Month High
Merger Talks In Singapore
Shares of Keppel Hitachi Zosen Ltd. and Keppel FELS Energy & Infrastructure Ltd. surged on market talk the two units of the Singapore conglomerate Keppel Corp. would be merged. Ship repair specialist Keppel Hitachi jumped as much as 47 percent to an eight-month high of S$0.575 before moving back to S$0.51, up 12 cents, in moderate trade of 3.7 million shares. KepFELS, which also has a marine business, rose eight cents to S$0.935 after surging as much as 17 percent earlier to S$1.00 -- a level not seen since the middle of March. Volume was high with more than 10 million shares traded. "The rumours are not new. It seems that day traders were riding the wave," said a senior trader at a local brokerage. A Keppel official said she was "not aware of any corporate development". Shares of Keppel-related companies, including the parent, have risen recently on talk of an impending restructuring within the conglomerate. - (Reuters)
SS&Y Capesize Indices Both Rise
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rose 76 points in the week ending Monday to 5,060. "The index rose back above the psychological 5,000 barrier despite a relatively quiet week," SS&Y said. "Japanese steel production was down on last month's highs but still remains a force to be reckoned with and South Africa is drawing tonnage away from the Pacific, giving further cause for optimism amongst owners
Mideast Crude Tanker Rates at One-Month High
According to an August 16 report from Reuters, crude oil freight rates on major routes were mixed on Monday with the Middle East Gulf market hitting its highest in a month due to better cargo activity and tighter vessel availability as owners held back ships. The world's benchmark Very Large Crude Carrier (VLCC) export route from the Middle East Gulf to Japan DFRT-ME-JAP was at $21,809 a day, up from $6,185 a day last week and at the highest since mid July. (Source: Reuters)
Transocean Awarded Contracts
Transocean Inc announced that Statoil on behalf of a consortium consisting of Statoil, Eni, Norsk Hydro and Shell has awarded multi-year contracts valued at an estimated $700 million in revenues for the company's High-Specification semisubmersible rigs Transocean Arctic and Polar Pioneer. The Transocean Arctic has been awarded an estimated 50-month contract for drilling, completion and intervention work on the Norwegian Continental Shelf
Genco Shipping & Trading Q1 2010 Results
Genco Shipping & Trading Limited (NYSE:GNK) reported its financial results for the three months ended March 31, 2010. The following financial review discusses the results for the three months ended March 31, 2010 and March 31, 2009. First Quarter 2010 and Year-to-Date Highlights: -- Recorded net income of $33.5 million, or $1.07 basic and $1.06 diluted earnings per share attributable to Genco's shareholders for the first quarter;
ING Raises Ratings On Oil Companies
ING Barings has raised its ratings of the shares of several oil and gas companies. ING raised Burlington Resources to strong buy from hold, Transocean Offshore to strong buy from buy and Ocean Energy Inc. to buy from hold. On Transocean, analyst Stephen Gengaro wrote: "We believe the stock has lagged the group because of the relatively high level of contract rollovers over the next six months, which includes some of the company's high-specification semis currently working at high day rates
Austal Opens European Service Hub
Austal announced an expansion of its European service presence with the establishment of a maintenance hub on the Strait of Gibraltar. Based in Southern Spain and Northern Morocco, the new operations will support the extensive fleet of Austal and non-Austal high speed craft currently operating on the Strait of Gibraltar. Austal Managing Director Bob Browning said “This strategic move positions Austal near a region with high demand for vessel maintenance and management services.”
