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.
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 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
Nautisk unveiled its latest navigational solution: NaviTab from Nautisk, a unique concept that replaces a vessel’s onboard Navigational Publication library. Hundreds of books have been uploaded onto a hi-spec hand-held device, suitable for use both onshore and on the bridge. “Currently, all vessels sailing global routes must carry a full portfolio of navigational publications (NPs) in order to sail compliantly and meet SOLAS Regulation,” said Nautisk CEO Thomas Fjeld
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
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
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
The second phase of the Russian-Chinese Joint Sea-2015 naval maneuvers has officially ended outside the port of Vladivostok in Russia’s Far East, says spokesman for the Eastern Military District Roman Martov. "Today
More than 140 university students from across the country are being given a unique insight into working life at BAE Systems, as part of the company’s 12-week summer internship program. At Portsmouth Naval Base and Cowes on the Isle of Wight
A natural gas pipeline has caught fire approximately 25 miles south of Marsh Island, La., Wednesday, injuring two vessel crew members working on the pipeline, according to the U.S. Coast Guard. Coast Guard watchstanders in New Orleans were notified at 8:30 p.m
The U.S. Coast Guard, the Alpena Sheriff's Department and several good Samaritans are assisting two men aboard a 42-foot sailboat that began taking on water early Wednesday morning 18 miles east of Alpena, Michigan in Lake Huron. Shortly after 9 a.m
Seafarer social media site Crewtoo, part of KVH Industries, Inc., has published the results of its second Crewtoo Seafarers Happiness Index report detailing job satisfaction at sea. Designed to monitor and benchmark seafarer satisfaction levels via 10 key questions
Bolidt has been selected to supply decking solutions across a wide range of Dutch maritime projects that encompass the entire range of industry sectors. The Dutch flooring and decking specialist will be showcasing its comprehensive range of synthetic decking solutions at Europort 2015.
GC Rieber Shipping has more than doubled its net profit for the second quarter and recorded a year-on-year increase in profit on more vessels in operations and currency gains. However it has warned of a continued focus on shorter contracts in the future.
Norway’s Farstad Shipping ASA has seen red in the second quarter of 2015 as impairments and currency losses drove the company into a loss. Farstad’s profit after taxes (PAT) was negative NOK 119.5 million, versus positive PAT of NOK 46.7 million a year earlier
Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 12.1 million in the second quarter 2015, down from 32.3 million in the previous quarter and from USD 42.5 million in the second quarter 2014. Contract sales ended at USD 4
Making her debut at the Martin Midstream Dock in Galveston, Texas, Fugro’s new geophysical survey vessel, the Fugro Americas, was showcased to clients, with more than 100 in attendance, the company announced. Fugro gave guided tours of the newbuild vessel, with geophysical
A Brazilian judge sentenced Nestor Cervero, former international chief of state-run oil firm Petrobras, to just over 12 years in prison on Monday for corruption and money laundering related to a bribe allegedly paid to the speaker of Brazil's lower house of Congress.
U.S. Coast Guard rescues disabled fishing vessel 70 miles from Nantucket A disabled fishing vessel was brought in safely to shore early Monday by U.S. Coast Guard crews aboard the cutters Escanaba and Hammerhead. Watchstanders at the Coast Guard Sector Southeastern New England
Owner and operator of semi-submersible accommodation vessels Prosafe announced it has signed a contract with an undisclosed client for the provision of an accommodation vessel in the U.K. sector of the North Sea. The contract firm period commitment is over eight months and will involve an
The hull structures for the Port of London Authority’s (PLA) new 17-meter survey catamaran have been completed by shipbuilder CTruk. The two composite hulls were removed from the mold after several weeks of lay-up work and are now undergoing first stage fit out with fuel tank and
Hamad Port welcomed its second commercial carrying the second shipment of cranes which includes four Ship to Shore (STS) Cranes and six Rubber Tyred Gantry (RTG) Cranes, says a report in the Gulf Times. This, along with other key developments