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
Russian Maritime Register of Shipping (RS, the Register) is going to participate in the International Conference on Development of Oil-and-Gas Resources of the Russian Arctic and CIS Continental Shelf (RAO/CIS Offshore). The event will take place at the LenExpo Congress Halls, St Petersburg, September 10-13, 2013. Vladimir Evenko, Head of RS Classification and Development Directorate will act as a co-chairman of the roundtable "Rules and Regulations Lying at the Base of Shelf
Russian Maritime Register of Shipping (RS) will participate in Kormarine 2013 in Busan, Republic of Korea, one of the largest international exhibitions of maritime industry. On 22-25 October the foremost exhibition of the maritime industry in Asia will gather leaders of shipbuilding industry. RS will undertake a scaled-up participation in this event. The first RS office opened in Korea in 1996 was originally oriented to render its assistance to ships in service in the first place
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.
On 26 September, the maritime community celebrates the World Maritime Day established at the initiative of the International Maritime Organization (IMO). In his annual address on this occasion, Koiji Sekimizu, Secretary General to the International Maritime Organization emphasized that in order stable development of the maritime transport system could be achieved the efforts should be concentrated on safety
The Russian Maritime Register of Shipping (RS) recently hosted a St. Petersburg international conference 'Arctic Shipping and Offshore Activities: Responding to Safety and Environmental Challenges' . The conference was attended by key figures with interests in Arctic develoment
At the recent Korea-Russia Business Dialogue meeting held in Seoul attended by President Putin & President Park Guen-hye, the Korean Register (KR) and the Russian Register of Shipping (RS) signed a shipbuilding memorandum of understanding (MOU) bringing the two class societies closer together
At the sixth Korea-Russia Business Dialogue meeting held last week in Seoul and attended by President Putin and President Park Guen-hye, the Korean Register (KR) and the Russian Register of Shipping (RS) took the opportunity to sign an agreement on shipbuilding
RS say that Russia-China ties are developing actively and that China's maritime industry capabilities are of great interest to their Russian clients. Consequently RS will be exhibiting at this year's Marintec China expo in Shanghai.
Monaco-based Scorpio Tankers Inc.intends to offer and sell 20,000,000 shares of its common stock in an underwritten public offering. The net proceeds of this offering are expected to be used for product tanker vessel and LPG carrier acquisitions
The Indian government has decided to set up two new major ports, one at Sagar in West Bengal and the other at Dugarajapatnam in Andhra Pradesh. In respect of the Sagar Port, RITES has estimated capital cost (including connectivity project) at Rs. 7820 crores
Classification society Russian Maritime Register of Shipping (RS) said it has established an expert group for rendering technical documentation services for seagoing ships in operation. The new group is responsible for the development and review of the documents related to determination
Russian Maritime Register of Shipping (RS) and Nordic Yards Wismar GMBH have signed an agreement on classification under construction and survey for compliance with the applicable statutory requirements of two MPSV 06 NY multipurpose icebreaking salvage vessels
Kvichak Marine Industries, of Seattle, Wash., recently delivered a Response Boat Medium – C to the Los Angeles County Sheriff’s Department (LASD). The 45’ x 14’ 7” RBM-C is the sistership of the highly successful USCG RB-M and has been adapted to meet the Chemical
Repeated Shock and Whole Body Vibration Awareness For some time now, military agencies and specialist organizations around the globe have driven the evolution of high speed watercraft. As a trickle-down effect fast response craft now serve roles once typically serviced by displacement
Russian Maritime Register of Shipping (RS), an IACS-member classification society and NAPA, a leading software house for ship design and operation today announced that RS will take NAPA software into use to be able to better serve their customers.
Scorpio Bulkers Inc. has completed their private placement of 33,400,000 new ordinary shares of $0.01 par value at a subscription price of NOK 53.50, raising approximately $300 million in gross proceeds. The proceeds from the Private Placement, say Scorpio
During the maritime Neva exhibition, taking place this week in St Petersburg, Russia, a number of agreements were signed promoting use of advanced IT solutions and enhancement of professional training within the maritime industry. Participation in NUPAS-CADMATIC Center establishment
The audit, which took place on October 8-10, 2013, confirmed the Russian Maritime Register of Shipping (RS) recognition by the Maritime Administration of Cyprus. Summarizing the audit results, Michalis Michaelides, a representative of the Maritime Administration of Cyprus
CIT Maritime Finance has entered into a Cooperation Agreement with RS Platou Finans AS that will help them expand into the leasing market. CIT Maritime Finance offers senior secured loans, sale-leasebacks and bareboat charters to owners and operators of oceangoing cargo vessels including tankers