Insurance underwriters and average adjusters have welcomed the recent publication of BIMCO’s Standard General Average Absorption Clause. It is hoped that the initiative will help to promote a broad move away from declaring general average for small and uneconomic claims in all sectors of the industry. The Standard Absorption Clause is designed to be of benefit both to shipowners and insurers by avoiding the time and expense associated with pursuing small general average claims. The Clause is targeted for use in hull and machinery policies covering all types of vessels from container ships, bulk carriers, and tankers to cruise ships. BIMCO’s Deputy Secretary General, Søren Larsen, said that “it is not the first time that the marine insurance sector has looked to BIMCO for assistance in developing and promoting a standard clause for industry-wide use and we are delighted to have been able to continue the excellent working relationship on this occasion”. He continued “we have worked closely with insurance underwriters, average adjusters, shipowners and the International Group of P&I Clubs to ensure that the Standard Absorption Clause fairly represents the interests of all parties. This, we hope, will encourage the Clause’s widespread adoption”. Average adjusters are unequivocal in their support for the new Clause
The UK P&I Club’s publication ‘Hellas Hilights - Issue 28’ recorded Rod Lingard's attendance at the green4Sea Forum and his address on 'The Legal and Insurance Aspects of Slow-Steaming, excerpted as follows: What’s the problem? On one side the owner has an obligation to follow the charterer’s slow-steaming instructions under the charterparty yet on the other the owner has the usually implied obligation under the Bill of Lading to proceed with due dispatch
Double Hull Tankers, Inc. announced results for the period from October 18, 2005 to December 31, 2005. Total revenues for this period were $20.2 million and net income was $9.5 million, or $0.32 per share (diluted). The Board of Directors of DHT has declared a dividend of $0.43 per share, which will be paid on March 24, 2006 to shareholders of record as of the close of business on March 10, 2006. Total revenues of $20.2 million consist of $14.7 million in base charter hire revenue and $5
American Commercial Lines Inc. announced that the company has secured a three year agreement for its shipyard employees with the General Drivers, Warehousemen & Helpers (Teamsters), Local Union No. 89. The three year agreement, which was ratified by over 95% of the voters, provides for first year wage increases ranging from 5% to 18% for various job positions resulting in an overall average wage increase of approximately 11%.
General Maritime Corporation announced that it has agreed to sell nine OBO Aframax tankers en bloc to Tanker Pacific for $247.5 million. The company expects to realize a net gain of $16.6 million from the sale. The company intends to utilize the proceeds to pay down debt, for corporate purposes which may include share repurchases, and for any future acquisitions that the Company may consider. Deliveries of the nine vessels are expected to be concluded by June 2006.
General Maritime Corporation (GMR) announced that Historic General Maritime and Arlington Tankers Ltd. have completed their combination to form public company to be known as General Maritime Corporation (formerly known as Galileo Holding Corporation). In accordance with the terms of their merger agreement, Historic General Maritime and Arlington each became wholly-owned subsidiaries of General Maritime. All outstanding shares of both companies were exchanged for shares of General Maritime
Bourbon reported that the recovery expected in the 4th quarter of 2010 was confirmed In the 1st quarter of 2011. Q1 2011 revenues up 23.8% year-on-year up 6.4% over the previous quarter. Commenting on the first quarter results, Christian Lefèvre, Chief Executive Officer of BOURBON, said: “As anticipated at the end of 2010, the market recovery is contributing to pushing vessel utilization rates up to 83.1% whilst daily rates are slightly higher than those in the fourth quarter of
Double Hull Tankers, Inc. announced results for the period from January 1 to March 31, 2006. Total revenues for this period were $24.2 million and net income was $11.7 million, or $0.39 per share (diluted). On October 18, 2005, having completed its initial public offering, DHT acquired seven double hull crude oil tankers from Overseas Shipholding Group, Inc. (OSG) and commenced operations as an independent tanker company
Bollinger Shipyards, Inc. was awarded the 2010 Award for Excellence in Safety by the Shipbuilders Council of America (SCA). The award was presented during the association’s April 5, 2011 general membership meeting held in Washington, D.C. The Award for Excellence in Safety is given to member companies who have an end-of-year Total Recordable Incident Rate (TRIR) that is below the average SCA rate.
