Sumitomo Marine & Fire Insurance Co. and Mitsui Marine & Fire Insurance Co. on Tuesday announced terms under which they will merge next October, creating Japan's largest non-life insurer with assets of 5.7 trillion yen ($51.6 billion). In a joint statement, the companies said 1.09 Mitsui Marine shares will be allocated for one Sumitomo Marine share. The merged entity will be named Mitsui Sumitomo Insurance Co. with Mitsui Marine president Takeo Iguchi and Sumitomo Marine president Hiroyuki Uemura serving as co-chief executive officers. Mitsui Marine, currently Japan's third-largest casualty insurer, and fourth-ranked Sumitomo Marine agreed to merge in March. The merged entity will surpass is size current Japanese casualty insurance industry leader Tokyo Marine & Fire Insurance, which has assets of 5.37 trillion yen. Sumitomo Marine's shares on Tuesday closed down 18 yen or 2.44 percent at 721, and Mitsui Marine's closed down eight yen or 1.22 percent at 646. The merger terms were announced after the close of trading.
Affiliates of Drew Marine (“Drew Marine”) have reached a definitive agreement with Chemring Group PLC (“Chemring”) to acquire Chemring’s maritime interests (“Chemring Marine” or the “Company”) for a cash consideration of £32 million, subject to standard closing adjustments. Under Drew Marine’s ownership, the business will be named Drew Marine Signal and Safety (“DMSS”).
ZF Marine has been chosen as one of Mercury Marine’s suppliers of the year. Each year Mercury Marine evaluates over 1,500 suppliers, and selects only 12 to receive this award. AJ Halavacs, Pleasure Craft Segment Manager, and John Shea, Account Manager, both from ZF Marine were on hand to receive the award from Mercury Marine. It was presented last month at the Mercury Marine Supplier Conference in Sarasota. Fla
Pacific Fishermen Shipyard and Electric, LLC (PFI Marine Electric) announced that it will now be providing year round marine electrical services in Dutch Harbor, Alaska, as well as the Puget Sound area, maintaining marine electricians on site 24/7. Seattle’s PFI Marine Electric shares facilities with Dutch Harbor’s Lunde Marine Electronics to provide marine electrical services in Alaska along with Lunde Marine’s electronic services
Orion Marine Group, Inc. headquartered in Houston, Texas, announce award of a contract which is worth approximately US$14-million. The contract is for the design and construction of offshore mooring facilities for a liquids terminal in the Caribbean. The project is expected to commence in the 4th quarter and to last approximately 12 months. Orion Marine Group, Inc. provides a broad range of marine construction and specialty services on, over and under the water along the Gulf Coast
Gina Domitrovich, AMIM, Senior Marine Underwriter, AIG Global Marine & Energy, is the first recipient of the new American Marine Claims Award, by Inland Marine Underwriters Associations (IMUA). The award presentation was made closing ceremonies during IMUA"s 83rd Annual Meeting held in Buckhead, Atlanta, GA. As the winner of the American Marine Claims Award, Ms. Domitrovich will receive a $2,000 cash award and a stipend towards attendance at the International Marine Claims
Cummins Inc. and CitiCapital have reached an agreement to promote a co-sponsored marine finance program. Under the agreement customers who purchase Cummins engines for various commercial vessels will receive exclusive finance products provided by CitiCapital. This agreement demonstrates the cooperative efforts of both companies by bringing together the premier manufacturer of marine engines and the world's largest financial services conglomerate. The agreement will initially cover the U.S
Caterpillar Marine Asia Pacific, the regional headquarters of Caterpillar Marine Power Systems in Shanghai, P. R. China, have moved to a new office at Yan’an West Road. This is also the location of the marine group of Lei Shing Hong Machinery Ltd., Caterpillar’s marine dealer for Eastern China. Together both entities now reside in the Caterpillar Marine Center building. Caterpillar Marine Asia Pacific’s regional headquarters are on the
AVEVA Group plc (LSE:AVV), providers of engineering design and information management solutions for the plant, power and marine industries, announced that Jurong Shipyard, a subsidiary of Sembcorp Marine has selected AVEVA Marine (12 Series) as their engineering and design solution for major marine and offshore projects. Jurong Shipyard has a long standing relationship with AVEVA. AVEVA Marine (12 Series), is the most modern offering of AVEVA’s marine solutions and has the ability
Reflex Marine, producer of the industry-leading Frog and Toro personnel carriers and expert in marine personnel transfer, continues to expand its global network of Accredited Service Centres (ASCs) with the launch of its latest Center in Canada. Nord Marine Services Ltd, a supplier of marine safety equipment, has been appointed to operate the new Accredited Service Center in Mount Pearl, Newfoundland. As a result Canadian operators will be able to access local maintenance
The crew of Coast Guard Station Hobucken, N.C., received a 45-foot Response Boat - Medium Thursday, the 144th of 170 RB-Ms being delivered to the service. The RB-M replaces the 41-foot Utility Boat, which has been the Coast Guard's workhorse of the fleet for more than 25 years.
