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Groups Say NZ Port Merger will Cut Costs

Reports said that shipping and business groups say a proposed merger of New Zealand's largest ports will cut costs. The Ports of Auckland and Ports of Tauranga say they are in advanced discussions about working together, making savings for exporters through a more efficient supply chain. The Employers' & Manufacturers' Association agrees the merger has the potential to reduce costs. The association says they could keep the land but publicly float the combined company, freeing ratepayers' money for investment in other areas. The talks come as Danish shipping company Maersk reviews the option of dealing with a single port in the North and South Islands. Source: Radio NZ


Freight Rate Hikes Benefit South Korean Shipping Firms

South Korea’s major shipping companies benefited in 1999 from freight rate hikes and lower foreign debt service costs resulting from the won’s surge against the dollar, analysts said. However, they said, expectations of rising shipping capacity following more deliveries of new ships would weigh down the growth of revenues for shipping firms this year. Container shipping rates rose about six percent on average last year, which is in line with the country’s recovering exports, one analyst said


Tanker Groups To Pool Vessel Marketing

Two major clean oil product tanker operators will reportedly form a vessel pool to market each other's ships on opposite sides of the world. Japan's NYK Line and International Product Tankers Ltd. (IPC), a joint venture company formed by OMI Corp. and Osprey Maritime Ltd., said the agreement would cut costs and improve services. Under the agreement, IPC will market NYK's fleet of product tankers to European and U.S. customers when positioned in European or Atlantic waters


New Paintjob for Sullom Voe Tugs

The five bright red tugs operating at the Sullom Voe Terminal are soon to display the blue and white corporate colors of their new owner. Shetland Towage, a company wholly owned by the Shetland Charitable Trust, was incorporated into the Shetland Islands Council's ports and harbor operation on February 10, in a bid to streamline operations at the harbor and to cut costs. The first of the tugs is expected to be back in the isles from dry-docking in late June


Halter Marine Confirms Merger Talks

Shipbuilder Halter Marine Group Inc. confirmed it is in talks with an oilfield service company about a possible stock-for-stock merger. The company, which in January announced a sweeping restructuring to cut costs, said it cannot assure the talks will lead to a transaction. It also said it cannot guarantee a deal, if any, would represent a premium over current market prices. Halter Marine, which also builds offshore drilling rigs and engineered products serving the offshore energy industry


Pentagon Expected To OK NNS Deal

The Pentagon is widely expected to clear the proposed $2.1 billion merger between the two remaining U.S. builders of nuclear submarines and aircraft carriers, eliminating prospects of any future competition between former rivals. Defense Department officials recognize the peculiarities of the situation faced by General Dynamics Corp. and Newport News Shipbuilding Inc., according to antitrust lawyers, industry consultants and Wall Street analysts. With only one major customer -- the U.S


Review: Navy Plans to Reduce Fleet

According to www.dailypress.com, a draft Pentagon blueprint renews a plan to shrink the Navy's fleet of aircraft carriers, barely a month after Congress blocked the move. Excerpts of the draft Quadrennial Defense Review, conducted every four years to guide military strategy, call for a fleet of 11 aircraft carriers - or one fewer than exist today. The Navy pushed hard last year to reduce the fleet by mothballing the USS John F. Kennedy, based in Mayport, Fla


Cummins Announces 2002 Outlook

Cummins Inc. today released its expectation for improved profitability despite essentially flat revenues for 2002. Cummins Chairman and CEO, Tim Solso, said, "continuing efforts to reduce costs will enable Cummins to achieve a profitability improvement over 2001 with little to no improvement in revenue." During the October 11th teleconference on third quarter earnings Solso noted that rapid market changes in the U.S


Short-Term Perils of Lower Oil Prices: DW Monday

Oil tanks: File image

At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya, together with the ongoing surge in US production, notes Douglas-Westwood in the latest 'DW Monday'. In the short-term, supply could start to be taken out of the market quite quickly if lower price levels are sustained – we have earlier noted that returns for most E&P companies have been eroded by


Japanese Shipbuilding Consolidation Is Imminent

Kawasaki Heavy Industries is said to be considering integrating its shipbuilding business with those of Ishikawajima-Harima Heavy Industries Co. (IHI) and Mitsui Engineering & Shipbuilding Co. A spokesman for Kawasaki Heavy, Japan's second-largest heavy machinery and shipbuilding firm, said it sees such consolidation as one option but no accord has been reached. Business daily Nihon Keizai Shimbun reported on Wednesday that IHI and Kawasaki Heavy had reached a basic agreement to merge their


