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
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.
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.
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
Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger than the previous five years following a slowdown in 2009 through to 2012 as a result of the global recession.
Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping company Compañía Sud Americana de Vapores (CSAV). As planned, CSAV subscribed to EUR 259 million (approximately $316
Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an LR2 or an MR2? What is the historical rate of return for these tankers? Which tanker class is the riskiest? These questions face owners
Liquefaction terminals to dominate forecast LNG capital expenditure Capital expenditure (Capex) on global liquefied natural gas (LNG) facilities is expected to total $259 billion over the forecast period 2015-2019, according to the new ninth edition of Douglas-Westwood’s (DW)
The secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) said on Sunday the price of oil had fallen further than market fundamentals would have dictated. Speaking at an event in Dubai, Abdullah al-Badri added that the November meeting which ruled out a cut
Nordic Maritime, a leading offshore service operator, today announced its MKIII subsea service vessel Mokul Nordic has been renamed Nordic Prince and has started a long term charter for Noble Energy after arriving in Haifa, Israel.
Aker Solutions secured a contract from Daewoo Shipbuilding and Marine Engineering to provide engineering, construction and commissioning services for the hook-up phase of the Mariner oilfield development in the UK North Sea. The agreement is worth more than GBP 120 million
Hempel has acquired Schaepman’s Lakfabrieken B.V, a Dutch supplier of specialized industrial, protective and decorative coatings. The acquisition is part of Hempel’s five-year growth strategy. Terms of the sale are undisclosed.
Nordic Maritime’s MKIII subsea service vessel, Mokul Nordic, has been renamed Nordic Prince and has started a long term charter for Noble Energy after arriving in Haifa, Israel. Nordic Maritime was awarded a five-year charter for the DP2 IMR Subsea vessel from Noble Energy in October
Kompania di Tou Korsou places an order for two tug vessels from Damen On December 9, five years after the delivery of two ASD Tugs 2810 KTK Tribon and KTK Barakuda, Damen Shipyards Group and Kompania di Tou Korsou (KTK) signed an agreement for the delivery of two Stan Tugs 1205.
The Lloyd’s Register Foundation today launched its Foresight review of big data and announced a conditional grant offer of £10 million to support research by the Alan Turing Institute on engineering applications of big data.
RN-Uvatneftegaz, a subsidiary of Rosneft, produced 50 millionth ton of oil since the start of Uvat project implementation in 2004. In 10 years of enterprise performance the annual oil output increased almost by 10 times – from 1
Vard Holdings Limited (“VARD”) has secured a contract for the design and construction of one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping (“Farstad”). The vessel will be of VARD 3 17 design
Chris Koch, current president and CEO of the World Shipping Council (WSC), will retire from his position on July 31, 2015, and WSC Senior Vice-President and General Counsel, John Butler, will assume that position on August 1 of next year. Following his retirement as president
Damen Shipyards Galati has been presented with the Dutch Romanian Business Award for its Corporate Social Responsibility plan, particularly the Group’s community investment initiatives. The Award was presented by Ben Jager of the Dutch Romanian Network to Peter de Kiewit