship traffic. The research, which used satellite data to estimate the number of vessels on the ocean every year between 1992 and 2012, found that the number of ships traversing the oceans grew by 60 percent over the time span


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


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


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


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


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


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


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


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


Keeping to the Schedule in the Pacific Northwest

Photo courtesy of Cummins and Hansen Shipyard

When a tightly scheduled repower for the Kodiak-based trawler Sea Mac in early December took a very bad turn, Mike Fourtner used his 25 years of fishing experience and leadership to pull together a team at Cummins Northwest to solve the problem


Gatto Industrial Starts Electroplating in North America

Gatto Large Parts Plating Line 2

  Gatto Industrial Platers, Inc. has launched its new Large Parts Zinc Electroplating Line, capable of plating parts up to 27 feet long and weighing up to 8,000 pounds. The new line’s tanks are 4 feet wide, 7.5 feet deep and 27 feet long


DP World: Shareholders Back EZW buy, London Delisting

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange, the Dubai-based company said on Thursday. The assent was granted at a meeting on Thursday


China Adds 9 Shipyards to Favored 'White List'

Photo: China Shipbuilding Industry Corporation

China has added nine shipyards to its "white list" of firms deemed worth of favourable policy support, as it attempts to tackle overcapacity that has weighed on the global shipping market.   In September, it published a list of 51 yards which it later cut to 50


China Names 9 Shipyards for 'Favorable' Treatment

China has added nine shipyards to its "white list" of firms deemed worth of favourable policy support, as it attempts to tackle overcapacity that has weighed on the global shipping market. In September, it published a list of 51 yards which it later cut to 50


RAN's Warfare Destroyer Program Being Revamped

Pacific Sentinel

  In a joint press release the Australian Minister for Finance Senator Mathias Cormann and Minister for Defence David Johnston stated. that the shipbuilding expertise will to be inserted into the Air Warfare Destroyer program. 


U.S. Ready to Help Hungary Build Energy Independence

U.S. Chargé dAffaires in Budapest André Goodfriend

  The United States is willing to help Hungary and other European countries build energy infrastructure to reduce its dependence on Russian oil and gas, U.S. Chargé d'Affaires in Budapest André Goodfriend has told Nepszava newspaper.


USCG Saves Vessel near Provincetown, Massachusetts

US Coast Guard vessel

  A Coast Guard crew from Station Point Allerton, Massachusetts, assisted a disabled clam boat 11 miles northwest of Provincetown, Massachusetts, Friday. At about 8:30 p.m., Thursday, the four-person crew aboard the 40-foot Angel Fisher notified Coast Guard Sector Boston that their boat


Greece's Alpha Bank Raises Over $500 mln Via Shipping Loan Deal

Greece's Alpha Bank raised more than $500 million from a transaction backed by shipping loans, it confirmed on Thursday, one of the first of its kind by a Greek bank since 2008. Reuters reported in November that Alpha Bank, Greece's fourth-largest bank


The McAllister Towing Legacy

McAllister Towing has left an indelible mark on U.S. maritime history, from its formative years to the delivery of three modern, state-of-the-art workhorses this year, including Buckley McAllister (pictured right), Eric McAllister and Tate McAllister.

150 Years Young, the 5th Generation Plots the Future Course McAllister Towing In 1864 Abraham Lincoln was president, and the U.S. was embroiled in the midst of civil war. In 1864, McAllister Towing was established (originally as the Greenpoint Lighterage Co.) in New York City


Massive LNG Absorber Shipped to Malaysia

Steel supports fix the 1480 ton absorber safely on the 48 axle lines of SCHEUERLE SPMT

Successful transport of 1,480t absorber for biggest LNG plant worldwide in Malaysia.   1,480 tons and a high center of gravity made the transport of an absorber from the Malysian Bintulu port to the Petronas LNG production site a challenging task


Andrews to Lead CWind’s O&M Division

Lee Andrews has been appointed as CWind’s new global head of operations for maintenance and asset management (O&M) services.   Andrews joins CWind from Siemens Energy where he started his career as an apprentice technician 25 years ago and progressed through increasingly senior


Video: Reefer RoRo Ship Design Rebooted

Image: Knud E. Hansen A/S

Expanding on the Reefer RoRo Ship design release in September last year, naval architects group Knud E. Hansen A/S has continued the development of the new Reefer RoRo Ship design with version II. A video showcasing the design is available here.


Samsung Heavy Scraps Samsung Eng Takeover

Gepje Shipyard (Photo: Samsung Heavy Industries)

Samsung Heavy Industries said on Wednesday it has decided to scrap a $2.5 billion stock deal to take over Samsung Engineering, potentially complicating restructuring plans by parent Samsung Group ahead of a looming succession. Shareholders doubting the synergies of the merger had asked the two


Sinking Fishing Vessel and Crew Safe in Honolulu

The fishing vessel Pacifica moored safely in Honolulu Harbor Monday after taking on water when insufficient shaft packing in the stern tube allowed water to flood the vessel approximately 144 miles north northeast of Oahu, the U.S. Coast Guard (USCG) reported.






 
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