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Island Offshore Halts Debt Amortisation Payments

Offshore service vessel owner Island Offshore Shipholding said on Tuesday that it had initiated discussions with its finance providers to address the group's long term financing. Additionally:   Has decided with effect from Nov. 14 to temporarily halt all payments of amortisation to its secured finance providers Net interest bearing debt stood at 7.02 billion Norwegian crowns ($834.46 million) at end of June 2016, total long term liabilities stood at 8.4 billion crowns and short term liabilities at 431 million crowns, according to Q3 report Will continue to pay interest on the debt to the finance providers as it falls due The secured finance providers have been informed of payment halt Carnegie is retained as financial adviser and Thommessen as legal advisor to assist the group in its process to address the contemplated restructuring of long-term financing The group has 28 vessels within the segments PSV, AHTS, Well Stimulation (WS), Subsea Construction (SCV) and Light Well Intervention (LWI) The Island Offshore Group is privately owned and comprises a group of ship owning and management companies Reporting by Ole Petter Skonnord


Exxon's New Guinea LNG Plant: 4 August Cargoes

ExxonMobil's Papua New Guinea liquefied natural gas (LNG) export plant is offering to sell four cargoes loading in August to long-term buyers as well as Asian end-users, two traders said. The rapid export rate from the new plant, which was completed ahead of schedule, has helped push global LNG prices lower as major Japanese buyers retreat from spot markets. The plant's main long-term buyers are Japan's Tokyo Electric Power, Osaka Gas and Taiwan's CPC


Sovcomflot Concludes $319 mi 10-year Loan

The fund will be used to finance  2 ice-class LNG carriers

  OAO Sovcomflot (SCF Group) signed a new USD 319 million 10 year credit facility with a consortium of leading European banks with ING acting as Agent.  The funds will be used towards financing two new ice-class LNG carriers SCF Melampus and SCF Mitre, which will operate on long-term contracts with the Shell Group. The new high-spec Atlanticmax Ice2 (1C) class gas carriers feature a tri-fuel engine, a cargo capacity of 170


Great Lakes Coal Up 9% in October

photo courtesy Midwest Energy Resources Company

Shipments from Lake Erie nearly double that of a year ago Coal shipments on the Great Lakes topped 3 million tons in October, an increase of 9 percent compared to a year ago, while shipments also outpaced the month’s long-term average by 75,000 tons, the Lake Carriers’ Association reported. Shipments from Lake Superior ports totaled 1.7 million tons, an increase of 3.5 percent compared to a year ago, and a slight increase over the month’s long-term average.


Anadarko in Talks with Jera for Mozambique LNG Deal

Anadarko Petroleum  is in talks with newly formed Japanese joint-venture vehicle Jera, set to become the world's biggest buyer of liquefied natural gas (LNG), to sell long-term supply from its Mozambique export scheme.   The U.S. oil major's gas finds in Area 1 of Mozambique's Rovuma Basin will feed the initial 10 million tonnes per annum (mtpa), $23 billion LNG export project, which is due to start by 2021.  


Bangladesh’s First LNG Import Terminal in the Works

Excelerate Energy and Petrobangla in agreement for long-term FSRU charter and construction of LNG import facility Excelerate Energy and Petrobangla have reached agreement on terms for the development and operation of Bangladesh’s first LNG import terminal. The agreement includes the provision of one of Excelerate’s existing floating storage and regasification units (FSRU) under a 15-year long-term charter, as well as the design and construction of the facility


Otto Marine Send Two AHTS to GoM, One to W. Africa

AHTS Redfish 4: Image courtesy of Otto Marine

Offshore marine services firm Otto Marine informs it has obained a total of US$24.9 million in charter contracts for three offshore vessels – Redfish 4, Go Canopus and Go Altair. Details as follows: Redfish 4, an 8,000bhp Anchor Handling Tug Supply (AHTS) vessel equipped with dynamic positioning 2 capabilities will be deployed for work on long term charter in Mexico. Go Canopus, a 10,800bhp AHTS vessel built in 2009 with DP2 technology has been contracted on long term charter


SBX' Acquires Remaining 50 percent in Sana Navigation

SeaBird Exploration Limited (BVI) (SBX) has acquired the remaining 50 percent ownership in the Joint Venture entity Sana Navigation Company Limited (Sana) which charters the M/V Northern Explorer from Russian owners on a long term bareboat charter. The purchase price is $25.5m. The Joint Venture is now terminated in all respects. The acquisition of the 50% interest in Sana includes the long term bareboat contract, the liquid cash, other current assets


NYK Fixes Charter for Wood-chip Carrier

Courtesy NYK

NYK has concluded a long-term contract with Hokuetsu Kishu Paper Co. Ltd. for a new wood-chip carrier to be built by Oshima Shipbuilding Co. Ltd. and delivered in 2018. The ship will be able to load 4.3 million cubic feet of wood chips and will feature an advanced eco-design and electronically controlled engines.   NYK currently has long-term contracts with Hokuetsu Kishu Paper for six wood-chip carriers, the largest share of contracts that any shipping company has with Hokuetsu Kishu


CMA CGM Issues Statement to Thwart Rumors

Responding to information circulating, CMA CGM Group states that it has no short term plans to either purchase or long-term charter-in any vessels. The Group has a modern fleet of 408 ships, of which 92 are owned, that enable it to meet the current needs of its customers and provide them with end-to-end service around the world. In today’s economic environment, CMA CGM’s priorities are to reduce its debt and to strengthen its financial position.


