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China, Vietnam Want Amicable Sea Dispute Solution

China and Vietnam agreed on Monday to use an existing border dispute mechanism to find a solution to a territorial dispute in the South China Sea, saying they did not want it to affect relations. The two countries have sought to patch up ties since their long-running row erupted in May, triggered by China's deployment a drilling rig in waters claimed by the communist neighbours, which lead to confrontation at sea between rival vessels and violent anti-Chinese protests in Vietnam. After a meeting between China's top diplomat, State Councillor Yang Jiechi, and Vietnam Foreign Minister Pham Binh Minh in Hanoi, China's foreign ministry said they had agreed to "appropriately handle the maritime problem". The two exchanged smiles and warm handshakes in contrast to Yang's last visit in June, which ended in acrimony with Yang accusing Vietnam of "hyping up" their dispute, which was the worst breakdowns in their relations since a brief border war in 1979. The rapprochement began in late August, a few weeks after Vietnam started courting other countries embroiled in maritime rows with China, including the Philippines and China's biggest investor, Japan, which will provide boats and radar equipment to Vietnam's coastguard. Most significant for Vietnam has been improvements in its defence ties with former foe the United States, including an Oct. 2 U.S

CMB Continues Fleet Rejuvenation

CMB confirmed that its subsidiary, Bocimar and Wah Kwong, have sold the panamax vessel Yasmine Venture (2006 - 73,546 dwt) - ordered in joint venture in 2003 from Jiangnan (China) - to Diana Shipping. The net sale price amounts to $39.6 million, and CMB will realize a capital gain of approximately $5.5 million on this sale. Also, Bocimar and Oak Maritime have concluded an agreement with Chang Myung Shipping (Korea) for the sale of the joint venture vessel Mineral Oak (1996 - 165,693 dwt).

Yang Ming Sales Sag

Taiwan's Yang Ming Marine Transport Corp., the island's largest shipping firm in terms of revenues, said on Thursday it made sales of T$3.75 billion in May, down 1.37 percent from the same month in 2000. That brought accumulated sales in the January-May period to T$19.85 billion, a 5.17 percent rise from the corresponding period last year. May sales were down 13.8 percent from T$4.35 billion in April. - (Reuters)

Quarders Joins Intellian

Intellian selected David M. Quarders as its new Director of VSAT Sales for the Americas. A veteran in both marine electronics and the communications industries, Quarders will help to drive sales growth for Intellian’s VSAT communication antenna line.  “We are very proud to have David join the Intellian team,” said Eric Sung, president and CEO of Intellian. “Intellian has experienced tremendous growth in the Americas in just a few short years

Monico Promotes Walker Sales VP

Following another strong year for the company, President and CEO, Doyle Taylor, has promoted his Vice President of Sales, Allen Walker, to Vice President and General Manager of the Monico Monitoring, Inc. Taylor brought Walker on board in September of 2012 as Vice President of Sales to oversee the company’s ever-growing product sales and expanding sales staff, to utilize his business and management experience to bring more structure and drive to the company’s sales process and

Cummins Reports Revenue Jump in Q2 2014

Tom Linebarger

Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013. The increase year-over-year was driven by stronger demand in on-highway markets and distributor acquisitions in North America. Revenues in North America increased 14 percent while international sales decreased 1 percent compared to the second quarter a year ago

Globe Wireless Establishes New Office

Globe Wireless has established a new office in Houston, Texas, and appointed Greg Halverson as regional manager of Offshore Sales. Halverson will lead the company's GlobeOffshore¬ģ sales efforts in the Gulf of Mexico as well as lending support to Offshore sales worldwide. With more than 16 years of sales experience, including seven years selling communications solutions to the offshore industry, Halverson has had a variety of sales and management positions with MCI Telecommunications

Final Details for Upcoming Central GOM O&G Lease Sale

New Orleans -- Today the Obama Administration provided final details for the Central Gulf of Mexico lease sale announced by President Obama in January 2012, as part of his administration’s ongoing focus on expanding safe and responsible production of our domestic energy sources. Secretary of the Interior Ken Salazar and Bureau of Ocean Energy Management (BOEM) Director Tommy P. Beaudreau today announced the Final Notice of Sale for a June 20

Obama Admin. Announce 21 Million Acre Oil and Gas Lease Sale

August Auction to offer all Unleased Acreage in Western Gulf of Mexico   As part of President Obama’s all-of-the-above energy strategy to continue to expand domestic energy production, Secretary of the Interior Sally Jewell and Acting Assistant Secretary for Land and Minerals Management and Bureau of Ocean Energy Management (BOEM) Director Tommy P. Beaudreau announced that Interior will offer more than 21 million acres offshore Texas for oil and gas exploration and development

Bourbon Sells Two AHTS in Planned Modernization Program

Bourbon Surf: Image courtesy of Bourbon

Bourbon announces the sale of the 'Bourbon Surf' and 'Bourbon Borgstein', two large 10-year old Norwegian built AHTS (Anchor Handling Tug Supply) vessels for a total amount of US$130 million, generating a total capital gain of approximately US$63 million. Bourbon will continue to operate the two ships for a minimum period of 2 years to a maximum period of 5 years, with an annual bareboat charter cost of 13% of the transaction value.

