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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


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.


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.


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


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.


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


Engine Refit for Mersey Pilot Boat

James Troops Robert Pollock and Derek Bate with Volvo engine (Photo: James Troop)

James Troop supplies two new Volvo Penta engines to upgrade Mersey pilot boat   Merseyside-based engine specialist James Troop & Co has secured a deal to supply and install two Volvo Penta D9 engines to extend the service life of one of Liverpool’s River Mersey pilot boats.


DSM Dyneema Names President’s Successor

Golnar Motahari Pour (Photo: DSM Dyneema)

Gerard de Reuver has elected to step down as President of DSM Dyneema on August 1, 2015 after five years in the post, the company announced today. He will be succeeded by Golnar Motahari Pour, a German national with extensive global management experience.  


Philippines Mulls Massive Military Spend

Philippine generals on Wednesday asked Congress to almost triple annual defence spending over the next five years to upgrade equipment amid an escalating marine dispute with giant neighbour China. The Philippines currently is in the middle of a 998 billion pesos ($21


NAT Buys 2 Suexmax Tankers

Nordic American Tankers Limited (NAT) acquires two modern Suezmax tankers, increasing the fleet to 26 vessels    Tanker shipping company NAT announced that it has agreed to acquire two Far East built Suezmax tankers for a total price of approximately $122 million.  


USS Cincinnati Will Be Powered by GE Engines

LM2500 Engine (Photo: GE Marine)

GE Marine said its LM2500 marine engines will provide power for the U.S. Navy’s new Littoral Combat Ship (LCS), USS Cincinnati (LCS 20). USS Cincinnati’s two engines will be manufactured at GE’s Evendale, Ohio facility. Each LM2500 engine produces more than 29,500 horsepower


CNO Puts Warfighting First in Navy’s Five-year Plan

CNO Adm. Greenert holds an all-hands call with service members, civilians and their families at Naval Support Activity Bahrain where he discussed the current status of the Navy and presented U.S. Naval Forces Central Command with the Navy Unit Commendation for meritorious service in the performance of assigned missions from June 2010 to June 2015. (US Navy photo by Nathan Laird)

U.S. Chief of Naval Operations (CNO) Adm. Jonathan Greenert on Monday highlighted the U.S. Navy's intended track and investments in a document that outlines the Navy’s navigational plan for the next five years.   "This year's navigation plan highlights our Navy's key investments


Container Equipment Leasing Rates Hit Record Lows

Development of per diem rental rates and ex-factory prices for newbuild 20ft standard container placed on long-term operating lease (LTL), 2004-16 (Source: Drewry Maritime Research)

Container equipment rental rates came under renewed pressure in 2014 and by mid-2015 new dry freight pricing was at a 10-year low, while lease rates had fallen to an all-time low, according to the latest edition of the Container Leasing report published by global shipping consultancy Drewry


DNV GL: ‘Big Data’ Evolving Fast; LNG Slower than Expected

“We will see lower growth compared to what we have seen in the past four years. But I think the world economy is still on track to more than double in size over the next 40 years.  I also see a future in which digitalization,  connectivity and internet of things.”  Remi Eriksen, newly appointed  Group President & CEO, DNV GL

In connection with the Nor-Shipping Conference and Exhibition held last month in Oslo, Remi Eriksen, the newly appointed Group President & CEO of DNV GL, took the opportunity to present himself to the international maritime media. Eriksen will take over on August 1, 2015, from retiring Henrik O


Foreign Steel Cuts Lakers’ Ore Float in June

 With foreign steel now commanding nearly 32 percent of the U.S. market, it was inevitable that iron ore cargos hauled in U.S.-flag Great Lakes freighters (lakers) would take a hit, and that hit came in June, the Lake Carriers’ Association (LCA) reported. Cargos totaled 4


Vietnam to Go-ahead with $2.5 bln Port Project

  Vietnam's government has agreed on a port project in the southern province of Ca Mau, costing some $2.5 billion according to media reports and which would be able to host some of the world's biggest ships. The Hon Khoai port would be built under a public-private partnership


Port of Rotterdam Records Increased Throughput

Image: Port of Rotterdam

 Total throughput at the Port of Rotterdam grew by almost 7% in the first half of 2015 thanks to a surge in oil products movements.    The port attributed their growth by the increased throughput of oil products, which increased by almost 30% as well as the 8


WCI Names Zea as Director

Tracy Zea (Photo: WCI)

Waterways Council, Inc. (WCI) has named Tracy R. Zea as its Director-Government Relations, effective August 4.  He will be based in the Washington, D.C. office and will primarily advocate for WCI’s goals for authorizations and appropriations which support a modern, efficient


EMGS Permitted for Multi-client Survey in Mexico

5 year plan SENER and EMGS MC plans

  EMGS has received permits from Mexico's Comisión Nacional de Hidrocarburos (CNH) authorizing the acquisition of up to approximately 88,000 square km 3D EM multi-client data in the Salina de Itsmo Basin.   EMGS will prioritize acquiring EM data for the future bid rounds in


Great Lakes Iron Ore Trade Dips in June

Photo: LCA

Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 6.2 million tons in June, a decrease of 6 percent compared to May, and nearly 5 percent below the level of a year ago, the Lakes Carriers' Association (LCA) announced.


Vallianz Bags US$300m Contract to Supply Two Platforms

Pic by Vallianz Holdings

 Singapore-listed Vallianz Holdings has won a contract worth up to US$300 million (S$405.51 million) to supply two self-elevating platforms to a large national oil company in the Middle East.   The contract from one of the world’s largest national oil companies involves the






 
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