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Five Years

Weak but Steady Growth in Oil & Gas Tanker Fleet

The world fleet of oil, chemical and gas tankers is predicted to continue to grow over the next five years, although at a much more sluggish rate than the previous five years, according to a Shipbuilding Market Report issued this month by Lloyd’s Register - Fairplay (LR Fairplay). The oil tanker fleet, which currently stands at 7,516 ships, is expected to grow by 1.9 percent per year over the next five years in terms of the number of ships. Deadweight ton (dwt) capacity will rise by 5.7 percent annually over the same period, reflecting a movement toward larger ships. New shipbuilding orders for oil tankers will amount to 76 million dwt through the end of 2013, a 60 percent decrease from the shipbuilding binge of the last five years. “The volume of seaborne oil is set to grow next year, although not at the same pace as fleet capacity,” said Niklas Bengtsson, project manager and senior consultant for LR Fairplay. “The record number of shipbuilding orders in 2006 means that a large number of ships are being delivered to owners this year. The gap between supply and demand will therefore continue to grow, which is likely to generate an increasing fleet of idle vessels.” The chronic overcapacity in tanker tonnage will accelerate the scrapping of older ships. Removals of oil tankers through year-end 2013 will amount to 50 million dwt, which is up by 10 percent compared to the previous five years


Seadrill Secures Two New Tender Rig Contracts

Seadrill has been awarded a contract by Chevron for extension of the production drilling assignment for the self-erecting tender rig T4. The contract extension has a duration of five years. The estimated contract value is approximately $156m. The commencement of the new contract is scheduled for second quarter 2008 following a five-year survey after completion of the current contract. T4 is currently operating offshore Thailand.


Stratos Wins Protest of Five-Year Contract

The U.S. Court of Federal Claims in Washington, D.C. has granted the Stratos protest of a five-year U.S. Navy SPAWAR (Space and Naval Warfare) Inmarsat lease contract award to Comsat. The court ruled the contract awarded this past June was legally invalid, and required the U.S. Navy to retender its request for proposal for the five-year $111.9 million contract. The Court directed the Navy to conclude the recompetition by January 28, 2000.


Jack-up Rig Deal Agreed by NADL & Ship Finance

West Linus: Photo courtesy of Seadrill

North Atlantic Drilling ("NADL") and Ship Finance International Limited ("Ship Finance") agree a combined a combined sale & leaseback arrangement for the harsh environment jack-up rig 'West Linus'. Ship Finance will acquire the harsh environment jack-up drilling rig West Linus from a subsidiary of NADL.  The West Linus is currently under construction at Jurong Shipyard in Singapore with scheduled delivery in December 2013.


Cammell Laird Begins ‘Second Chapter’ of RFA Cluster Contract

CammellLairdApprentices.jpg

Merseyside shipyard and engineering firm Cammell Laird has formally started the second five year cycle of its biggest single contract. Work began in June 2013 on the second period of Cammell Laird’s through-life support cluster contract to maintain nine of the 13 ships in the Royal Fleet Auxiliary (RFA) flotilla.  The cluster contract was first awarded to Cammell Laird in 2008 and following reviews of performance and value for money the contract was extended for a further five


MR Tankship Market Analysis: Second-Hand Price-Rise Outstrips Newbuild

MR2 Tanker Values: Image McQuilling Services

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


Ultra-Deepwater Cajun Express Contract

Transocean Ltd. (NYSE:RIG) announced that the Board of Directors of Petroleo Brasileiro S.A. (Petrobras) has approved the award of a three-year contract for the ultra-deepwater semisubmersible rig Cajun Express for operations in Brazil. Petrobras has the right within one year of contract execution to convert the three-year contract to a five-year contract. Estimated contracted revenues related to the three-year contract term and five-year contract term, if elected, are approximately $558


US Ocean & Coastal Shipping Market Report

A decline in demand for freight transportation leads IBISWorld to update its market report on US Ocean & Coastal Transportation. The transportation sector provides deep-sea, coastal, Great Lakes and St. Lawrence Seaway water transportation. The deep-sea shipping activity includes US flagged vessels and non-US flagged vessels. Marine transportation establishments using the facilities of the St. Lawrence Seaway Authority Commission are considered to use the Great Lakes water


U.S. Merchant Marine Academy Welcomes Class of 2017

The U.S. Merchant Marine Academy welcomed its incoming Class of 2017, consisting of 238 plebe candidates from across the country. Upon arrival, the Congressionally-nominated future Midshipmen began a rigorous, 18-day regimen of academic, military and physical training known as Indoctrination (INDOC), their first step toward becoming future leaders and licensed maritime officers. “The new plebe candidates make up one of the most diverse classes in Academy history


Vigor Awarded USS Emory S. Land Drydock Contract

 USS Emory S. Land (AS 39): Photo in public domain

The U.S. Department of Defense informs that Vigor Industrial, LLC, of Portland, Oregon, is being awarded a $16,984,940 firm-fixed-price contract for a 120-calendar day regular overhaul and dry docking of USS Emory S. Land (AS 39). Work will include No. 1 and No. 2 boiler inspection, propulsion shaft removal and inspection, underwater hull preservation, ship's service turbo generator five-year American Bureau of Shipping inspection, structural plenums refurbishment, domestic reefer upgrade


BOEM to Open Bids for Gulf of Mexico Lease Sale

The Bureau of Ocean Energy Management (BOEM) Gulf of Mexico Regional Director John Rodi will open the Gulf of Mexico Western Planning Area Lease Sale 238 at 9 a.m. CDT on Wednesday, August 20, 2014 at the Mercedes-Benz Superdome in New Orleans.


