When OPA 90 was introduced in wake of the Valdez accident, the stipulation that tankers trading in the U.S. must be double hulled was roundly panned throughout the world, as industry experts bemoaned the fact that one country have such a deciding impact on vessel design. How soon they forget. Ten years and a few tragic sinkings off European shores have let to Italy's sudden plan to ban single-hulled tankers from seven key port areas, a move which some contend will cripple a pipeline feeding oil to Germany from the Italian port of Trieste, a leading brokerage warned. "The ban will be felt in Germany and Austria," said Italy's largest brokerage Banchero Costa. "Unilateral action by the Italian ministry could...lead to chaos in the supply chain." Italian Environment Minister Willer Bordon said the government was preparing a directive aimed at reducing the risk of environmental damage from oil spills by banning single-hulled tankers from seven key port areas from April 23. But brokers and shippers warned that there were simply not enough double-hulled tankers in the region to service the need of the Italian oil trades. "This directive represents a notable leap in safety," Bordon said. "We will be at the vanguard of Europe and the world." The ban would apply to several areas with major tanker terminals, including eastern Sicily, Genoa and Trieste
Tsakos Energy Navigation Limited (NYSE: TNP) reported results (unaudited) for the second quarter and first half of 2009. Revenues, net of voyage expenses and commissions, were $88.60 million in the second quarter of 2009 compared to $146.64 million in the comparable 2008 period reflecting the lower freight rate environment. TEN deployed on average 46.0 vessels versus 44.0 vessels in the prior year quarter. Fleet utilization remained high at 97.8% as compared with 97
"How to make ships more efficient?" This was the key question posed at the 15th Canadian Committee meeting of Germanischer Lloyd (GL). More than 20 representatives of the Canada and U.S. Flags, ship owners and operators, yards, consultants, and port authorities attended the event hosted by Executive Vice President Americas Capt. Kevin Coyne and Committee Chairman Peter Cairns from the Shipbuilding Association of Canada.
· Higher steel costs weigh on margins · Outlook weakens but top players set to weather downturn Hyundai Heavy Industries Co Ltd 009540.KS reported on Oct 30 that its quarterly net profit fell by a third, hit by rising raw materials costs and losses from the weaker won. The shipbuilding industry faces declining orders and falling shipping demand amid a deepening global downturn
The cost of producing oil and gas has risen about 53 percent the past two years, and the trend is expected to continue this year, according to a report released Monday. Business Week reported that those same costs have climbed 67 percent since 2000, but most of the increase has come since the end of 2004, according to an analysis by Cambridge Energy Research Associates and its parent, IHS Inc., which together have created what they call the Upstream Capital Costs Index.
Lockheed Martin Corp. says a double-digit jump in the cost of steel and rising oil prices have influenced the rise in the final price tag of its latest warship for the Navy to more than double the initial estimates. Navy officials last month told lawmakers the service's initial estimate of $220m per ship had ballooned to as much as $550 million, which they blamed on design changes that occurred during construction.
International Paint Ltd. is set to initiate product price rises in response to spiraling global raw material costs. “During 2010 the cost of raw materials critical to the manufacture of both our Marine and Protective Coatings’ product ranges increased significantly,” said Paul Westcott, Marine & Protective Coatings Commercial Director. “We have attempted to minimize the impact on our customers for as long as possible by leveraging our buying power and
A rise in freight transportation and revenue from fuel surcharges will restore growth according to new IBISWorld research report With consumers increasing their spending as the economy recovers, and manufacturers likewise boosting their production, demand for inland water transportation will get a boost. Additionally, rising fuel costs will lead to operators earning more money from fuel surcharges. However, the industry will experience some turbulence from rail transport providers
The US Department of State issued a final rule amending the regulations regarding security measures for issuance of non-immigrant visas. Effective January 1, 2008, fingerprinting and name checks will be required for all visa applicants (with certain narrow exceptions not pertinent here). The cost of these additional security measures will be included in the fees for the visas. While not reflected in the Federal Register
Rates to ship iron ore, coal and grains rose for the longest streak in almost a year on speculation Chinese demand increased. The Baltic Dry Index gained for a 15th straight session, adding 1.4 percent to 912 today, according to the Baltic Exchange, the London-based publisher of shipping costs. That’s the longest streak since March 30, 2012. Daily earnings for Capesizes, the largest ships tracked by the gauge, rose 1.7 percent to $4,977, according to the exchange, reports Bloomberg.
