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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.


Windstar Runs Aground in Panama, Cruise Cancelled

Pic: Windstar Cruises

 The luxury cruise operator Windstar Cruises will drydock ship following last week’s grounding in a remote region of Panama.   Windstar reports that Star Pride experienced a grounding while coming into anchor at Isla de Coiba, Panama


Harry S Truman CSG Launches First OIR Missions

An FA-18F Super Hornet, assigned to the Jolly Rogers of Strike Fighter Squadron (VFA) 103, launches from the flight deck of the aircraft carrier USS Harry S. Truman Photo USN

   Strike aircraft from nuclear powered aircraft carrier USS Harry S. Truman (CVN 75) flew their first missions in support of Operation Inherent Resolve (OIR), the fight to destroy the ISIL terrorist organization, Dec. 29. Truman and embarked Carrier Air Wing (CVW) 7 join French


New Entry Criteria for vessels calling French Ports

Image: CMA CGM Group

 The French State has implemented new provisions regarding tax exemptions on commercial vessels of at least 15 meters in length, including yachts.    The provisions came into force on the 1st January 2016. These provisions can be found in the Official Bulletin of the Tax-Public


FUGRO Wins BHP Pyrenees Contract

Photo: FUGRO

Fugro has been awarded a contract by BHP Billiton Petroleum Pty Ltd for the Pyrenees Phase 3 Installation Project.   The Pyrenees development is located offshore Western Australia, in approximately 200 metres water depth, 45 kilometres northwest of Exmouth


Taiwan Boosts Coast Guard Presence on Disputed Island

Taiwan will increase its coast guard presence on a small island in the disputed South China Sea Spratlys, the coast guard chief said Wednesday, as rival China asserts its claims to the same chain. Taiwan has largely kept out of disputes between China and its neighbours in the South China Sea


Nearly 120 Hurt in Hong Kong Ferry Collision

TurboJet ferry docked in Hong Kong. Photo: Hong Kong Tourism

 Approximately 120 people were injured when a high-speed jetfoil heading from Macau towards Hong Kong hit an “unidentified object” last night south of Lantau Island.   The injured, aged between six and 83, were sent to seven hospitals, with 87 discharged as of this morning


White House: US Will Fly, Sail Where Law Allows

U.S. freedom-of-navigation operations, including one in the South China Sea on Tuesday, do not assert any unique rights, the White House said on Tuesday, adding that the United States will fly and sail anywhere international law allows.  


Airplane Crosses the Atlantic in a Box

For the trip, the plane’s wings were removed and the body and all disassembled parts were stowed in a 40-foot cube container. (Photo: Hapag-Lloyd)

Chicago Express brings vintage Messerschmitt to the U.S.   Container shipper Hapag-Lloyd has transported some unusual cargo from Rotterdam to Norfolk. Securely packed in a 40-foot cube container, the vintage fighter airplane, a Messerschmitt Bf 109


RAN, French Navy Hold Joint Exercises in S. China Sea

HMAS Stuart sailors stand at ease on the forecastle as they and HMAS Arunta prepare to come alongside in Zhanjiang, China.

  HMA Ships Arunta, Stuart and Sirius, have rendezvoused at sea with the French frigate FNS Vendemiaire as part of a Royal Australian Navy Task Group deployment to North and South East Asia.   Following successful port visits to Zhanjiang, China


U.S. & China: U.S. Must Invest in Maritime to Avoid “Sea Strangulation”

(Image: HHI // CSCL)

A new study examines the steady decline of the U.S. Merchant Marine fleet, which today numbers less than 100 vessels in international trade, and warns that U.S. global competitiveness and maritime security -- particularly in light of a fast-emerging China -- is at grave risk unless investment is


Norwegian Escape with Biggest Scrubbers sets Sail

Norwegian Escape  Photo Norwegian Cruise Line

  On a sunny October day in the German harbor-town of Hamburg, M/V Norwegian Escape, a brand new cruise ship, sets sail for the first time. On board are five Yara SOx scrubbers – one for each engine. The scrubbers ensure that the cruise is not just pleasurable


Turkey Summons Russian Envoy Over Alleged Rocket Launcher on Ship

Turkey summoned the Russian ambassador on Monday after accusing Russia of a "provocation" after a serviceman on the deck of a Russian naval ship allegedly brandished a rocket launcher while the vessel passed through Istanbul at the weekend.  


Ship of Turkish President's Son Implicated in ISIS Oil Trade

Image by BMZ Group

 According to the Independent, oil tankers owned by Bilal Erdogan, son President Erdogan, has involved in the illicit  oil trade with  Islamic State (ISIS). The ships are  registered in Malta and all fly the Maltese flag.  


FUSION Sponsors Boat Builders Award

Logo Credit Fusion

  FUSION Entertainment,the worldwide leader in marine-audio engineering, announced today it has sponsored the Innovative On-Board Design Solution Award at the inaugural Boat Builder Awards, during the Marine Equipment Trade Show (METS) in Amsterdam, The Netherlands


Drone Technology Aids Antarctic Ship Operations

Australian UAV Director James Rennie prepares the drone on the aft deck of the Aurora Australis (Courtesy Australian UAV)

   A quadcopter drone has helped navigate the Aurora Australis through the sea ice on its annual resupply voyage to Casey station. Flown off the aft deck of the ship, the unmanned aerial vehicle (UAV) provided the crew with real-time imagery of the sea ice conditions ahead of the ship






 
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