Cummins Marine, a division of Cummins Inc., and Mercury Marine, a division of Brunswick Corporation, announced the formation of a 50/50 joint venture to supply integrated diesel propulsion systems to the worldwide recreational and commercial marine markets. The joint venture, Cummins MerCruiser Diesel Marine LLC, will be headquartered in Charleston, S.C. Under the terms of the agreement, Cummins will supply diesel engines 15 liters and below, including certain electronic displays and other hardware. Mercury Marine will supply the Mercury 1.7 liter, 2.8 liter, 4.2 liter and 7.3 liter diesel engines, drive units for sterndrive applications and their SmartCraft(R) electronic integration hardware. The joint venture aims to become the premier worldwide supplier of integrated diesel marine propulsion units.
DSME and the Nigerian National Petroleum Company (NNPC) have signed a Joint Venture Agreement to establish a world class shipping company. The shipping joint venture company will be called Nigeria Daewoo Shipping Ltd. (NIDAS). The scope of NIDAS will be local and international transportation of merchant goods, crude oil and petroleum products. The initial capital of NIDAS will be $10 million. The equity interests of DSME and NNPC in the shipping company will be 49% and 51% respectively
Shipping and logistics company Eimskip, Lithuania's Kursiu Linija and Finnish shipping and container company Container Finance Ltd have joined forces to create a door-to-door logistics providers. The new joint-venture company Containerships Group will be based in Helsinki and will operate eleven ships on services linking east and west Europe, the Baltic States and Russia. It will be the cornerstone of a much larger alliance including the services of its parent companies.
Wärtsilä and Hyundai Heavy Industries Co. Ltd (HHI) signed an agreement to set up a 50/50-owned joint venture in Korea to manufacture dual-fuel engines for LNG (Liquefied Natural Gas) carriers. The total investment in the company will be EUR 58 million, Wärtsilä's share being EUR 29 million. The name of the company will be Wärtsilä Hyundai Engine Company Ltd and the intended location is in South Korea. The technology shift towards dual-fuel machinery in LNG carriers has significantly
Marine salvage and response companies Donjon Marine Co., Inc. (Hillside, NJ) and SMIT Americas (Houston, TX) announced a new joint venture known as Donjon-SMIT, An OPA-90 Alliance. This new response organization has been created specifically for compliance and response services as required by the Oil Pollution Act of 1990 (OPA-90). The Joint Venture will begin providing services on December 31, 2004. Donjon and SMIT will continue to provide non-OPA-90 salvage and related services
The Islamic Republic of Iran Shipping Lines (IRISL) plans to become one of the world's top ten shipping lines. It plans to modernize its fleet and ally with international shipping majors to tap western markets , reports WSJ. Mohammad Saeidi, chairman of IRISL said that his company is planning a massive fleet expansion. It aims to re-enter western markets as Tehran exits a long period of sanctions that barred its vessels from calling at European and U.S
Keppel FELS Limited (KFELS), the marine and offshore construction, conversion and repair company of the Keppel Group of Singapore has formed a joint venture with the PEM SETAL Group of Brazil to serve the increasing market of oil and gas exploration and production activities in Brazil and in the west coast of Africa. The joint venture company, FELS SETAL, has signed an agreement yesterday to sublease a Brazilian yard currently named Verolme.
