Bernhard Schulte Shipmanagement (BSM) and Optimum Ship Management (Optimum) have announced the launch of a new joint venture partnership, Hanseatic Cruise Services. Based in Singapore, Hanseatic Cruise Services will provide comprehensive, world class passenger vessel management services to third-party clients around the world. BSM is continuously working to expand and diversify its range of services. It believes that the cruise industry presents a significant opportunity for development, offering major growth potential. Captain George Koumpenas of Optimum says he is honored to partner with BSM, one of the world’s preeminent ship management companies. “BSM’s pedigree as a global innovator in shipmanagement ensures our new joint venture, Hanseatic Cruise Services, will enter the market place as a provider of world class passenger ship management services. BSM has long set the standard for maritime solutions, and we look forward to a long and fruitful partnership.”
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
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
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
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.
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
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
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
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.
ABS Chairman, President and CEO Christopher J. Wiernicki addressed attendees at the dedication ceremony for the new ABS Engineering Center at Stevens Institute of Technology on 17 November 2016, encouraging students to use these facilities to work toward solving industry challenges.
Rosneft and BP announce the completion of the deal to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation. Final binding agreements for the new joint venture were signed at the XX St
The announcement that three Japanese shipping groups will merge their liner shipping businesses is further evidence of survival M&A sweeping the industry according to global shipping consultancy Drewry. This morning Kawasaki Kisen Kaisha Ltd
Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd. and Nippon Yusen Kabushiki Kaisha will establish a new joint-venture company to integrate the container shipping businesses. The shippers have agreed, after the resolution by the board of directors of each company
In order to offer shippers a more comprehensive service on Asia-Australia trade, Evergreen Line, OOCL, MOL, "K" Line and YML are teaming up to offer a new joint North East Asia - Australia Express (NEAX). This weekly service will utilize six ships of between 3,500 and 3
MacGregor, part of Cargotec, and China State Shipbuilding Corporation's (CSSC) Nanjing Luzhou Machine Co Ltd (LMC) signed a joint venture contract to form CSSC Luzhou MacGregor Machine Co Ltd. Subject to all relevant authority approvals, expected within this year
ARCOS Innovations Inc. is a new joint venture founded by members of SSI leadership and a senior SSI reseller with expertise in the implementation and development of enterprise systems for shipbuilding and offshore. The mission of ARCOS is to help customers solve key business challenges
Carnival Corporation & plc has announced that its cruise joint venture in China has signed a non-binding memorandum of agreement (MOA) to order the industry’s first new cruise ships built in China for the Chinese market. The MOA is subject to several conditions including closing of the
New joint co-operation between Gasum and Wärtsilä aims to develop the utilization and distribution of natural energy gases in marine and land markets. Gasum, the Nordic leader in natural gases and Wärtsilä, a global leader in advanced technologies and complete lifecycle
DNV GL launched a new joint industry project (JIP) together with thirteen global partners to mutually develop a Recommended Practice for the coupled analysis of floating offshore wind turbines. Despite the fact that the wind industry has a strong focus on the development of floating
Russia's Rosneft and Italy's shipping company Pietro Barbaro have agreed to jointly develop international sea freight operations, as the oil group has been aiming to expand its shipping business. Rosneft (represented by RN-International projects) and Pietro Barbaro S.p.A
On 19 May, Ziemelblazma Culture Palace in Riga, the Latvian capital was the venue for a meeting between numerous representatives of the Ports of Liepaja, Riga, Ventspils, Lübeck, Kiel and Hamburg. This was hosted by the three Latvian ports and Port of Hamburg Marketing (HHM)
In a concerted drive to find smart solutions to safely reduce complexities and cost in the North American oil and gas industry, DNV GL is leading seven new joint industry projects (JIP) from the region in 2016. The initiatives will support overall efficiency efforts in the pipelines
To cope up with so much financial strain, Hong Kong-based shipbuilders China Ocean Industry Group – formerly known as China Ocean Shipbuilding Industry Group – is literally being turned into a parking lot, reports Bloomberg.
Oman Shipping Company (OSC) is launching a new freight service linking all Omani ports to the United Arab Emirates by mid-April, 2016, in a move that aims to boost trade links. OSC’s new fortnightly Oman Express Service will be the first freight feeder operator to connect all Omani