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
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
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
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 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
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
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
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
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
Elektrans Group has joined hands with German tank operator Chemikalien Seetransport (CST) and the consultancy and engineering company Marine Service GmbH to establish a joint venture -- Chemtrans India Pvt Ltd. "Elektran Group and a company affiliated to the reputed
JAX LNG said it has executed the remaining engineering and procurement contracts required to begin construction of a new liquefied natural gas (LNG) liquefaction and storage facility at Dames Point near the Port of Jacksonville. The JAX LNG liquefaction facility is expected to be
MacGregor, part of Cargotec, and China State Shipbuilding Corporation's (CSSC) Nanjing Luzhou Machine Co Ltd (LMC) signed a joint venture contract to form CSSC Luzhou MacGregor Machine Co Ltd. Subject to all relevant authority approvals, expected within this year
Together with global partners, DNV GL, the world’s largest resource of independent energy experts and renewables certification body, has launched a Joint Industry Project (JIP) to develop a new Best Practice for the validation of turbulence models.
The multi-agency joint oil spill exercise was conducted today as part of an on-going effort to ensure our ports remain safe, secure and clean for the international shipping community. Code-named JOSE 2016, the exercise was organised by the Maritime and Port Authority of Singapore (MPA) as part of
ARCOS Innovations Inc. is a new joint venture founded by members of SSI leadership and a senior SSI reseller with expertise in the implementation and development of enterprise systems for shipbuilding and offshore. The mission of ARCOS is to help customers solve key business challenges
Evergreen Line is to partner with COSCO in operating a joint Adriatic - Israel (AIS) Service. The new initiative opens up the corridor between North Adriatic ports, Piraeus and Israel, and provide direct and speedy service to customers.
A group of industry stakeholders have signed a Memorandum of Understanding (MoU) for academic exchange and cooperation within the framework of the Kalmar Ice Academy, with a focus on collaboratively helping the offshore and shipping industries to increase operational safety and efficiency while
The Indian Register of Shipping (IRClass) is set to launch its newly-designed website and a mobile application, for modern, seamless user experience, today (28th September 2016). The revamped website which is compatible on all devices, is visually more appealing, with improved content layout
Carnival Corporation & plc has announced that its cruise joint venture in China has signed a non-binding memorandum of agreement (MOA) to order the industry’s first new cruise ships built in China for the Chinese market. The MOA is subject to several conditions including closing of the
The state-owned Alaska Gasline Development Corp. (AGDC), and ConocoPhillips Alaska Inc. have executed a memorandum of understanding (MOU) to form a joint venture company (JV) to market liquefied natural gas (LNG) from the Alaska LNG project.
During the 11th annual “China Cruise Shipping and International Cruise Expo”, which started today in Tianjin, Fincantieri and China State Shipbuilding Corporation (CSSC), signed a non-binding agreement with Carnival Corporation and CIC Capital Corporation (CIC Capital) for the