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
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.
The Incat Tasmania-built ship, HSV-X1 Joint Venture, has arrived back at Hobart, Tasmania, returning from the Persian Gulf in service with U.S. defense forces. As the High Speed Vessel HSV-X1 Joint Venture (Incat hull 050) left Tasmanian waters on the evening of September 11, 2001 (AEST) the towers of the World Trade Center fell in New York. The ship which had been chartered for experimental purposes did participate in a number of
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
Serdijn Ship Repair (SSR) and Zwagerman Offshore Services join forces into a new company under the name Rotterdam Offshore Group BV (ROG). Both companies have a strong reputation for finding innovative solutions for complex jobs. Their ideas and activities are complementary, so a complete portfolio can be offered to clients. Alongside the jetties there are lay-by facilities for vessels up to 190 mtr and 9,5 mtr of depth, with sufficient crane capacity
Teekay LNG Partners L.P. has announced that it has agreed to sell 2,800,000 common units, which represent limited partner interests, in a public offering. Teekay LNG has granted the underwriters a 30-day option to purchase up to an additional 420,000 common units
Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture, which will take over Wärtsilä’s 2-stroke engine business. Through the agreement, CSSC will own 70% of the business through its affiliate CSSC Investment
Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines. The CSSC Wärtsilä Engine (Shanghai) Co
Wärtsilä to divest its shares in QMD two-stroke joint venture Wärtsilä announced that it will divest its shares in the Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co. Ltd. (QMD), the joint venture company established for manufacturing large low-speed marine
Rosneft President, Chairman of the Management Board Igor Sechin held a working meeting with Eulogio Del Pino, PDVSA Vice President of Exploration and Production today. The parties pointed meaningful results of joint projects of the two companies at the meeting
A consortium formed by units of local builder Grana y Montero and Germany's Oiltanking won a 20-year contract for managing five fuel terminals in Peru, Grana y Montero said on Wednesday. The consortium will invest about $225 million in the project
The proposed container ship P3 alliance between the 255-ship fleets of Maersk, Mediterranean Shipping Company S.A. and CMA CGM was turned down by China's Anti-monopoly Bureau at the Ministry of Commerce, because the P3 alliance intended to set up a joint operations centre unlike other traditional
Royal Boskalis Westminster N.V. inform that with SAAM S.A. they have successfully created a joint harbor towage operation within the American Continent in Brazil, Mexico, Canada and Panama, comprising two underlying joint ventures operating in more than 30 port terminals with a hundred tugboats.
China Offshore Oil Engineering Company (COOEC) and Norway's Kvaerner are setting up a joint venture in China to conduct oil engineering projects worldwide in the second international cooperation deal for the Chinese firm in six months. In December last year COOEC set up a joint venture with
Chinese President Xi Jinping with South Korean President Park Geun-hye Thursday reiterated firmly opposed to the development of nuclear weapons on the Korean Peninsula, while undertaking efforts to complete FTA negotiations before the end.
Federation of Freight Forwarders’ Associations in India (FFFAI) convened conference and a meeting at FFFAI – Mumbai office of its members with Mr. Ravi Capoor, Joint Secretary, Ministry of Commerce to brief members on International North South Transport Corridor (INSTC)
JSW Steel, led by billionaire Sajjan Jindal and India's third-largest maker of the alloy, will import 6 million metric tons of iron ore this fiscal year compared with no shipments a year earlier due to production cutbacks at home. JSW's return to the sea-borne iron ore market after a gap of
The Crossover ball joint is a new dredge ball joint that provides optimal flow performance, its manufacturer VOSTA LMG said. Through computational fluid dynamics (CFD) the frictional losses and turbulence have been reduced. Conventional dredge ball joints act like a ball valve when tilted
Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Engineering and Construction Group, in joint venture with Taknia Libya Engineering Company (Taknia), has been awarded a front-end engineering design (FEED) contract by Nafusah Oil Operations B.V
Power solutions providers for the marine and energy markets, Wärtsilä, has released a summary of its Interim Financial Report January-June 2014, excerpted as follows: Highlights of the Review Period January-June 2014 Order intake decreased 5% to EUR 2,305 million (2