Marine link
 

Million New

Stelmar Eyes Cyprus Bourse

Tanker firm Stelmar Marine Holdings Ltd. officially applied on Wednesday for listing on the Cyprus Stock Exchange. The company was established in 1992 by Greek Cypriot entrepreneur Stelios Haji Ioannou and owns and operates a fleet of 12 tankers with an average age of eight years. The company is planning to raise $54.6 million through the Cyprus Stock Exchange for further expansion of the fleet. The amount will be raised through the issue of 42 million new shares of face value $1 at the flotation price of $1.30, the company said. Approximately 27 million shares will be placed with private investors and 15 million will be offered to the public. Company executives said Stelmar, which is now based in Athens and London but plans to create a small office in Cyprus, would use the additional liquidity to acquire six new tankers.


Hill International Gets Casablanca Marina Construction Contract

Hill International get project management contract for a US$ 590-million Casablanca marina construction Hill International (NYSE:HIL), the global leader in managing construction risk, announce that it has been awarded contracts to provide project management services for three projects in North Africa. The contracts, which have a combined estimated value to Hill of approximately $7.5 million, include: A four-year contract has been awarded the company by Société New Marina


Seabulk International Reports 3Q Results

Seabulk International, Inc. reported a net loss, excluding charges related to its recent refinancing, of $2.8 million or $0.21 per diluted share for the quarter ended September 30, 2002. Including charges of $27.8 million or $2.16 per diluted share related to the early extinguishment of debt in connection with the company's refinancing, the net loss for the current period was $30.6 million or $2.37 per diluted share compared to net income of $2.9 million or $0


Dubai Drydocks’ $60M Yard to Open July

Dubai Drydocks will launch its $60 million new building panel line and steel structure assembly facility in July. The yard, whose current shipbuilding facility has a monthly turnover of 2,800 tons of steel, plans turning over similar volumes of steel per month for the new building. It is already building the gravity base structure for a 10,000 steel construction with an extensive piping arrangement and four 6,200 dwt bunker tankers due to be delivered in March.


NOIA President Supports Energy Exploration, Development

During the testimony today at a Senate Energy and Natural Resources Committee hearing on offshore energy revenue sharing, National Ocean Industries Association (NOIA) president Randall Luthi urged Congress to take the next step in enhancing America’s energy security, energy reliability and American jobs by increasing access to the Outer Continental Shelf (OCS) for energy exploration and development. “Only by providing additional oil and natural gas lease sales in more of the


Topaz Secures $75m Investment from SCPE

Photo courtesy of Topaz

Topaz Energy and Marine, an offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, has  announced a $75 million new equity investment in the business from Standard Chartered Private Equity (SCPE), one of the world’s leading emerging market private equity investors. Under the terms of the investment, SCPE will inject $75 million of equity in return for a 9.8% stake in the business


Financing Sources For U.S. Ferries: U.S. Government Programs

By Todd D. Snyder & Lara Bernstein Mathews Dyer Ellis & Joseph, P.C. Recent growth in ferry construction, particularly in the U.S., has been significant. The U.S. Department of Transportation recently reported that the U.S. marine transportation system annually transports 134 million passengers by ferry. Although the U.S. fleet represents a small percentage of the worldwide fleet, the U.S. fleet has recently experienced one of the largest and most rapid growth rates


DREWRY: U.S. Exports Miss Target

tab11.jpg

US exports have been relatively robust in a backdrop of a moribund global economy, but slowing growth means that President Obama’s ambitious plan to double outbound trade in five years will fall short. In his first State of the Union speech in January 2010, President Barack Obama set out an ambitious goal to double exports over the next five years to support 2 million new jobs. Following an initial burst that made that target look a realistic possibility


CSIS Shipbuilding Up 47 Percent in 2005

The China Shipbuilding Industry Corp. (CSIC), built 3.17 million tons of new ships in 2005, up 47 percent. In 2005, the CSIC received 3.73 million tons of new orders and 2.85 million tons of new ships are under construction. The profit it earned topped $123.9 million, up 85 percent year-on-year. China's shipbuilding companies built 12 million tons of new ships in 2005, accounting for 18 percent of the world market, ranking third after the Republic of Korea and Japan


$17.1M for Container Cargo Security Program

The Department of Homeland Security announced a $17.1 million award to the Port Authority of New York/New Jersey and to the Ports of Los Angeles/Long Beach and Seattle/Tacoma to strengthen the security of container cargo moving through three of the nation’s largest load centers. These grants were awarded under the third phase of Operation Safe Commerce, a program through which ports, federal, state, and local governments, and private businesses work together to identify, test


