Swiss Re, Lloyd's underwriter Chartwell Re and marine mutual insurance manager Thomas Miller are reportedly setting up a new joint venture marine insurance syndicate at Lloyd's.
Norway-based Offshore shipping company, Oceanteam Shipping ASA, highlights results in the first quarter of 2014 and draws attention to a Mexico J/V with PEMEX. Revenue from operations USD 15.1 million for the quarter. EBITDA from operations is positive USD 6.7 million for the quarter. Operating profit of USD 4.2 million. Net finance negative USD 3.7 million. CSV Southern Ocean is 100 percent consolidated from the first quarter due to change in
Exmar, the tanker division of Belgian shipping company CMB is reportedly in talks with Norway's Golar LNG to merge their liquified natural gas activities. It was reported that Exmar director Nicolas Saverys said the new LNG company would have assets worth $500 million. "We are in detailed negotiations with (John) Frederiksen (Golar LNG's shipping magnate owner) about bringing our LNG activities into a new joint venture," Saverys was quoted as saying.
At the headquarters of ZF Friedrichshafen AG, the management of ZF and of Nanjing Highspeed & Accurate Gear (Group) Co. Ltd. (NGC) signed a contract to establish the ZF Nanjing Marine Propulsion Co. Ltd. (ZF-NMP). The company will be based in Nanjing, P.R. China, owned 60 percent by ZF (China) Investment Co. Ltd., Shanghai (a subsidiary of ZF Friedrichshafen AG) and 40 percent by NGC. The new company will assemble and market ZF Marine’s range of heavy duty transmissions for application in
V.Ships Hansen has been formed by incorporating the respective ships agency companies of V.Ships MSI (the Asian joint venture of V.Ships and IMC) and the Hansen Group of Taiwan. This new company will have its own offices in Singapore, Taiwan, China, Vietnam and Cambodia whilst maintaining its Asia-wide network of partners in other countries. V.Ships Hansen enhances V.Ships Agency’s ability to offer multi regional packages to customers
Wärtsilä to divest its shares in QMD two-stroke joint venture Wärtsilä announced that it will divest its shares in the Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co. Ltd. (QMD), the joint venture company established for manufacturing large low-speed marine diesel engines. Wärtsilä's shares in the joint venture will be transferred to the current majority shareholder, Qingdao Qiyao Linshan Power Development Co. Ltd
Augustea Bunge Maritime Limited ("ABML") a joint venture company of Augustea Atlantica S.p.A. and Bunge Limited (NYSE: BG), has announced the formation of a new joint venture with York Capital Management The new company, ABY Holding Limited ("ABY"), will operate an independent fleet of ocean-going dry-bulk vessels. The Malta-based venture intends to grow through the acquisition and chartering of modern ships.
DNV GL announced the initiation of a new joint industry project (JIP) to define the state-of-the-art next-generation LNG carrier. According to DNV GL, the aim is to develop a new LNG carrier that has a significantly improved environmental footprint and is more energy efficient and better suited to future trading patterns than existing vessels. The project will include the latest technology advances in cargo containment and propulsion efficiency
The joint venture agreement between Wärtsilä and China State Shipbuilding Corporation (CSSC) for the takeover of Wärtsilä's two-stroke engine business, which was announced in July 2014, has now been finalized. The required government and merger control approvals having been received, official closing took place on January 19, 2015. The company is owned 70% by CSSC and 30% by Wärtsilä, and is to be named Winterthur Gas & Diesel Ltd. (WinGD)
Newport News Shipbuilding to host ground-breaking ceremony for aircraft carrier and submarine production facility Huntington Ingalls Industries' Newport News Shipbuilding subsidiary will hold a ground-breaking ceremony for its new Joint Manufacturing and Assembly Facility (JMAF) on Monday, June 22. Slated to open in 2017, the JMAF will support the builder’s Gerald R. Ford-class aircraft carrier construction and current and future Virginia-class submarine construction
Mitsui O.S.K. Lines (MOL) today announced the launch of new joint services with Maersk Line (ML) and Mediterranean Shipping Company (MSC) between the major trading hub of Asia and key ports in East coast of South America. MOL’s existing service ‘CSW’ will be upgraded
E-navigation specialist NAVTOR has joined forces with Nautic AB, a provider of navigational equipment, charts and publications to the Swedish market, to launch NAVTOR NAUTIC AB. This jointly owned operation, based in Gothenburg, Sweden
Natural gas supply and trading company Litgas, part of Lithuania's state owned energy holding Lietuvos Energija, and Statoil, leading global energy company in oil and gas production, signed a memorandum of understanding (MoU) on July 2nd in Vilnius
Iceland was not involved in the creation of the new joint cooperation agreement on fishing in the Arctic Ocean, and insists it should be included. The five nations involved in the agreements since 2008 all have coastal boundaries with the Arctic Ocean
Regional Reporting Inc. (RRI) and Global Risk Evaluations (GREvL) inform of the creation of a joint venture aimed at expanding their marine services offerings. The new company Marine Reporting International Ltd. (MRI) will combine the marine division of GREvL and RRI's UK subsidiary.
Jaccar Holdings of Luxemburg and Hartmann Group of Leer, Germany, announce the establishment of a joint venture for the commercial management of ethane carriers. The new company, “United Ethane Carriers” or UEC, will be based in Singapore
Repasa performs first berthing duties with two new Damen Stan Tugs 1606; Spanish offshore support services provider extends reach to West Africa On October 13, Repasa's ASD Tugs assisted the berthing of a LNG tanker with great success. Yesterday the two Damen Stan Tugs 1606
Norway-based tanker and terminal company Odfjell reported third quarter losses despite revenue gains and the formation of a gas carrier new joint venture, among several "improvements." Odfjell reported third quarter 2014 chemical tankers EBITDA of $26 million
Pension funds, squeezed by low interest rates, are exploring investments in shipping in their hunt for higher returns, hoping to benefit once this industry starts to recover from one of its worst ever downturns. There are signs of a gradual pick-up in world trade and ship values for the first
ClassNK and leading global maritime software company NAPA have announced a new joint project to reduce the time and cost of designing vessels in accordance with the new IACS harmonised Common Structural Rules. The new project will enhance the data linkage between ClassNK’s
Grain, steel, salt help port exceed 2 million tons for first time in 29-year history The Port of Indiana-Jeffersonville handled over 2.4 million tons of cargo in 2014, up 48 percent from the previous year. This was the first time annual shipments exceeded two million tons in the port's
The U.S. and Georgian maritime sectors rolled out new Joint Maritime Operations Center (JMOC), which was built at the Coast Guard Supsa Radar Station on the Black Sea coast, reports Azer News. JMOC was established under the Coast Guard Department of Georgia's Internal Ministry and
As offshore field developments in the North and Norwegian Seas face maturity, operators on the Norwegian Continental Shelf (NCS) are looking to the more remote areas of the Barents Sea for further development. Here harsher environmental conditions
Mexico on Friday said it will cap its greenhouse gas emissions by 2026, becoming one of the first countries to formally submit its national climate plan the United Nations ahead of a key climate summit in Paris in December. Mexico's Foreign and Environment Ministries presented the
APL, Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kaisha (NYK) have together launched a new joint service between trading hubs in Asia and ports in Mexico, Colombia and Panama. In a joint statement made by the carriers, APL, MOL and NYK said Asia is an important market for exporters in