Top 10 Things to Watch in Offshore Wind in '24
Despite short-term obstacles driven by high inflation and interest rates coupled with supply chain issues, we maintain that the foundations supporting long-term offshore wind activity remain solid. As we prepare for the new year, let us look at 10 factors that will shape the offshore wind sector in 2024.1. A Continuously Dynamic Energy TrilemmaThe dynamic relationship of the three key drivers of affordable energy, energy security and energy transition was clearly evident in 2023 as energy affordability and security were generally more prominent themes than the transition.
Performance Shipping Bags Charter for M/T P. Aliki Tanker
Performance Shipping, a shipping company specializing in the ownership of tanker vessels, has entered into a time charter contract with ST Shipping & Transport Pte Ltd., for the 2010-built, 105,304 dwt, LR2 Aframax oil product tanker, the M/T P. Aliki. The gross charter rate will be based on a fixed floor rate of US$45,000 per day for a period of minimum of four months to a maximum of five and a half months at the charterer's option, plus a 50/50 profit share provision above the floor rate. The charter started on June 26, 2023, and is expected to generate approximately a minimum of US$5.5 million to a maximum of US$7.5 million in gross revenue to Performance Shipping…
Dredging: Keeping the Mississippi Open
“Not only does the top of the river move, but the bottom of the river also moves.” - James Bodron, U.S. Army Corps of Engineers, Mississippi Valley Division, Regional Business Director.Dredging was the Herculean act that allowed much of the U.S. economy to keep chugging along as usual, at least for Midwest and Central states, as drought conditions threatened to shut down river traffic on the Mississippi River and its tributaries, during fall and winter 2022 and early 2023.The full scope of these U.S.
Uni-Tankers Reports Record Results
Danish family-owned company Uni-Tankers has achieved record financial results for the financial year 2022-23 which it attributes to being a “streamlined organisation ready to seize each opportunity.”Earning after tax were USD 61.0 million, an increase of USD 66.1 million from last year’s result despite constrained availability, higher cost of charter tonnage and higher interest rates.Uni-Tankers' fleet is one of the youngest in its core markets, comprising approximately 40 owned and chartered modern and flexible product and chemical tankers.
Meyer Turku Increased Turnover in 2022
Meyer Turku Group has published its 2022 financial results indicating a positive turnaround on the previous year.The Group’s turnover was 1.30 billion euros, up about 200 million euros on 2021. The loss for the financial year was 15.6 million euros, which was less than the previous year's 17 million euros.Meyer Turku CEO Tim Meyer comments on the result: "During 2022, we were particularly affected by the difficult availability of materials and overall increased costs, especially on materials and financing.
Bumi Armada Sells Armada Claire FPSO
Malaysian FPSO leasing company Bumi Armada said Tuesday it had completed the sale of the Armada Claire floating production storage and offloading vessel. The FPSO was sold by Bumi Armada's subsidiary, Armada Balnaves."The Armada Claire sale was on an “as is where is” basis, at a sale price of US$20 million. The sale proceeds were received by [Armada Balnaves] on April 19, 2023," Bumi Armada said,Bumi Armada said it would recognize a gain on sale of the Armada Claire FPSO of approximately US$12 million in its second quarter financial results. Proceeds from the FPSO sale, net of transaction fees, will be used to reduce Bumi Armada Group’s corporate debt.
Ince to Seek Sale After Creditor Bows Out
Legal and professional services firm Ince Group Plc plans to enter administration and pursue a sale of the company, it said on April 12, amid cash concerns and repeated delays in reporting its financial results.Ince's directors applied to London's High Court on April 12 to appoint administrators under UK insolvency law in relation to the company and four subsidiaries, court filings show.Trading in Ince on London's Alternative Investment Market was suspended from Jan.
