Excess capacity in the global fleet of liquefied natural gas carriers will be at its highest this decade in 2008, as a growing worldwide fleet results in lower utilization rates, according to the Royal Gazette. Demand for LNG tankers has deteriorated markedly as a result of a large increase in fleet supply partly caused by speculative orders for new ships, industry analysts pointed out. Utilization of the LNG fleet will fall to 77.4 percent in 2008, almost 13 percentage points lower than at the beginning of the decade, data showed. Falling utilization hurts revenue for companies such as Oslo-based Bergesen Worldwide Gas ASA and Golar LNG Ltd. of Hamilton, Bermuda. Rising earnings for operating LNG tankers have encouraged some shipowners to order vessels without first having them assigned to particular projects. Improved productivity in the existing fleet has also added to the surplus capacity, analysts reported. The growth in the surplus is already slowing because supply disruptions from Indonesia are forcing Japan, the world's largest LNG importer, to source shipments from further away, tying up ships for longer periods. The global fleet of liquefied natural gas carriers will expand 16 percent by the first quarter of 2007, according to Oslo-based shipbrokers R.S. Platou a.s. (Source: Royal Gazette)
Crude Carriers Corp. announced that it has priced its initial public offering of 13,500,000 common shares at $19 per share. The underwriters have an option to purchase up to an additional 2,025,000 common shares to cover overallotments. Crude Carriers Corp. will use substantially all the proceeds from the offering, together with a $40m capital contribution from Crude Carriers Investments Corp., to acquire one 2006-built high specification Suezmax vessel from Capital Maritime & Trading
Bloomberg reported that Neptune Orient Lines Ltd. and 11 of the largest shipping companies plying the Pacific Ocean said costs of moving cargo to the U.S. in 2006 will rise 7 percent on higher fuel prices, which may spur them to raise freight rates. The cost of transporting containers by trucks and railways will increase as much as 25 percent, the 12-line Transpacific Stabilization Agreement, whose members ship about 70 percent of trans-Pacific trade, said in a statement today.
High rates have lured a significant number of tanker owners into forking out the relatively small costs associated with converting their ships from Category 1 to Category 2 vessels. Category 1 vessels are those of 20,000 dwt and above carrying crude, fuel, heavy or lubricating oils as cargo, and “pre Marpol” tankers of 30,000 dwt and more carrying other oils. Pre Marpol means ships that do not have protectively located segregated ballast tanks
Increased spending on offshore exploration & production (E&P) of oil and gas has increased order-book positions of Indian shipbuilders. ABG Shipyard has an order backlog of Rs 1,300 crore, while Bharati Shipyard has pending orders worth Rs 676 crore on its books. The jump in order books is getting reflected in stock prices of these companies as well. BSL has seen its market cap soar to almost Rs 900 crore from Rs 309 crore at the beginning of 2005
Dolphin Offshore Enterprises (India) Ltd., an offshore construction and ship repair company for the oil and gas industry, has lined up investments worth Rs 1,000 crore over the next 5-6 years, a senior company official said. Dolphin has already invested $35m in the initial expansion plans like acquiring ships. Offshore construction being its main focus, Dolphin is looking at moving up the value chain with bigger contracts and would invest Rs 200 crore for expansion in this field.
Bharati Shipyard Ltd. and unlisted Apeejay Shipping Ltd. said they would invest Rs 2,000 crore in an equal joint venture to set up a modern shipbuilding yard along India’s eastern coast, according to a Reuters report. While Indian shipbuilders are expanding their capacities with buyouts of other yards and assets, Indian shipping and engineering firms are planning to set up shipbuilding yards to exploit the sector’s surging potential.