Trimaran Delivered Two Months Early
The development of the unique trimaran warship reached perhaps its most significant milestone when the demonstrator, RV Triton, was delivered two months early by Vosper Thornycroft. The ship took just 20 months to build despite an unprecedented number of challenges in building the advanced 97 m ship. It will start 18 months of trials in October. Approximately 500 sensors will monitor the stresses and performance of the hull form as the Triton, whose crew will include up to 12 scientists
W&T Offshore Reports 3Q Results
W&T Offshore, Inc. (NYSE: WTI) announced its financial and operational results recently. Net income for the third quarter of 2007 was $36.3m, or $0.48 per diluted share, on revenue of $255.2m, compared to net income for the same quarter in 2006 of $66.7m, or $0.91 per diluted share. Net income for the third quarter of 2007 reflects the impact of a $6.4m unrealized derivative loss ($4.2m after-tax), or $0.05 per diluted share
Vosper Thornycroft Experiences Higher Earnings
British shipbuilder Vosper Thornycroft Holdings Plc said on Tuesday profits before tax and goodwill rose 14 percent to $27 million in the six months to September, on turnover up 40 percent to $248.5 million. The company said in a statement its order book was worth a record 1.25 billion pounds ($1.7 billion), which "reflects a significant forward workload". Earnings per share rose eight percent to 36.3 pence ($0.51), out of which a 10.5 pence interim dividend, 7.7 percent higher, will be paid
Scana to Supply Rolls-Royce with Marine Propulsion Components
Scana Industrier ASA subsidiary Scana Steel Björneborg, receives an additional order from Rolls-Royce, for delivery of complete propeller and intermediate shafts during 2013-2014. The total value of the contract is 20-million SEK. Scana Steel Björneborg has a long history as a supplier
Long Beach Container Volume Up in May
Container cargo rose by more than 17 percent in May 2013 at the Port of Long Beach, with some of the highest volumes in nearly 3 years. A total of 583,588 TEUs (or twenty-foot equivalent container units) were moved in May, up 17.2 percent from the same month last year. Imports increased 22
U.S.-Flag Cargo Movement on Lakes Up in May
U.S.-flag Great Lakes freighters (lakers) carried 10.1 million tons of dry-bulk cargo in May, an increase of 3.3% compared to the corresponding period last year. The May float was also largely in line with the month’s long-term average.
HMAS Toowoomba Returns From the Middle East
Minister for Defense Stephen Smith today welcomed HMAS Toowoomba home from a six-month deployment to the Middle East Area of Operations (MEAO). Minister Smith greeted the crew at her homeport Fleet Base West (HMAS Stirling), Rockingham, Western Australia.
Survey Finds Rise in Shipping Confidence
Overall confidence levels in the shipping industry rose to their highest level for two and a half years in the three months ended May 2013, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.
Retailers Remain Cautious on Merchandise Imports
Import volume at the nation’s major retail container ports is expected to increase 1.1% in June over the same month last year, reflecting modest growth expectations as retailers head toward the back-to-school and holiday seasons, according to the monthly Global Port Tracker report released
Cargill Takes Delivery of the Ardmore Seaventure
Product and chemical tanker specialist Ardmore Shipping has taken delivery of the Ardmore Seaventure from SPP Shipbuilding in Korea and immediately delivered the tanker to Cargill on a 12 month time charter arrangement. The Ardmore Seaventure is a 49
FSL Trust Secures Relaxation of Loan Covenants
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust wishes to announce that it has secured a temporary relaxation of two of its loan covenants from its lenders. The relaxation of covenants would be in effect for 12 months until end-June 2013.
Petrobas FPSO Goes Onstream Offshore Brazil
FPSO 'Cidade de Paraty' went onstream to begin commercial production in the Santos Basin Lula Nordeste pre-salt. Cidade de Paraty is a FPSO platform (Floating, Production, Storage and Offloading) vessel anchored at a water depth of 2,120 meters
Submarine Minnesota Delivered on Budget and Ahead of Schedule
Huntington Ingalls Industries (HII) announced that the company's Newport News Shipbuilding (NNS) division delivered the submarine Minnesota (SSN 783) to the U.S. Navy. The boat, the last of the Block II Virginia-class submarines, delivered nearly 11 months ahead of schedule.
Jaya Wins $60 million in Long-term Charters
Offshore energy services provider Jaya Holdings Ltd. announced that the Group has signed contracts for three of its four newbuild platform supply vessels (PSVs) ahead of their delivery dates from the shipyard. The total value of these three contracts is more than $60 million
Navy Time Charter of 'Kellie Chouest' Renewed
Among latest Deptartment of Defense, Navy contracts, an option for renewal of the 12-month time charter of the US-flagged surface support vessel is exercised. Alpha Marine Services, LLC, Cut Off, La., is being issued an $8,184,030 modification under a previously awarded firm-fixed-price
Data Convincing for Container Ship Noise Replacement
DNV gathered before and after operational-performance data which indicate that redesigning the bulbous bow of slow-steaming container ships can produce fuel savings of 5% or above. These “nose jobs” can have a payback time of less than a year, DNV said.
Harvey Gulf Announce $1 Billion Credit Facility
New Orleans based Harvey Gulf International Marine CEO Shane Guidry announced his company’s first public rating from Moody’s for a new $1 billion credit facility. Harvey Gulf CEO, Shane Guidry, said the rating will help increase the company’s EBDITA to over $500 million in 2016
LNG 'Pea Pod' Carrier Order for MHI
Mitsubishi Heavy Industries to build a 7th pea-pod superstructure shape "Sayaendo" LNG carrier for a "K" Line/INPEX subsidiary joint venture. Sayaendo series ships feature a unique structure that integrates the LNG tank cover with the ship hull