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.
Shipments of limestone on the Great Lakes totaled 26.3 million tons in 2016, a decrease of 9.3 percent compared to 2015, reported Lake Carriers’ Association (LCA). Loadings in 2016 were also 5.3 percent below the trade’s five-year average. Loadings from U.S. quarries totaled 21.4 million tons, a decrease of nearly 13 percent compared to 2015, according to LCA. Shipments from U.S. quarries also trailed their five-year average by 8.6 percent.
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
Vard Holdings Limited (“VARD”)secured contracts for the construction of two LNG powered car- and passenger ferries for Torghatten Nord in Norway. The total contract value amounts to approximately NOK 600 million. The new car- and passenger ferries are designed for environmentally
DryShips Inc. announced today that it has exercised its first option under the previously announced option agreement to acquire one Very Large Gas Carrier (“VLGC”) currently under construction at Hyundai Heavy Industries (“HHI”) for a purchase price of $83.5 million
Maersk Drilling has taken delivery of its fourth XLE jack-up rig, the Maersk Invincible, from Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea. Maersk Invincible will now mobilise to the North Sea and will in the second quarter of 2017 commence a five year firm contract with Aker
Andrew Shaw has taken up his new position as chief executive at ASRY, ship and rig repair yard in the Arabian Gulf. Effective January 4, Shaw will lead the firm as it enters its 40th year of operation. He re-joins the company after previously holding the position of general manager of
Euronav NV (NYSE: EURN) entered into a five-year sale and leaseback agreement for four VLCC vessels with investment vehicles advised by Wafra Capital Partners Inc., a private equity partnership. The four VLCCs are the Nautilus (2006), Navarin (2007), Neptun (2007) and Nucleus (2007)
Rugged Controls, LLC announced its launch, evolving from Measurement Technology NW Line Control Instruments (LCI) group, who since 2001 has provided line control, tension monitoring, and winch monitoring equipment. Rugged Controls said it will continue to manufacture MTNW’s previous
Indonesia plans to prosecute the captain of a tourist boat for negligence after a fire ripped through the vessel on New Year's Day, killing at least 23 people and injuring dozens, police said on Tuesday. The boat was carrying about 250 people before it was engulfed by flames shortly after
Cavotec SA's previously announced strategic plan and new organisational structure — based on two distinct Business Units (BU), Ports & Maritime and Airports & Industry — entered into effect on January 1, 2017.
One of China's top coal-producing provinces has vowed to slash its level of fine particle pollution by one-fifth by 2020, the official Xinhua news agency reported on Saturday, citing the provincial government. China has adopted various measures from policing barbeques to halting industrial
While increasing the capacity of major ports, Ministry of Shipping has been striving to improve the operational efficiencies through mechanization and other measures. As a result key efficiency parameters have improved considerably.
The Bulletin Panama reported that a report by KPMG, commissioned by the Department for Transport, recommends that the Ship Register become a “govco”, a privately held state-owned company that is subject to government oversight but has more commercial freedoms
The Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper announced the bureau will offer more than 48 million acres offshore Louisiana, Mississippi, and Alabama for oil and gas exploration and development, in a lease sale that will include all available unleased areas in the
Shipping confidence improved for the third successive quarter in the three months to end-November 2016, says a report by Moore Stephens, an accounting and advisory network in UK. In November 2016, the average confidence level expressed by respondents was 5.6 out of 10
U.S. lawmakers on Wednesday slammed an agreement made with Canada to ban offshore Arctic drilling, saying Ottawa's plan to review its ban every five years gives Canada a leg up on energy exploration. U.S. President Barack Obama on Tuesday announced a ban on new oil and gas drilling
Shipping confidence improved for the third successive quarter in the three months to end-November 2016, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.