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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


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


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,


IMO – Implementation of MARPOL Regulation 13H – Latvia

The IMO issued a Circular forwarding a communication received from the Administration of Latvia stating that Latvia has decided to refrain from using the provisions of paragraphs 5,6, and 7 of new Regulation 13H (Regulation 21 new numbering) of Annex I of the MARPOL Convention for oil tankers entitled to fly its flag. MEPC.1/Circ.492 Source: HK Law


Minoan Stock Continues To Fall

Shares in Greek ferry operator Minoan Lines slipped again on the Athens Stock Exchange on Thursday following the sinking of the Express Samina ferry belonging to its subsidiary Minoan Flying Dolphins. Minoan was down 3.4 percent at 2,845 drachmas ($7.38) a share. It closed down 11.56 percent on Wednesday.


This Day in Naval History - Jan. 10

From the Navy News Service 1847 - U.S. Naval forces occupy Los Angeles during the Mexican-American War for the first time. 1917 - The Navy places the first production order for aerial photographic equipment. 1934 - Patrol Squadron 10F flies the first non-stop formation flight from San Francisco to Pearl Harbor, Hawaii, arriving Jan. 11. 1946 - The first Navy nuclear power school is established at Submarine Base New London, Conn.


RS Class: Unique Trawler Joins Russian Fleet

Up-to-date fishing vessel Taurus has entered service under the survey of Russian Maritime Register of Shipping (RS). The ship was built to the dual RS/DNV class and registered under the flag of the Russian Federation. The ordering customer and shipowner is ZAO TAURUS of Murmansk.


Report: Russian Fighter Jet Makes Close Pass on U.S. Navy Ship

The Arleigh Burke-class guided-missile destroyer USS Donald Cook (DDG 75) transits the Dardanelles en route to the Black Sea. (U.S. Navy photo by Mass Communication Specialist Seaman Edward Guttierrez III/Released)

The Associated Press has posted a story which quotes a U.S. military official as saying that a Russian fighter jet -- which apparently was unarmed -- made several close-range fly bys near the US Navy's USS Donald Cook (DDG 75), which is operating in the Black Sea.


Cruise Industry Disappointed by Findings of Critical LMU Report

Cruise ship file photo CCL

New research by the UK's Leeds Metropolitan University (LMU) claims the cruise industry is ignoring its responsibility to the environments and societies it visits. The research has provoked a strong response from the Cruise Lines International Association (CLIA) according to shipping trade


Today in U.S. Naval History: April 15

USS Chester (Photo courtesy NavSource)

Today in U.S. Naval History: April 15 1885 - Naval forces land at Panama to protect American interests during revolution 1912 - USS Chester and USS Salem sailed from MA to assist RMS Titanic survivors 1918 - First Marine Aviation Force formed at Marine Flying Field, Miami, Fla.


Stena RoRo Heads Hospital Ship Construction

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International charity Mercy Ships recently signed an agreement for the construction of the world's largest civilian hospital ship tentatively named Atlantic Mercy, and Stena RoRo announced that it is engaged as project manager. The vessel, an investment of more than $100 million


US Navy Ship Pulls out of MH370 Search

U.S. Navy file photo of the Arleigh Burke-class guided-missile destroyer USS Kidd (DDG 100).

The U.S. Navy announced that its ship USS Kidd and MH-60R helicopters will detach from the MH370 search and rescue (SAR) effort as of March 18 after searching a combined 15,000 square miles of the Andaman Sea since March 10. The decision was made in consultation with Malaysia’s government


USN Continues to Help in Search for Missing MH370

U.S. Navy photo by Mass Communication Specialist 2nd Class Eric A. Pastor

A U.S. Navy P-8A Poseidon patrol aircraft completed its transition from Kuala Lumpur to Perth March 18 to continue the search for Malaysia Airlines flight MH370 in the southern Indian Ocean.   "The search has expanded to the southern portions of the Indian Ocean and the P-8A has the


Oman Children Get Taste for the Sea Aboard GAC Pindar

Oman children aboard GACPindar: Photo GAC

Ship service company, GAC, inform that 5 boys and girls from Oman Childcare Centre joined the GAC Pindar crew on board their 40ft racing catamaran on Day 2 of the Extreme Sailing Series. The children's visit to the boat was part of GAC’s continuing support for the local communities that


Australian Navy Supports Rescue Near Mallacoota

The Royal Australian Navy reported that its assets on both sides of Australia were active last night in search and rescue operations. As HMAS Success continued her mission searching for missing Malaysian Airlines flight MH370, a Navy Seahawk helicopter from 816 Squadron was sent to assist in


Today in U.S. Naval History: March 25

USS Essex, Artist: Joseph Howard (Courtesy U.S. Naval Academy Museum Collection)

Today in U.S. Naval History - March 25 1813 - USS Essex takes Neryeda, first capture by U.S. Navy in Pacific 1898 - Assist. SECNAV Theodore Roosevelt proposes Navy investigate military application of Samuel Langley's flying machine, beginning naval aviation


Liberia Authorizes Croatian Registry of Shipping

The Liberian Registry has authorized the Croatian Registry of Shipping (CRS) to act on its behalf in connection with the survey, audit, certification and plan-review of Liberian-flag ships and the companies which operate them.  The Liberian Registry adopts a proactive approach to the


New Authorities Delegated to RS by Slovakia

Russian Maritime Register of Shipping (RS) and the Ministry of Transport, Construction and Regional Development of Slovakia have signed a new agreement on the delegation of authority for the statutory survey of ships flying the flag of Slovakia.


Private Equity Boosts Liberia Shipping Market

Scott Bergeron

The Liberian Registry says the entry of private equity funding into the ship finance market is helping to sustain its continued growth. Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), the U.S.-based manager of the Liberian registry, said


The Midas Touch: US Navy Researchers Convert Seawater into Fuel

Researchers: Photo NRL

Researchers at the Naval Research Laboratory (NRL) say they have developed technology to extract carbon dioxide from seawater while simultaneously producing hydrogen, and then converted the gasses into hydrocarbon liquid fuel. NRL engineers consider the breakthrough to be a potentially


Robotic Submarine Begins Flight MH370 Search

Bluefin 21 on deck: Image courtesy of Bluefin Robotics

 An international search has focused on waters west of the Australian city of Perth, with teams racing against time to detect signals before the flight recorder batteries – which last about one month – run out, are to send down a [Bluefin Robotics manufactured] Bluefin 21 AUV


 
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