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Flying High

Offshore Stocks Flying High As Boom Nears

It appears that the long awaited, much antipated and greatly debated offshore boom part II is prepared to launch again, as offshore drilling stocks surged on Thursday as U.S. crude oil prices hit a fresh nine-year high of $32.15 a barrel, fueling a second day of strong gains on Wall Street for the oilfield services sector. Drilling stocks across the board were flying high, some posting high single and low double digit gains for the day. At mid-day R&B Falcon Corp. was 1-1/2 higher at 18-1/8 and Santa Fe International Corp. was up 3 at 32-15/16 -- gains of roughly 9 and 10 percent respectively. It was the second straight day of substantial gains for oilfield services stocks, though in a reversal of Wednesday's pattern, drilling contractors saw their stock rise more sharply than that of diversified service providers. Analysts say the sector is poised to reap the benefits this year and next of the strengthening of international oil prices which has been under way since March 1999, and a report from Salomon Smith Barney predicts that this is just the beginning of a multi-year growth phase. The analyst increased his share price targets for 11 offshore drilling contractors and said he saw average upside potential for their stocks of 70 percent in the next 12-18 months. Top recommendations in the sector include Global Marine Inc., Noble Drilling Corp. and Transocean Sedco Forex Inc.


Integrated Systems Awarded Navy Contract

Integrated Systems Solutions Inc.* Pomfret, Md., is being awarded a $64,073,299 ceiling-priced cost-plus-fixed-fee, indefinite delivery, indefinite quantity contract for research and development services to increase the government’s understanding of Lighter Than Air platforms and their usage for sensor technologies. Services to be provided include experimenting with outfitting commercial blimps with sensors and a tactical data link


SeaJets Take Off For Grand Bahama Island

SeaJets, the Palm Beach-based Jetfoil will leave the Port of Palm Beach on November 6, inaugurated regular service of the jets into Grand Bahama Island. SeaJet Kara will depart from the Port Thursday through Monday at 9 a.m. and 4:30 p.m. with scheduled arrivals on Grand Bahama Island at 11 a.m. and 6:30 p.m., respectively. Departures from the Island will be at 11:30 a.m. and 6:50 p.m., arriving in Palm Beach at 1:30 p.m. and 8:30 p.m., respectively.


Minoan Shares Performance Rated

Schroders Securities said in a research report that it rates shares of Greek shipping company Minoan Lines perform in line with the market, although anticipated industry activity may drive the shares to new highs. Analysts said shares were fairly valued on current fundamentals. On the issue of market consolidation, Schroders expects Minoan to continue its prudent acquisitions and not rush into consolidation The merger of Attica Enterprises and Strintzis Shipping Lines could have a direct


Big E Underway to Conduct Carrier Qualifications

The nuclear-powered aircraft carrier USS Enterprise (CVN 65) transit the Philippine Sea during a Vertical Replenishment (VERTREP) with the Military Sealift Command (MSC) combat stores ship USNS San Jose (T-AFS 7). Enterprise and embarked Carrier Air Wing One (CVW-1) are currently underway on a scheduled six-month deployment in support of the global war on terrorism. U.S. Navy photo by Mass Communication Specialist Seaman Rob Gaston


Portuguese Flag Reports Strongest Growth Rate in Europe

Portugal’s second shipping register, the International Shipping Register of Madeira (MAR), is currently the strongest-growing flag in Europe. In the last six months, MAR’s fleet has increased by more than 60 new vessels representing net growth of 130% in terms of tonnage. Among the new entrants to the register are vessels owned by more than 20 of Germany’s leading companies. The growth has been achieved since Sociedade de Desenvolvimento da Madeira (SDM)


Motia Continues Product Tanker Expansion

Motia Compagnia di Navigazione has continued its expansion of modern product carrier tonnage with the delivery of the 29,000 dwt Elisa from STX Shipbuilding, Korea. The third of a series of four sister ships from the same yard building for Motia, the Elisa is an IMO II Product/Chemical Carrier and it will enter employment in the Handytankers Pool. Antonio Zacchello, managing director of Motia Compagnia di Navigazione,


Minoan Denies Reports Of Share Swap With P&O Princess

Greek ferry operator Minoan Lines dismissed press reports on Wednesday that cruise operator P&O Princess had expressed interest for its subsidiary Minoan Flying Dolphins (MFD). "I dismiss the content of the press reports. There is no official proposal by a foreign company for MFD. There is no proposal by P&O," a Minoan official said. It was reported on Wednesday that P&O Princess Cruises had expressed interest for a share swap


HMAS Launceston Assists Ill Mariner

The navy has provided medical assistance to a Chinese mariner who fell ill aboard a fishing boat.

  HMAS Launceston assisted in the medical evacuation of a critically ill Chinese mariner from a Chinese fishing vessel, 80 nautical miles south-east of Christmas Island in the Indian Ocean on the afternoon of 1 January, 2015.   The request for Launceston’s assistance came from the Australian Maritime Safety Authority, and the patrol boat embarked a civilian medical officer prior to departing.  


Subaru Air Freights Parts, Circumvents U.S. Port Delays

Fuji Heavy Industries Ltd , the maker of Subaru cars, said it would continue flying car parts to its U.S. factory beyond an initial arrangement through the end of February, as a labor dispute at U.S. West Coast ports delays shipments. The Japanese automaker had said earlier it was spending an extra 7 billion yen ($59 million) for one month from the end of January to fly components such as engines and transmissions on chartered cargo flights instead of shipping them.


