Iron ore shipments on the Great Lakes reached their highest level so far this year in November. The trade totaled 4.6 million net tons, an increase of 27 percent over the preceding month. The upturn reflects higher operating rates at the nation’s steel mills that, in turn, have required the sailing of some U.S.-Flag lakers that had been idled. The most recent reactivation was on November 25 when the American Republic returned to service. The vessel was designed specifically to shuttle iron ore on the twisting Cuyahoga River in Cleveland, Ohio. Comparisons with a year ago and the month’s five-year average illustrate the depth of this recession. November loadings were six percent off the pace of a year ago, and nearly 14 percent behind the month’s five-year average. For the year, the Great Lakes iron ore trade stands at 27.5 million tons, a decrease of 50.1 percent compared to a year ago. The decrease is only slightly less when compared to the trade’s five-year average for the January-November timeframe – 49.3 percent.
FMC Technologies, Inc. (NYSE: FTI) announced that it has signed a multi-year frame agreement with BG Norge, a subsidiary of BG Group, to provide subsea systems for offshore projects. The five-year contract includes provisions for two additional five-year extensions. The agreement also includes an immediate call-off to perform a detailed engineering study related to equipment and services to support the Jordbaer field, located in the Norwegian North Sea.
The Senate Committee on Homeland Security and Governmental Affairs conducted a hearing entitled Homeland Security: The Next Five Years. As explained in her opening statement, Senator Susan M. Collins (R-ME) wants to assess the homeland security challenges the next five years will bring. Michael Chertoff, Secretary of Homeland Security, discussed those challenges, including port and maritime security. He noted that not every risk can be eliminated
Panama Canal administrators and the waterway's most important human resource, the pilots, reportedly agreed on a five-year contract, ending 13 months of labor negotiations.
New research released by energy business analysts Douglas-Westwood reveals the world offshore wind market will see expenditure of $60.7B over the next five years. By 2015, annual expenditure will be in excess of $19B. With over 3GW of capacity online by the end of 2010 and a further 2GW under construction at present, the offshore wind industry is growing extremely quickly. Over the five year period to 2015, more than 11GW of new capacity will be installed
In their latest analysis, shipbrokers & marine transport consultants, McQuilling Services, in their latest analysis discuss observations, current and historical, for the clean tanker market, specifically MR tankers. The report concludes that they believe the current MR secondhand asset market will adjust to reflect the weak TCE (Time Charter Equivalent) environment over the longer term. Excerpts as follows: " In Figure 1 [shown here] we display the price movements over the last 15
Iron ore shipments on the Great Lakes totaled 5,026,477 net tons in October, a 6.1% decrease compared to September, but a 30.5% improvement over a year ago. Even so, loadings were still 8.6% below the month’s five-year average. October loadings at U.S. Great Lakes ports increased 28.3% compared to a year ago. Shipments from Canadian ports along the Seaway were up 46%. Year-to-date the Lakes ore trade stands at 44 million tons
IBISWorld report indicates that government & private funding is expected to boost revenue for the US dredging industry. Excerpts from the report are as follows: A weak economy has made growth for dredgers slower than expected. Nevertheless, increased government and private-sector funding is expected to boost revenue for the industry over the next five years. While lacking in prominence, the Dredging Services industry is an essential part of the US economy
Brazilian mining company Vale SA plans to double its iron ore exports to China within five years, Jose Carlos Martins, the company's head of ferrous metals, told reporters on Thursday. Rio de Janeiro-based Vale is the largest producer and exporter of iron ore, the main ingredient needed to make steel. Martins also said the company plans to export about 400 million tonnes of iron ore a year within five years, nearly 50 percent more than the 270 million tonnes it exported in 2013.
Farstad Shipping ASA has been awarded a five-year framework agreement by Technip Norge AS for delivery of ROV support operations, light construction work, IMR and other subsea related activities. The agreement gives Technip the right to utilize the vessel up to 320 days per year, and to extend the contract with a further up to five-year period. Commencement of the framework agreement will be first quarter 2017.
International Longshore and Warehouse Union members have ratified a five-year contract governing pay and work rules at 29 West Coast ports, including those of Los Angeles and Long Beach. Mayor Eric Garcetti made the following statement regarding the ratification of the port labor
Australia could develop the world’s most technologically advanced LNG industry, according to a report by Accenture. But if industry is to reach its potential and maximise its contribution to the national economy, it must first overcome some significant hurdles.
A Brazilian judge sentenced a former international director at state-run oil firm Petroleo Brasileiro SA to five years in prison for money laundering on Tuesday, the second company executive convicted in an ongoing corruption probe.
BMT Isis (BMT), a subsidiary of BMT Group Ltd, has announced that it will provide safety and environmental support for JFD’s five-year contract with the UK Ministry of Defence for the provision of the NATO Submarine Rescue System (NSRS).
Marking 50 years since the delivery of its first azimuth thruster, Rolls-Royce held an event in Rauma, Finland to celebrate the occasion. Azimuthing thrusters, which today are one of Rolls-Royce’s most successful marine products, rotate through 360 degrees
Debt-stricken Danish tanker operator Torm has posted its first quarterly net profit in five years thanks to higher freight rates. The company swung to a net $8.6 million profit in January-March compared with a net loss of $222.6 million in the first quarter last year.
Greece has asked three firms to submit binding bids by September for a majority stake in the country's biggest port, Piraeus, a senior privatisation official told Reuters on Thursday, unblocking a major asset sale. Greece had shorlisted China's Cosco Group and four other groups for a 67 percent
Greece Economy Minister George Stathakis said that his government is dropping its opposition to selling off the Piraeus Port Authority SA. A sale of the Piraeus Port would be a reversal on the part of Greece’s Syriza party-led government, which had earlier pledged to block such moves.
The Indonesian Navy has taken delivery of a French-made KRI Rigel 933 multipurpose research vessel at Jakarta International Container Terminal 2, Tanjung Priok, North Jakarta, Jakarta Post reported. The ship was delivered from the OCEA Les Sables d'Olonne shipyard in France.
Antti Kaunonen has been appointed as Senior Vice President, Automation and Projects, Kalmar, part of Cargotec. Antti Kaunonen brings with him over 25 years of experience from industrial businesses and deep knowledge in automation
The Long Beach Board of Harbor Commissioners approved the Mitsubishi Cement Facility Modification Project this week, greenlighting the addition of 40,000 metric tons of additional storage capacity consisting of storage and loading silos on vacant Port property adjacent to
Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 23.6 percent to $658 per 20-foot container (TEU) in the week ended on Friday, data from the Shanghai Containerized Freight Index showed. The drop in freight rates on the world's busiest shipping
The €2 million five-year EU-PolarNet programme brings together 22 of Europe’s internationally-respected multi-disciplinary research institutions to develop and deliver an integrated European polar research programme that is supported by access to first-class operational polar
Alastair Marsh, current CFO at the Lloyd’s Register Group Ltd. (LR), has been appointed as the successor to CEO Richard Sadler who has decided to step down at the end of 2015. Sadler will pass the CEO role to Marsh on October 1
GAIL (India) Ltd has signed a preliminary deal with Royal Dutch Shell for the potential sale of liquefied natural gas (LNG) supply sourced from its portfolio, made up of US production, says Reuters and local media reports.