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
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
Average July 2001 tanker spot freight rates slightly up from June The average spot freight rates (time charter equivalent rate) for VLCCs (trading AG-Japan) went up to USD 21,624 per day for a modern vessel; this is up 12.7% from the average of June 2001. The corresponding rate for a modern Suezmax trading West Africa to US went up to USD 30,125 per day or up 28.7%. For a modern Aframax tanker trading North Sea to UK/Cont. the average rate for July 2001 was USD 29,511, up 67
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
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the fourth quarter and year ended December 31, 2007. Fourth quarter 2007 Highlights: * Net income of $15.3 million or $0.55 basic and diluted earnings per share calculated on 27,610,993 basic weighted average number of shares outstanding and 27,748
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.
Ocean carriers have a pool of surplus 8,000-10,000 teu vessels looming ahead unless some thinking ‘outside of the box’ is behind recent newbuild orders, considers Drewry Maritime Research in their latest 'Container Insight'. Supply side
Offshore Patrol Vessels Middle East 2014 examining maritime security challenges in region, world As policy leaders wrapped up the Manama Dialog, an international security conference in Bahrain, maritime and naval leaders commenced their meetings in Abu Dhabi to discuss practical implementation
Shipments of iron ore on the Great Lakes totaled 5.5 million tons in November, an increase of 7% compared to a year ago. The November ore float was also 4.1% ahead of the month’s five-year average, but trailed October by 7.7%.
Following another strong year for the company, President and CEO, Doyle Taylor, has promoted his Vice President of Sales, Allen Walker, to Vice President and General Manager of the Monico Monitoring, Inc. Taylor brought Walker on board in September of 2012 as Vice President of Sales to oversee
Six Thrustmaster 5,000 HP (3,700 kW) Azimuth DP3 Thrusters classed by ABS were launched on November 25, 2013 during the OOS Gretha naming ceremony. The Brazil bound semisubmersible drilling rig was built at its ship yard in Yantai, China by CIMC Raffles and is due to work for Petrobras offshore
Baltic Trading Limited has accepted delivery of the first of two new bulk carriers, 'Baltic Tiger', a 179,185 dwt Capesize vessel, and found a time charter for the vessel without delay. The Baltic Tiger delivered to its charterer, Swissmarine Services S.A
The Canadian Association of Defence and Security Industries (CADSI) confirms industry support for the long-term vision of government following release of the Auditor-General's report on shipbuilding procurement strategy. "Today's report by the Auditor-General on the National
VLCC rates of $60,000/day triggered a deeper dive in crude tankers, so DNB Markets (Shipping) looked into ~66,000 fixtures. With increased interest in the crude tanker segment coupled with spot rates approaching $60,000/day, DNB decided to dig deeper into alternative data sources
Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Hawaii service by $175 per westbound container and $85 per eastbound container, effective January 5, 2014
Drewry’s analysis of ocean carriers’ latest financial results shows significant changes in cargo market shares, but how much of it is due to service differentiation is unclear. Ocean carriers’ third quarter financial results reported so far reveal that the largest
The Australian Chief of Defense Force, General David Hurley, and the U.S. Chairman of the Joint Chiefs of Staff, General Martin Dempsey, joined senior Australian and U.S. military leaders for the first U.S.-Australian Defense Chiefs’ Strategic Dialogue (DCSD) discussions at the National
The seventy foot MOD70 trimaran 'Edmond de Rothschild', sailed by French duo Sebastien Josse and Charles Caudrelier broke the finish line of the 5450 miles Transat Jacques Vabre race this afternoon at 15hrs 03mins 57s local time (17h 03m 57h UTC GMT) to take overall line honours and win the MOD70
South Korea plans to develop the offshore plant industry into a new engine for growth that will create over 10,000 new jobs by 2017, reports Yonhap News citing a government source. The government plans to effectively implement its policy initiatives by jointly investing some 900 billion won ($848
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, announced that it has entered into definitive agreements to acquire two modern Ultramax bulk carriers, the M/V Supra Challenger I and M/V Supra Challenger II
Mr. Sjobring will join the company upon completion of the notice period with his current employer and will be based in Geneva, Switzerland. In the interim, Mr. Allen Katz will continue to serve as the company's Interim Senior Vice President and General Counsel.