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Tuesday, March 19, 2024
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First Quarter News

18 Mar 2024

Strategic Marine Delivers Crewboat for Truth Maritime Services

(Photo: Strategic Marine)

Singaporean aluminum boat builder Strategic Marine recently delivered TMS Ranod, the first of two Gen 4 Fast Crew Boats to growing Thai offshore services provider Truth Maritime Services (TMS). The pair of newbuild contracts were signed in 2023.Strategic Marine launched the 42m Gen 4 FCB design in collaboration with Southerly Designs, and the vessel comes with a highly efficient new hull form and Z-bow which improves seakeeping and requires less power for the same speed and deadweight tonnage…

14 Mar 2024

TotalEnergies Renews Contract for Bibby WaveMaster 1 SOV’s Services

(Credit: Bibby Marine)

Bibby Marine has secured a three-year contract extension with long-standing client TotalEnergies EP Nederland for its ‘walk-to-work’ service operation vessel (SOV) Bibby WaveMaster 1.The three-year charter extension will begin in the first quarter of 2025, and the vessel will be deployed on the Dutch continental shelf in the Southern North Sea.The SOV will continue to accommodate and transport service engineers and maintenance personnel, supporting gas production activities across…

08 Mar 2024

Vard to Deliver Tailor-Made Offshore Wind CSOV for Norwind Offshore

VARD 4 19 CSOV vessel for Norwind Offshore (Credit: Vard)

Norwegian shipbuilder Vard has secured a contract for the design and construction of one tailor-made offshore wind commissioning service operation vessel (CSOV) for Norwind Offshore, with options for two additional vessels.Vard signed the contract with Navigare Capital Partners, a shareholder in Norwind Offshore.The new CSOV vessel, scheduled for delivery in the first quarter of 2026, is of VARD 4 19 design, developed by Vard Design in Ålesund in close collaboration with Norwind Offshore.The hull will be built in Vard Shipyards Romania – Braila and the outfitting…

21 Feb 2024

Sulmara Set to Refit Ocean Marlin Vessel Under New Multi-Year Charter Deal

Ocean Marlin (Credit: Sulmara)

Glasgow-headquartered subsea specialist Sulmara has signed a three-year deal with Atlantic Offshore to charter the DP II multi-purpose support vessel Ocean Marlin, that will undergo substantial refitting to accommodate the needs of renewable energy sector.As part of the contract, Sulmara, who earlier in February announced the signing of a Master Service Agreement with Asso.subsea, will undertake a substantial refit of the emergency response rescue vessel (ERRV) to transform it for use in the renewables sector.The refit will include the installation of class-leading survey equipment…

15 Feb 2024

Siemens Gamesa Selects Contractor for First SOV Newbuild in Asia

(Credit: Cyan Renewables)

Cyan Renewables, a portfolio company of Seraya Partners, will build Siemens Gamesa’s first service operations vessel (SOV) in Asia to facilitate the servicing of wind turbines for the Hai Long offshore wind projects in Taiwan.Siemens Gamesa awarded a 15-year charter contract to Cyan Renewables. The contract will begin in 2026 and the SOV will be used to service 73 SG 14-222 DD offshore wind turbines in Hai Long offshore wind farms, located about 50 km off the coast of Changhua County in Taiwan.As one of the largest offshore wind farms in Taiwan with a total installed capacity of over 1GW…

13 Feb 2024

DOF Group Secures Over $20M for Asia Pacific Projects

(Credit: DOF Group)

Norwegian offshore vessel owner DOF Group has secured a new contract and a contract extension for two of its vessels that will be employed in the Asia Pacific region.The latest contract secured for the region is related to Skandi Hercules vessel that will see it fully utilized off the Australian coast into the third quarter of 2024.The contracted scope includes project management and engineering, logistics support and execution of various inspection, maintenance, and repair (IMR)…

11 Feb 2024

Subcontinent Ship Recycling Market Remarkably Quiet

Source: GMS

Despite the Pakistani & Bangladeshi markets stabilizing and displaying a far greater aggression at the bidding tables over the last five weeks, it has been a remarkably quieter start to 2024 for ship recycling than many had anticipated, says cash buyer GMS.With Houthi attacks, trading markets have remained unseasonably firmer, thereby delaying the historical ‘post-New Year aggression’ from the sub-continent ship recycling markets that the industry has become accustomed to over…

08 Feb 2024

Maersk Warns Oversupply to Hit Profits

© Fotokon / Adobe Stock

Maersk warned on Thursday that container shipping overcapacity would hit profits more than expected this year and that it didn't see a major boost from the jump in freight rates due to Red Sea disruptions, hammering its shares.The warning, which also led the Danish shipping giant to suspend its share buyback programme, is in stark contrast with investors' recent optimism about the sector.Container shipping companies have been among the best-performing stocks in Europe this year…

