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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.


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)


Paris MoU Reports Decrease in 'Bans'

2015 shows a large decrease in the refusal of access (“bans”) within the region 11 bans compared to 20 in 2014 Graphic by Paris MoU

Paris MoU reports that 2015 shows a large decrease in the refusal of access (“bans”) within the region: 11 bans compared to 20 in 2014. The detention percentage has remained stable at 3.33 percent. The number of deficiencies has decreased 10 percent related to 2014. The number of inspections carried out was 17,858, slightly less than 2014 (18,430). Over a three-year period of time, most cases of refusal of access involve ships which have been banned for multiple detentions (45)


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


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,


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.


Latest Arleigh-Burke Class Destroyer Named

A graphic representation of the future USS Frank E. Petersen Jr. (DDG 121). (U.S. Navy photo illustration by Petty Officer 1st Class Armando GonzalesReleased)

In a ceremony Nov. 9, at Marine Corps Air Station Cherry Point, Secretary of the Navy Ray Mabus announced that the Arleigh Burke-class destroyer, DDG 121, will be named Frank E. Petersen Jr., in honor of the Marine Corps lieutenant general who was the first African-American Marine Corps aviator


Foreign Navies Descend on Sydney

Photo:  Royal Australian Navy

 Six ships from four navies arrived at Garden Island, Sydney in early November, creating a buzz on the harbour.   The visits came ahead of the Royal New Zealand International Naval Review, which will take place in Auckland later this month.    


Hyde Marine to Host a Ballast Water Symposium

File photo: David Deltano

An informational seminar will cover “everything ballast water”, from regulations and implementation requirements under the U.S. Coast Guard regulations to the IMO Ballast Water Management Convention. The one-day symposium, to be held by Hyde Marine on November 28 in conjunction with


Jamaica Orders Two Offshore Patrol Vessels

Photo: Damen

The Jamaica Defense Force (JDF) has awarded Damen Shipyards Group a contract for two new Stan Patrol 4207 vessels.   Because the shipbuilder had both vessels available on stock, delivery is expected within the coming months. Damen said it is currently completing minor modifications before


This Day In Naval History: August 19

Commissioning Program for USS Oscar Austin (DDG-79) held at Bath Iron Works, Bath ME on August 19, 2000.

1812 - The frigate USS Constitution captures the frigate HMS Guerriere, off Halifax, Nova Scotia after an intense battle.   1818 - Capt. James Biddle, as commanding officer of USS Ontario, takes possession of Oregon Territory for United States.  


This Day In Naval History: September 8

1858 - The sloop-of-war USS Marion captures the American slave ship Brothers off the southeast coast of Africa.   1923 - At Honda Point, Calif., seven destroyers are run aground due to bad weather, strong currents, and faulty navigation. Twenty-three lives are lost during the disaster.


Danish Maritime Authority Use Drones for Inspection

Danish Maritime Authority has procured a four-armed drone and Constructing Architect Jesper Kern Hansen has been certified as a drone pilot.

The Danish Maritime Authority now has its first certified drone pilot and will, in the future, use the drone as a supplement in connection with inspections of the Authority's lighthouses. A small pocket camera is put through a hole in the ceiling and a photo is taken in the little dark area


Fugro Reduces Offshore Wind Development Down Time

FUGRO’S CABLE LAY SPREAD

A development by Fugro for its work class remotely operated vehicles (ROVs) has been utilised successfully in cable lay touchdown monitoring operations at the Rampion Offshore Wind Farm. A new track base unit, fitted to its FCV ROV, has been introduced to ensure highly accurate cable


Pirates Attack, Loot Container Ship

(Image: Google Maps)

Pirates stormed a container ship off the coast of Guinea on Wednesday, making off with money and some of its cargo but leaving the crew unharmed, the government said.   They fired guns and briefly held the crew hostage while they were looting the ship named Wendok


Norway Approves PBES Lithium Energy Storage

Photo: PBES

Plan B Energy Storage (PBES) said its marine energy storage system has received approval for use in electric and hybrid vessels in Norway, having met the new Norwegian Maritime Authority (NMA) standard.   The lithium-ion battery manufacturer PBES


Incat to Build RoPax Vessel for Virtu Ferries

3D artist impression of the 110 meter ferry (Image: Incat)

Incat has been selected by Virtu Ferries of Malta to design and build a 110 meter vehicle passenger RoPax ferry.   The new wave piercing catamaran will become the 15th fast ferry Virtu has acquired, it will be the largest high speed catamaran in the Mediterranean and with a service speed up


Marshall Islands Becomes Largest Tanker Flag

Source: Clarksons Research

The Republic of the Marshall Islands (RMI) Registry has attained status as the world's largest tanker fleet following the addition of tonnage from markets in Greece, the U.S. and Asia over the summer. The RMI flagged tanker fleet stands at 44.6 million gross tons (GT).  


Shoreham Port, Arcadis win BB Award for Oil Seepage Investigation

Photo BB Awards

The Award, for the ‘Best Scoping or Operation of a Site Investigation’ was presented to Tony Parker, Director of Engineering at Shoreham Port and George Flower, Technical Director at Arcadis at a prestigious awards ceremony in London last week.


Dredger Delivered on Record Timeline

Photo: Damen

Damen delivers stock CSD450 dredger within three working days   On Monday, September 19, a Damen CSD450 started winning sand at the Frisian motorway project contractor Van der Lee is working on, just days after the sales contract was signed the previous Thursday


Cargo Commitments for Multimodal Terminal at Haldia

Photo: Haldia International Container Terminal

 The Inland Waterways Authority of India (IWAI) has received a commitment for transport of 5.92 million tons (MTs) of cargo volume per annum through the Multimodal Terminal at Haldia by the year 2018.    This follows a series of consultations IWAI held at Haldia with various






 
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