Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA, announced today that a new four year collective bargaining agreement has been ratified by the Philadelphia Metal Trades Council (PMTC). The PMTC is the exclusive bargaining representative for production and maintenance employees at APSI and consists of ten unions. Mike Giantomaso, Aker Philadelphia Shipyard Vice President of Human Resources remarked, "We are pleased to have successfully ratified this agreement and are very proud to continue our partnership with the PMTC. This contract supports our company's vision of being the leading U.S. commercial shipyard and underscores our objective of being a preferred employer in our communities." President of the Philadelphia Metal Trades Union, Lou Agre, commented "This contract ratification is another example of successful collaboration between union and management, and a clear example of how cooperation keeps organizations moving forward."
Metal Trades, Inc. was contracted by Maybank Industries. LLC to build two new types of double hull barges for the U.S. Navy. Three “YON” fuel barges and one Ship Waste Offloading Barge (SWOB) will be built, each type with identical 6,900 barrel capacity cargo and double hull configurations. The ABS classed barges are being designed by Bristol Harbor Group of Bristol, RI to be 180 feet long and 44 feet wide
The AFL-CIO Metal Trades Department (MTD), representing workers at Aker Shipyard in Philadelphia, has urged the U.S. Coast Guard to investigate the yard's "partnership" with South Korea's Hyundai Mipo Dockyard to determine whether ships Aker is building, specifically a series of ten Veteran Class MT-46 Product Tankers, comply with the requirements of the Jones Act. The Department has also held discussions with key members of Congress to start inquiries on the Hill.
Citigroup Inc has about $280 million in loans tied to commodities in two Chinese ports which are at the center of a probe into possible fraud, a senior executive said on Friday, becoming the first U.S. bank to disclose its potential exposure. The total is a large portion of the bank's roughly $400 million worth of so-called repo commodity financing deals in China. Short for repurchasing agreements, repo deals give customers access to short-term credit in exchange for goods.
The Metal Trades Department of the AFL-CIO has sued the U.S. Coast Guard over allowing domestic shipyards to use preassembled foreign ship parts and engines, Ron Ault, president of the MTD, said on Tuesday. Preassembled ship parts require little or no assembly at U.S. shipyards, and cut the need for U.S. labor at these yards, he told Reuters in an interview. MTD, a trade department of the American federation of labor unions, coordinates negotiating
CITIC Resources Holdings Ltd said on Tuesday that metal it owns at Qingdao port may be affected by a probe into suspected fraud, the latest firm caught up in a scandal that has raised broader worries about the risks of metal financing in China. The probe at the Chinese port, where a third-party firm is suspected of using single cargoes of metal multiple times to obtain financing, has also shaken markets amid fears the problems could extend to other ports and force a crackdown on using
The Chinese probe into financing of copper and aluminium may spread to other commodities such as iron ore and soybeans, an executive of a commodity hedge fund said on Wednesday. Banks and trading houses have been making urgent checks on the security of metal holdings in China, sparked by a suspected fraud at Qingdao Port, the world's seventh biggest. Police are investigating the duplication of warehouse receipts by a third-party firm on metal cargos used to obtain financing.
Metal Action Machining Ltd. (the CNC Division of Analytic Systems) has announced that they have been certified to the International Standards Organization (Certificate number AS-1197), Aerospace AS9100 Quality Management System. On the heels of being certified to ISO9001-2008 one year ago, Metal Action decided to upgrade to the Aerospace Certification. This will allow Metal Action to obtain new aerospace contracts for the likes of AVCORP, ASCO, Boeing, Bombardier, etc
Jet Edge, Inc., announced that Fab Metal Shop of Long Beach, Cal., is offering waterjet cutting services on a state-of-the-art Jet Edge High Rail Gantry waterjet cutting system. Fab Metal Shop can cut virtually any material with its Jet Edge waterjet machine, including metals, stone, resin, woods and plastics. The company’s Jet Edge High Rail Gantry waterjet system features a 6’X12’ work envelope. Fab Metal Shop equipped its waterjet system with a Jet Edge Permalign II
Metal-on-Metal Waterjet Seal Eliminates Conventional Plastic Seals, Cuts Number of Consumable Seals in Half Jet Edge, Inc. has announced that the United States Patent and Trademark Office has issued the waterjet manufacturer a patent for a high pressure fluid sealing mechanism designed by Jet Edge R&D Engineer Michael Wheeler. Jet Edge’s proprietary high pressure fluid sealing mechanism (U.S
Maersk Line will add a call at the port of Laem Chabang in Thailand on its Boomerang service starting from October 2015. This unique setup offers Thai exporters and importers with the first and only direct service between Thailand and Australia.
