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 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.
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.
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.
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
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
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
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
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
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
A&P Group, the UK’s largest ship repair firm has bagged a £15 million military contract to complete the fit-out of the Royal Navy support group’s new fleet of tankers. The Cornish shipbuilder will customize and maintain the Royal Fleet Auxiliary’s four new
The Obama administration on Tuesday proposed allowing for the first time oil and gas exploration in a wide swath of U.S. waters off the Atlantic Coast. The 2017 to 2022 drilling plan begins a process that could take many years before waters off the coasts of Virginia, North Carolina
Will the new government in Greece led by radical-left party Syriza levy higher taxes that the shipping industry can’t afford? A report in WSJ says that several owners in Greece’s important shipping sector are worried about this.
SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015. Philippe's appointment as a member of the Management Board is subject to approval at the Annual General Meeting of Shareholders to be held on April 15, 2015.
Aalesund University College has become one of the first Kongsberg Maritime simulator users to migrate to the new simulator technology platform, K-Sim Navigation. In a contract signed on January 6, 2015 following an open tender by the college
A new five-year low in oil spills from tankers reported by the International Tanker Owners Pollution Federation (ITOPF), as the average for 2010-2014 falls to 1.8 large spills per year. During the year, ITOPF recorded 1 large spill of bitumen (over 3
CEVA Logistics, one of the world's leading supply chain companies, has been named Logistics Company of the Year in Italy for the fifth time by Assologistica, the leading Italian association of logistics companies. This year's award was given in recognition of CEVA's TechCity - a logistics
India’s largest container port, the Jawaharlal Nehru Port (JNPT), said it aims to grow as one of the top 10 global container ports in the next five years. After announcing his 'Make in India' vision plan, the Prime Minister Narendra Modi's first port of call was JNPT
The Windsor Port is key area in the planned $7-billion worth of investments to transform Canada’s most important transportation and trade networks, the Great Lakes-St. Lawrence Seaway. Approx $60 million has been spent in Windsor to improve infrastructure the last five years.
New Zealand maritime manufacturer Coppins Para Sea Anchors has secured a multimillion-dollar contract to supply anchors to a Norwegian salvage company. The family business firm based in Motueka on the South Island has sent the first of two one-tonne sea anchors to the Norwegian
Cargo numbers edge up with economy Cargo container trade at the Port of Long Beach climbed 1.3 percent in 2014, indicating continued economic growth for the U.S. and bringing the port its third-busiest year ever behind the peak years of 2006 and 2007, the port announced.
Port Metro Vancouver has installed eight long-term noise monitoring stations along both sides of the Burrard Inlet waterfront after receiving an increasing number of noise complaints from North Shore and Vancouver residents, says a report in The Province
Global oil majors say they are demanding cheaper but better services from engineering and service companies, or simply taking work back in-house, after losing hundreds of billions on cost overruns in the last five years. Cost overruns and delays were the main reason why oil majors generated
Chevron Corporation today announced its Australian subsidiaries have signed a binding Sales and Purchase Agreement (SPA) with SK LNG Trading Pte Ltd (SK). Under the SPA, SK LNG Trading, which is part of a leading industrial conglomerate in South Korea, will receive 4
Indonesian state-run port operator Pelindo I plans to modernize and expand five of its ports this year. It has invested $2.7bn to develop ports in support of President Joko Widodo's maritime highway construction program. The five ports scheduled for this year included Malahayati port