Philippines Says Important to Uphold Rights Over South China Sea

Philippine President Benigno Aquino, in remarks that follow Chinese warnings against Philippine flights over the South China Sea, said on Friday it was important to uphold the right to fly in that area.   "It is in our interest to uphold the freedom of navigation and overflight in


USCG Tall Ship Sailing to the Bahamas

Coast Guard Cutter Eagle (U.S. Coast Guard photo by Nick Ameen)

The U.S. Coast Guard Cutter Eagle is scheduled to arrive at Berth 14 at Prince George Wharf in Nassau, Bahamas on Thursday, May 28 as part of its 2015 cadet summer training deployment.    The Eagle will be open for free public tours May 28-30.  


Severe Flooding Cuts Off Lone Road to Alaska's Oilfield

Bill Walker photo Wikipedia

  Alaska's lone road to North Slope oil field operations remains closed for the third time in two months while emergency crews continue to redirect flooding from an adjacent river, state officials said on Friday. Alaska Governor Bill Walker's office said he would sign a second disaster


US Counter-piracyTeam Earns Panama's Approval

Jonathan McConnell, Fernando Solorzano (Photo: Meridian)

Meridian’s counter-piracy teams may now operate aboard vessels flying the Panama flag, following a vetting process that validated the quality of the US-based private maritime security company. The final decision was made this week by the Panama Maritime Authority


Hurricane-Strength Winds Batter European Ports, Traffic

Hurricane-force winds lashed parts of northern Europe on Tuesday, including Germany and the Netherlands, causing flights to be cancelled, snarling some train services and hitting port traffic. The Dutch meteorological office issued a code red warning for the low-lying country's northern and


US Navy's New Drone Named WANDA

Image: Naval Research Laboratory

 The US Navy is developing a duck-like drone, the Flimmer (Flying Swimmer), that can both fly and swim. The drone, it says, can reach operational areas more quickly by flying over the surface of the water.   In addition to both a rear-facing propeller and wings


Duluth-Superior Awaits First Saltie of 2015

Photo: Duluth Seaway Port Authority

The Port of Duluth-Superior informs it is preparing to welcome its first oceangoing ship of the 2015 commercial shipping season, the Kom, the first “saltie” to have made a full transit of the 2,342-mile Great Lakes-St. Lawrence Seaway.    


Hiab Crowns World's First Crane Champ

WCC winner Johnny Jensen (Denmark) operating the crane

  Hiab, part of Cargotec, declared Johnny Jensen from Denmark as the first ever World Crane Champion. The Competition was held today at the Commercial Vehicle Show in Birmingham, U.K. with a winning time of 2 minutes 18 seconds. Mr Jensen is taking away a prize of €25,000.  


Nor-Shipping Fun Run

Photo: The Mission to Seafarers

A 5-kilometer fun run will be held at Norway’s Nor-Shipping conference on June 1 to benefit The Mission to Seafarers.   Starting in Oslo city centre, the scenic course will takes runners along the Oslofjord, finishing at the Norwegian Maritime Museum


Greek Capesize and Maersk Boxship Mishap in Suez Canal

Susan Maersk. Pic by Maersk

 The Danish container ship Susan Maersk has collided with the container ship Margret Oldendorff flying the Libyan flag.   The 347 meter long, 110387 dwt container ship Susan Maersk and the 300 meter long, 208086 dwt bulk carrier Margret Oldendorff ran aground on the Suez Canal near the


SCA Stresses US Shipyards' Role to National Security

Photo by John Whalen (Huntington Ingalls Industries)

The Shipbuilders Council of America (SCA), a national trade association representing the nation’s shipbuilding and repair industry is hosting a fly-in beginning today. More than 85 members of SCA will participate to share the strength of America’s shipbuilding and repair industry


Chinese Warship Warns Philippine Patrol Plane in Disputed Sea

A Chinese warship stationed near a reclaimed reef in a disputed part of the South China Sea aimed a "powerful light" at a Philippine military plane on a maritime patrol, Philippine military sources said on Thursday. On Monday, the Philippines showed journalists surveillance pictures


Long Beach to Decide on Cement Import Facility

Photo courtesy of the Port of Long Beach

Board will review Mitsubishi project at meeting May 11   The Port of Long Beach has prepared the final environmental impact report for the Mitsubishi (MCC) Cement Facility Modification Project. The port’s Board of Harbor Commissioners will consider the adequacy of the final EIR at its


US, Marshall Islands Discuss Way Ahead After Iran Detains Ship

Officials from the United States and the Marshall Islands are discussing "the way ahead" after Iranian patrol boats forcibly diverted a cargo ship flying a Marshall Islands flag into an anchorage in Iranian waters, the Pentagon said on Wednesday.  


Tactical Response Vessel Delivered to NYPD

Photo: Gladding-Hearn Shipbuilding

Having delivered its third 61 ft. patrol/rescue boat for the New York City Police Department (NYPD) last year, Gladding-Hearn Shipbuilding, Duclos Corporation, announced it has delivered the first of two 70 ft. Tactical Response vessels for the department’s Harbor Patrol Unit.  






 
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