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Cummins and Mercury Marine to Form Joint Venture

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.


Daewoo, NNPC Form Joint Shipping Venture

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


Donjon, Smit Americas form Joint Venture

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


IRISL Looks West with New Vessels

Image: Islamic Republic of Iran Shipping Lines

 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


Eimskip, Containerships and Kursiu Linija form Joint Venture

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, Hyundai form Joint Venture

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


ABS, CSBC Corp., Sign Agreement

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


Keppel FELS and PEM SETAL form joint venture to sublease Brazilian yard

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, USC Announce Arctic Shipbuilding JV

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


Seismic Cooperation in Barents Sea Gives New Perspectives

Ramform Explorer was one of the seismic vessels used in the joint seismic acquisition project . (Photo Petroleum Geo-Services)

  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


Rosneft, Pietro Barbaro JV Enters Global Shipping Markets

Photo: Pietro Barbaro

 Russia's Rosneft and Italy's shipping company Pietro Barbaro have agreed to jointly develop international sea freight operations, as the oil group has been aiming to expand its shipping business.   Rosneft (represented by RN-International projects) and Pietro Barbaro S.p.A


Shipbrokers Challenge Baltic Exchange

Image: Baltic Exchange Ltd

 Several key dry bulk shipbrokers have formed the Competitive Ship Brokers Limited (CSBL) to challenge the Baltic Exchange over their role in the market as it tries to sell itself to the Singaporean financial giant SGX, reports the Telegraph.  


nexAir Further Expands Its Southeast US Footprint

Distributor of atmospheric gases and welding supplies, Memphis-based nexAir LLC, announced its merger with 23 Praxair Distribution Southeast, LLC (PDSE) branches located in Florida and southeast Georgia and the acquisition of two Praxair Distribution, Inc. (PDI) branches in eastern Georgia


CMA CGM Confirms Partnership with PSA

Photo: CMA CGM

 CMA CGM and PSA Singapore Terminals (PSA) have confirmed that they will establish form a joint venture company CMA CGM-PSA Lion Terminal Pte. Ltd. (CPLT) to operate and use four mega container berths in Singapore.   CPLT will commence operations from the second half of this year


Danish Princess Names Stenaweco Impulse

Photo: Stena Weco

Newly built chemical and product tanker Stenaweco Impulse was named by H.R.H. Crown Princess Mary of Denmark, whobroke a bottle of champagne against the tanker’s bow and wished the vessel, her captain and his crew fortune and prosperity.  


CMA CGM, PSA Singapore to form JV

PSA Singapore Terminal  Photo PSA

CMA CGM S.A. (CMA CGM) and PSA Singapore Terminals Pte. Ltd. (PSA) will form a joint venture company CMA CGM-PSA Lion Terminal Pte. Ltd. (CPLT) to operate and use four mega container berths at Pasir Panjang Terminal Phases 3 and 4 in Singapore.  


India Teams up with Japan, South Korea on LNG

Dharmendra Pradhan. Photo: Ministry of Petroleum and Natural Gas

 India plans to form an alliance with Japan and South Korea to buy liquefied natural gas (LNG) at "reasonable prices", the country's oil minister Dharmendra Pradhan said.   India may soon rope China into the alliance as well, he said.  


Braemar Shipping Exists ICON JV

Pic: Braemar Shipping Services

 Braemar Shipping Services PLC on has terminated its involvement in the ACM ICON Shipping DMCC venture, announcing the sale of its 50% stake to its joint-venture partner Icon Chartering Ltd, says a report by Alliance News.   Braemar  said it has determined the venture is no longer


DNV GL Works with Industry Leaders to Develop a New LPG Carrier

The LPGreen project partners from HHI, Wärtsilä, MAN Diesel & Turbo, CMM and DNV GL in Athens. Photo: DNV GL

 DNV GL has initiated a joint industry project for the design of a state-of-the-art next generation LPG carrier.    LPGreen aims is to develop a more energy efficient, environmentally friendly, and safer vessel for the transportation of LPG products


S.Korea, UN Join Patrols to halt Illegal Chinese Fishing

South Korea and the U.N. Command, which overseas the Korean War armistice, said on Friday they had begun a joint operation to keep Chinese fishing vessels from operating illegally off the west coast. The move comes after South Korean fishermen


Damen Delivers Two Tugs to SAAM

Photo: Damen Shipyards

SAAM S.A., a  towage company with operations across South, Central and North America, has taken delivery of two ASD Tugs 2411 from the Damen Shipyards Group. These compact yet powerful vessels deliver over 70 tonnes of bollard pull and are exceptionally manoeuvrable and reliable.


The Hour of the Networkers

Image: Hapag-Lloyd AG

 Hapag-Lloyd launches “THE Alliance” with old and new partners – Customers benefit from additional sailings and direct connections.   The container shipping industry is undergoing a period of reorganization – and Hapag-Lloyd is assuming a leading role in the


Frontline JV Creates Suezmax Vessel Fleet

A so-called SuezMax tanker transits the Suez Canal (credit: Suez Canal Authority)

Frontline Ltd. has announced the formation of Suezmax Chartering, a commercial joint venture with Diamond S. Shipping LLC and Euronav NV. The aim of the joint venture is to create a single point of contact for cargo owners to access a large fleet of 43 modern Suezmax vessels


Frontline, Diamond S. Shipping & Euronav Form Suezmax Chartering

Frontline has one of the worlds largest fleets of VLCC and Suezmax tankers Credit Frontline

Frontline Ltd. ("Frontline"), today announces the formation of Suezmax Chartering, a commercial joint venture with Diamond S. Shipping LLC and Euronav NV. The aim of the joint venture is to create a single point of contact for cargo owners to access a large fleet of 43 modern Suezmax


New Joint Venture for the Suezmax Market

Photo: Euronav

Euronav, Diamond S Shipping and Frontline join in Suezmax Chartering Joint Venture   Euronav NV has formed a commercial joint venture with Diamond S Management LLC and Frontline Ltd. with the aim of creating a single point of contact for cargo owners to access a fleet of 43 Suezmax vessels






 
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