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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


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


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


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


Concordia Maritime - Interim Report 1

Interim Report 1 January-30 September 2012 •    Weak market during the quarter •    Stena Primorsk chartered out to new customer •    Another P-MAX tanker, Stena President, converted to IMO 3 Total income, SEK 417.1 million EBITDA, SEK 175.4 million Operating result before impairment, SEK 61.9 million Impairment, SEK -408.8 million Operating result after impairment, SEK -346.9 million Result after tax, SEK -365.7 million


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


Cruise Industry Highlights Environmental Efforts

Royal Caribbeans Adventure of the Seas (Photo: CLIA)

In commemoration of Earth Day, Cruise Lines International Association (CLIA) today highlighted the extensive efforts of the cruise industry and CLIA member lines to preserve and protect the environment.   “CLIA member cruise lines continue to invest in systems and technologies


Brazilian Soybeans Sold to China Bound for US

Two Brazilian soybean cargoes sold by Japan's Marubeni Corp that were initially sold to China have been switched to the United States, according to port and shipping data updated on Tuesday, the latest of several U.S. import shipments expected this season.


BP Gulf Spill Trial Set For January

  The high-stakes penalty phase of BP's trial over its role in the 2010 U.S. Gulf of Mexico oil spill will start next January, court officials said on Tuesday, and billions of dollars could be on the line. Fines under the Clean Water Act could top $17 billion


AMSEA Awarded US$33-Million Navy MSC Contract

AMSEA operated RoRo: Image credit MSC

General Dynamics American Overseas Marine LLC (AMSEA) apprises it has been awarded the USD$32.7 million contract modification to operate and maintain seven large, medium-speed, roll-on / roll-off ships (LMSR) for the Military Sealift Command.


China Shipbuilder Rongsheng in 2013 Revenue Freefall

Cheng Quang: Chairman China Rongsheng

During the year ended 31, December 2013 China Rongsheng, the largest non-state-owned shipbuilder in the PRC, reports that revenue of the Company was RmB1,343.6 million, a decrease of 83.1% from RmB7,956.3 million for the year ended 31 december 2012. Excerpts from the report follow:


DP World Inaugurates Jebel Ali Inspection Facility

Image DP World

DP World informs it has inaugurated the largest and latest container inspection facility at its flagship Jebel Ali Port in Dubai. The new facility is one of the largest inspection facilities in the region, spanning over 7,000 square metres and providing 59 customs


Wheelabrator Tallies 1 Million Safety Hours

Martin Magill, Senior Vice President; Pierre Tanguay, VP Supply Chain; and Angelyn Gill, Health Safety and Environmental Coordinator, raising the flag at Wheelabrator, LaGrange

Wheelabrator Group said it reached a major milestone during the first quarter of 2014 with 1 million hours without a lost time incident. More than 200 Wheelabrator employees and guests marked the event during a safety luncheon at their LaGrange facility, March 13


U.S. Supreme Court Declines Exxon Mobil Appeal

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The U.S. Supreme Court on Monday declined to review a ruling against Exxon Mobil Corp that ordered the company to pay $105 million in damages for polluting New York City's groundwater with a toxic gasoline additive. The decision not to hear the case leaves intact a July 2 U.S


ISR Holds Crawler Crane Dedication Ceremony

Photo courtesy International Ship Repair & Marine Services, Inc.

International Ship Repair & Marine Services, Inc. (ISR) was awarded a $980,260 federal grant from the U.S. Department of Transportation Maritime Administration (MARAD) to partner in the funding of its new, American made, 275-ton Manitowoc crawler crane.


PPG Reports Record Q1 2014 Results

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  PPG Industries (NYSE:PPG) reported record first quarter 2014 net sales from continuing operations of $3.6 billion, up $528 million, or 17 percent, versus the prior year. First quarter 2014 reported net income from continuing operations was $277 million, or $1.97 per diluted share


Keystone Backers Keep Their Faith In Embattled Pipeline Plan

Pipeline Construction

  Six years after applying to build the Keystone XL pipeline, Canada's frustrated oil industry appears steadfast in its support of the plan even though Washington has again delayed a decision on whether to approve the politically charged project.


China Shipyards Win US$100-Million OSV Contracts

OSVs in port: File photo

COSCO Corporation (Singapore) Limited says that its subsidiary Dalian and Guandong shipyards in China have won the following offshore vessel construction contracts: 1. COSCO (Dalian) Shipyard Co., Ltd., has secured a contract from an Asian company to build four Emergency Response / Rescue / Field


Harris Corp Awarded Huge Navy Satcom Contract

Satellite receiver: File photo

Florida-based Harris Corporation informs it has been awarded a US Navy potential US$133-Million broadband satellite communication terminal contract. Highlights: Harris to deliver up to 120 high-data-rate terminals to support mission communications and morale of shipboard personnel.


Saipem: A Fleet Grows in Brazil

Saipem FDS 2 with new J Lay tower at anchor. (Photo Saipem)

As some pre-salt plays begin production, a wide range of subsea infrastructure is being built, with O&G transportation pipeline grids being one of the vital downstream systems. Saipem has been recipient of the first major contracts to install deepwater pre-salt pipelines by national operator


Inside Paraguay’s Oil Boom

President Energy Drilling at Puerto Guardian in Argentina and near the Paraguay border.

The Republic of Paraguay is a landlocked country in South America bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. The Paraguay River runs through the center of the country from north to south


 
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