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
Pollution around the Port of Long Beach has been dramatically cut over the last decade, however, according to the latest study, lingering effects from ships at anchor in early 2015 impacted air quality last year. The 2015 annual inventory of port-related air emissions
Aulong Shipbuilding, a joint venture company formed by Austal Limited and Guandong Jianglong Shipbuilding of Zhuhai, China, has won the first ferry contract to build a 42 metre high speed aluminium ferry for Chinese mainland operator Blue Sea Jet.
The Royal Navy sent six Sailors, from Navy Command Headquarters in Portsmouth, England, to integrate into Wasp’s flight deck operations to prepare them for their upcoming Queen Elizabeth-class aircraft carriers. Her Majesty’s Ship (HMS) Illustrious was the last carrier in British
Hoover Container Solutions (“Hoover”), Ferguson Group (“Ferguson”) and CHEP Catalyst & Chemical Containers (“CCC”), the three global providers of container solutions products in the energy, petrochemical and general industrial markets
The Maritime and Port Authority of Singapore (MPA) and the Marine Department of Malaysia (MDM) conducted a joint chemical spill exercise at sea along the East Johor Straits to test the Joint Emergency Response Plan (ERP) for chemical spill incidents and the communication linkages between the
The Iberian connection: Ardent and Ardentia join forces Global maritime services firm, Ardent, and Ardentia Marine Group, a Spanish salvage, engineering and commercial diving company, have formally partnered for future operations following the signing of a cooperation agreement in June
Keppel Corp Ltd has entered into an agreement with Royal Dutch Shell to form a joint venture company, which will establish a liquefied natural gas (LNG) bunkering business in Singapore, says a report in Reuters. The two companies will have a 50 percent stake each in the joint venture
Keppel Corp Ltd said it entered into an agreement with Royal Dutch Shell to form a joint venture company, which will establish a liquefied natural gas (LNG) bunkering business in Singapore. The two companies will have a 50 percent stake each in the joint venture
Shipping is the least optimistic industry within the transport sector, by a significant margin, according to the seventh The way ahead Transport survey from global law firm Norton Rose Fulbright. Only 15% believe that current market conditions are positive
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
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.
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 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
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 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.