Prices for Eurobonds from many commodity-exporting emerging markets have fallen sharply this week on fears that the latest metals price reversal will hit the ability to repay debt, especially in some African countries. A major casualty of the metals price plunge is Glencore
Jeremy Penn, chief executive of London's centuries old Baltic Exchange will step down next year, the exchange said on Friday. Penn, who took the helm as CEO in 2003 after previous top positions with international news agency Reuters, will leave next summer.
U.S. derivatives regulators are revising their proposal to limit the positions that traders can hold in commodity markets to make it easier for some hedge funds and banks to keep large trades. The Commodity Futures Trading Commission wants to allow financial firms to count their market
Events in the world economy appear to be leading to a bit of a change in fortunes for world trade, says a report from Clarksons Research. Having grown by 3.2% in 2014, current trade flow projections suggest that global seaborne trade growth in 2015 might not surpass 2.6%.
German shipbuilder Meyer Werft and the Johannesburg educational institution in Surwold are expanding their collaboration by further developing already existing work for the integration of young people from socially disadvantaged backgrounds.
The Evergreen Group, Taiwan's largest container shipper, has signed an agreement with Japan's Imabari Shipbuilding Co. to build 10 new container vessels with a capacity of 2,800 20-foot equivalent units (TEU) to expand its fleet.
Pettit Marine Paint, leading manufacturer of high performance marine coatings, announced today the release of the all-new superyacht antifouling system, the Pettit XL line. Consisting of the top-selling antifouling products in Pettit’s line
Synthetic lubricant manufacturer Royal Purple has launched its all-new BioMax line of Environmentally Acceptable Lubricants (EAL). Royal Purple said its BioMax Environmentally Acceptable Lubricants meet all environmental standards mandated by the Environmental Protection Agency (EPA) and
Healthy returns enjoyed by the product tanker market in recent years are under threat as impending fleet growth is expected to reduce the sector’s earnings over the medium term, according to the Product Tanker Market Annual Report 2015 published by global shipping consultancy Drewry.
Commodity trader Trafigura said its logistics and warehouse unit Impala Terminals has scrapped plans for a metals warehousing joint venture in China and will also exit its refined base metals business. Trafigura had announced a joint venture last October with Citics Global Trade
Despite a variety of adverse economic and climatic conditions, perishable reefer cargo growth appears unstoppable, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast. Worldwide perishable reefer trade increased by 1
An intensifying rivalry between China's two top oil traders Chinaoil and Unipec is whipsawing Asia's oil market, pitting the state-owned firms against each other in a battle for control of the region's crude benchmark. Aggressive trading - with heavy buying by Chinaoil met by selling from
When welding tubes and pipes such as stainless, duplex, chrome etc., it is important to purge the internal bore with an inert gas to prevent oxidization, discoloration and to ensure a good internal weld profile. Huntingdon Fusion Techniques (HFT) announced it has introduced PurgElite
Largest reefer order in Hapag-Lloyd’s history spurred by growth opportunities in the South American trade lanes Hapag-Lloyd is investing a double-digit million amount in its container fleet and has ordered 6,000 (12,000 TEU) of the latest generation of reefer containers