Global law firm White & Case LLP announced the availability of a new report, "Restructuring & Beyond: The marine industry's routes to safety." The report focuses on survival strategies for those affected by the industry's downturn as well as emerging opportunities for companies, banks and investors. "Market equilibrium remains out of balance, and risks remain for the maritime sector," said Christopher Frampton, Partner and Global Head of the Asset Finance Practice of White & Case. "We have seen some contraction in the bank market. This, together with continued demand for capital, presents opportunities for alternate sources of finance. Private equity and the export credit agencies may bridge a part of the gap, but with portfolio composition evolving for other investors, we may see a fresh focus on the U.S. capital markets." The report features insight from industry experts including Richard Haines, a ship broker at Howe Robinson; Paul Slater, chairman of First International; Erik Nikolai Stavseth, an analyst at Arctic Securities and Albert Stein, managing director at AlixPartners. The report examines: •Strategic and practical measures companies under threat might take to preserve their future •How lenders and investors can support companies by continuing to deploy capital •New opportunities for investors and new sources of capital
The Bedford Report Provides Analyst Research on Genco & Diana Shipping NEW YORK, NY--(Marketwire - March 10, 2011) - The bulk and tanker sectors of the shipping industry have been in the headlines for all the wrong reasons this year. Both sectors have been underperforming as freight rates remain under pressure based on too many available ships and not enough demand to match supply. Compounding the crisis, Chinese demand for raw materials has dropped dramatically as the nation tries to
Kværner ASA: Serious accident at Verdal: internal investigation completed. Kvaerner's internal investigation following from the serious crane accident at the Verdal yard 8 February 2012 has been completed and the main findings have been presented to the Police and the Norwegian Labour Inspection Authority. The investigation report examines the accident in detail, reviews the existing health and safety procedures in place for work at heights
source: The World Offshore Pipelines & Umbilicals Report II – Douglas-Westwood Ltd The installation of almost 50,000 km of pipeline is forecast over the next five years in the new second edition of The World Offshore Pipelines and Umbilicals Report 2002-2006, published today by leading offshore analysts Douglas-Westwood and offshore data specialists Infield Systems. According to the report’s lead author, Dominic Harbinson of Douglas-Westwood
In a new report, the US Government Accountability Office (GAO) states that the Navy faces technical, design, and construction challenges to completing 'Gerald R. Ford' (CVN 78) that have led to significant cost increases and reduced the likelihood that a fully functional ship will be delivered on time. The GAO finds: The Navy has achieved mixed progress to date developing CVN 78's critical technologies, such as a system intended to more effectively launch aircraft from the ship
Maritime Administrator Jaenichen, Vice Mayor Lowenthal Host Town-hall style Forum on Beyond Traffic Framework U.S. Maritime Administrator Paul “Chip” Jaenichen and Long Beach Vice Mayor Suja Lowenthal today hosted the third of 11 nationwide regional forums on the Beyond Traffic draft framework at Long Beach Convention Center. The Beyond Traffic report examines the trends and choices facing America’s transportation infrastructure over the next three decades
In a recent report, the energy & marine industry analysts Douglas-Westwood, has revealed that operations of cable controlled work-class remotely operated underwater vehicles (ROVs) is a business worth $600 million worldwide and this is forecast to grow to $725 million by 2008. The firm reported these results in ‘The World AUV & ROV Report,’ a new global business study published. In his keynote address to delegates at the ‘Advances in Technology for Underwater Vehicles’ conference in London
Following the loss of the container vessel MOL Comfort on June 17, 2013, ClassNK established a special Casualty Investigation Team in order to investigate and determine the cause of the casualty. Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT) further established a Committee on Large Container Ship Safety to develop measures to ensure the safety of large container vessels on August 29, 2013
U.S. Congressman Elijah E. Cummings (D-MD), Chairman of the Subcommittee on Coast Guard and Maritime Transportation, led the Subcommittee in conducting a hearing on crimes against Americans on cruise ships following a request made by U.S. Congresswoman Doris Matsui (D-CA). Witnesses included representatives of the Federal Bureau of Investigation and the Coast Guard, a representative of a victims' rights advocacy group, a former cruise passenger
A car carrier vessel has suffered a fire on one of its decks, approximately 40 miles off Harwich, the U.K. Maritime and Coastguard Agency (MCA) reported. The U.S. flagged ship, Courage, reported the fire to the U.K. Coastguard at Dover Maritime Rescue Coordination Center just before 10 p.m., June 2. Using an inbuilt CO2 system to, crew members flooded a large area to put the fire out and continued their journey. The situation is currently contained.
