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Grand Banks

Grand Banks Yachts Moves

Grand Banks Yachts has moved its worldwide offices to Seattle while worldwide sales headquarters remain in the company’s long-standing Norwalk, Conn. Facility. Global marketing services, headed by recently-appointed VP Marketing Rob Livingston, are now situated at 2100 Westlake Avenue North, Suite 107, Seattle 98109, located directly on the west side waterfront of Lake Union. Vice President of Sales Ed Roberts continues to manage the Norwalk offices, overseeing worldwide sales along with the American service support staff. Grand Banks also maintains both west coast and European sales offices.

First Orphan Basin Oil Exploration for mid-August

In mid-August, Chevron Canada will drill the first exploratory well in the Orphan Basin. According to industry experts, the exploration of the Orphan Basin could mean the beginning of a new and potentially lucrative phase of Newfoundland and Labrador’s offshore oil industry. The basin is in an area that has not been explored before, where the weather is harsh and the water is deep. However, the potential is massive — the Orphan Basin could hold more oil than the Jeanne D'Arc Basin on the

Grand Banks Yachts Swings Back into Black

Photo: Grand Banks Yachts

 The builder of luxury yachts Grand Banks Yachts swung to a net profit of $1.2 million for the first quarter ended Sept 30 compared to a net loss of $1.3 million for the year-ago period.   Following restructuring efforts after a major acquisition, gross profit margin increased to 24.5% from 9.5% a year ago.    The SGX Mainboard-listed builder yachts said net profit rose after introducing initiatives to integrate design

Halifax Wins Another Order

Halifax Shipyard won another offshore contract. The Irving Shipyard in Halifax, Nova Scotia has landed a contract to modify and refit the Glomar Grand Banks semi-submersible drill rig. The work will be completed at the Irving facility in Woodside. The job, which was commissioned by Global Sante Fe of Houston, Texas, will employ 350 people for a minimum of three months starting in January. The Rig will tie up at Woodside Facility on the December 19, and prepare for the upgrade

TGS, PGS Team Up on Eastern Canada Seismic

Eastern Canada 2016_Landscape Image courtesy TGS

TGS announces the expansion of its multi-client library offshore Eastern Canada with plans to acquire more than 36,000 km of 2D seismic data, in partnership with PGS, utilizing two vessels during the 2016 acquisition season. The M/V Sanco Spirit and M/V Atlantic Explorer, utilizing the PGS GeoStreamer technology, will acquire seismic and gravity data in the Labrador Sea, Newfoundland Orphan-Flemish Pass basins and Grand Banks areas. Data acquisition will commence during late May 2016

International Ice Patrol Opens Annual Ice Season

A Coast Guard International Ice Patrol team conducts initial ice patrols for the 2015 ice season on Feb. 5, 2015. The International Ice Patrol opened the annual ice season on Feb. 3, 2015. (U.S. Coast Guard photo contribute

The U.S. Coast Guard International Ice Patrol opened the annual ice season February 3 to detect and track icebergs in the North Atlantic Ocean. The IIP deployed its first Ice Reconnaissance Detachment (IRD) to Newfoundland, Canada, to meet with Canadian partners and to conduct the initial aerial patrols of the season. The IIP conducts iceberg reconnaissance using HC-130J Hercules aircraft from U.S. Coast Guard Air Station Elizabeth City, North Carolina

Is it a Ship or Iceberg?

Small iceberg off the port bow of Canadian Coast Guard ship Louis St-Laurent. (Photo: Canadian Coast Guard)

Developing the capability to discriminate between ships and icebergs in northern latitudes is a common interest shared by Canada’s Department of National Defense (DND) and the oil and gas industry. For DND, the focus is on ship detection for maritime security, whereas oil and gas companies are interested in detecting icebergs to ensure primarily the safety and also the productivity of offshore exploration and production operations.   Polar Epsilon

GlobalSantaFe Reports 2Q Earnings

GlobalSantaFe reported net income for the quarter ended June 30, 2002, of $73.4 million, or $0.31 per diluted share, on revenues of $501.7 million, versus $84.3 million and $0.69 per diluted share for the corresponding 2001 quarter. For the six months ended June 30, 2002, GlobalSantaFe reported net income of $150.5 million, or $0.63 per diluted share, on revenues of $990.4 million. This compares to net income of $125.0 million, or $1.03 per diluted share, for the six months ended June 30, 2001

Grand Circle Cruises Buys 'MV Corinthian'

MV Corinthian: Photo courtesy of Grand Circle

Vince Cook, CEO of Grand Circle Cruise Line, informs that the company has acquired the 'M/V Corinthian', a 98-passenger, ocean-going vessel that currently operates in Antarctica.  They had chartered the ship for the past year and intend to expand the Corinthian's operations with the launch of three new small ship cruise itineraries in 2015. The ship was acquired for an undisclosed price from Travel Dynamics International, an operator of educational programs aboard small cruise ships

Detroit Agencies Perform Maritime Security Exercise

Detroit Coast Guard members are participating in a Southeast Michigan Area Maritime Security Committee multi-agency table-top exercise Wednesday at the Detroit Fire Department Regional Training Center. The purpose of this exercise is to test plans and policies of federal, provincial, state and local area agencies in response to a transportation security incident. In accordance with the Homeland Security Exercise and Evaluation Program, a table-top exercise is a discussion based exercise

