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 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.
In an unpublished decision, the U.S. Court of Appeals for the Fourth Circuit ruled that the one-year statute of limitations under the Longshore and Harbor Workers' Compensation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
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
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
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.
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
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.
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
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.
Less than one year after announcing the formalization of their relationship, Cummins and Konrad Marine confirm they have added 480 and 550 horsepower ratings to the diesel sterndrive packages they jointly offer. The 480 rating is approved for both leisure and commercial applications
The Coast Guard worked with the National Oceanic Atmospheric Administration to transport a baby orphaned Stellar Sea Lion from Seattle to Sacramento, Calif., Thursday, where it will be in the care of staff members from The Marine Mammal Center.
The International Bunker Industry Association (IBIA) has announced a series of measures to support companies and individuals impacted by last week’s collapse of OW Bunker. In Singapore, IBIA will be taking part in dialogue sessions led by the Maritime & Port Authority of
Economic development wins, new services and expanded agreements have resulted in record operating revenues and strong, double-digit cargo growth in 2014, Port President and CEO Gary LaGrange said during the annual State of the Port Address hosted by the International Freight Forwarders and Customs
Up to $30,000 in grant funds to be awarded this year The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of Coast Guard members and their families, announced today that it will offer scholarships for the education of qualifying spouses of Coast Guard members
The Maritime Administration (MARAD) is testing state-of-the-art, environmentally efficient technology onboard the Training Ship (TS) Kennedy. The National Defense Reserve Fleet vessel was provided to the Massachusetts Maritime Academy by MARAD for Cadet training
In a ceremony held at GMC Marine Partners yard in Mekjarvik in Norway, Mrs. Anita Utseth, Senior Vice President in Det norske oljeselskab ASA (Det norske) had the honour of naming the ultra harsh environment jack-up rig Maersk Interceptor.
Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships
India will float a company to develop Iran's Chabahar Port, a government statement said on Saturday, as New Delhi aims to take advantage of a thaw in Tehran's relations with world powers. The port of Chabahar in southeast Iran is central to India's efforts to circumvent Pakistan and
The Meyer Turku Oy yard in Turku, Finland, celebrated a historical day on October 10, 2014. Meyer Turku Oy, which officially changed ownership only three weeks earlier with the takeover by Papenburg, Germany cruise ship building power Meyer Werft, floated out the cruise ship Mein Schiff 4.
DNV GL celebrated its 150th anniversary of DNV and the one year of the DNV GL merger in The Hermitage and The National Maritime Museum in Amsterdam yesterday. New Norwegian-German owner of KEMA calls for world leaders and industry to focus on sustainability 300 years of experience in certifying
For its efforts to promote young employee development, marine insurer GARD has been awarded the 2014 YoungShip Young Corporation Award. The shipping industry is acknowledged as one of Norway’s key strategic industries. If shipping is to stay ahead in global competition
3rd U.S. condensate export cargo heading to Singapore; Pioneer expects exports to rise to 50,000 bpd next year. Eyes exports of bigger cargoes to reduce freight costs. Pioneer Natural Resources plans to double its U.S. exports of condensate, an ultra-light oil, to 50
Scorpio Tankers Inc. says it has taken delivery of four newbuilding vessels and agreed to time charter-in an LR2 product tanker that is currently under construction in South Korea. Details as follows: Newbuilding Vessel Deliveries STI Orchard, an LR2 product tanker
Eastern Shipbuilding Group, Inc. (ESG) announced that the Columbia (ESG Hull 981) a steel hull exact replica of the historic Gloucester Fishing Schooner, has completed her sailing trials. The sailing trials were held on September 18, 2014 directly offshore of the beaches of Panama City, Florida