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Sees Strong

Samsung Heavy Industries Building Two Golar LNG Carriers

LNG Carrier: Credit Wikipedia CCL Wmeinhart

Golar LNG Limited announces that  the Company  has entered into firm contracts with Samsung Heavy Industries Co. Ltd for a further two LNG carriers. The two additional vessels, each with a capacity of 160,000cbm have a combined total cost of slightly above $400 million. The first of the carriers is scheduled for delivery in the second quarter of 2014 and the second in early 2015. Subject to declaration deadlines, each contract also comes with an option for a further carrier for 2015 delivery. Attached to both options is the right to select an FSRU alternative and the vessel contracted for delivery in early 2015 also comes with the option for construction as an FSRU. As with Golar's existing new building orders, the vessels will be delivered with tri-fuel diesel electric engines and the lowest boil off rates in the industry making them extremely attractive prospects to charterers.   Chairman John Fredriksen says in a comment: With a total of 13 newbuilings and a further 4 options Golar LNG has secured a strategic unequal position to meet our customers' demand in the fast growing LNG industry. The Board has already seen strong interest for short and long term charters and expects that a solid charter portfolio can be developed prior to the individual deliveries of the new buildings. The increased activities in the LNG market including possible US export also supports a strong spot market in the years to come


Georgia Port Reports Highest Tonnage on Record

Photo: Georgia Ports Authority

Georgia Ports Authority (GPA) moved 2.4 million tons of cargo in April, a 4.7 percent increase – or 108,532 tons – over the same month a year ago. This figure was boosted by a strong performance in containers, bulk and Roll-on/Roll-off cargo. “Our total tonnage makes April the highest volume month on record,” said GPA Executive Director Curtis Foltz. “And with companies like Haier appliances, Kent bicycles and Pep Boys recently choosing the Port of Savannah


ZF Explores Chinese Offshore Market

ZF Marine Retractable Thruster

Marine Propulsion Systems, a business unit of ZF Friedrichshafen AG, shared at the sidelines of Marintec China 2013 that China continues to be a key focus for the company and shared plans to strengthen its footprint in the market. ZF Marine has been in China since 2006 and currently operates a sales and services office in Shanghai which serves as a competence center for all marine applications in China. With optimism slowly returning to the global offshore market


Wärtsilä to Provide Turnkey LNG Receiving Terminal in N. Finland

Schematic of Manga LNG terminal courtesy of Wärtsilä

Wärtsilä says it has signed a turnkey contract to supply a liquefied natural gas (LNG) receiving terminal to be built in Tornio, northern Finland. The contract, valued at approximately EUR 100 million, has been made with Manga LNG Oy, a joint venture between the Finnish companies Outokumpu Group, Ruukki Metals Oy, Gasum Oy and EPV Energy Ltd. The contract is conditional on receipt of investment support and Manga LNG Oy's contracts with other parties, including the gas suppliers.


North East Asia Geared for Growth

The new role of Harald Lundestad as General Manager for Wilhelmsen Ships Service in Taiwan, will give impetus to the expansion of the company’s business in the region, which is capitalising on the 10% GDP growth enjoyed by Taiwan in 2010, and the current rapid expansion of Taipei and Kaohsiung ports.  Based at the company’s Taipei office, Harald will play an instrumental role in the future development and growth of Wilhelmsen Ships Service in Taiwan


SS&Y Atlantic Index Up, Pacific Index Down

Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rose 162 points in the week ending Monday to 5,700. "Capesize rates strengthened overall by the middle of last week with rates from Richards Bay for October particularly strong, with fronthaul activity also firmer," SS&Y said. SS&Y's Pacific Capesize Index fell 11 points in the week ending Monday to 5,475. "The Pacific market saw a marginal re-balancing of tonnage supply in the charterers favor on certain positions," SS&Y said.


Torm Release 2013 1Q Report

Photo: Torm

In the first quarter of 2013, TORM realized a positive EBITDA of $36 million and a loss before tax of $16 million. “The seasonally strong first quarter in the product tanker segment was the best we have seen since the beginning of the financial crisis. TORM positioned itself well to take advantage of the market improvements, and we saw the positive effects of TORM’s restructured time charter fleet and the cost program


Saltire Reports Global Growth, Turnover Increase

Strong global growth contributes to increase in turnover for Saltire Energy

Saltire Energy, supplier of drilling tools to the offshore oil and gas industry, has posted its year end to June 30, 2013 results with turnover up more than 50% from £21.5 million to £32.9 million. Operating profit for the year has also risen from £14.1 million to £18.5 million. Mike Loggie, Chief Executive of Saltire Energy, said, “The last 12 months has seen steady growth in our business in the U.K. and across our international operations.


St. Lawrence Seaway Cargo Up 5% Over 2013

Compass Minerals transports rock salt using self-unloading vessels . Here a vessel is loaded at Compass Minerals’ Goderich, Ontario, mine. (Photo: Compass Minerals)

Total cargo shipments on the St. Lawrence Seaway have now surpassed 2013 levels by 5 percent due to strong North American import/export activity. According to the St. Lawrence Seaway, total cargo tonnage from March 25 to September 30 reached 24.4 million metric tons. Stephen Brooks, President of the Chamber of Marine Commerce, said, “September was another strong month for the St. Lawrence Seaway as marine shipping helped U.S


ITS Reports a Return to Growth

ITS_001.jpg

ITS Group, a leading supplier of oilfield products and services to the global oil and gas industry, has reported a noticeable profit improvement in its annual report for the year ended December 31, 2011, in line with improving market conditions. The company, which has its headquarters in Aberdeen, provides drilling equipment and services through a network of 29 facilities across 18 countries and has a strong international footprint.