HSH Nordbank Seals Charter of Hanjin Ships to Maersk

Photo courtesy of Hanjin Shipping

Germany's HSH Nordbank has arranged a deal which will see six container ships from collapsed South Korean line Hanjin chartered out to Denmark's AP Moller Maersk, the state-backed lender said on Thursday. This is one of the first examples of Hanjin's lenders looking to resolve the fallout from

Korea to Inject $2.64 bln into DSME

Photo: Daewoo Shipbuilding & Marine Engineering

 South Korea's state-run banks are expected to raise more than 3 trillion won (US$2.64 billion) to prevent Daewoo Shipbuilding and Marine Engineering (DSME) from being delisted, reports Korea Herald.   Korea Development Bank and the Export-Import Bank of Korea are planning to raise

Grand Bahama Shipyard Reopens after Hurricane

Photo: Grand Bahama Shipyard

The largest shipyard in the Caribbean and Central America, Grand Bahama Shipyard (GBSL), has reopened for business after sustaining minor damages from Hurricane Matthew.   Hurricane Matthew passed through Grand Bahama Island October 6

Globus Maritime Mulls 1-for-4 Reverse Stock Split

Photo: Globus Maritime Limited

 Globus Maritime Limited, a dry bulk shipping company, announced that its Board of Directors has determined to effect a 1-for-4 reverse stock split of the Company's common shares.    At the Company's annual general meeting of shareholders on September 8, 2016

ICC Releases its Latest Trade Finance Survey

Image: ICC

 According to this year's Global Survey - which received 357 responses from 109 countries worldwide - 61% of respondents reported a global shortage of trade finance.    Only 52% of respondents reported an increase in trade finance activity, compared to 63% in 2015 and 80% in 2012

Trafigura Backs Out of Tanker Foray

Trafigura has sold five oil vessels to a unit of China's Bank of Communications , ending the trading house's move into owning tankers, the company said on Friday. Under the deal, the five medium-range tankers, ordered by Trafigura in 2013 from a shipyard in China

Grand Bahama Shipyard: Investing in the Future

(Photo: Grand Bahama Shipyard Limited)

MR spent time with Graham Couser, VP of Sales and Marketing, Grand Bahama Shipyard Ltd. (GBSL), for updates and insights on how this yard is faring in the current market and investing for the future. As the largest ship repair yard in the Caribbean, Grand Bahama Shipyard Limited

Navig8 Cancels Five Newbuildings at STX

Courtesy Navig8

Navig8 Chemical Tankers Inc. announced that it has cancelled contracts to construct five IMO2 49,000 DWT Interline-coated medium range tankers at STX Offshore & Shipbuilding Co., Ltd. which were to be delivered during 2017. Contracts ordering the cancelled vessels were previously announced

Maersk, Danske and Nordea to shed Ship Finance Stakes

A.P. Moller-Maersk , Danske Bank and Nordea Bank will sell their shareholdings in shipping lender Danish Ship Finance worth 4.25 billion Danish crowns ($638.05 million) to a consortium of Danish investment funds, the company said Wednesday.

Lenders Hire Rothschild to Sell ABG Shipyard

Photo: ABG Shipyard

 Largest Private Sector Shipbuilding Yard in India ABG Shipyard is for sale. The Lenders led by State Bank of India has hired investment bank Rothschild to find a buyer for a majority stake in the company as they struggle to save Rs 16,000 crore ($2

Hanjin Gets $45 Million Credit Line From KDB

Photo: Hanjin Shipping Co

 Korea Development Bank has offered a conditional credit line of 50 billion won ($45 million) to help ease supply-chain disruptions caused by the collapse of Hanjin Shipping Co, says a report in Reuters.   An estimated $14 billion of cargo was trapped on Hanjin ships when the world's

RBS Says Starts Winding Down Shipping Business

The Royal Bank of Scotland has begun winding down its global shipping finance business, it said on Tuesday, ending efforts to sell it amid a worsening downturn across the freight industry.   Chief Executive Ross McEwan is battling to complete a restructuring

German Banks Count Cost of Global Shipping Crisis

Photo: Hanjin Shipping

German banks are struggling to recoup tens of billions of dollars of loans as a global shipping industry slump hits them hard.   The lenders - among the biggest backers of shipowners over the past 20 years - are behind up to a quarter of the world's $400 billion of outstanding shipping loans

Diana Shipping Amends Loan Agreement to Diana Containerships

Photo: Diana Shipping Inc

 Diana Shipping Inc.  has amended its existing loan agreement to a wholly-owned subsidiary of Diana Containerships to defer some payments under a new schedule.   Diana Containerships Inc. is a former wholly-owned subsidiary of the Company

South Korea: 'Tough Luck' to Hanjin

The South Korean government, long a bastion of support for the country's big conglomerates, is sticking to its hard-line stance on Hanjin Shipping Co Ltd , whose collapse is roiling global supply chains. Since the world's seventh-largest container carrier filed for court receivership in late

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