GoM Sale Yields $110m in High Bids

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, today’s Western Gulf of Mexico Lease Sale 238 attracted $109,951,644 million in high bids for 81 tracts covering 433,823 acres on the U.S


High Bids in Western GofM Lease Sale

Offshore rig fronting GoM map: File image

U.S. Government agency BOEM informs that Western Gulf of Mexico Lease Sale 238 attracted US$109,951,644 million in high bids for 81 tracts covering 433,823 acres on the U.S. Outer Continental Shelf offshore Texas. A total of 14 offshore energy companies submitted 93 bids.


CACI Named MSC Logistics Prime Contractor

MSC RoRo: Photo courtesy of MSC

CACI International Inc says it has been selected as a prime contractor to provide logistics support to the U.S. Navy’s Military Sealift Command (MSC) on the Worldwide Logistics Services (WLS) contract. The five-year (one base plus four option years) multiple-award indefinite


MJP, SwiftShips Team up on GoM Crewboat

Rodi Marines Riley Claire

The sea trials of Rodi Marine’s crewboat, the M/V Riley Claire, have given Marine Jet Power a major breakthrough in the Gulf of Mexico crewboat market. The trial results show that all performance predictions were reached.   


Cutter Vigorous Arrives at New Home Port

(U.S. Coast Guard photo by 2nd Class Walter Shinn)

Coast Guard Cutter Vigorous marked its official arrival at its new homeport at Joint Expeditionary Base Little Creek-Fort Story, Virginia Beach, Friday. Vigorous is the first of two Medium Endurance Cutters from Cape May, New Jersey to be relocated to Little Creek


Aker Solutions to Lease 31,100 sq.m Aberdeen Office

David Currie: Photo Aker Solutions

"This move is a long-term investment for us and underlines our commitment to Aberdeen and our customers in the area," said David Currie, Aker Solutions' regional head in the UK. "The new offices will provide high-quality facilities and enable us to bring the majority of our


NCS Survey, Ceona Ink 5-Year Pact

Ceonas DP3 Multi-purpose Vessel, the Normand Pacific (Credit NCS Survey)

NCS Survey, an Acteon company, has been awarded a five year contract for positioning services with SURF Company, Ceona. Mobilization has been completed on the first vessel, Ceona’s DP3 multi-purpose vessel, the Normand Pacific. Succeeding its initial work in the Gulf of Mexico


Ecoshield Rudder Protection Generates Savings

Over the last couple of months a number of vessels have had their rudders coated with Ecoshield at shipyards in China. These include several container vessels and a car carrier. The applications will protect the rudders against cavitation and corrosion damage for the remainder of the


Great Barrier Reef Eco-Outlook 'Poor'

Great Barrier Reef: Photo CCL

A report from Australia's Great Barrier Reef Marine Park Authority finds the greatest risks to the Reef are still climate change, land-based run-off, coastal development, some remaining impacts of fishing and illegal fishing and poaching.


TEN Charters Out Suezmax Tankers

Nikolas P. Tsakos, President and CEO of TEN (Credit: TEN)

Tsakos Energy Navigation Limited (TEN) announced the chartering of two of its modern Suezmax tankers with a European oil major for 24 and 12 months, with charterer options for another 12 months for each vessel at a base rate with profit sharing


Tsakos Energy Navigation Ltd to Build LR1s for Oil Major

TENs LR1

Tsakos Energy Navigation Limited (TEN) announced today the chartering of two of its modern Suezmax tankers with a European oil major for 24 and 12 months respectively with charterers options for another 12 months for each vessel at an accretive base rate with profit sharing


Drewry: Global Number of Container Ships Peaks

file photo

The number of container ships transporting goods around the world has fallen in the first half of 2014 but the total capacity of the global fleet continues to increase, consulting firm Drewry Maritime Research said in a note on Monday. Drewry Maritime Research foresees a fall in the number of


Private Equity Knocks on Shipping's Door

Shipping is currently attracting a great deal of interest from investors in the private equity sector, according to UK-based accountants Moore Stephens, members of shipping trade organization Maritime London and as reported in its fortnightly 'London Matters'.


Vopak Asia Contracts Ramco for HR Systems

Ramco Systems has  announced that it has been awarded a five-year contract from the Asia division of Vopak, the world’s largest independent tank storage provider, to integrate a part of its regional Human Resource functions into a single platform.






 
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