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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


The Container Fleet: Think Inside The Box?

Graph: Clarksons Research

 The increase in containerisation of cargoes and the expansion of the global containership fleet have had a significant impact on global trade and economic development, says a research report from Clarksons Research.   However, this would not have been possible were it not for the humble shipping container, and it can be instructive to examine developments in the box fleet arena as a comparator to the wider world of container shipping.  


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


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”


Dry Bulk’s Biggest Spenders

Figure 1 (Source: VesselsValue)

In the last month, we have seen the Baltic Dry Index (BDI) recover to the same level it was 12 months ago (see circles in fig.1). Vessel values have started to firm, but not at the same rate and are still at historically low levels.   In the last 12 months, contrarian owners have taken advantage of the low values and have been buying cheap tonnage. With hindsight, this looks to have paid off with many values having increased above the purchase price.  


Maersk Line to acquire Hamburg Süd

Dr. Ottmar Guest Photo Hamburg Süd Group

Maersk Line and the Oetker Group have reached an agreement for Maersk Line to acquire Hamburg Süd, the German container shipping line. The acquisition is subject to final agreement and regulatory approvals.  Hamburg Süd is the world's seventh largest container shipping line and a


Rolls-Royce to Cut Another 800 Jobs at Marine Unit

British engineering company Rolls-Royce said it would cut a further 800 jobs in its marine business to save an extra 50 million pounds ($63 million) a year, responding to weak demand from shipping and energy customers. The marine business


India Announces Projects Status of Inland Waterways

Image: Inland Waterways Authority of India (IWAI)

 The Shipping Ministry of India has announced the details of various ongoing major projects for development of National Waterways (NWs), which are as under four divisions.    The government also revealed the techno–economic feasibility studies and Detailed Project Report


Diana Shipping Gets Charters Two Bulkers

New Orleans. Photo: Diana Shipping

 Greek dry bulk shipping company Diana Shipping has entered into time charter contracts for its two vessels, the M/V Orleans and the M/V Melite, which are scheduled to start in December 2016.   "Diana Shipping, through a separate wholly-owned subsidiary


Port of Montréal Expands Global Reach

Photo:  Port of Montreal

 Investments made by the Government of Canada and the Montréal Port Authority to enhance the Port of Montréal’s infrastructure will make the global movement of goods more fluid, create direct and indirect jobs in transportation systems across the country


GOGL Sinks into Loss

Photo: Golden Ocean Group Limited

Dry bulk shipping company Golden Ocean Group Limited, while announcing its preliminary results for the quarter ended September 30, 2016, informed that it suffered a net loss of $26.7 million and a loss per share of $0.25    Highlights  


Record October for Savannah Port

Georgia Ports Authority achieved its busiest October ever for loaded containers, moving 251,566 loaded twenty-foot equivalent container units. (Photo Georgia Ports Authority  Stephen B. Morton)

Georgia Ports Authority Executive Director Griff Lynch reported to the GPA board Monday fiscal year to date growth of 4 percent for loaded container traffic, moving 1.01 million twenty-foot equivalent container units, an increase of 40,545 TEUs compared to the same period in 2015.  


Thailand Ups Long-term LNG Imports Due to Coal Plant Delays

Thailand is increasing its planned long-term imports of liquefied natural gas (LNG) to meet rising demand after delays to the construction of coal-fired power plants, a senior official at energy ministry said on Wednesday.   Energy policy makers have revised their target of LNG imports to 17


Sovcomflot Inks $180 Mn Credit for Two Shuttle Tanker

Memorandum signed by Sovcomflot and Sberbank Photo SCF Group

On 23 November 2016, Sovcomflot and Sberbank signed a memorandum of understanding (MOU) paving the way for a new USD 180 million long-term credit agreement with a term of up to 15 years. On behalf of the parties the MOU was signed by Sergey Frank, Chairman and CEO of Sovcomflot, and Herman Gref


Youngest Containership Sold for Scrap

landmark boxship scrap sale Image courtesy Vessel Values

Today in the containership industry a landmark deal has occurred with the youngest ever containership sent for demolition by Rickmers Marine Trust. The vessel was a seven year old panamax boxship (4250 TEU, 2009 Blt, Built China). She is valued just above scrap at USD 5.87m


Akastor, Mitsui, MOL Close JV Transaction

Akastor was created in 2014 by separating the oilfield services company Aker Solutions ASA into two new entities

Akastor ASA (OSE: AKA) announced today that the Agreement with MITSUI & CO., LTD ("Mitsui"), and Mitsui O.S.K. Lines, Ltd. ("MOL"), to create a joint venture with 50/50 ownership between AKOFS Offshore AS ("AKOFS") and Mitsui/MOL has now been approved and


$45 mln to bolster Reef Protection

Josh Frydenberg, Minister for the Environment and Energy Photo Australian Government Media Release Service

The Australian and Queensland Governments are investing $45 million in an Australian first to improve water quality and reduce sediment run-off across the Great Barrier Reef. The $45 million Great Barrier Reef Gully and Streambank Joint Program will deliver a cohesive program of restoration


Frontline Sees Limited Effect on Demand From 'Balanced' OPEC Cut

* Crude oil tanker firm Frontline says a potential "balanced cut and cap from OPEC", as suggested by some analysts, is not expected to have a large impact on the tanker market * Says significant volume cuts by OPEC, although unlikely, would be negative for tanker freight demand


Partners to Build LNG Dual-fuel Bunker Ship for Singapore

Harley Marine International Holdings Pte. Ltd. said it has signed an MoU with Pavilion Gas Pte. Ltd, Mitsui O.S.K. Lines, Ltd. (MOL), and Mitsui & Co., Ltd. (Mitsui) to build the first liquefied natural gas (LNG) dual-fueled bunker tanker for Singapore.  


CMA CGM on APL Integration

Photo: CMA CGM

 APL improved its performance in the first three months under the ownership of CMA CGM Group in a challenging market.   APL’s 3Q 2016 volume rose almost 9.9% to 1.3 million TEUs (vs. 3Q 2015). This organic growth was driven by more than 20 co-operations on new and enhanced






 
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