Thailand Boosts LNG Imports

Image: PTT LNG

 Thailand is signing new contracts for LNG purchases and expanding terminals to boost imports to replace flagging domestic production, Bloomberg reported.   Southeast Asia’s second-largest economy will boost LNG imports by more than 70 percent this year.  


Gazprom to Cement LNG Ties with Kuwait

Lena River gas carrier. Photo: Gazprom

 Russia-based energy company Gazprom has negotiated about supplies of liquefied natural gas (LNG)  to Kuwait, reports Tass.   The talks continue in "a rather progressive mood,"during the the Energy Minister Alexander Novak’s visit to the Middle East country


Natural Gas Fleet Sail to the Future

Graph: Clarksons Research

 Natural gas is set to account for an increasing share of the global energy mix in coming years, with gas consumption growing by an average of around 1.5%-2% a year out to 2040, according to energy forecasting agencies such as the IEA.   


Hapag-Lloyd: Positive Operating Result in a Challenging Environment

Photo: Hapag-Lloyd AG

 Hapag-Lloyd AG remains bullish on the substantial earnings contribution from synergies from CSAV acquisition and OCTAVE cost-cutting programme alongwith further synergies expected due to the merger with UASC.   Hapag-Lloyd closed the 2016 financial year with EBITDA of EUR 607


GasLog Partners buy GasLog Greece

Photo: GasLog

 Greece-based GasLog Partners LP has reached an agreement to buy 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) tanker GasLog Greece from GasLog Ltd.   The aggregate purchase price for the Acquisition will be $219 million


Norway’s USN to Upgrade Its Maritime Simulators

The simulator upgrade at the University College of Southeast Norway will support a wider course offering and new R&D projects (Photo: Kongsberg)

The University College of Southeast Norway (USN) has contracted Kongsberg Digital to deliver a major upgrade of its maritime simulator park. The contract, signed on March 16, 2017, includes five new K-Sim ship’s bridge simulators to be delivered during Autumn 2017 in addition to a Long Term


Tradewinds Towing Returns to Laborde for Repowers

Photo: Laborde Products

In September of 2006, Dominique Smith of the then one tug company Tradewinds Towing came to Laborde Products, to look at the S12R engine for the repower of the Miss Lis, an Alaskan built low profile tug he planned on repowering. Later that same month, the deal was made, and shortly thereafter


PensionDanmark, Danica Roll Out $300mln Maritime Investment Fund

Photo: PensionDanmark A/S

 PensionDanmark, Danica and Navigare Capital Partners have established the Maritime Investment Fund I, which, based on capital from the founders, shall build a diversified portfolio of maritime assets including dry bulk, container, offshore, product, crude oil and chemical tankers


DP World’s Net Income Exceed USD 1 Bln for First Time

DP World London Gateway. Photo: DP World

 Dubai-based port and terminal operator DP World announced strong financial results from its global portfolio for the twelve months ending 31 December 2016, despite “significant challenges” in the industry.   On a reported basis, revenue grew 4


BAE Systems to Modernize Cruiser USS Vicksburg

Photo: BAE Systems

 BAE Systems will perform ship alternations and miscellaneous repairs aboard the 567-foot-long USS Vicksburg (CG 69) under a $42.9 million U.S. Navy contract.   The value of the competitively awarded contract could reach $45.9 million if all options are exercised.  


Cycles in Seaborne Trade

Graph: Clarksons Research

 In the last few decades, the shipping industry has generally been able to rely on seaborne trade as a fairly steady performer, says a report from Clarksons Research.  However, the slowdown in volume growth since the financial crisis has focussed the industry’s thoughts on


TEN Strengthens Vessel Base

Photo: Tsakos Energy Navigation

 Tsakos Energy Navigation (TEN)'s growth has continued unabated in 2017 with the delivery of one VLCC, the Hercules I, one aframax tanker the Marathon TS and the shuttle tanker Lisboa, currently all under long-term employment to solid counterparties.   


Mega 20,150 TEU Containership Named MOL Triumph

The 20,150 TEU, 400m-long MOL Triumph is scheduled to be delivered March 27. (Photo: Samsung Heavy Industries)

A new 20,150 TEU containership has captured the “world’s largest” title: MOL Triumph, the first in a series of new mega containerships for Japan’s Mitsui O.S.K. Lines, Ltd., (MOL) was named at Samsung Heavy Industries, Ltd.’s (SHI) Geoje, South Korea shipyard.


Port Everglades, Royal Caribbean Sign MOU

Broward County's Port Everglades has negotiated a Memorandum of Understanding (MOU) that provides the framework for a new long-term business agreement with Royal Caribbean Cruises, Ltd. (RCL) that will include complete, customized renovations of the Port's Cruise Terminal 25 targeted for


Consolidation – A Path to Subsea Vessel Sustainability

Graphics: Subsea Vessel Operations expenditure by Sector – 2017-2021. Source: Douglas-Westwood, World Subsea Hardware & Vessel Operations Market Forecast

 In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London.   This has been further exacerbated by sustained low oil prices






 
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