08 Feb 2024

Wärtsilä Books Ammonia Fuel System Order for Two Exmar Gas Carriers

3D rendering of the Exmar LPG’s ammonia dual-fuel mid-size gas carrier (Credit: Exmar)

Wärtsilä Gas Solutions, part of technology group Wärtsilä, will deliver the fuel supply system for Exmar’s two new medium size gas carriers that will operate with ammonia fuel.The ships are being built at the Hyundai Mipo Dockyards (HMD) in Korea for ship owner Danish shipowner Exmar LPG, a joint venture between Exmar, a multi-disciplinary maritime and offshore solutions provider, and Seapeak, one of the largest independent owner-operators of liquefied natural gas vessels.These…

07 Feb 2024

CBED Inks Full-Year Contract with Hughes Subsea for Wind Evolution SOV

Danish shipowner CBED has signed a contract with Hughes Subsea, a subsidiary of OEG Energy, for Wind Evolution’s first offshore project, just three weeks after acquiring the service operation vessel (SOV).With the new walk-to-work contract, CBED has secured full activity for Wind Evolution SOV until early first quarter of 2025, with two additional one-year options to extend the project contract.OEG Energy’s Hughes Subsea specializes in subsea services across the offshore oil and gas, renewable energy, and other sectors.CBED will take delivery of Wind Evolution end of March 2024.

02 Feb 2024

DOF Vessel to Report for Duty Offshore Australia

PSV Skandi Kvitsøy (Credit: DOF Group)

Norwegian offshore vessel owner DOF Group has secured ‘substantial contract’ with an international oil company for the platform supply vessel (PSV) Skandi Kvitsøy.The vessel will work in Australian waters and further strengthen DOF’s presence in Australia.DOF Group defines a ‘substantial contract’ as the one with value between $23 million and $48 million (NOK 250 million to NOK 500 million).The contract is set to start in the first quarter of 2024, with two-year firm and two years options…

31 Jan 2024

Deltamarin Inks Design Deal for Stena RoRo’s 13th E-Flexer RoPax

Rendering by Peter Mild, courtesy Deltamarin

Finland-based naval architecture and marine engineering firm Deltamarin informs it has signed a design contract with China Merchants Jinling Shipyard (Weihai) for the complete basic and detail design of a new RoPax vessel.The new RoPax is the 13th vessel in the Stena RoRo’s E-Flexer series and is the first to be delivered to the Mediterranean region. Corsica Linea will charter the vessel for operation on Marseille – Corsica route from Stena RoRo, with a purchase option. Delivery…

29 Jan 2024

Panagiotidis Family Buys Two Bulk Carriers from Castor Maritime

© Volodymyr Kyrylyuk / Adobe Stock

Castor Maritime announced it has reached deals to sell two bulk carrier vessels to entities owned by a family member of Castor Maritime's chairman, CEO and CFO, Petros Panagiotidis.Under separate agreements signed January 19, 2024, the Cyprus-based company sold the 2010-built Panamax bulk carriers Magic Nova and Magic Horizon for $16.1 million and $15.8 million respectively. Both vessels are expected to be delivered to their new owners by the end of the first quarter of 2024.The deals' terms were negotiated and approved by a committee of Castor Maritime's independent directors…

23 Jan 2024

AR Simulator Added to Pilot Training at Smartship Australia

Image courtesy FORCE Technology

Force Technology won a deal to deliver its SimFlex4 AR solution as part of an extensive upgrade for the Queensland-based maritime simulation and training facility, Smartship Australia, which focuses on professional pilotage training and development. Smartship's facility in Brisbane includes five marine simulators, including two full mission bridges, one Tug bridge, and two-part task simulators.FORCE Technology’s SimFlex simulator was originally selected when Smartship Australia was first established in 2011.

12 Jan 2024

Frontline Sells Its Five Oldest VLCCs

© Björn Wylezich / Adobe Stock

Frontline announced it has reached a deal to sell its five oldest very large cruse carriers (VLCC) to an undisclosed buyer for an aggregate net sale price of $290 million.The vessels, built in 2009 and 2010, are expected to be delivered to the new owner during the first quarter of 2024.After repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $207 million, and the Company expects to record a gain in the first quarter of 2024 in the range of approximately $68 million to $76 million…

09 Jan 2024

Stena RoRo Orders RoPax from China's CMI Jinling

Rendering by Peter Mild, courtesy Stena RoRo

Stena RoRo has placed an order for another RoPax-class E-Flexer vessel from the Chinese shipyard CMI Jinling (Weihai). The vessel will be delivered in the first quarter of 2026 to Corsica Linea and will operate between Marseille and Corsica. This is Stena RoRo’s 13th vessel in the E-Flexer series and the first to be delivered to the Mediterranean region.“The arrival of this new LNG vessel in the fleet is a strong signal that is in line with the ambitious course set for Corsica Linea the coming years: to become the most modern shipping company in the Mediterranean by 2030.

