Star Bulk Carriers Corp. announced that starting with its fiscal first quarter ended March 31, 2008, it has elected to change its policy for accounting for vessel drydocking costs from the deferral method, under which the company deferred and amortized its drydocking costs over the estimated period of benefit between drydockings, to the direct expense method, under which the company expenses all drydocking costs as incurred. There have been no drydocking costs that the company has incurred prior to the first quarter of 2008, therefore, there will be no impact on the Company's prior financial statements as a result of the adoption of this change in policy. The Company believes that the new direct expensing method eliminates the significant amount of subjectivity that is needed to determine which costs and activities related to drydocking should be deferred. The first effect of this change in accounting policy, will appear in the Company's results for the quarter ended March 31, 2008. This change in accounting policy will not impact the Company's dividend distributions per share, given that the Company has a fixed dividend policy.
Celebrity Cruise Lines has completed its first ever drydocking with Detyens Shipyards, Inc (DSI). ZENITH docked at the Charleston, South Carolina facility from October 24, 2005 thru November 3, 2005. The scope of work included: regular drydocking maintenance along with sea valve renewals, blade seals and polishing, anchor chains, bow and stern thruster seals, overhauling of the bow thruster, the dismantling and overhauling of the stabilizers, the application of the silicon base AF coatings
Heger Dry Dock will present its four-day Dockmaster's Training Seminar during May 2000 in Seattle, Wash. Held from May 2-5, the course will provide the latest information on dry docks, and drydocking techniques to dockmasters, marine engineers, naval architects and others involved in the docking vessels. Topics for discussion throughout the course will include dry dock accidents, types of docks, ship characteristics important to drydocking and docking procedures
Following the successful annual drydocking and refit of the Wightlink fleet of passenger/car ferries since January 2001, A&P Southampton and Wightlink have announced the signing of a revised annual drydocking and maintenance agreement for a further three years. This new agreement has been extended to include A&P Shipcare (Portsmouth) for all in service repair needs. A&P Southampton Managing Director, David Parry
B+H Ocean Carriers Ltd. has acquired a 98,000dwt OBO, or combination carrier, committed to a Time Charter at $27,000 from delivery through March 13, 2006, plus or minus one month. The vessel will be delivered to the Company during April. This vessel, to be renamed Sachuest, has some particularly attractive attributes in the present market environment, the Company said, including the ability to trade as both a tanker and a dry bulk carrier, plus the fact that it has 24
In Qatar, Nakilat-Keppel Offshore & Marine (N-KOM) shipyard has 7 ocean-going LNG carriers in its drydock for repairs, overhauls As part of the Erhama Bin Jaber Al Jalahma Shipyard, N-KOM has successfully completed marine, offshore and onshore projects for both local and international clients, with LNG repairs making up almost half of these projects reports LNG World News. The seven LNG carriers (Al Jasra, Al Bidda, Al Wajbah, Dukhan, Al Gharrafa
Keppel Shipyard Limited (Keppel Shipyard) has entered an Alliance Service Agreement for the drydocking of a fleet of Moss Rosenburg (MOSS) type of Liquefied Natural Gas (LNG) carriers chartered by Qatar Liquefied Gas Company Ltd (Qatargas). The five-year agreement was signed with MO LNG Transport Co., Ltd (MOL), Nippon Yusen Kaisha Ltd (NYK) and Kawasaki Kisen Kaisha Ltd (K-Line). The vessels under the fleet agreement are Al Zubarah, Al Khor, Al Rayyan, Al Wajbah, Broog, Zekreet
hen the 70,367-ton, 855 ft. (260.6 m) Carnival Paradise arrived at Newport News Shipbuilding for emergency repair on its Azipod propulsion system, it marked a milestone in ship repair history as no U.S.-based yard had ever performed work on the advanced pod system. The vessel arrived for drydocking at the yard on July 25, where the NNS crew prepared it in time for its next scheduled sailing date on August 20. MR/EN had the opportunity to speak with Becky Stewart, NNS' director of ship repair
Northrop Grumman Newport News, Newport News, Va., is being awarded a $6m cost-plus-fixed-fee modification under previously awarded contract to exercise an option for FY 08 advance Extended Drydocking Selected Restricted Availability (EDSRA) planning for USS Enterprise (CVN 65). Work will be performed in Newport News, Va., and is expected to be completed by February 2008. Contract funds will expire at the end of the current fiscal year
FirstWave/Newpark Shipbuilding was awarded a contract by Blessey Marine Services of Hanrahan, La. for the construction of a 30,000-bbl capacity double-hulled tank barge. Measuring 298 x 54 x 13 ft. (90.8 x 16.4 x 3.9 m) the vessel will be built at FirstWave's Greens Bayou Facility for a June 2000 delivery. FirstWave was also granted a contract by Global Industries of Carlyss, La. for a scheduled drydocking and routine regulatory maintenance of the Small Water-plane Area Twin Hull (SWATH)
ASRY, a ship and rig repair yard in the Arabian Gulf, recently saw six vessels under repair simultaneously on its dual slipways in a sign that the yard’s small and medium sized vessel repair business continues to flourish since the opening of the its state-of-the-art slipways.
