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One Year

Arlington Tankers Exercises Four Options

Stena's exercise of the one-year options for the Panamax tanker, Stena Companion, and for the Product tanker, Stena Concord, extends the terms of the charters for these vessels to November 10, 2009. Stena continues to have the option to extend these charters on a vessel-by-vessel basis for two additional one-year terms. With respect to the Stena Companion, effective November 11, 2008, the basic charter rate will increase to $18,639 per day for a guaranteed 360 days per year and the fixed vessel management fee will increase to $6,989 per day through November 10, 2009. With respect to the Stena Concord, effective November 11, 2008, the basic charter rate will increase to $16,642 for a guaranteed 360 days per year and the fixed vessel management fee will increase to $6,442 per day through November 10, 2009. During the one-year charter extension, both vessels will also continue to be eligible to earn additional hire revenues through the Company's profit sharing arrangement with Stena.


Northrop Gets Navy Deal Worth up to $43M

Northrop Grumman Corp. (NYSE: NOC) was recently awarded a contract from the U.S. Navy with a high-end value of $43m. Under the deal, Northrop will provide management and technical support for foreign military sales, a government-to-government program for selling defense equipment, services and training that furthers national security and foreign policy objectives. The contract's one-year base period is worth $10m and includes three one-year option periods.


Tidewater Amends Bylaws and Reappoints Two Directors to Board

Tidewater Inc. has taken action to implement the board declassification proposal which has been sponsored by the Board of Directors and approved by the stockholders at the 2006 annual meeting. The Board of Directors has amended the Company's Bylaws to phase out the Company's classified board structure beginning with the 2007 annual meeting, with all director nominees at the 2007 annual meeting and thereafter to be elected for one-year terms


Oceaneering Announces Hurricane Damage Services Contracts

Oceaneering International, Inc. won two contracts from BP Americas Production Company (BP) to provide vessel and remotely operated vehicle (ROV) services in the Gulf of Mexico (GOM) to support hurricane damage-related platform decommissioning operations. Under terms of each contract, Oceaneering will provide a dynamically positioned ROV support vessel equipped with three ROVs -- two work class and one observation class


LHWCA Statute of Limitations

In an unpublished decision, the U.S. Court of Appeals for the Fourth Circuit ruled that the one-year statute of limitations under the Longshore and Harbor Workers' Compensation Act (LHWCA) does not commence to run until the claimant knew or had reason to know that the injury was likely to impair his earning capacity. In the instant case, plaintiff hook man injured his back while working in a shipyard in 1993. He was temporarily out of work, but then worked regularly for four years


MOL Enhances Seafarer Education in Philippines

(Photo_Front line) Third right: Ms. Nona S. Ricafort PhD. Commissioner, Commission on Higher Education. Second right: Mr. Masaaki Nemoto Executive Officer, Mitsui O.S.K. Lines, Ltd. Third left: Mr. Eduardo U. Manese Chairman of the Board, Magsaysay Maritime Corporation

Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced an agreement to introduce the Third Year Program with seven merchant marine schools in the Magsaysay Institute of Shipping (MIS*1) in Philippines. The move is aimed at cultivating seafarers who support high level of safety standards in vessel operations. MIS selected new Filipino seafarers from among third-year students at merchant marine schools


George G. Sharp Wins Contract

George G. Sharp Inc., Virginia Beach, Va., is being awarded a $12,170,065 cost-plus-fixed-fee contract for operation and maintenance of the NAVSEA Inactive Ships On-Site Maintenance Office (NISMO) in Philadelphia Pa. This contract includes a one-year base period and four one-year options, which if exercised, bring the total estimated contract value to $52,277,547. Work will be performed in Philadelphia, Pa. (85 percent); Norfolk, Va. (7.5 percent); and


Seafarers 'Bill of Rights' In Force Today

Photo credit IMO

Tuesday 20,  August 2013 is the date when the Maritime Labour Convention (MLC) 2006, comes into force for ships flagged in those states that signed up to it exactly one year ago. More states have since signed the convention, and the MLC will take effect for them one year on from the date they signed. Currently, 47 member states of the International Labour Organization (ILO) have signed up to the MLC, representing more than 75 percent of the world’s gross tonnage of ships.


Hydroid Awarded US$26-million Navy Contract

Included in the latest listing of US Department of Defense, Navy, contracts is the news that Hydroid Inc, has been awarded a significant UUV order for services with long-term options. Hydroid Inc., Pocasset, Mass., is being awarded a $26,231,287 cost-plus-fixed-fee, firm-fixed-price, indefinite-delivery/indefinite-quantity contract for engineering services, repair and training support for the Navy's MK18 unmanned underwater vehicle family of systems. 


Energy Searcher Gets Offshore Nigeria Contract

Drillship Energy Searcher: Image courtesy of the owners

Northern Offshore subsidiary, Northern Offshore International Drilling Company says it has executed a long-term drilling contract with an affiliate of CAMAC Energy Inc. for its drillship 'Energy Searcher'. The contract commits to an initial period of one year, with an option to extend the contact for an additional one-year term. Commencement of drilling activities on the Oyo Field offshore Nigeria is expected during the first half of 2014.