Old is Gold: Sky-high Cost of Ageing Containerships Sounds Inflation SOS
Shipping companies are transforming rust buckets into gold mines in a modern-day alchemy that could fuel already rampant inflation for years to come.The disruption to world trade caused by pandemic lockdowns and a shortage of new cargo vessels has pushed freight rates for ageing containerships to record highs.Cashing in on the boom, shipping firms are locking in long-term leases lasting three to four years, which means consumers could carry on paying the price for the surge in costs until hundreds of new ships on order come into service.Take the Synergy Oakland…
Maersk Q4 Earnings Beat Expectations
Shipping group Maersk on Friday posted better than expected fourth-quarter revenue and earnings, fuelled by record freight rates for container shipping.A fall in ocean-going container volumes by 4% in the last three months of the year was more than offset by freight rates improving 80% compared with a year earlier."The strong result in the quarter reflects the continuation of the exceptional market situation within (the) Ocean (division) caused by global disruptions to supply chains…
Maersk Says Port Delays Will Stretch into New Year
The chaos that has bedeviled global supply chains in recent months will extend into next year, with a lack of truck drivers preventing hundreds of container vessels from offloading goods around the world, shipping group Maersk said.“The whole system has become one gigantic bottleneck,” Chief Executive Soren Skou told reporters on Tuesday.Skou said the biggest problem preventing containers from leaving ports is a lack of labor, particularly drivers of heavy goods vehicles in the…
Maersk Triples Quarterly Income Despite Lower Container Volumes
Shipping group A.P. Moller-Maersk said on Tuesday record-high freight rates boosted quarterly earnings despite lower container volumes due to congestion at ports.The coronavirus pandemic has prompted a shortage of container ships and logjams at ports at a time of high consumer spending, pushing the cost of transporting freight to record levels.Maersk, which handles one in five containers shipped worldwide, said its main Ocean business is now expected to grow below that of global container demand…
WER: Near-term Outlook for Floating Production Systems 'Very Positive'
The oil and gas sector continues to rebound from the great downturn, though regional surges of Covid-19 have been spooking the market, causing crude prices to be a bit volatile over the past two weeks. But, the near-term outlook remains very positive. This is the conclusion of the in-depth market analysis in the July 2021 Floating Production Systems Report - a go-to database for all things FPSO/FPU - just released by International Maritime Associates/World Energy Reports (IMA/WER).Asked what is driving the positive sentiment…
Castor Maritime Buys Secondhand Bulk Carrier
Cyprus-based shipping company Castor Maritime has purchased its ninth vessel of 2021.The Nasdaq-listed company said it paid $18.48 million through a separate wholly-owned subsidiary to acquire a 2011 Japanese-built Panamax bulk carrier from an unaffiliated third-party. The vessel is scheduled to be delivered to Castor in the second quarter of this year.Petros Panagiotidis, Castor CEO, said, “We are pleased to announce our ninth vessel acquisition in 2021 with the addition of another Panamax dry bulk vessel to Castor’s fleet. Our focus remains on deploying our capital and growing our fleet through timely acquisitions of vessels across…
Leidos to Acquire Gibbs & Cox
Reston, Va.-based Leidos said it has entered into a definitive agreement to acquire esteemed naval architecture and marine engineering firm Gibbs & Cox for $380 million in cash, as the defense, engineering and IT conglomerate looks to bolster its expertise as it competes for U.S. Navy unmanned systems contracts. The deal is expected to close in the second quarter of 2021, subject to closing conditions.Founded in 1922 in New York City, Gibbs & Cox has designed some of the world's most well-known vessels, including the WWII Liberty Ships and the stories ocean liner SS United States.
Royal Caribbean to Sell Azamara Brand for $201 Million
Cruise operator Royal Caribbean Group said on Tuesday it reached a deal to sell its Azamara brand to private-equity firm Sycamore Partners for $201 million in cash, as it grapples with biting impacts of the COVID-19 pandemic.Sycamore Partners will acquire the entire Azamara brand, including its three-ship fleet—Azamara Quest, Azamara Journey and Azamara Pursuit—and associated intellectual property. In conjunction with the transaction, Azamara Chief Operating Officer Carol Cabezas has been appointed President of the brand.Royal Caribbean said it will incur a one-time, non-cash impairment charge of approximately $170 million, but claimed…
Cavotec, ASKO Power Forward on Autonomous, Zero-Emission Fleet
The future of shipping is here, and it will not surprise industry observers to see Norway in the pole position as autonomous vessels enter commercial operations. Norway has long been on the bleeding edge of shipping innovation. In 2015, the world’s first battery electric car ferry entered operation in Norway’s deepest and longest fjord, Sognefjord.The ferry, MV Ampere, resulted from a government initiative and was a catalyst for innovation in the industry. Now, Norway is expected to equip some 200 additional berths with zero emission technologies before 2025.