07 Jan 2024

War, Weather Put Ocean Shippers on Notice for Rough Seas in 2024

© Daniel / Adobe Stock

Recent hostilities in the Red Sea have thrown global shippers of vital goods for a loop - but it is hardly the only issue that big carriers are facing as 2024 kicks off.Giants like Maersk say the industry, which handles 90% of global trade, faces the possibility of significant disruptions, from ongoing wars to droughts affecting key routes like the Panama Canal. Complex vessel schedules are likely to be knocked out of sync for giant container ships, fuel tankers and other commodity haulers throughout the year.That will increase delays and raise costs for retailers like Walmart…

05 Jan 2024

St Johns Ship Building Delivers First CTV for WINDEA

(Photo: St. Johns Ship Building)

Palatka, Fla. shipyard St. Johns Ship Building announced it has delivered WINDEA Courageous, the first of three Jones Act compliant crew transfer vessels (CTV) ordered by WINDEA CTV, a partnership between Hornblower Wind and MidOcean Wind.The 30-meter-long WINDEA Courageous and its sister vessels are designed by Incat Crowther and each have capacity to carry 24 technicians, plus six crew. The Bureau Veritas-classed vessels will be propelled by quad Volvo IPS propulsion units driven by Volvo DI13 main engines.

05 Jan 2024

Samsung Heavy Industries Gets $1.5B FLNG Order

(Credit: Cedar LNG)

Samsung Heavy Industries (SHI) has secured an engineering, procurement and construction (EPC) contract for a new floating LNG production unit worth $1.5 billion.SHI formed a consortium with Black & Veatch for the delivery of the new FLNG unit, subject to final investment decision for the project (FID) being developed by the 'North American client'.Undisclosed by SHI, the client is most likely Haisla Nation and Pembina Pipeline Corporation (Pembina), a partner in the development of the proposed Cedar LNG project…

04 Jan 2024

Argentina’s Grain Exports Could Jump 40%

Chart courtesy BIMCO

“Argentina is on track to boost grain exports by 40% in 2024, recovering from last year’s drought which afflicted crops, but still below the 2019-2022 average. Climate patterns and government policy are shaping the outlook,” says Filipe Gouveia, Shipping Analyst at BIMCO.El Niño has brought improved weather conditions for Argentina’s grain crops. The wheat harvest is nearly complete and estimated to be 20% larger than a year ago. Meanwhile, the favorable conditions continue to support the growing maize and soybean crops.

03 Jan 2024

Eastern Awarded Contract to Complete MPSV Builds for Hornbeck

(Image: Eastern Shipbuilding Group)

Panama City Fla. based Eastern Shipbuilding Group announced it has been awarded a contract to complete construction of two ultra high-spec 400 class multipurpose support vessels (MPSVs) for Hornbeck Offshore Services (HOS).The newbuilds were originally started by Gulf Island Shipyards in Houma, La. before Hornbeck terminated the contracts in 2018 over what it described as "performance issues". Gulf Island then sued Hornbeck, claiming the two shipyard construction contracts were wrongfully terminated.

02 Jan 2024

Germany Builds up LNG Import Terminals

© JET-PIX / Adobe Stock

German utility RWE on Jan. 1 handed over floating liquefied natural gas (LNG) infrastructure at Brunsbuettel on the North Sea to state-owned Deutsche Energy Terminal (DET) as agreed when first imports arrived 10 months ago, it said.DET is now the sole operational manager and markets the capacity of the Brunsbuettel Elbehafen LNG project.Germany's quest to increase LNG capacity for regasification on its shores has intensified as it seeks to end reliance on Russian pipeline gas…

29 Dec 2023

Esgian: New Contracts, Drilling Activities and Rig Moves Across the World

Borgland Dolphin drilling rig (Credit: Dolphin Drilling)

Esgian's last roundup of the year for the Week 52 puts spotlight on new developments for Dolphin Drilling semisub, Seadrill drillships, as well as Shell’s plans for Australia and ONGC’s new tender for jackups in India.ContractsDolphin Drilling has signed a Letter of Intent (LOI) with an undisclosed operator for the 1,500-ft semisubmersible Borgland Dolphin to undertake a 500-day drilling campaign in the UK. The drilling campaign is planned to begin directly after the firm part of the contract period with EnQuest, which was announced in late November 2023.

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