Shell drops Norwegian subsea gas project

Royal Dutch Shell has dropped one of Norway's biggest and most innovative industrial projects due to rising costs and complexity, dealing a blow to a technology that some hope could revolutionise offshore production. Shell said on Friday it would postpone a project to provide subsea compression


New Dry-Freight Box Prices on the Rise

File image CCL3

Prices for new dry freight containers increased in the opening months of 2014 for the first time in two years, observes Drewry's latest 'Container Leasing and Container Census'. Standard box prices declined gradually throughout 2013, falling by late in the year to their lowest point since 2009


Navy RoRo Contract Modification Awarded to AOM

USNS Gilliland: Photo MSC

In the latest listing of US Department of Defense, Navy, contracts American Overseas Marine (AOM) LLC, Quincy, Mass., is being awarded a US$32,668,153 modification under a previously awarded firm-fixed price contract (N00033-10-C-5300) to exercise a one-year option period for the operation and


Quiet March Sees Cargo Slow in Long Beach

Photo courtesy the Port of Long Beach

Harsh winter elsewhere, ship deployment changes soften traffic Container volumes at the Port of Long Beach dipped in March, compared to the same month one year ago, with a decline of 1.9 percent overall and imports essentially flat. March saw some shipping lines suspend services or switch to


U.S. Navy awards contracts to Lockheed, Austal for 4 more ships

File Photo: LCS hulls 4 & 6 alongside the pier at Austal Shipyard..

The U.S. Navy has awarded contracts worth nearly $1.4 billion to buy four more Littoral Combat Ships from Lockheed Martin Corp and Australia's Austal Ltd, the U.S. Defense Department said on Monday. Lockheed won a contract valued at $699 million to build two more of its steel monohull-design


Navios Acquisition Announces VLCC Delivery

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that the Nave Buena Suerte, a 2011-built VLCC of 297,491 dwt, was delivered today. The Nave Buena Suerte, one of the three VLCCs acquired in November 2013, was purchased for $57.0 million.


MOL Granted Exemption in Car Carrier Price-Fixing Probe

MOL car carrier: Photo in public domain

Mitsui O.S.K. Lines (MOL) inform that the Japan Fair Trade Commission (the JFTC) has issued Cease and Desist Orders and Surcharge Payment Orders to certain shipping companies regarding certain car carrier shipping trades, but exercised leniency as MOL had already desisted from the questioned


World's Largest Jack-up Rig Named

Worlds Largest Jack-up Rig: Photo courtesy of Maersk Drilling

In a ceremony held at the Keppel FELS shipyard in Singapore, the ultra harsh environment jack-up rig Maersk Intrepid was named in the presence of the Guest of Honour Mr Lui Tuck Yew, Minister for Transport in Singapore. With a leg length of 206


UK Transport Dept. Extends Contract with BMT

BMT RCL_Image 2 (low rez).jpg

BMT Reliability Consultants (BMT)  has announced a one year contract extension with the UK Department for Transport (DfT).  BMT will continue working with the DfT to provide maritime statistics support, as part of the statutory legislative requirements set out in the Maritime Statistics


Scorpio Bulkers Continue to Think Big with New Orders, Charters

Photo courtesy of Scorpio Bulkers

Monaco-based Scorpio Bulkers Inc. says it has signed agreements to purchase 5 Capesize dry bulkships from South Korea shipyards for a total of US $306 million, and has entered into charter party contracts as set out below: Newbuildings Yard         &n


Latest DoD Navy Contracts

USNS Guadalupe: Photo MSC

Vigor Industrial LLC, Moran Towing Corp., and Maersk Line, Ltd.  figure amongst the latest US Department of Defense, Navy, contract awards for various services as follows: USNS ship repair contract – Vigor Vigor Industrial LLC, Portland, Ore


New Bunker Industry Chairman Focuses on Supply Quality

Jens Maul Jorgensen: Photo IBIA

The International Bunker Industry Association (IBIA) informs of the appointment of Jens Maul Jorgensen as its Chairman for 2014/15. He replaces Simon Neo who has completed his one year term of office.  
 IBIA say that Jens Maul Jorgensen is Director of Bunkers for German dry bulk shipowner


Long Legs Jack-Up 'Maersk Intrepid' Delivered

Maersk Intrepid at night: Image Maersk Drilling

Maersk Drilling informs it has taken delivery of its first ultra harsh environment jack-up, 'Maersk Intrepid', from the Keppel FELS shipyard in Singapore, and on time. The new offshore jack-up rig will start its mobilisation to the Norwegian North Sea in approximately two weeks


US Approved 52 Oil Re-export Licenses in Last 6 Months

The U.S. Department of Commerce approved 52 crude oil re-export licenses in the last six months to destinations other than Canada, the department said on Tuesday. The permits, which were approved between October 2013 and March, include 14 licenses for re-exports to European countries


Box Prices Rise for the First Time in 2 Years

Photo: Drewry

Drewry’s latest Container Equipment Insight, exclusive to subscribers of Drewry’s Container Leasing and Container Census reports, saw prices for new dry freight containers increase in the opening months of 2014 for the first time in two years.


 
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