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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


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.


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


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.


ITS Reports a Return to Growth

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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.


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


NASSCO Licenses LNG Containment Tech to Braemar

Image: Braemar

General Dynamics NASSCO and Braemar LNG BV announce LNG containment technology licensing agreement   General Dynamics NASSCO and Braemar LNG BV, a wholly owned subsidiary of Braemar Shipping Services PLC, have signed a technology licensing agreement for Braemar to use NASSCO’s


Hempel Acquires Schaepman

Hempel has acquired Schaepman’s Lakfabrieken B.V, a Dutch supplier of specialized industrial, protective and decorative coatings. The acquisition is part of Hempel’s five-year growth strategy. Terms of the sale are undisclosed.  


Nigeria Maritime Workers' Strike Looms Large

Maritime Workers Threaten Pullout Nationwide

  There are strong indications that the Maritime Workers of Nigeria (MWUN) may shut down port operations nationwide from tomorrow (17 December), and begin an indefinite strike over a number of longstanding issues. At the weekend, the union notified the relevant authorities - such as the


Container Volumes on the Rise in South Carolina

Photo: South Carolina Ports Authority

Container volume up 13 percent at South Carolina Ports Authority; Charleston benefiting from federal appropriations    The SC Ports Authority announced another month of double-digit container growth, with fiscal year-to-date volumes up 13 percent year over year.  


NAT CEO: Low Oil Prices Benefit the Tanker Market

Herbjørn Hansson (Photo courtesy of NAT)

Nordic American Tankers Limited Chairman & CEO Herbjørn Hansson addressed the impacts of low oil prices on the tanker business in a letter to shareholders, citing the decrease in oil price as an overall positive for the world tanker market and possible trigger for the recent rate


Terex Scoops 2 IBJ Awards

IBJ Awards 2014

  Terex® Quaymate M50 mobile harbour crane is Crane of the Year – Dr. Mathias Dobner honored Rotterdam/Düsseldorf, 24 November 2014 – