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Reaches Agreement

Strike Averted at St. Lawrence Seaway

St. Lawrence Seaway and UNIFOR agree to binding arbitration, avoid strike The St. Lawrence Seaway Management Corporation (SLSMC) announced that it has reached agreement with UNIFOR, which represents the corporation’s 460 unionized employees, on Sunday evening to refer certain important issues to binding arbitration, also suspending the right to strike or lockout, ensuring that shippers will encounter uninterrupted navigation until March 31, 2018. Terence Bowles, President and CEO of the SLSMC, said “I am very pleased that we have reached this agreement, which enables navigation on the Seaway to continue without interruption.”  


Scorpio Tankers Continue Spending Spree

Scorpio Tankship: Photo courtesy of Scorpio Tankers

Scorpio Tankers Inc. announces 16 newbuilding agreements and US$ 525-million in commitments to its 2013 Credit Facility. The company has reached agreements with five shipyards in Korea to construct 16 newbuilding vessels consisting of eight LR2, four MR, and four Handymax ice class-1A product tankers. In addition, the Company announced that syndication of the Company's previously announced $267 million Credit Facility has been heavily over-subscribed resulting in an increase of the


Hamburg Süd, Maersk Line, and NYK Announce Joint Operations

Hamburg Süd, Maersk Line, and NYK announced that they have reached agreement to operate jointly in the trade between Asia, South Africa, and South America. From mid April, the linew will replace the current three strings (one operated by Maersk Line and two operated by Hamburg Süd and NYK) by two strings with modern and fast vessels. The overall capacity produced by the new two string system is roughly the same as the capacity presently provided by the three Lines


Davie Yards to Gradually Resume Operations

Davie Yards Inc. (TSX:DAV) announced that it has reached agreements with its clients for new price increases of $35m on its existing contracts. In addition Davie's largest client, Cecon ASA has informed that it has received a $200m loan offer replacing the lost loan facility with the Norwegian bank DnB Nor. While Cecon completes the loan documentation, Davie has negotiated a $20m prefunding facility which will enable it to gradually resume its operations.


This Day in Naval History – May 22

1882 - Commodore Shufeldt signs commerce treaty opening Korea to U.S. trade 1958 - Naval aircraft F4D-1 Sky Ray sets five world speed-to-climb records, 22-23 May 1967 - New York City reaches agreement to purchase Brooklyn Navy Yard, ending 166 years of construction and repair of naval vessels. 1968 - USS Scorpion (SSN-589) lost with all hands (Source: Navy News Service)


US East & Gulf Ports Labor Talks Make Progress

International Longshoreman's Association (ILA) & United States Maritime Alliance (USMX) make progress in contract negotiations Concluding three of four days of scheduled negotiations, the two sides announced agreement in principle on issues involving the introduction of new technology and automation and maintenance and repair of chassis within marine terminals and at off-pier facilities at the East and Gulf Coast ports.


Crowley to Acquire Titan Maritime

Crowley Maritime Corporation Chairman, President and CEO Tom Crowley Jr. announced last night at the International Salvage Union's annual dinner that Crowley has reached agreement with the owners of Titan Maritime, LLC to acquire the company. The deal is expected to close within the next 30 days. Crowley made the announcement to an audience of about 60 salvors from around the world who had gathered for dinner at the Columbia Tower Club in Seattle as part of the weeklong International


Manitowoc Reaches Agreement On Options for Lighterage System

The Manitowoc Company, Inc. announced that it has signed a contract with the Naval Facilities Engineering Command, Department of the U.S. Navy, on options for the Improved Navy Lighterage System (INLS). The Navy selected Manitowoc Marine Group in 2003 to build the INLS, and the first unit was delivered in the third quarter of 2005. The new agreement calls for option deliveries over the next five calendar years with an approximate value of $360 million.


Norwegian Offshore Strike Implications for Smedvig

The Norwegian Shipowners Association and the Federation of Offshore Workers Unions (OFS) have not succeeded in reaching agreement at arbitration on the annual settlement. This means that the OFS has called out on strike its members on four rigs. As from July 9, the strike will be extended by one more rig. For the time being none of Smedvig's mobile units are affected by the strike. However, if the strike is extended


Capital Product Partners Recharters M/T Arionas

Capital Product Partners L.P. (NASDAQ: CPLP) announced that it had reached agreement with Capital Maritime & Trading Corp. to recharter the M/T Arionas for a period of 12 months (+/- 30 days) from the expected expiration of its current charter in June 2010. The M/T Arionas (2006, MR product tanker, Hyundai MIPO Dockyard, 37,000dwt ICE Class 1A) was fixed at a gross rate of $12,000 per day ($11,850 net) with a subsidiary of Capital Maritime & Trading Corp., the Partnership's Sponsor