Carnival Hit by Ransomware Attack
Cruise operator Carnival Corp said on Monday it launched an investigation into a ransomware attack on one of its brand’s information technology systems.Carnival, which operates AIDA, Carnival and Princess cruises among others, in a regulatory filing said the attack included unauthorized access to personal data of guests and employees.The company did not identify the brand that was affected and declined to provide more details, as the investigation process was at an early stage.The attack adds to the woes of the company that has been already struggling with suspension of its cruises for months
Eimskip Announces Job Cuts
Icelandic shipping company Eimskip announced Tuesday it will reduce staff in continuation of streamlining measures initiated 15 months ago and due to uncertainty both in the Icelandic and global economy because of the COVID-19 pandemic."These streamlining measures include a reduction of 73 full time employees within Eimskip, thereof 47 in Iceland. Direct redundancies are 54, thereof 39 in Iceland. The reduction of FTE’s affects all layers of the company including the management." the company said in a statement.Vilhelm Már Þorsteinsson…
Nakilat Reports $76m Q1 Profit
Nakilat announced financial results for the first quarter ended March 31, 2020 with a net profit of $76 million compared to $64 million during the same period in 2019, with an increase of 18%.Despite the ongoing challenges of the global pandemic, Nakilat continued to uphold operational management of its LNG and Liquefied Petroleum Gas (LPG) vessels.Additionally, Nakilat group continued to strengthen its value proposition, with the ship repair, offshore fabrication, towage and…
Top Ships Sells 50% Owned Vessels
The international ship-owning company Top Ships announced that its 50% subsidiaries which own M/T Holmby Hills and M/T Palm Springs entered into agreements to sell both vessels to unaffiliated third parties.According to the owner and operator of modern, fuel efficient "ECO" tanker vessels, the vessel sales are subject to customary closing conditions and are anticipated to be concluded during March 2020.The two MR2 tankers are owned by Evangelos Pistiolis-led Top Ships in a 50-50 joint venture with Gunvor’s Clearlake Shipping.Depending on when the closing of the sales take place and on prevailing USD Swap rates at the time of closing…
Grindrod Shipping Acquires IVS Bulk Stake
The global provider of maritime transportation services in the drybulk and product tanker sectors Grindrod Shipping Holdings announced acquisition of an additional 33.25% stake in its IVS Bulk joint venture and the sale of the 2010-built small product tanker Kowie.A subsidiary of the company, Grindrod Shipping Pte. Ltd (GSPL) has agreed to acquire the 33.25% ordinary and preferred equity shares held by one of its two JV partners in IVS Bulk for a total consideration of $44.1 million, thereby increasing its stake to 66.75%. The acquisition will be funded through a combination of cash on hand, proceeds received from a refinancing of the IVS Bulk capital structure, and a new loan at GSPL, as summarized below.
Vopak Finalises Sale of Algeciras Oil Terminal
Dutch multinational company Royal Vopak has recently completed the previously announced divestment of its oil terminal in Algeciras to First State Investments.This divestment is the finalization of the sale of three terminals (Amsterdam, Hamburg and Algeciras) to First State Investments as previously announced.On 12 February 2020, Vopak will publish its 2019 full-year results, including the financial results of the divestment which are in line with previous announcements made in 2019.
Bahri Posts 172% Surge in Q4 Net Profit
The National Shipping Company of Saudi Arabia (Bahri) has reported strong financial results for the quarter and the full year ended December 31, 2019, underpinned by an increase in returns of several business units.The transportation and logistics company said in a press release that its fourth-quarter net profit surged 172.48 percent to SAR 249.08 million ($66.4 million) from SAR 91.41 million reported in the same period in 2018.Total revenue came in at SAR 1.93 billion, up 8.85 percent from SAR 1.78 billion recorded in the corresponding period a year ago."The results show strong growth in profits despite a decline in the performance of the logistics services sector and an increase in financing expenses and provisions taken during the year…