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.
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
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
Navios Maritime Holdings Inc. has secured new time charters for four vessels.Navios TBN Capesize -- Ten-Year Charter Navios TBN Capesize, a 172,000 dwt new building vessel scheduled to deliver in the fourth quarter of 2009, has been chartered-out for ten years commencing upon delivery. The ten-year, net daily charter-out rate will be $41,325 per day. Navios TBN Capesize -- Five-Year Charter Navios TBN Capesize, another 172
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
The Bureau of Ocean Energy Management (BOEM) will hold a series of public scoping meetings to gather information for an environmental impact statement (EIS) for the proposed oil and gas lease sales in Gulf of Mexico’s Eastern Planning Area offshore Florida and Alabama. This EIS is for proposed Lease Sales 225 and 226, which are included in the Proposed Outer Continental Shelf Oil and Gas Leasing Program for 2012-2017.
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
As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, the Bureau of Ocean Energy Management (BOEM) today announced that it will hold Gulf of Mexico Eastern Planning Area oil and gas lease sale 225 in New Orleans
As Congress considers extending critical federal incentives for wind energy this month, leaders from the Virginia Offshore Wind Development Authority, the City of Norfolk, and the Virginia Ship Repair Association joined Environment Virginia to detail the economic and environmental benefits of
Shipments of iron ore on the Great Lakes totaled 5.5 million tons in November, an increase of 7% compared to a year ago. The November ore float was also 4.1% ahead of the month’s five-year average, but trailed October by 7.7%.
Following a call for tenders in November last year, the Marseilles Fos port authority has chosen automotive logistics specialist TEA – part of the Charles Andre transport group - to develop and operate an import/export terminal for new cars at the Brule-Tabac quay in Fos.
MacGregor, part of Cargotec, has received an order worth $77 million (USD) for optimized cargo handling systems for five A-14-series and five A-18-series container vessels from Hyundai Heavy Industries Co. Ltd. in South Korea. The 14,000 TEU and 18
The U.S. Navy awarded General Dynamics Electric Boat two contract modifications worth a total value of $16.8 million to perform nuclear and nonnuclear maintenance work for submarines homeported at the Naval Submarine Base in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics
Harkand has entered into a charter agreement with Siem Offshore for the Offshore Subsea Construction Vessel (OSCV) Siem Spearfish. The agreement covers a firm period of five years with three yearly options and shall commence in May 2014. The vessel will support the development of the Harkand group
The National Science Board has authorized the National Science Foundation to enter into a cooperative agreement with Texas A&M University to continue managing the International Ocean Discovery Program (IODP) and operating its scientific research vessel 'JOIDES Resolution'
Topaz Energy and Marine, a leading offshore support vessel company with primary operations in the Middle East and Caspian, today announced the win of two contracts with BP in Azerbaijan’s largest oil and gas fields worth approximately $100 million (USD)
Phoenix Products Company, Inc. launched the EcoMod Series. The EcoMod LED floodlight offers 150 and 300W models with light outputs of 12,500 and 25,000 lumens, respectively. Available optical packages range from wide flood to narrow spot optics to accommodate any application
EMA/IMA has just completed an in-depth analysis of the floating production sector. Highlighted below are some key findings in Floating Production Systems: assessment of the outlook for FPSOs, Semis, TLPs, Spars, FLNGs, FSRUs and FSOs. Inventory of floating production systems now at 277 units
Port Officials and BMW of North America, on the eve of BMW’s 26th anniversary at the Port, executed a fifth modification of its 1987 contract extending their agreement for an additional five years through December 31, 2018.
Maritime Communication Partner (MCP) has been contracted by DeepOcean to provide state-of-the-art online and mobile communications for a Kleven newbuild MT6022 offshore vessel which will provide Inspection, Maintenance and Repair (IMR) services for all Statoil operated fields on the Norwegian
MAN Diesel & Turbo’s PrimeServ retrofit team signed an agreement with Great Eastern Shipping Company (GESCO) of Mumbai, India regarding a propeller retrofit upgrade for their M/T Jag Lavanya – a Samsung-built 105,000 DWT crude oil carrier from 2004.
MAN Diesel & Turbo’s PrimeServ retrofit team is to supply India's Great Eastern Shipping Company (GESCO) of Mumbai with an upgrade retrofit propeller for their tankship 'Jag Lavanya', a Samsung 2004- built 105,000 dwt crude oil carrier. Kappel fixed pitch propellers