The seepage found in the Panama Canal’s third set of locks is said to be the result of an inadequate amount of steel reinforcement, the Panama Canal Authority (ACP) announced today. ACP said it was informed by the contractor responsible for the design and construction of the
The Nautical Institute’s latest book looks at major casualties and the lessons that can be learned, setting out good practice to avoid them in future. The book, launched yesterday (Monday), examines nearly 30 casualties and the problems of fatigue, bridge resource management
A China Ocean Shipping Company COSCO-China Shipping Container Lines (CSCL)merger makes financial sense, but would have huge implications for competition in the container shipping industry, according to Drewry Maritime Research.
The Coast Guard is responding to the sinking of a fishing vessel in Kelp Bay near Sitka Friday. Coast Guard personnel from Sector Juneau, the Coast Guard Cutter Maple and Air Station Sitka examined the scene of the sunken 49-foot fishing vessel Sierra Allene and are working with the
Nigerian authorities hope to put an end to rampant oil theft in eight months by increasing drone and naval monitoring of territorial waters and working with local communities, the state oil company chief said on Tuesday. The Niger delta has been plagued by oil theft for years that has
Texas LNG appoints BNP Paribas as financial adviser for Brownsville LNG project, progresses FERC pre-filing process and completes over 60 percent of front end engineering and Design for facility. Texas LNG Brownsville LLC announced that BNP Paribas has been appointed as financial adviser
Women in command, a maritime incident ─ the perfect dilemma, and the marvels of Old Father Thames are just a few of the interesting topics that WISTA-UK will be exploring at this year’s WISTA-UK event during London International Shipping Week (LISW).
A research project examining the potential use of unmanned maritime vessels has received unanimous approval from Acceptance Expert Group on July 31, China’s Maritime Safety Administration (MSA) reported. The project, entitled Unmanned Multifunctional Maritime Ships Research and
Classification society ClassNK has released its annual report on Port State Control. The report, which aims to assist ship operators and management companies in maintaining compliant operations by providing information about ships detained by PSC as well as deficiencies that were found on
An infographic examining the laden VLCCs owned by Iran has been generated by online ship intelligence and information service VesselValue.com. Iran stands at present as the fifth largest owner of laden VLCCs in the world by value, currently with 25 vessels worth a total value of $1
Prime Minister Tony Abbott has assured South Australians there will be more submarine jobs here even if he won’t commit to having a new fleet of vessels built there, as Liberal MPs fear voter backlash if the contract for Australia’s next-generation fleet goes to Japan.
The e-Navigation Underway 2015 – North America conference will be hosted by The State University of New York (SUNY) Maritime College from September 28 to 30 on the college’s Throggs Neck, N.Y. campus. The conference’s theme is: “Reducing Risk through
It is important to distinguish between armed robbery and piracy when reporting incidents in South East Asia waters says the Singapore Shipping Association (SSA) which has commissioned a study to determine the scale of threat posed to seafarers in the area.
Hearing will examine U.S. Coast Guard’s efforts to stop drug smuggling into the U.S. The Subcommittee on Coast Guard and Maritime Transportation, chaired by U.S. Rep. Duncan Hunter (R-Calif.), will hold a hearing next week on the U.S
Veritas Petroleum Services (VPS) and DNV GL signed a cooperation agreement to develop a new module for DNV GL’s ECO Insight fleet performance management solution at the Nor-Shipping trade fair. By tapping into the world’s largest fuel sampling database, this module will allow owners