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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


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,


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)


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


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.


CNO Visits Chinese North Sea Fleet

The goal of the engagement is to improve mutual understanding and encourage professional interaction between the two navies. (U.S. Navy Photo by Mass Communication Specialist 1st Class Nathan LairdReleased)

Chief of Naval Operations (CNO) Adm. John Richardson visited Chinese North Sea Fleet headquarters, July 20 to meet with fleet commander Vice Adm. Yuan Yubai. The goal of the five-day trip is to improve mutual understanding and encourage professional interaction between the two navies.


Japan Slams China Over Maritime Issues

Photo: U.S.-China Perception Monitor

 Japan has accused China of being assertive over maritime issues, taking actions that effectively amount to a "fait accompli", reports Strait Times.    In its 484-page annual defence white paper on Tuesday (Aug 2), the defence ministry said the aggressive actions by


This Day In Naval History: August 16

Seadragon (SSN-584) is launched on August 16, 1958 (USN photo)

1822 - USS Grampus investigates and pursues a brig flying Spanish colors. When called upon to surrender, the privateer brig Palmyra from Puerto Rico fires cannon and musket fire. USS Grampus fires back on Palmyras broadsides reducing Palmyras rigging to a complete wreck


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.  


Wicked Tuna Captain Relies on Globalstar

Captain Dave Carraro, fisherman and competitor on the television show Wicked Tuna (Photo: Globalstar)

When it comes to fishing, Captain Dave Carraro of FV Tuna.com knows a thing or two, having run a successful charter business for the past 37 years, and is now a leading competitor and previous winner of the television show Wicked Tuna.   


Vietnam Coastguard Plane Goes Missing

A Vietnamese coastguard plane, which was searching for a missing fighter jet and its pilot, disappeared off the radar on Thursday, state media and a military official said, the second such setback in three days.   The CASA C212 plane carrying nine people went missing off the northern


This Day In Naval History: June 23

1812 - During the War of 1812, Commodore John Rodgers leads a squadron onboard USS President off New York until she battles HMS Belvidera. The first shot of the War of 1812 is fired by USS President during this engagement.   1861 - During the Civil War


Denmark Adopts Digital Ship Certification

Photo: Danish Maritime Authority

As of June 24, 2016, ships flying the Danish flag are being digitally certified, making Denmark one of the first countries to put an end to the 100-year-old tradition of certifying ships with paper certificates.   Until now, ship certification typically involved printing


Indonesia Bans Ships for Philippines

File photo: Indonesian Navy Show

 The Indonesian Government has banned vessels flying Indonesias flag from sailing to the Philippines following the latest hostage incident.   According to a report in AP,  Indonesia said, a halt on coal shipments to the Philippines will remain in place until Manila can secure its


Blue Angels Resume Schedule

Blue Angels Crest

The U.S. Navy Blue Angels will return to its 2016 demonstration schedule July 2-4 in Traverse City, Mich., Commander, Naval Air Forces announced. The Blue Angels temporarily stood down, canceling three weekend shows following a crash on June 2 during a practice in Smyrna, Tenn


CCS is Authorized RO for Maritime Cook Islands

CCS Chairman and President, Sun Licheng. photo MCI

Maritime Cook Islands (MCI) has authorized the China Classification Society (CCS) as a Recognized Organization (RO), to conduct survey and certification of ships flying the Cook Islands flag. The formal agreement between MCI and CCS which is a full member of the International Association of


This Day In Naval History: July 12

U.S. Navy fighter aircraft perform a flyover at the conclusion of the commissioning ceremony of the aircraft carrier USS Ronald Reagan (CVN-76). (U.S. Navy photo by Rusty Black)

1836 - Charles H. Haswell is commissioned as the first regularly appointed Engineer Officer. In Oct. 1844, he is promoted to Engineer in Chief of the Navy.    1916 - The AB-3 flying boat, piloted by Lt. Godfrey de Chevalier, is catapulted from USS North Carolina (ACR 12) while underway


Filipino Fishermen Still Blocked from Scarborough Shoal

China's coastguard has prevented Filipino boats from fishing around the hotly contested Scarborough Shoal, Philippine officials said on Friday, after Beijing kept a promise to ignore a court ruling voiding its vast South China Sea claims.  


More Chinese Ships to Use Arctic Route

Photo:  LaRouche PAC

 China will send more ships flying its flag to take the Northwest Passage via the Arctic Ocean to cut travel times between the Atlantic and Pacific oceans, says the state news agency Xinhua.   The world's largest maritime carrier China COSCO Shipping Corporation will send more cargo


Lake Assault Fireboat Assists with Foss Lake Wildfire

Photo courtesy of LVFB

A Lake Assault fireboat, owned and operated by the Lake Vermilion Fire Brigade, provided support for wildland firefighting efforts during the Foss Lake wildfire near Ely, Minn. earlier this spring.   The 33-foot craft was used to haul up to 20-person crews






 
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