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
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
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
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.
Transocean Inc. announced that its deepwater drillship Deepwater Pathfinder, a single-activity rig capable of drilling in water depths up to 10,000 feet, has been awarded a five-year contract by a subsidiary of Eni for drilling operations primarily in the U.S. Gulf of Mexico. The contract is scheduled to commence in March 2010 following completion of the rig's existing contract commitments. Estimated contract revenues that could be generated over the five-year contract period are
Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create one of the sector's biggest players globally. The deal would be the latest in an industry which has suffered one of its worst-ever
Cathelco Ltd. has received Alternate Management Systems (AMS) acceptance from the U.S. Coast Guard for their ballast water treatment system. AMS acceptance is a temporary designation given to ballast water treatment systems approved by a foreign administration
Norwegian Energy Company ASA has appointed Odd Arne Slettebø as Chief Financial Officer (CFO). Odd Arne Slettebø replaces Tommy Sundt who has been appointed new CEO of the Company. Slettebø joined Noreco in August 2012 and was until now Group Finance Manager of
Russian top crude producer Rosneft and Venezuelan state oil company PDVSA have signed a new contract for supplies of oil and oil products of Venezuelan production, the Russian company said on Monday. The document envisages the supplies of over 1
Defense Secretary Chuck Hagel is expected to make a decision soon on how to make a new class of smaller warships more lethal and survivable, the Navy's top admiral said on Saturday. Chief of Naval Operations Admiral Jonathan Greenert expected a quick decision based on a recommendation
INTERTANKO announced that when its Council of Members met this week in Dubai it elected Nikolas Tsakos – President and Chief Executive of Tsakos Energy Navigation – as Chairman, succeeding Graham Westgarth who steps down after five years in post.
The United States Coast Guard (USCG) has granted Alternate Management System (AMS) acceptance for Wärtsilä's Aquarius EC Ballast Water Management System (BWMS). This allows all US and foreign flag ships fitted with this system to operate in US territorial waters and to discharge
Aden Port Development Company and a number of its staff received the giant container ship Ever Logic of Evergreen Shipping Line with a length of 335 meters and a tonnage of 8452 TEU, which berthed at ACT on Sunday, Nov. 9, 2014 to discharge transit containers to neighboring ports
Greece's Alpha Bank is set to raise about $510 million from securitized shipping loans in one of the first European asset-backed deals in the sector for nearly a year, finance industry and Alpha bank sources said on Friday. The deal, which is being arranged and financed by Citigroup and bundles
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
DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the
Representatives from the Flagship Niagara League were in Toledo on Wednesday to announce two new partnerships --- A new scholarship and training opportunity for cadets at The Maritime Academy of Toledo, and a five-year port agreement with the Put-In-Bay Chamber of Commerce.
Exploration Group, Inc., a company which performs shipwreck research, survey and recovery, was appointed, by the U.S. District Court for the Middle District of Florida, Tampa Division, as substitute custodian of the recovered hull fragment artifacts and any future artifacts recovered from the
Scope extended to include the provision of wider submarine escape and rescue services and capabilities to maximize the safety of Australian Submariners. James Fisher Defence (JFD), has been awarded a contract by the Commonwealth of Australia for the long-term provision of the Royal
By 2016 it should be possible for barges in the port of Antwerp to fuel up with LNG at a fixed station. The possibility for truck-to-ship bunkering with LNG already exists, but the construction of a bunkering station will make LNG continuously available for barges