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Second Hand Vessels

India Eases Norms For Ship Imports

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 Downgrades MC Shipping

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.


HHI and Transas Hand New Vessel Over to PRISCO

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


Diselenginetrader.com Connects Buyers and Sellers

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


Costamere Report Favorable Financial Results

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


Knightsbridge Reports 2013 Results

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.


Saigon Shipmarin to Build First Vessels for Export

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


Subsidies Top Shipyard Exec Meeting

At a recent meeting of top European shipbuilding executives it must have seemed like déjà vu times three, as Korean shipbuilding subsidies and their disastrous effect on ship pricing in general, and the European shipbuilding community specifically, topped the agenda. At the AWES and CESA annual meetings held in Nyborg, Denmark on May 16-17, shipyards and their associations from 15 European Countries discussed the situation in shipbuilding and related policies


China Shipyard Delivers Bulk Carrier to Greek Owners

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.


Russian Shipyard Cuts First Metal for Mistral-class Warship

Mistral-class Ship: Photo credit Wikimedia CCL

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


Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as the world's largest alternative asset manager struggles to find a target to fit its asset-light business model


Russian Navy Take Over Crimea Combat Dolphins

Combat dolphins: Image Russian Navy

The combat dolphin program in the Crimean city of Sevastopol will be preserved and redirected towards the interests of the Russian Navy, according to a report by official news agency RIA Novosti. The program, dating to the 1960s, was previously scheduled to be disbanded by the Ukrainian navy in


Ill-fated Korean Ferry May Have Been Going too Fast

It should have been plain sailing for a South Korean ferry carrying hundreds of children and their teachers on an outing to the sub-tropical island of Jeju, an annual trip for Danwon High School. The Sewol had 476 passengers and crew on board, including 339 children and teachers


Resolve Maritime Academy to Host 'DC Olympics'

File photo

Resolve Maritime Academy informs it is to host the Damage Control (DC) Olympics as an annual event for officers and damage control crew of US Navy and US Coast Guard vessels visiting Port Everglades during Fleet Week 2014 on April 29 at 9:00am - 4:00pm in Port Everglades


Rolls-Royce to Open Brazilian Offshore Facility

Rolls-Royce and U.K. Chancellor George Osborne announced today that the Group will further invest in Rio de Janeiro State to better support customers in the rapidly expanding offshore oil and gas industry. A new £22 million marine facility in Duque de Caxias will be used to assemble and test


Editor's Note

Joe Keefe New photo.jpg

Even if, as Marcon International’s Bob Beagle says, barges are the workhorses of the towing industry, then the pushboats that propel the 38,000 (documented and undocumented) deck, hopper, tank, crane and miscellaneous purpose barges to their destinations are the heart and soul of the most


NewLead to Acquire Two Panamax Dry Bulk Vessels

NewLead Holdings Ltd announced today that it has previously signed a term sheet with a leading financial institution to provide 75% debt financing for two second-hand Panamax vessels for a total of $35 million. The two vessels are expected to be delivered to NewLead's fleet within the next three


Today in U.S. Naval History: April 10

USS Thresher (Naval Historical Center photo)

Today in U.S. Naval History - April 10 1941 - USS Niblack, while rescuing survivors of torpedoed ship, depth charged German submarine; first action of WW II between U.S. and German navies 1963 - During diving tests, USS Thresher lost with all hands (112 crew and 17 civilians) east of Cape Cod


Ship Ready to Destroy Syria's Chemical Arms at Sea

The container ship M/V Cape Ray departs Portsmouth, Va., Jan. 10, 2014, for sea trials. U.S. Navy photo by Petty Officer 3rd Class Lacordrick Wilson

Experts on board a cargo ship transformed into a multimillion dollar chemical weapons destroyer said on Thursday they were ready to start working on Syria's stock of toxic arms in the middle of the Mediterranean as early as May. Now they just have to hope the weather holds and Damascus delivers


First Ship Plugged-In to New Port of Hueneme AMP System

Image credit Port of Hueneme

The Port informs that it has conducted its first operational and safety vessel test of its recently installed Auxiliary Maritime Power (AMP) system. Port crews were on hand to view this first vessel ‘plug in’ by Hamburg Sud’s 'M/V Cap Pasley'


Newport News Shares Modeling, Simulation Practices

Newport-News-built aircraft carrier USS Theodore Roosevelt (Photo courtesy Huntington Ingalls Industries, by Ricky Thompson)

Huntington Ingalls Industries' (HII) Newport News Shipbuilding division will share modeling and simulation practices used in the design and construction of aircraft carriers and submarines during the MODSIM World Conference this week. The shipyard is among more than 25 organizations sharing best


EBDG Hires Two New Marine Engineers

EBDG proudly welcomes two new Marine Engineers to its team: Nick Bannon to its Seattle office and John T.D. Lair to its New Orleans office. Nick Bannon comes to EBDG with eight years of industry experience including extensive knowledge of coast guard regulations


ISC Expects Faltering Q1 2014 Financial Results

ISC Jones Act vessel: Photo courtesy of ISC

International Shipholding Corporation (ISC) provides preliminary guidance for first quarter 2014 results and announces timing of earnings release and conference call. The company says that it expects to report a first quarter net loss, before Preferred Dividends, in the range of $3


Ultra-deepwater Drillship 'Maersk Valiant' Delivered

Maersk Valiant: Photo Maersk Drilling

Maersk Drilling advises that its second new drillship, 'Maersk Valiant', has been delivered from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South-Korea. Maersk Valiant has begun its voyage towards the US Gulf of Mexico via Singapore to commence a two year contract with


YPF Tenders to Buy Fuel Oil for June

State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received in June and supplied to domestic thermoelectrical companies, according to a document seen by Reuters on Thursday.


 
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