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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.


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In an unpublished decision, the U.S. Court of Appeals for the Fourth Circuit ruled that the one-year statute of limitations under the Longshore and Harbor Workers' Compensation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


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. 


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


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


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.


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.


Containership Charter Market: Back To The Bottom

Graphics: Clarksons Research

 The dust has now settled on the brief rally and subsequent dramatic downturn of the containership charter market in 2015, says  Clarksons Research.   After a good few years in the doldrums, last year saw some fairly animated movements in boxship charter rates


Innovative A-Frame Crane for RV Sikuliaq

Photo: Allied Marine Crane

Recently installed aboard the R/V Sikuliaq was Allied Marine Crane’s innovatively redesigned A-Frame crane, which aims to improve the safety and capability of the marine research industry.   Built at Allied Systems’ 250,000 sq. foot mfg. facility in Sherwood, Ore


GE Extends Royal Canadian Navy Contract

Photo courtesy of GE Canada

GE Canada announced it recently extended a contract with Public Services and Procurement Canada to provide maintenance and logistics support services for a 15th year. The contract covers the Royal Canadian Navy’s (RCN) fleet of LM2500 aeroderivative gas turbines that power Halifax-class


GPA Executive Director to Step Down

Curtis Foltz (Photo: GPA)

Curtis Foltz steps down; Griff Lynch named new executive director of Georgia Ports Authority   Georgia Ports Authority (GPA) executive director Curtis J. Foltz will step down at the end of the fiscal year, June 30, the port authority’s board of directors announced today.  


DP World, SCA Pact for Ain Sokhna Port Development

Photo: DP World Sokhna

 Suez Canal Authority (SCA) and the Red Sea Ports Authority signed an agreement with Dubai Ports World (DP World) and Sonker Bunkering Company for the development of Egypt’s Ain Sokhna seaport, reports Egypt Independent.   The signing of the deal comes in line with directives by


Fast Crew Supplier for P&O Repasa

Photo: Damen

P&O Repasa, a new company formed last year by the acquisition of the majority of the shares in Spanish towage firm Repasa by P&O Maritime, has taken delivery of one Damen Fast Crew Supplier 5009. The vessel will be operated from Malabo on Bioko Island, Equatorial Guinea


WSS’ Busan Hub Starts Strong

Photo: WSS

As Wilhelmsen Ships Service’s (WSS) new Northeast Asia Distribution Center, located in Busan, South Korea approaches its first birthday, the 6,500 sq. m warehouse facility continues to help the firm establish its position in the regional marketplace.  


New Deep-Sea Vents, Volcanic Activity Found in Mariana Back-Arc

The autonomous underwater vehicle Sentry (yellow, at left) is prepared for deployment off the stern of the RV Falkor, after a trace-metal CTD instrument package and water sampler is recovered (lower right). Photo credit SOI

  Schmidt Ocean Institute’s research vessel Falkor returns from the first ever expedition to systematically characterize the rarely explored Mariana Back-Arc. HAGANTA, GUAM – A diverse team of scientists are returning from a 28-day expedition onboard R/V Falkor that has more


Dry Aulk Awakens from Slumber

Pic: China COSCO Bulk Shipping

 After a quiet holiday period, the market has slowly awakened from its slumber, says the weekly report by Fearnleys A.S.   Rates are not running away but the market looks like it is finding a bottom. Averages for a Surpa are now around mid $4


Dark Days Ahead for Container Ships

Photo: Mediterranean Shipping Company

 Further widening of the supply-demand imbalance at the trade route level and insufficient measures to reduce ship capacity will lead to an acceleration of freight rate reductions and industry-wide losses in 2016, according to the latest Container Forecaster report published by global


Russian Class for New FSRU

Russian Maritime Register of Shipping

A Floating Storage Regasification Unit (FSRU) will be built to the class of Russian Maritime Register of Shipping (RS). The agreement on classification of FSRU under construction has been signed between RS and Hyundai Heavy Industries, the Republic of Korea.   


Singapore's Sops to Ailing Shipping

Logo: Maritime and Port Authority

 The Maritime and Port Authority (MPA) of Singaporehas announced an additional 10 per cent concession on port dues for container vessels calling in Singapore, with port stays of up to five days, to help the shipping industry tide over the current economic downturn.  


Vessel Demand Suffers Shock

Table: Clarksons Research

 Containership owners have experienced some tough times in recent years, and early in 2015 it looked as if things might at last be on the up, says Clarksons Research.   However, last year proved to be the classic ‘game of two halves’


BIMCO: Container Shipping Faces Low Supply Growth

CSCL Globe on sea trials. (Photo: Hyundai Heavy Industries)

While the containershipping market continues to welcome a fleet of modern, mammoth efficient ships to the fold, it will struggle in 2016 with low supply growth that will test its mettle, according to a recent analysis from BIMCO. Overall, container volumes being moved around the world have grown


Concordia Maritime Signs Time Charter Contract for P-MAX Tanker

Concordia Maritime signed a contract to charter out another P-MAX tanker. The contract, which comes into effect at the beginning of February 2016, is for one year with an option for a further year. The contract partner is a UK shipping company.






 
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