Thailand’s Unithai Shipyard and Engineering said it has expanded operations to support the steady growth of offshore operations. The company has opened a new branch in Songkhla province, one of the busiest offshore markets in the region.
SEACOR Holdings Inc. has announced its results for its year and fourth quarter ended December 31, 2013. Highlights • For the year ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $47.2 million, or $2
Oman Drydock Company (ODC), based in the Middle East’s new mega city of Duqm, signaled its "passionate and driving ambition" to catapult itself further into the region’s multibillion dollar ship repair industry after completing its 200th drydocking since launching in 2011.
Saga Cruises has highlighted Gibraltar’s continuing attractions for cruise owners, returning to Gibdock for repair and maintenance work on one of the "grand old ladies" of the cruise industry, the 24,492grt, 670-passenger capacity Saga Ruby.
ASRY (Arabian Shipbuilding & Repair Yard) says it is expanding its already extensive range of in-yard services in Bahrain by signing an important Service Agreement with Solas Marine Services Group. The Agreement will allow Solas to build a 2,000-square-metre Service Centre for Life Boats
Damen Shiprepair Brest (France) received a booking for the drydocking and repairs of two shuttle tankers managed by Knutsen NYK Offshore Tankers A/S. The 88,109 GRT sister vessels Karen Knutsen and Sallie Knutsen expect to arrive end February and Middle of March respectively.
Ardmore Shipping Corporation says it has taken delivery of the newbuilding product & chemical tanker 'Ardmore Seavantage' and also of the 2006-built 'Ardmore Seamariner' as it continues its fleet expansion programme. Cork, Ireland-based Ardmore informs it has taken delivery of the Ardmore
Ship Finance International Limited announced its preliminary financial results for the quarter ended September 30, 2013, reporting preliminary 3Q 2013 results and quarterly dividend of $0.39 per share Hamilton. Highlights Declares third quarter dividend of $0.39 per share
Last month Hydrex installed Propeller Boss Cap Fins (PBCF) on two tankers during their respective stops in Ghent and Antwerp. As a result of the underwater operation, the ships will not have to wait for their next drydock visit to start benefitting from the fuel savings the PBCF’s will
Damen Shiprepair Brest (France) received her seventh LNG booking for the drydocking, maintenance and repair of the LNG carrier BachirChihan. The Hyproc Shipping owned and managed vessel will arrive November 25. The work scope on the BachirChihaniis extensive and reaches close to 30,000 man-hours
Great Lakes Shipyard announced the installation of a new state-of-the-art plasma cutting machine, the Plate Pro Extreme 3100. The addition of this cutting table expands the range of services available to its customers and improves the efficiency of Great Lakes Shipyard operations
Miller Boat Line’s ferry, M/V South Bass, is receiving its routine five-year drydocking and USCG inspection at Great Lakes Shipyard. The vessel was hauled out using the Marine Travelift, and the work on the vessel will be completed in two to three weeks.
Vessel operating costs are expected to rise by more than 3.0% in both 2013 and 2014, according to a new survey by international accountant and shipping consultant, and Maritime London member, Moore Stephens. The survey is based on responses from key players in the international shipping industry
Rolls-Royce has signed a contract to supply thrusters and deck machinery for two semi-submersible drilling rigs to be built at Samsung Heavy Industries in Korea for Stena Drilling. Rolls-Royce reported the value of the contract to be around £22.5 million.