Every company in the marine and offshore industries has at some stage been involved in a millennium bug compliance study. It is now time to admit that industry is bored with the subject. Since the problem was first mooted, its possible outcome has remained a mystery, which is the only definite aspect of the millennium bug problem. No one actually knows what will happen. One thing is certain, though, in the modern marine and offshore industry, information has become the most important business tool. How companies handle and store it for use depends on their internal structure, but it is safe to say that it will be on a computer at some stage. Lose the information, and the company will lose money rapidly while trying to recoup that information and operate effectively at the same time. So information-sensitive companies such as shipbrokers, agents, offshore oil companies, and ship operators, have been forced to take measures to ensure compliance. Until recently, there was only one course of action open to them, weed out the problems now by replacing equipment, at huge cost, that does not meet millennium bug requirements. There are now two courses of action possible. Companies can now rent the software. Renting software is a service that has never been offered to the shipping industry before, but small and medium-sized companies have welcomed the idea
Venezuela's state-run PDVSA will use a terminal owned by U.S. firm NuStar Energy on the island of Saint Eustatius to store crude and load very large crude carriers (VLCCs) going to Asia, after deciding it will no longer rent a facility in the Bahamas, according to a PDVSA executive. PDVSA has been using the Saint Eustatius terminal in the Caribbean since March as a center to store and mix its crudes and produce exportable blends
IHC Merwede has entered the international rental market with its standard IHC Beaver dredgers and DMC work boats. The company has identified a demand in the market for vessels and equipment that may only be used for a relatively short period of time. In August, the first dredger – an IHC Beaver® 40 – was rented out to a contractor in Europe. The dredger was easily loaded on to trucks and transported to the dredging site
According to a report from Bloomberg, rents for capesize ships that haul iron ore fell the most in a month on excess vessel supplies. Hire rates fell 5.4% to $6,359 on May 10, data from the Baltic Exchange in London show. That’s the biggest decline since April 8 and leaves rates 86 percent lower than a year ago. (Source: Bloomberg)
Transocean Ltd., one of the world's top offshore drilling companies, reported a first-quarter loss on Wednesday as oil exploration and production companies rent out fewer of its rigs because of tumbling crude prices. The net loss was $483 million, or $1.33 per diluted share, down from a profit of $456 million, or $1.25 a diluted share in the same period a year ago, before oil prices plunged 50 percent.
From the December 2010 edition of MarineNews Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB
Christine Cabau Woehrel has taken up her new role as CEO of the Marseilles Fos port authority after two years heading the Port of Dunkirk. She succeeds Jean-Claude Terrier following a French transport ministry nomination that was backed by the port’s supervisory board in February and has now been confirmed by government decree. Her move marks a return to the headquarters city of CMA GGM, France’s biggest and the world’s third largest container carrier
After the critical shortages of containers of last year, production has picked up again, but high container prices and a tight ratio of containers to vessel slots will continue to constrain the availability of boxes, according to the Container Census – Annual Survey and Forecast of Global Container Units, a new report from Drewry Maritime Research. At the end of 2010, the global fleet of containers exceeded $90 billion in replacement value for the first time, according to the report
Mitsubishi Heavy Industries, Ltd. (MHI) has received consecutive orders for large size container ships from the Evergreen Group of Taiwan, one of the leading container transportation operators in the world. Since 1992, MHI has received orders for 38 container ships from Evergreen without a break, of which 32 ships have either been built, or are to be built at MHI’s Kobe Shipyard and Machinery Works, and six at Nagasaki Shipyard and Machinery Works
Langh Ship Cargo Solutions has extended its offering to include tank containers equipped for hook lifting. “Often the on-carriage of tank containers meant for transportation by sea is quite expensive on land, as the need for special lifting equipment makes the handling of the containers difficult,” said Product Manager Markku Yli-Kahri. Just like the company’s other containers, Langh Ship Cargo Solutions’ tank container equipped for hook lifting has been developed
The Coast Guard medically evacuated a 46-year-old man from a 738-foot container ship approximately 6 miles south of Santa Rosa Island, Sunday. At 10:01 a.m., Sunday, watchstanders at Coast Guard Sector Los Angeles/Long Beach command center received a report from the crew of the
DP World is expanding its container terminal at Port of Caucedo following the expansion of the Panama Canal to accommodate larger container ships, reports ASC. DP World will increase the capacity of the port to 2.5-million TEU and started work to increase the depth of the quay wall
Search and rescue teams on Sunday located debris which appeared to belong to the cargo ship El Faro that went missing in the eye of Hurricane Joaquin with 33 mostly American crew members aboard, the U.S. Coast Guard and the ship's owner said.
The first three of the world’s largest and most technologically advanced Ship-to-Shore (STS) container cranes and two rail mounted cranes for the intermodal rail facility have been delivered to APM Terminals’ Lázaro Cárdenas (TEC2)
The Subic Bay Metropolitan Authority (SBMA) said that the volume of container cargo handled the Port of Subic between January and August nearly doubled year on year. SBMA Chairman Roberto V. Garcia said container volume at the Port of Subic has already reached 83
CMA CGM Bougainville is billed as the first containership in the world to be equipped with TRAXENS technology, which transforms containers into smart, connected objects. Newly built CMA CGM Bougainville, the 18,000 teu flagship of French container shipping company the CMA CGM Group
UK P&I Club, a shipping protection and indemnity mutual insurers, and TT Club, an international transport, freight and logistics insurance provider, have welcomed the amendment to the Safety of Life at Sea Convention (SOLAS) from the International Maritime Organization (IMO) on the
Moody’s Investors Service (Moody’s) changed the rating for German Container shipping company Hapag-Lloyd to positive from stable, thanks to cheaper fuel. According to Moody’s the outlook on the B2 corporate family rating (CFR)
Multipurpose Sea Cargo Complex Bronka took delivery of a LHM 800 mobile harbor crane from Liebherr Maritime Cranes on September 26, marking delivery of the first LHM 800 in heavy lift configuration. Located at the southern shore of the Gulf of Finland
A.P. Moller-Maersk Group has entered an agreement with AT&T to use its Internet of Things (IoT) technology to connect its refrigerated containers. In what is reported to be one of the largest industrial IoT deployments of its kind, Maersk is working with AT&T to track and monitor the
Subic Bay International Container Terminal Corp. (SBITC) recently received and commissioned three new reach stackers and 16 new Kalmar Ottawa terminal tractors. The additional capacity has increased the terminal tractor fleet to 23 units or 128 percent
Three new ship-to-shore gantry cranes have been delivered to the Port of Felixstowe, the Port of Britain. Built by ZPMC in Shanghai, the new cranes will be operated on the port’s Berth 8&9 which are currently being extended to increase the port’s ability to handle the
China's slower growth and economic transition will pose significant risks for the already struggling shipping sector, rating agency Fitch said. The shipping sector is already faces overcapacity, weak freight rates and stretched financials.
German container carrier Hapag-Lloyd is looking to sell shares for a total US$500 million, and will seek listings in Hamburg and Frankfurt before the end of 2015. Hapag-Lloyd has confirmed that it is preparing for a US500 million initial public offering (IPO) this year
South Korea’s second-largest shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) hit a hurdle in its efforts to get capital injection after the Export-Import Bank of Korea (Korea Exim Bank) delayed necessary funding for its shipbuilding project, reports MKBN.