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.
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
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.
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
Cheaper production and material costs as well as weaker demand has driven the price of new container equipment down to record lows and is forecast to fall further during 2016, according to the latest edition of the Container Census report published by global shipping consultancy Drewry
Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper
Fugro has been awarded a photogrammetric and LIDAR surveying and mapping contract by the U.S. Army Corps of Engineers, St. Louis District, Missouri. The agreement is a five-year indefinite delivery indefinite quantity (IDIQ) contract with a ceiling value of $12.5 million
The Oregon Department of Transportation has awarded a ConnectOregon grant of $2.6 million to the Port of Portland along with tenant Auto Warehousing Co. to fund part of a $7 million expansion of auto handling facilities in the Rivergate Industrial District near Terminal 6
BW Group (BW) has signed a 15-year agreement with Pakistan GasPort Limited (PGPL) to provide LNG regasification services utilizing a new-build Floating Storage and Regasification Unit (FSRU) for the second Pakistan LNG terminal.
German state-owned lender NordLB and KKR Credit said they had reached an agreement by which KKR Credit will acquire a $1.5 billion portfolio of shipping loans from NordLB jointly with an unspecified sovereign wealth fund. The portfolio of performing and non-performing loans will include up to
Russell Plaisance, president of Louisiana Carriers, built the pusher-tug Lady Loren at Dickie Adam’s Lockport Fabrication in 2008. At the launch, he explained that the boat was the result of five years of planning and a lifetime of experience in the maritime world of the Gulf of Mexico.
Port Manatee says it has signed an agreement to keep Del Monte fruit coming into the Florida Gulf Coast port for as many as 20 more years. Del Monte Fresh Produce N.A. Inc., which has imported fruit into the deepwater Florida seaport since 1989
Russian Maritime Register of Shipping (RS) and Palmali Shipping Company have signed a set of five-year agreements based on which RS will render the whole range of services on classification and statutory surveys of ships. Subject of the agreements concluded are 49 ships (oil tankers
While the shipping industry struggles through a historic downturn, ship scrapping business is seeing accelerating demand, reports WSJ. The global economic slowdown is putting shipping through its most bruising period since the 2008 financial crisis.
Independent research and consultancy firm Maritime Strategies International (MSI) has forecast a structural change to future shipping cycles, driven by increased volatility in newbuilding activity. In an article by Dr. Adam Kent, MSI notes that as a consequence of the current glut of
China's COSCO Shipping , owner of the world's fourth largest container fleet, took a 51 percent stake in Greece's largest port on Wednesday. The sale of Piraeus Port had been suspended by the leftist-led government when it won elections in January 2015 but talks resumed after Greece agreed an
Seqwater has selected Wood Group as its partner in a new collaborative contract to maintain the South East Queensland (SEQ) Water Grid in Australia and water supply assets that serve 3.1 million South East Queenslanders. The innovative partnership will see the formation of a single maintenance
The new new supply of liquefied natural gas (LNG) from Russia's Sakhalin plant and weakening demand from Egypt helped snap a months-long rally. Hence Asian spotLNG prices fell this week, reports Reuters. Meanwhile, countries in the Middle East and North Africa led by Egypt
China COSCO Shipping, which owns the world's fourth largest container fleet in terms of capacity, is expected to wrap up the purchase of a majority stake in Greece's largest port, Piraeus Port (OLP), next week, sources close to the matter said on Friday.