Strategy Can Maximize UKCS potential

North Sea and UKCS Potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm. The report, which gauges the oil and gas industry’s reaction to Sir Ian Wood’s Maximising Recovery Review


BHP Billiton Focus on Operation & Productivity

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 * BHP Billiton is now targeting US$4 billion of annualised productivity gains in its core portfolio by the end of the 2017 financial year, a US$500 million increase on previous guidance.  * Improved capital productivity will allow planned investment to be reduced from US$14


Horizon Lines Terminating Puerto Rico Operations

Horizon Lines announced that it would cease providing liner service between the U.S. and Puerto Rico by the end of 2014 due to continuing losses without the prospect of future profitability. Sea-Land Service, Inc. ("Sea-Land") pioneered the marine container shipping industry and


As Oil Prices Drop, Rigs Go Off-Line

Photo courtesy of Transocean

Transocean Ltd, the owner of the world's largest offshore drilling fleet, said it was likely to retire additional rigs as the company continued to face pressure due to slowdown in an oversupplied rig market. The drilling contractor's shares rose as much as 3 percent in early trading after the


MSC Consolidates HQ in Norfolk

(Photo: MSC)

Military Sealift Command (MSC) received approval Oct. 30 to officially begin geographically consolidating at Naval Station (NS) Norfolk, Virginia, a single headquarters that since 2012 has been physically split between the Washington Navy Yard, D.C., and NS Norfolk


Vale Financials Disappoint; Iron Ore Prices, Currency Cited

Brazil's Vale posted a surprise loss of $1.44 billion on Thursday, hurt by a fall in the price of iron ore, higher production costs and a weakening Brazilian currency. Analysts said the results were disappointing and suggested Vale might find it harder than expected to fund expansion projects


Hurtigruten Shares at 6-yr High After Bid

Norway's Hurtigruten, which operates scenic cruise lines along the country's fjords and into the Arctic, has agreed to a takeover offer from a group led by several board members, driving its shares to six-year highs. Hurtigruten said on Wednesday it was recommending an offer of 7 crowns per


Port Industry Held Back by Unscheduled Downtime

Photo courtesy of Trelleborg

The latest Barometer Report from Trelleborg, which discusses the issues impacting ports and terminals around the globe, has revealed that 74% of port owners and operators are still suffering unscheduled downtime. Fender damage was the most frequently cited cause


Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.                   &nbs


Total Names Refining Boss to Replace de Margerie

Patrick Pouyanne (Photo: Total)

French oil company Total has appointed refining boss Patrick Pouyanne as chief executive to succeed Christophe de Margerie who was killed in a plane crash in Moscow this week. Pouyanne, 51, head of refining, had been considered as possible candidate to succeed de Margerie in the past and has a


Total CEO Killed in Moscow Runway Accident

Christophe de Margerie

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors. The chief executive of French oil major Total, Christophe de Margerie, was killed when his private jet collided with a snow plough as


Mitsubishi Super Skiving System

[Super Skiving Cutter]

Mitsubishi Heavy Industries, Ltd. (MHI) has completed development of the "Mitsubishi Super Skiving System" for machining internal gears with high speed and outstanding precision. The new system has overcome technical issues characteristic of conventional skiving by use of an MHI developed


Video: New Channel Established on Atchafalaya River

USCG photo

The U.S. Coast Guard (USCG) helped establish Crewboat Cut as a new federal channel in the Atchafalaya River near Morgan City, Wednesday. The new waterway is intended to be safer for mariners, will shorten travel time and save millions of dollars in annual dredging costs.


Kenya Yet to Decide oil Refinery's Fate

Only Refinery

  Kenya is yet to decide whether to turn east Africa's only oil refinery into an oil storage facility or pay for its upgrade after buying the remaining 50 percent stake from India's Essar Energy, the energy minister said on Friday. Fuel distributors have long complained about the poor


IMO Urged to Provide Access to Efficiency Data

imo logo.png

Shipping Fuel Transparency Will Lower Emissions and Cut Costs.   NGOs call on shipping industry regulator to drive down costs, trigger improved fuel efficiency and reduce ship GHG emissions through efficiency data transparency. Transport & Environment






 
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