Sri Lanka Softens Stance on China Port City dealD

Sri Lanka's new government said on Thursday it might renegotiate a $1.5 billion "port city" deal with China Communications Construction Co Ltd, softening its pre-election threat to scrap the project.   New Prime Minister Ranil Wickremesinghe, before last month's presidential vote


Lindner Sees Strong 2015

Mikael Lindner, President, Scania North America

On the last day of what proved to be a busy Workboat show in New Orleans, Mikael Lindner, President, Scania North America, sat with Maritime Reporter & Engineering News to reflect on the current and future direction of the power company’s marine business in North America.


Congressmen Lead Effort to Defend US Shipbuilders

Photo courtesy of Huntington Ingalls Industries

Congressman Joe Courtney (CT-2) and Congressman Steven Palazzo (MS-4), along with 30 bipartisan House colleagues, sent a letter this week to Senate leadership urging opposition to an amendment that they say would strip domestic construction requirements that help strengthen America’s


100th PMI Auto-tuning Retrofit Package Sold

A 3D rendering of a cylinder/combustion chamber (Image courtesy of MAN Diesel & Turbo)

MAN PrimeServ, MAN Diesel & Turbo’s service division, has announced the 100th sale of its Pressure Measuring Instrument (PMI) Auto-tuning retrofit package. The MSC Filippa, a 2011-built, 13,400-teu containership owned by Germany’s Peter Döhle Group


South Carolina Container Volumes Climb in 2014

Photo: SCPA

The South Carolina Ports Authority (SCPA) reported that container business rose 12 percent in 2014, a year highlighted by strong volume growth and substantial forward progress on the harbor deepening project.   In December the port handled 141,956 twenty-foot equivalent units (TEUs)


Seakeeper Poised for Growth in 2015

Image: Seakeeper

Seakeeper reported record growth in 2014, noting that it is poised to continue the momentum through 2015 Shipments of gyros increased 46% over 2013 as more boat manufacturers added Seakeeper as standard and optional equipment on new builds. A sizable portion of its sales also came from refits


Cummins' Carter to Retire

Pamela Carter (Photo courtesy: Cummins)

Cummins Inc. announced that Distribution Business President Pamela Carter, the first woman to lead one of the company's four main business units, will retire April 1. Carter, who became Indiana's first African American woman Attorney General in 1993, has been with Cummins since 1997


China in Mind, Japan Seeks Maritime Ties with India

Image: Indian Navy

 apan has pitched for stronger maritime security cooperation with India, to counter an increasingly powerful China.  During his visit in India on Saturday Japan's foreign minister Fumio Kishida said that both nations should "proactively" assume responsibilities to ensure


Falling Oil Prices Help Boost Braemar Revenues

Image: Braemar Shipping

Braemar Shipping Services said its ship broking division saw an improvement in its performance during the last quarter. The merger in July with smaller rival ACM Shipping also came in as shot in the arm. A strong dollar and weak oil prices are good for business, too, and freight rates


Norwegian Orders Rolls-Royce Propulsion Upgrade

Norwegian Epic (Photo courtesy of Norwegian Cruise Line)

Norwegian Cruise Line has selected a Rolls-Royce permanent magnet tunnel thruster to upgrade the propulsion package onboard cruise vessel Norwegian Epic.     According to Rolls-Royce, the permanent magnet tunnel thruster offers numerous advantages over traditional tunnel thrusters


Tankers to Store 25m Barrels of Oil At Sea

Image:Trafigura

Oil traders have booked at least 12 tankers to store 25 million barrels of crude at sea in a further sign of a build-up in global stocks, reports Reuters.   To take advantage of the crash in crude prices and make a profit down the line


Traders Book Oil Tankers to Store 25m Barrels at Sea

Some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea in recent days, seeking to take advantage of the crash in crude prices and make a profit down the line. Floating storage levels are expected to increase further in coming weeks as


Konecranes Signs First Boxhunter RTG Deal

Photo courtesy: Konecranes

Konecranes has  announced the signing of the first Boxhunter RTG deal. The customer, CGM, located in Kamayut Township, Yangon, Myanmar, has developed an exciting new kind of business concept involving the Boxhunter.  CGM is a company that has developed a new


Lamprell Issues Pre-close Trading Update

Photo courtesy of Lamprell

Lamprell published a trading update ahead of its results for the year ending December 31, 2014, stating it has delivered a robust operational and financial performance in 2014 as a result of strong project execution, favorable phasing of rig construction cycles and some one-off elements.  


Kerry to Push India to Give U.S. Companies Greater Access

John Kerry, U. S. Secretary of State

 Secretary of State John Kerry will push India to make it easier for U.S. companies to do business there on a trip next week that also takes him to Europe to meet officials from Oman, Iran and Bulgaria, U.S. officials said on Friday.






 
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