United Technologies: Joint Maritime Approach

Bart Otten

Maritime Reporter talks with Bart Otten, President, United Technologies Corporation Fire & Security EMEA, at this year’s biggest maritime trade show, the Nor-Shipping Exhibition, regarding the company’s Joint Maritime Approach.

MN 100: Freedman Seating Company

President/CEO: Craig Freedman

The Company: Hyman Freedman began making seat cushions for horse-drawn buggies over 120 years ago. A century later, Freedman Seating Company is still a family owned-and-operated business, producing seats to the highest quality standards, compliant to applicable safety standards

Hapag-Lloyd in US$500 mln IPO

Photo: Hapag-Lloyd

 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

AEP to Sell AEP River Ops To ACL

An AEP river tow (File image)

American Electric Power (AEP) has signed an agreement to sell its commercial barge transportation subsidiary, AEP River Operations LLC, to American Commercial Lines (ACL), owned by Platinum Equity, for approximately $550 million. AEP River Operations is a commercial inland barge company

Diana Containerships Sheds Panamax Boxship

diana containership logo.png

Press release - Diana Containerships has signed a Memorandum of Agreement to sell to an unaffiliated third party the 1995-built vessel "Garnet" (formerly "APL Garnet") for demolition, with delivery due to the buyer by the end of September 2015

Cheniere to Ship LNG Cargoes to France

Sabine Pass LNG Terminal. Pic: Cheniere Energy

 Cheniere Energy agrees to send 24 cargoes of liquefied natural gas (LNG), or 89T BTUs, from its Sabine Pass Terminal in Louisiana in 2017 and 2018 to French state-controlled power utility  Electricite de France (EDF), its second deal in two months to ship the fuel to France after EDF

Shipbuilding: Crowley's First LNG ConRo Ship on Schedule

Image: Crowley

Construction of the first of two liquefied natural gas (LNG)-powered, combination container – Roll-On/Roll-Off (ConRo) ships for Crowley Maritime Corporation’s liner services group is now 25 percent complete, the company announced.

VARD Secures PSV Charter from DOF

Photo: VARD

Vard Holdings Limited announced it has secured a bareboat charter contract for the first of two vessels whose original shipbuilding contracts were terminated earlier during the year. The vessel, a platform supply vessel (PSV) of VARD 1 08 design

Iraqi Kurds Reassert Right to Export Oil to US Despite Court Ruling

Kurdistan reasserted its right to export oil independently to the United States and other countries on Tuesday despite a court ruling in favour of the Iraqi federal government, which has sought to block crude sales from the autonomous region.  

New President, CEO at Rickmers-Linie America

© Rickmers

Rickmers-Linie, the Hamburg-based specialist for liner services in breakbulk, heavy lift and project shipping, has appointed Wouter Huybrechts as the new President and CEO of Rickmers-Linie (America) Inc.    Huybrechts took over for CEO and President Waldemar Poulsen

Hollande, Sissi Agree on Mistral Warships Deal

French President Francois Hollande and his Egyptian counterpart Abdel Fattah Al-Sissi have agreed on the purchase by Egypt of the two French Mistral helicopter carriers whose planned sale to Russia was cancelled. "They agreed on the principle and the terms of the acquisition by Egypt of

Egypt to Buy French Warships Initially Built for Russia

France has agreed to sell two Mistral helicopter carriers to Egypt for 950 million euros ($1.06 billion) after their sale to Russia was canceled in August, French officials said on Wednesday. Cairo has sought to boost its military power in the face of a two-year insurgency based across the Suez

VFD Controlled Pumps Help Keep Barges Afloat

Photo: Invertek Drives

Optidrive E3 variable frequency drives (VFDs) from Invertek Drives have completely automated the control of pumps used to fill and empty ballast tanks on board commercial barges in the Netherlands.   As well as a faster and more reliable filling and emptying process

Scorpio Tankers to Sell Assets, Upsize Credit Facility

Press release - Scorpio Tankers announced an agreement to sell STI Highlander, newbuilding vessel deliveries, and the upsizing of a previously announced credit facility. The company reached an agreement to sell its 2007-built Handymax product tanker, STI Highlander, for approximately $19

US to Sell Offshore Leases for New Jersey Wind Farms

Interior to auction 344,000 acres offshore New Jersey for wind energy development; 13 energy companies qualified to bid in lease sale   As part of President Obama’s Climate Action Plan to develop domestic clean energy resources, cut carbon pollution and create American jobs, U.S

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