STX Finland Oy and United Shipbuilding Corporation (USC) have formed a joint venture company, which will specialize in arctic shipbuilding technology. An agreement for the formation of the new company, Arctech Helsinki Shipyard Oy, was signed today in in a meeting with the Russian Prime Minister Vladimir Putin and the Finnish Prime Minister Mari Kiviniemi. According to the agreement both founding companies will hold equal shares of Arctech Helsinki Shipyard Oy
Partnership will pioneer technical developments for marine, offshore industries. ABS signed a strategic cooperation agreement with CSBC Corp., Taiwan (CSBC) to support CSBC in vessel and offshore asset construction. The agreement creates an opportunity to form joint development projects in such areas as design optimization, energy efficiency management and design and fabrication of offshore support vessels, bulk carriers, oil tankers, ice-classed vessels and floating production units
Statoil and its partners have completed their joint seismic acquisition project in the south-eastern Barents Sea. New forms of cooperation have ensured resource-efficient acquisition. “We are pleased to have found a form of cooperation that has ensured good quality data sets and low acquisition costs. This warrants rethinking and exploring new business approaches and forms of cooperation in order to reduce costs and work more efficiently also elsewhere,” says Jan Helgesen
Staff from Brisbane-based 1st Division/Deployable Joint Force Headquarters joined other Defence representatives for an amphibious force staff exercise in Townsville in October. Conducted by the Amphibious Task Group, the exercise provided an opportunity for personnel representing
Stolt-Nielsen Limited said it has it received competition authority approval to acquire the chemical tanker operations of Jo Tankers. The acquisition is expected to be finalized before the end of November. The transaction comprises 13 chemical tankers and a 50 percent share in a joint
On 29 November 2015 at about 7.50 pm, the Indonesian registered, Batamfast passenger ferry MV Sea Prince, while enroute from Nongsapura Ferry Terminal, Batam, to Tanah Merah Ferry Terminal, Singapore, was immobilised at about 0.24 nautical miles (444 metres), northwest of Nongsa.
Aker BP has awarded a new frame agreement to DNV GL, covering a wide range of safety, verification, inspection and classification services across its installations on the Norwegian Continental Shelf. The five-year contract, which includes options for extension
In advance of next week’s critical meeting of the Marine Environment Protection Committee (MEPC 70) at the International Maritime Organization (IMO) in London, the global shipping industry has called on IMO Member States to give serious consideration to a joint industry submission regarding
Hoover Container Solutions (“Hoover”), Ferguson Group (“Ferguson”) and CHEP Catalyst & Chemical Containers (“CCC”), three leading global providers of container solutions products in the energy, petrochemical and general industrial markets
Athens-based containership owner Costamare Inc. pushes back 11,000-teu newbuildings into 2017 as it reports strong third quarter figures which topped Wall Street expectations. It has agreed to postpone the deliveries of the remaining four newbuilding 11,010 TEU containerships
Hanjin Shipping's and Outer Harbor Terminal's (OHT) bankruptcies this year have raised questions about the legal separation of joint venture terminal operators that are often lease counterparties for U.S. ports, Fitch Ratings says. These events highlight potential risks that must be balanced
Woodside completed the transaction to buy 100% of the shares in ConocoPhillips Senegal B.V. The total purchase price was US$350 million plus net customary adjustments of approximately US$90 million. Woodside CEO Peter Coleman said the acquisition was an exciting addition to Woodside’s
Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd. and Nippon Yusen Kabushiki Kaisha will establish a new joint-venture company to integrate the container shipping businesses. The shippers have agreed, after the resolution by the board of directors of each company
The Belgian dredging, environmental and marine engineering group DEME Group and Chinese COSCO Shipping have officially embarked on a joint journey to develop offshore wind energy in China, under an umbrella agreement signed on 31 October
A.P. Moller-Maersk , the world's biggest shipping firm, said the container business on which it is staking its future made a loss in the third quarter of the year as freight rates declined further. Shares in the Danish company fell as much as 9 percent after profit in the three months to
Rosneft and BP announce the completion of the deal to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation. Final binding agreements for the new joint venture were signed at the XX St
Euronav NV announced today that it has agreed to purchase the 50% of the joint venture it does not own in the VLCC V.K. Eddie (2005 – 305,261 dwt). Euronav will buy the vessel from the joint venture company at a price of USD 39 million and will receive back 50% of the proceeds
Ophir Holdings & Ventures LTD ("Ophir"), a wholly owned subsidiary of Ophir Energy plc, and OneLNGSM, a joint venture between subsidiaries of Golar LNG Limited and Schlumberger, announce that they have signed a binding Shareholders' Agreement to establish a Joint Operating Company