Two Huntington Ingalls Industries' Newport News Shipbuilding (NNS) division employees were recognized recently at the CIO Leadership Event. Deborah Morewitz and Karen Ryan both received the annual 'Ones to Watch' Award that identifies rising stars in information technology (IT).
Lankofirst said offshore trials of its synthetic fiber rope mooring connector have shown a reduction in mooring line deployment times and improvements in health and safety compared with traditional mooring line plate links and thimbles, reports deepwater mooring rope specialist
PortVision’s Jason Tieman will speak to the International Liquid Terminals Association (ILTA) Conference on 'New Ways toMaximize Uptime & Utilization with Limited Resources'. PortVision®, a leading provider of business intelligence solutions for the maritime industry
Hamburg Süd’s performance in brief Following the powerful recovery of the world economy in 2010 and a weaker 2011, global growth continued in the past financial year, albeit at a slower pace. Against this backdrop, container shipments increased once again
The UK P&I Club, one of the largest and oldest providers of mutual liability insurance to ship owners, announced its financial results for the year ended February 20, 2013. Highlights • Surplus of $9.5 million increases free reserves and hybrid capital to new high
During April, 2013 new build prices for capesize, kamsarmax and ultramax vessels rose higher than in the previous month. Purchase prices for ships are often good indicators of financial health in the shipping industry. When shipping demand is expected to grow more than the supply of ships
Aker Solutions awarded contract for offshore engineering services to support Husky Energy at White Rose field. The scope of work includes studies, modifications (EPCI) and campaign maintenance services. The duration is five years with an option to extend the contract for as many as 10 one-year
Jotun launched Jotachar JF750, the passive fire protection (PFP) coating system which they say significantly reduces installation time and cuts material costs. Following an extensive development and testing program, the launch of Jotun’s new mesh free PFP helps owners
New research reveals the impact of post-Macondo reform U.S. oil and gas professionals are losing their appetite for risk and are worried about rising operating costs, as they grapple with the consequences of a tougher, post-Macondo regulatory regime
One of MAN Diesel & Turbo’s oldest licensees held a successful demonstration of the ME-GI concept on April 17, 2013 at its Tamano works. A large crowd of guests attended the demonstration and the following reception where, among others, MAN Diesel & Turbo’s Dr
The Suez Canal Authority (SCA) raises toll fees by 5% for oil tankers & petrochemical products, 2% for container ships & car carriers effective 1, May 2013. News of the latest rise in tolls follows last year's SCA increase of a 3% rise for all ships passing through the canal
Iron ore exports start up at Long Beach: Western U.S. mines supply the raw material for shipment to Asia. Officials gathered dockside to celebrate the exporting of iron ore from the Port of Long Beach – a promising new line of business developed by SA Recycling
One of MAN Diesel & Turbo’s oldest licensees, Mitsui, hosts a demonstration of the ME-GI marine diesel engine at its Tamono works. A large assembly of guests attended the demonstration and the following reception where, among others, MAN Diesel & Turbo’s Dr
Scientists at Scripps Institution of Oceanography at UC San Diego, in collaboration with two private industry firms, are developing potentially breakthrough technologies to capture vital information from the world’s oceans. Scripps researchers John Orcutt and Jon Berger developed a
The British High Commissioner to Nigeria, Dr Andrew Pocock, voices concern over increasing insecurity in the area, urges action. The diplomat made his remarks at the West African Maritime Security and Development Conference in Lagos, adding that Britain would continue to support security