U.K. based Solar Solve Marine received an order to supply 12 SOLASOLV class approved roller screens to the Ben-My-Chree Ro-Pax ferry. The vessel is owned and operated by Isle of Man Steam Packet Company and operates from Douglas to Heysham
COSCO (Guangdong) Shipyard Co. a subsidiary of the COSCO Shipyard Group say they have delivered a 4500 cu.m specialized livestock carrier, “Ganado Express” to the European buyer. The new vessel measures 134.8 meters in LOA, 19.6 meters in breadth and 9.6 meters in depth.
Wisdom Marine is one of the largest bulk ship owners in Taiwan with a market capitalisation of US$490-million, which represents the largest Asian IPO by market capitalisation in London to date in 2013, say law firm Proskauer . It is also the first company in the region to issue GDRs on
BMT Designers & Planners (BMT), a subsidiary of BMT Group Ltd., an international design, engineering and risk management consultancy, appointed Ralph Duncan as Vice President of Business Development. A University of New Mexico, Naval Postgraduate School and Stanford University graduate
Trelleborg is expanding the docking and mooring service of its marine systems operation as part of an ongoing commitment to better serving its global customer base through local presence. In an effort to make certain that all customers have access to the same high quality support
GE’s Power Conversion business has won a contract for the supply of dynamic positioning (DP) for a vessel Floating Accommodation Unit that Cosco (Nantong) Shipyard in Nantong City, China, is building for Logitel Offshore, the Singapore-based floating logistics and accommodation rig owner
The CAN DO drillship will be the front runner in exploration, development and completion operations. Following positive feedback and strong enquiries from the market, Keppel FELS Ltd (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine Ltd
Nothing stirs the maritime pot like new regulation, and coming soon to you (in less than a month) is the new iteration of the Vessel General Permit (VGP). The VGP applies to vessels operating in a capacity as a means of transportation, that have discharges incidental to their normal operations
Frederikshavn Harbour and Nordic Marine Oil have entered a strategic agreement to establish a tank farm at the port of Frederikshavn with at least 20,000 cubic meters with the possibility of further extension. The tank system to be used as storage of fuel for ships in the port of Frederikshavn
Volvo Penta of the Americas today announced the appointment of Scotts Marine of Grand Cayman and Pirate Marine Hardware of Cozumel as full-line sales and service dealers. Founded in 1985, Scotts Marine is a full-service marine center, offering a comprehensive range of boats, motors, trailers
PPG Industries’ new operation in Greece has conducted its first-ever customer training initiative, with 55 customers from 25 Greek shipping companies attending the one-day event last month. Held at the new facility in Acharnai - Athens
Registration for the largest-ever Oceanology International (ExCeL London, March 11-13, 2014) is now open at oceanologyinternational.com. With 520 exhibitors from 35 countries taking up over 8,000 m2 net of space, the biennial global forum is where industry
Willard Marine, a 56-year-old builder of composite and aluminum boats, has received a contract to supply 42 rescue boats for U.S. Army supply ships and landing craft. Under the contract, awarded by the U.S. Army Contracting Command in Warren, Michigan, Willard Marine will deliver 16-ft
EPA is announcing the availability of $4 million in grant funding to establish clean diesel projects aimed at reducing emissions from marine and inland water ports, many of which are in areas that face environmental justice challenges. “Ports are essential to the nation’s economy