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 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).
Leif Kristian Weum has been appointed to the position of Managing Director of the Kongsberg Maritime Sales and Service office in Athens, Greece. Kongsberg Maritime Hellas SA is a key Sales & Customer Support office established to serve the significant number of Greek shipping companies, located in the Athens area. Having served on the Kongsberg Maritime Hellas SA Board of Directors since the office was opened in 2011 and in various customer support and sales
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)
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.
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
Goldenport Holdings Inc. the international shipping company that owns and operates a fleet of dry bulk and container vessels, announces today the sale of a container vessel, 'Thira'. The Company has agreed the sale of the 1997 built container vessel to an unaffiliated third party, "BSL Thira Shipping Limited", for a cash consideration of US$6.85 million. The vessel's delivery is due to take place on 21 July 2015.
Freddy Brandsborg joins Danfoss-Sea Recovery to manage Commercial Marine and Offshore sales in Europe, the Middle East, and Africa. He will operate out of the company's Danish location to create new partnerships with many of the shipping and offshore oil companies throughout the region Brandsborg brings with him almost 30 years of experience in the marine and offshore industry. As a mechanical engineer, and later a sales engineer
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
DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer. According to the company, the sale will release approximately $1.7 million for the DOF Group after redemption of debt. Delivery to the new owners is expected late 2014.
Alibra Shipping Research Weekly Market Report takes a look on current market scene of bulk carriers. For a little while now, the story has been “Now’s a great time to buy bulk carriers, asset prices are low…” We’re cautious of following the herd
India has inked a deal with the US defence and aerospace giant Boeing to procure four more Poseidon-8I (P-8I) long-range surveillance and anti-submarine warfare aircraft ( submarine hunter planes) worth $1 billion. According to industry sources
Radio Holland, a global NavCom and service company in the maritime industry, said it has concluded a maintenance and remote monitoring agreement with The China Navigation Company (CNCo) for 35 vessels. Radio Holland already provides CNCo’s newbuild
Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else. According to Korea Herald, the country's No.1 shipping line has come under growing pressure from its creditors to secure more money
The maritime software development company SDSD are launching a new web based VSnP - Vessel Sale and Purchase module, enabling Sale and Purchase brokers to buy and sell vessels from anywhere via a smartphone or tablet. VSnP can improve brokers’ trading margins through key features
Fleet Xpress will deliver data intelligence to drive smarter and greener shipping operations 26 July 2016: Inmarsat (LSE:ISAT.L), the leading provider of global mobile satellite communications services, has announced that its partner JSAT MOBILE Communications has signed an agreement with
Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales. In this new position, Brown will provide strategic and administrative direction and leadership to support overall segment growth. His primary focus will be to secure and maintain effective business
Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Topaz, a 49,000 DWT IMO2 Interline-coated chemical tanker
Tsakos Columbia Shipmanagement (“TCM”) S.A. has strengthened its collaboration with Seagull Maritime AS to bring its in-house ‘Tanker Competence and Promotion Management System’ (TCPMS) to its fleet of fifty-five tanker vessels through Seagull’s Competence Manager.
Petroleum Geo-Services ASA reported revenue fall in their recently released Second Quarter and First Half 2016 Results. It logged a healthy MultiClient Sales and continues to undertake cost reductions. Highlights Q2 2016 * Revenues of $183.0 million, compared to $255
KVH Industries has announced that Brent Bruun, currently executive vice president of mobile broadband for the company, has been promoted to the newly created position of chief operating officer (COO). In this position, Bruun will assume direct responsibility for KVH’s
Finnish ship engine and power plant maker Wartsila reported weaker-than-expected quarterly profit and order intake on Wednesday. Wartsila cited tight competition in the energy markets and overcapacity of ships. However, the company repeated its full-year profitability outlook
Roll-Lift, the Heavy Lift Transportation Specialist based in The Netherlands has appointed Mr. Miguel Flórez de la Colina as their sole representative for clients based in Spain, Portugal and France for projects undertaken outside Europe.
Navig8 Product Tankers Inc. (the “Company”) (N-OTC: EIGHT), an international shipping company focused on the transportation of petroleum products, today took delivery of the Navig8 Pride, a 74,000 DWT LR1 tanker from SPP Shipbuilding Co., Ltd.
Investments in energy efficiency improvements offer cruise and ferry and merchant vessel operators an opportunity to reduce operating costs and emissions while building a more sustainable brand image, says Wärtsilä Corporation.