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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


Challenges to Barcelona Port's Third Strategic Plan

Courtesy Port of Barcelona

  Growth, competitiveness and sustainability are the three axes that underlie the Port of Barcelona's Third Strategic Plan 2015-2020, which sets the main objectives for the coming years. This Plan maintains the Port's mission as defined in the previous two plans: “To contribute to the competitiveness of customers by providing efficient services responding to their needs for maritime transport, land transport and logistics services”


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

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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


APM Maasvlakte II Terminal Opens

King Willem-Alexander officialised the opening of Maasvlakte II by informing a remote crane operator to launch the multi-coloured ballet of containers on 62 battery-powered Lift-Automated Guided Vehicles. Next to him are CEO of the Maersk Group, Nils s. Andersen and CEO of APM Terminals, Kim Fejfer. Photo: Maersk Group

 APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch King Willem-Alexander and 500 representatives of the port industry and governments from around the world


Venezuela Probes ex-minister accused of corruption in Ferry Deals

  A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three ferries from Spain and said he was being hounded for denouncing currency crimes.


Algoma Central Orders New Great Lakes Ships

Equinox Class ship Algoma Harvester entering harbour at Port Colborne (CNW Group/Algoma Central Corporation)

Algoma Central Corporation announces $160 million investment in fleet expansion and fleet renewal   Algoma Central Corporation announced that it has acquired a 2009-built handy size self-unloading ocean class vessel, the Gypsum Integrity, from Gypsum Transportation Limited


Rolls-Royce to Power Ice-class MPV

Bergen B32:40V12ACD engine (Image: Rolls-Royce)

Rolls-Royce informs it has secured a contract to supply a power and propulsion package for an ice-class multipurpose vessel under construction at Keppel Singmarine for Singaporean ship owner New Orient Marine Pte Ltd.   The propulsion package includes a 1,650kW and two 3


Abu Dhabi to Invest $25 Billion Offshore to 2020

Image: Aeron AS

 Abu Dhabi National Oil Company (ADNOC) plans to invest around US$25bn over the next five years in a bid to boost oil production from offshore fields.   The investment is part of the UAE's strategy to increase its crude oil output potential from its current production of 2


Montrose Port Authority Appoints New Executive

Nicholas Scott-Gray. Picture: Montrose Port Authority (MPA)

 Nicholas Scott-Gray has been appointed as the head of UK-based Montrose Port Authority (MPA)  – bringing with him more than 26 years’ experience within the port and shipping sectors.   He brings with him over 26 years of experience within the port and shipping sectors


Strong FY 16 Funding Approved for Corps

   Today the House Appropriations Committee, led by Chairman Hal Rogers (R-KY), approved by unanimous voice vote the FY ’16 Energy & Water Development (E&WD) and Related Agencies appropriations bill, significantly increasing funding in Fiscal Year 2016 for the U.S


Funding Boosted for USACE Civil Works Program

Michael J. Toohey (Photo: WCI)

House Appropriations Committee approves strong FY ’16 funding for Corps with full use of all estimated inland waterways trust fund annual revenues   The U.S. House Appropriations Committee, led by Chairman Hal Rogers (R-KY), today approved by unanimous voice vote the FY ’16


EPA Awards Clean Diesel Grants to US Ports

The U.S. Environmental Protection Agency (EPA) awarded $5 million in grant funding for clean diesel projects at U.S. ports.   The selected projects in California, Oregon, New Jersey and Texas will improve the air quality for people who live and work near the ports


Sembawang Bags Teekay's FSO Conversion Project

Image: Sembcorp Marine Ltd

 Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage and Offloading (FSO) conversion contract worth S$56 million from Teekay for the Gina Krog Field in the North Sea.   Sembawang Shipyard will work closely with Teekay to convert the shuttle


FMC Beats 1Q Profit Forecasts

Image: FMC Technologies

 The Houston-based subsea specialist FMC Technologies Inc. (FTI) reported first-quarter earnings of $147.6 million, beating Wall Street expectations.   The average estimate of 34 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share on a per-share basis


Royal Caribbean Cuts Profit Forecast

Royal Caribbean Cruises Ltd cut its adjusted profit forecast for the year, citing a jump in fuel prices since its January forecast and a strong dollar.   Shares of the world's second-largest cruise operator, which also cut the higher end of its full-year net yields forecast, fell 9


Cargo Ferry Project Moves Transport from Road to Sea

M/S Kvitbjørn (Photo: DNV GL)

A new competitive and eco-friendly maritime transport concept, the Cargo Ferry project, was presented in Oslo today. The result of more than two years of work, the concept has been developed as an alternative transport solution for containers that are carried for more than 200km on land


Canada's Ferry Operators Highlight Safety

As Canadians remember the tragic sinking of the Korean ferry, MV Sewol, one year ago today, Canada’s ferry operators remind Canadians of the notable safety track record of its sector.    Through a short video posted online, the Canadian Ferry Operators Association (CFOA)


Tanker Lifts One Million Barrels of Crude at Hariga

A tanker left Libya's eastern oil port of Hariga after lifting one million barrels of crude, an oil official said on Thursday. No new tanker was expected in the next few days, said the official, asking not to be named. The terminal located in the eastern city of Tobruk had closed over the






 
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