A dry bulk carrier has been delivered to the buyers & the contract for sale of a product carrier tankship has also been signed. The Great EasternShipping Company Ltd. (G E Shipping) has delivered its 1995 built Panamax dry bulk carrier Jag Arnav (about 71,000 dwt) to undisclosed buyers. Earlier, the company contracted to sell Jag Pawar, a 1988-built general purpose product carrier of about 29,900 dwt, with delivery to the buyers in Q1 2014.
According to Petrobras, production at Cascade and Chinook fields hit 40,000 barrels per day (bpd) on March 4, 2014, a new output record for these oilfields. Cascade has 3 wells in operation and Chinook 2 wells. The record levels were achieved by bringing on stream two new wells
Energy services firm Hunting posted pretax profit broadly flat on the previous year, but just short of analyst expectations, as a lack of drilling in the North Sea and Canada hit demand for equipment and services. The company, which provides equipment and services for drilling and completing
Net Income Group share up 174% to €115 million. Increased operating margin1 and capital gains generated €575.7 million EBITDA, up 41.7% compared to 2012. EBITDAR2 (excluding capital gains) reached €450.3 million (+17.6%), an increase of 2.1 pts to 34
By Jonathan Saul, Reuters Crude oil tanker earnings on the major Middle East route fell on Tuesday as a build up of vessels available for hire weighed on rate sentiment. Shipping markets continued to monitor developments in Ukraine after Russia sent military forces into the Crimea region of
SEACOR Holdings Inc. has announced its results for its year and fourth quarter ended December 31, 2013. Highlights • For the year ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $47.2 million, or $2
The Russian navy will add three new large landing ships next year to the 19 already in service, Defence Minister Sergei Shoigu was quoted as saying on Tuesday. The Russian navy is under scrutiny during a widening international crisis over Crimea
Cargo growth between Asia and the Middle East/Indian Subcontinent region was poor in 4Q 13, indicating that ocean carriers need to seek economies of scale and to look for more profitable ways of serving the trade lane, finds Drewry's latest Container Insight Weekly in a trade route analysis
Huntington Ingalls Industries hosted commencement exercises for the company's Apprentice School at Newport News Shipbuilding. The graduation, held at the Liberty Baptist Church Worship Center in Hampton, celebrated 137 apprentices representing 18 trades and four advanced programs.
The Woods Hole Oceanographic Institution (WHOI) has appointed Christopher Land to be its General Counsel and Vice President for Legal Affairs. Land assumes his post on March 3. As general counsel, Land will provide advice, opinions and representation on all areas of law affecting the
Ship Finance International Limited (SFL) announced that it has agreed to acquire seven 4,100 teu container vessels built in 2002 in combination with long-term charters to a leading container line operator. The vessels are expected to be delivered to SFL over the course of the next few weeks
Fairmount Marine said it has safely delivered rig ENSCO 5002 in Singapore. The rig was towed from Rio de Janeiro, Brazil, via Cape Good Hope, by tug Fairmount Expedition. ENSCO 5002 is a 1975 built 70 meters long and 61 meters wide semisubmersible drilling rig
Supply rises by 170,000 bpd, led by Iraq, Angola. Saudi Arabia trims output, Libyan supply falls and OPEC output below 30 million bpd target for fifth month. OPEC's oil output has risen further in February from December's 2-1/2-year low, due to more shipments from Iraq and Angola
In 2013 the Port of Hamburg achieved total throughput of 139 million tons. That represents growth of 6.2 percent. Both general cargo handling totalling 96.8 million tons (+ 5.7 percent) and bulk cargo handling at 42.3 million tons (+ 7.2 percent)
Q4 net profit falls to $936 mln vs $808 mln forecast; Company will issue bonus shares. Danish shipping and oil group A.P. Moller-Maersk said 2013 net profit fell less than expected thanks to higher earnings at container shipping business Maersk Line
Greece's Safe Bulkers, Inc. reports Fourth Quarter & Twelve Months 2013 results and declares quarterly dividend on common stock of $0.06 per share for the fourth quarter of 2013. Summary of Results for the Twelve-Month Period Ended December 31, 2013