According to a Sept. 26 report from the Press Trust of India and Business Standard, engineering major Larsen and Toubro’s (L&T) shipping arm L&T Shipbuilding has earmarked around Rs 1,500 crore to develop around 800 acres of land at Kadipully near Ennore in Chennai for expanding its vessel building capacity, a top company official said. The Kadipully project, to make vessels primarily for defense, would be developed in phases and the first phase will start by mid-2011
Nordic American Tanker Shipping Ltd. ("NAT" or "the Company") announced today that the Company has declared a dividend of $0.25 per share for 4Q10, the same dividend as for 4Q09. The dividend policy will continue. The Company has a very strong balance sheet and we shall protect this position. The Company will pay the dividend of $0.25 per share on or about March 4, 2011 to shareholders of record as of February 24, 2011
The ministry of shipping is considering reviving subsidy on shipbuilding to enable the industry to be globally competitive. Currently, ’s share of global shipbuilding orders stands a minuscule 1percent. The subsidy scheme had expired on August 14, 2007. T R Baalu, Union minister of shipping, road transport and highways, said the ministry is thinking of circulating a cabinet note on subsidy this week. The previous subsidy scheme provided a 30% incentive on the contract value of
Human Systems Integration (HSI) is a recognized requirement for many organizations. This is rapidly becoming more important as the professional RHIB and high speed craft sector are required to perform increasingly complex tasks. The objective is for marine units to deal with new scenarios
FRC International will run WBV Manager at HiPer Craft 2013. The WBV (Whole Body Vibration) awareness course is part of the professional program organized by ASNE (American Society of Naval Engineers) in Norfolk Virginia from June 18 to 20.
Cochin Shipyard Limited (CSL) delivered the high specification Platform Supply Vessel (PSV) to PSV Holding Inc., Liberia. Sea Tantalus is a PSV 05L CD type, designed by Vard Group AS, Norway, and is classed by Det Norske Veritas (DNV).
The Dogger Bank offshore wind zone is proving to be a site for innovation as a new and safer installation technique has been used to lift Forewind’s initial meteorological mast tower on top of the innovative suction-installed bucket foundation.
In a market where shipbuilders are forced to accept new contracts below cost levels, a significant share of the building capacity has been withdrawn or removed. Jørn Bakkelund of RS Platou, ship brokers and investment bankers, sum up the state of the global shipbuilding market as
RS Platou Economic Research AS said in a monthly report that global shipbuilding capacity is significantly lower than it was at its peak five years ago. Though a dramatic increase in building capacity among global shipyards has been observed over the last decade
A second container terminal at V.O. Chidambaranar Port at Tuticorin, Tamil Nadu, India to be ready by year-end. The second container terminal will have a handling capacity of six hundred thousand TEUs (20-foot equivalent units) to cater to the needs of export/import traders, reports The Hindu.
Calgon Carbon Corporation's wholly owned subsidiary, Hyde Marine, Inc., has announced that its Hyde Guardian Ballast Water Treatment System (BWTS) HG600 unit will be installed on the largest icebreaker in the FSUE "Rosmorport" fleet – the 22600 project
FRC International to host the upcoming Crew Systems Integration (CSI) conference in Poole, UK. The international conference includes over 20 presentations focussing on 9 integrated topics for the RIB and high speed craft sector. Keynote speakers include former Royal Navy Rear Admiral Chris
There are many myths surrounding WBV measurement and analysis on fast craft. FRC International has developed a one day course that is easy to understand and delivers the latest information to support vibration exposure assessment, EC compliance and exemption applications.
A ceremony to mark the keel laying of the project 21900M icebreaker, to be classified by RS, was held at the ОАО Vyborg Shipyard. The Icebreaker is to be constructed according to the Russian Maritime Register of Shipping (RS) class with notation: KM (*) Icebreaker6  AUT1-ICS FF2 BWM
Container ship traffic: Chennai Port in SE India is going all out to regain top position. Work on the Chennai Port Mega Terminal Project is expected to start shortly and the first ship would be berthed in three years at the new terminal, according to Atulya Misra
India's Essar Ports announces a long-term strategic alliance with Port of Antwerp International ("PAI") and an investment of approx. Rs 175 crore by PAI in Essar Ports PAI is the international investing arm of the Antwerp Port Authority, which is the port authority of the port of Antwerp
South Korean shipyard STX Offshore and Shipbuilding have begun steel cutting for the first in a series of 4 LNG carriers for Russian owners According to 'LNG World News' the ships will be built on a joint class of Russian Maritime Register of Shipping (RS) and Lloyd’s Register (LR) by order
The Supreme Court has granted permission for the 'Enrica Lexie' to leave Indian waters Agreeing that Italian ship Enrica Lexie is not the “object of crime”, the Supreme Court has allowed the detained vessel to leave Indian waters and continue with its voyage nearly three months after