Carnival Sails to Profit

Image:  Carnival Corporation & plc

 The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That compared with a loss of $20 million, or 3 cents per share, in the 2014 quarter


Feds Delay LNG’s Port Ambrose Application

Port Ambrose Map:  Liberty Natural Gas, LLC

 The US Coast Guard and the US Maritime Administration (MARAD) have temporarily suspended their review of the proposed Port Ambrose deep-water LNG import terminal.   Liberty Natural Gas’s application to build the Port Ambrose deep-water port to receive LNG in the New York/New


Viking Bags Charter Deal for AHTS Brage Viking

Brage Viking Courtesy Viking Supply Ships

  Viking Supply Ships has entered into a contract with an Oil major for the charter of “Brage Viking” commencing 1stof April 2015. The duration is for 2 years and 8 months firm, plus options to extend the contract with a total of 18 months


BAE Systems to Expand San Diego Shipyard

As part of the San Diego Ship Repair expansion, BAE Systems will purchase a new, additional dry dock, shown here as a rendering of where it would be positioned at the shipyard. It will be the company’s largest dry dock in the United States, measuring 950-feet long and 205-feet wide, with a design lifting capacity of 55,000 tons. (Image courtesy of BAE Systems)

BAE Systems announced it will invest approximately $100 million to expand drydocking capabilities at its San Diego shipyard.   The investment, which will include the purchase of a new drydock and a range of infrastructure improvements at the yard, aims to enhance ship repair


NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg (Photo courtesy of NORDEN)

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions to continue through 2015 as the tanker market has come off to a good start.  


Soo Locks Open for Great Lakes Shipping Season

At 12:01 a.m. on Wednesday, the U.S. Army Corps of Engineers officially opened the Soo Locks for the start of the 2015 Great Lakes shipping season.   The locks at Sault Ste. Marie, Michigan are among 16 locks that form the Great Lakes St


3D Machining Puts Wind in the Sails

Using ESPRIT CAM to prepare a rod coupling for Karver System prior to machining

With ESPRIT CAM software, Armor Mécanique has the wind in its sails; 50% time savings, better quality and new markets thanks to 3D machining Established in 1984 as a company dedicated to engineering marine motors, Armor Mécanique is situated in the port of Lorient


Swedish Club Reports 'Healthy Growth'

tsc logo.png

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the financial performance and the insurance products across the board returned a staunch to high


K-Line Executive Pleads Guilty to Price Fixing

An executive of Japan-based Kawasaki Kisen Kaisha Ltd. (K-Line) was sentenced to 18 months in a U.S. prison after pleading guilty to his involvement in a conspiracy to fix prices, allocate customers and rig bids of international ocean shipping services for roll-on


Steady Growth Reported by the Swedish Club

Courtesy The Swedish Club

  The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the fi­nancial performance and the insurance products across the board returned a staunch


APM Terminals Mumbai Welcomes China Shipping

APM Terminals Mumbai team commemorating HS Paris maiden call

  APM Terminals Mumbai welcomed China Shipping Container Line’s HS Paris on March 20th, on her maiden call as part of the Middle East-Indian Subcontinent-North America (MINA) Service, jointly operated by the United Arab Shipping Company, Hanjin Shipping, CMA CGM and China Shipping


China Cosco's Profit Up 54%

Pic: COSCO Container Lines Company Limited

 The Shanghai-and-Hong Kong-listed flagship unit of China Ocean Shipping Group, China Cosco Holdings Co Ltd says that its 2014 net profit went up 54 percent y/y at 362.5 million Yuan ($58.37 million), on government subsidies for scrapping old tonnage.  


Taiwan Boosts Yacht Export

Picture by Taiwan Yachts Industry Association

 Taiwan's yacht industry saw its first double-digit growth in nearly a decade, indicating an inspiring revival led by development and sales of larger leisure boats, reports Chinese newspaper Commercial Times.   The export value of Taiwan-made yachts hit US$172 million, up 13


Golden Ocean and Knightsbridge Complete Merger

Image courtesy of Golden Ocean

  The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company, which will be called Golden Ocean Group Limited


Stolt-Nielsen Completes Bond Issues

Stolt-Nielsen Limited announced the placement of senior unsecured bonds in a total amount of NOK 1,100 million in a new five-year bond issue carrying a coupon of 3M NIBOR plus 4.1 percent. The placement was oversubscribed.   The settlement date for the bonds will be April 8, 2015






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright