Second Hand Vessels
India has eased norms for the import of ships, the government announced last week. Import of ships by open general license (OGL) under a bareboat charter-cum-demise method, which is similar to hire-purchase, will not need a technical clearance by the government, but will need an evaluation of the import price, officials said. "The price reasonableness (evaluation) and interest margin on rental payments will be verified by ICICI," a government spokesperson said, referring to bareboat charters. ICICI is one of India's leading finance firms. "However, the price reasonableness will be required only if the value of the imported vessel on CIF (cost, insurance and freight) basis is more than 10 million rupees," he added. New vessels imported under open general license will no longer need technical clearance and price evaluation, but the vessel at the time of registration will be surveyed by principal officer, Mercantile Maritime Department, and deficiency in the vessel, if any, will have to be removed before registration. Import of second-hand vessels with a CIF value of less than $230,000, will also not need technical clearances and price evaluation. The spokesperson said second-hand vessels that do not have a minimum "economic life" of five years will not be allowed to be imported under the guidelines.
Moody's Investors Service downgraded the senior unsecured rating for bonds issued by MC Shipping Inc to Caa3 from B3. The downgrade reflects the company's deteriorating unencumbered asset base, high leverage, tight liquidity position, weaker operating performance and continuing difficult market situation. Moody's lowered the senior implied rating for the group to Caa2 from B2 and the issuer rating to Ca from Caa1.
The Saigon Shipbuilding and Maritime Industry Company (Saigon Shipmarin) signed a contract with Japan's Kanematsu Corp. to build two 6,500-tonne cargo vessels. These are the first cargo vessels that Saigon Shipmarin, a member of the Viet Nam Shipbuilding Industry Corporation (Vinashin), has built for export. The first vessel is expected to be handed over in March 2007 and the second, in July. The company has invested over VND 300 billion (over US $18 million) to expand its production scale
Norwegian Maritime Equipment A/S, who trade in new and second hand equipment worldwide, had an urgent inquiry from one of their customers for a diesel engine to power a generator set. The situation was rescued and a suitable engine was found at Delta Trading BV in Holland by searching in www.DieselEngineTrader.com. Trond Paulsen of Norwegian Maritime said, “The Internet is a very important tool in our daily work. www.DieselEngineTrader
Costamare Inc report unaudited financial results for the third quarter and nine months ended September 30, 2012. Greek-based Costamere is a leading owner and provider of containerships for charter. The Company has a fleet of 57 containerships, with a total capacity of approximately 329,000 TEU, including 10 newbuild containerships on order. Financial highlights: • Voyage revenues of $94.9 million and $291
Highlights: Knightsbridge reports net income of $3.0 million and earnings per share of $0.10 for the fourth quarter of 2013. Excluding the results from discontinued operations, the company reports net income of $3.5 million and earnings per share of $0.123 for the fourth quarter. Knightsbridge reports EBITDA from continuing operations of $7.0 million and EBITDA from continuing operations per share of $0.24 for the fourth quarter of 2013.
The New tanker Pavel Chernish built by Hyundai Heavy Industries Ltd as part of the 1599 – 1603 project, was handed over to the Primorsk Shipping Corporation (PRISCO). Pavel Chernish is a vessel of ice class 1A according to the DNV classification and fully complies with the requirements of Exxon Neftegaz Ltd, subsidiary of Exxon Mobile. The tankers are designed for oil transportation within the Sakhalin – 1 project. The second tanker of the series will be handed to PRISCO in the near future
Great Eastern Shipping Company sai has contracted to buy a modern Supramax dry bulk carrier. The 2001 built ship, of about 52,179 dwt. is expected to join the company's fleet during Q3 FY 2007-08. The rationale behind the purchase of this ship is to consolidate on the dry bulk segment and to participate in the increasing opportunities arising out of strong global commodity demand. The company's current fleet of 46 ships with an average age of 12.2 years aggregates to 3.22 mn dwt
COSCO Dalian Shipyard has delivered a 57.000 dwt bulk carrier to Common Progress Co Na S.A. of Athens COSCO (Dalian) Shipyard Co., Ltd ("COSCO Dalian"), a subsidiary of the Company's 51% owned COSCO Shipyard Group Co., Ltd, has delivered a bulk carrier of 57000DWT, "COMMON FAITH", to its European buyer. The bulk carrier measures 189.99 meters in LOA, 32.26 meters in breadth and 18 meters in depth.
Baltic Shipyard cuts metal for the hull of first Mistral-class amphibious assault ship for construction in France. Russia and France signed a US$1.2-billion contract on two French-built Mistral class ships, including the transfer of sensitive technology, in June 2011. Under the contract, STX France will carry out the final assembly of the hulls from 24 blocks produced in Russia. STX France handed over in July the first batch of technical documentation on the Mistral project to Russian
Lowrance, a world-leading brand in fishing electronics since 1957— announced today its all-new Outboard Pilot for use with the Lowrance High Definition System (HDS) series. This easy-to-use autopilot system allows fingertip steering of the outboard engine— giving anglers an
Aker Solutions reports its second-quarter 2014 earnings ahead of its plan to split into two companies at the end of September 2014. One company will keep the current name and be comprised of the Subsea, Umbilicals, Engineering, and Maintenance, Modifications and Operations (MMO) areas.
Yara International ASA delivered strong second-quarter results, with improved European commodity margins due to lower gas price. The results were impacted by lower nitrate deliveries, but NPK deliveries and value-added premiums remained strong.
Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report. Stock Buyback Program The company has purchased 6,327,861 of its common shares in the open market at an average
Successful retrofit to first newbuilding sees Aberdeen-based owner specify further Low Expansion Foam system for second China-built jack-up. Wilhelmsen Technical Solutions (WTS) has received a repeat order to install its Unitor Low Expansion Foam fire extinguishing system on a second jack-up
GTT launches its training center by welcoming delegates for the first course Gaztransport & Technigaz (GTT) announced that its new training center awarded certificates to the first group of delegates to complete a LNG Cargo Operations (SIGTTO management Level) training course.
The U.S. Border Patrol will conduct a Citizens Academy beginning Aug. 1, at the Niagara Falls Border Patrol Station. This program is designed to provide local residents an opportunity to learn about the U.S. Border Patrol and its role in the community
Australia's North West Shelf liquefied natural gas (LNG) export plant is expected to soon launch a tender to sell three cargoes loading in September, shipping and trading sources with knowledge of the matter said. The project's stakeholders expect a September-loading tender to be issued
Q2 net profit NOK 4.65 bln vs f'cast NOK 4.77 bln; loan losses NOK 554 mln vs fcast NOK 398 mln. Bank on schedule to fulfill capital requirements, but shares down 4.6 percent, Swedish bank shares lower. Higher-than-expected loan losses in the shipping sector ate into DNB's second-quarter
Huntington Ingalls Industries (HII) hosted Virginia Secretary of Education Anne Holton Wednesday for a tour of The Apprentice School at the company's Newport News Shipbuilding division. Danny Hunley, Newport News' vice president of operations, and Everett Jordan
MacGregor, a part of Finnish cargo-handling equipment maker Cargotec, has won an order to supply equipment for vessels to be built for Bumi Armada Berhad, a Malaysia-based international offshore oilfield services provider, Cargotec said on Friday.
Hyundai Heavy Industries Co., Ltd. (HHI), the world’s biggest shipbuilder and a leading offshore facilities contractor, announced today that it received a Letter of Award (LOA) for a USD 1.94 billion order for the second package of the Nasr Full Field Development Project to build the
Sixteen crew members were rescued by the Coast Guard after their merchant vessel ran aground near Raigad coast, on the West Coast of India, on Monday morning. According to the Coast Guard officials,at about 1120 hrs on 14 Jul 14, Coast Guard Maritime Rescue co-ordination Centre Mumbai
The port of Antwerp handled 98,229,046 tonnes of freight in the first six months of 2014. That is 2.7% more than in the same period last year, itself already a record year. Container freight once more contributed good growth figures, while liquid bulk too continued the upward trend.
Nordic American Tankers Limited (NAT) took delivery of its 21st Suezmax vessel, the Nordic Sprinter, built in 2005 at a shipyard in Korea. NAT agreed to purchase the vessel along with its sistership for $36.5 million each. NAT expects the delivery of the second vessel in early August 2014