EU Regs on Ship CO2 Reporting Complicates IMO Agreement

Peter Hinchliffe, ICS Secretary General

ICS Concerned that EU will Preempt IMO CO2 Negotiations.   The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed and concerned that the European Union is about to pre-empt negotiations taking place at the International


Van Oord to Acquire Activities of Ballast Nedam Offshore

Svanen landscape

Van Oord has reached agreement on the acquisition of the activities of Ballast Nedam Offshore. The acquisition consists of the assets of Ballast Nedam Offshore, the dedicated EPCI staff (Engineering, Procurement, Contracting and Installation)


RN-Aero, KazMunayGas-Aero Join Forces

...

  RN-Aero (Rosneft subsidiary) and KazMunayGas-Aero (KazMunayGas subsidiary) signed an agreement, substantially increasing cooperation between the Companies. The accord on the signing of the agreement was reached at the IATA International Aviation Forum in Dubai in the end of November.


Scorpio Bulkers Modifies and Sells Shipbuilding Contracts

Scorpio Bulkers Inc. announces agreements to modify and sell existing shipbuilding contracts for six capesize vessels    Scorpio Bulkers Inc. has reached agreements with shipyards in South Korea and Romania to modify six newbuilding contracts for Capesize bulk carriers into newbuilding


ISC Profit Slip in Q2 2014 but Pay Dividend

Jones Act bulk carrier: Image courtesy of ISC

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,000 for the three months ended June 30, 2014. For the comparable three months ended June 30, 2013


Eagle Bulk Shipping Files for Bankruptcy

Photo courtesy of Eagle Bulk Shipping

Eagle Bulk Shipping filed for bankruptcy on Wednesday, the latest in a string of shipping companies to make a Chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million. The U.S. company said in a statement that creditors who hold more than 85 percent of


DryShips Cancels Newbuild Contracts

DryShips Inc. reports cancellation of four newbuilding contracts with Jiangsu Rongsheng Heavy Industries DryShips Inc., an international provider of marine transportation services for drybulk and petroleum cargos, and through its majority owned subsidiary, Ocean Rig UDW Inc


MAN Diesel & Turbo, QMD Ink License Agreement at SMM

On Tuesday September 9, 2014 at Hamburg’s SMM Marine trade fair, MAN Diesel & Turbo signed a new license agreement with QMD, a member of the CSIC Group together with Dalian Marine Diesel Co., Ltd. and Yichang Marine Diesel Engine Co., Ltd


License Agreement Signed by MAN Diesel & Turbo at SMM

License agreement signed by MAN Diesel & Turbo at SMM

  On Tuesday September 9, 2014 at Hamburg’s SMM Marine trade fair, MAN Diesel & Turbo signed a new license agreement with QMD, a member of the CSIC Group together with Dalian Marine Diesel Co., Ltd. and Yichang Marine Diesel Engine Co., Ltd


Bore and P&O Ferries JV add RoRo Vessel

PO Partners Bore

  Bore and P&O Ferries announces today that they have agreed to add a further RoRo vessel to the long-standing partnership in the North Sea. M/V Estraden will be added to the vessel portfolio sailing for P&O alongside M/V Norsky, M/V Norstream and M/V Bore Song


EU Says No Deal Yet in Ukraine-Russia Gas Talks

The European Commission cancelled a news conference planned to follow talks between Russia and Ukraine on gas supplies on Wednesday, saying negotiations in Brussels were continuing late into the evening. All three parties had been hoping to conclude a deal on resuming Russian natural gas


Longshore Union’s Job Actions Spread

Image

  ILWU withholds hundreds of skilled workers from vital terminal jobs at Los Angeles and Long Beach Ports, threatening holiday commerce and U.S. economy San Francisco, CA (November 6, 2014) – Escalating its use of orchestrated job actions that have already crippled terminal


MOL Forms New Medium Range Tanker Pool

MOL, Ultranav, OSG and Asahi Tanker reach agreement to pool product tanker operation Mitsui O.S.K. Lines, Ltd. (MOL) announced that a pool agreement governing the formation of a new medium range pool has been signed among the partners: MOL, Asahi Tanker Co., Ltd., Ultranav International S. A


Karl Senner Inks Distribution Deal with Electronic Power Design

KS EPD.jpg

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets. The distribution agreement will allow KS to offer electrical automation


EU Regulation on CO2 Reporting a Setback for ICS Efforts

ICS Secretary General, Peter Hinchliffe

  The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed and concerned that the European Union is about to pre-empt negotiations taking place at the International Maritime Organization (IMO) on the collection of data on CO2






 
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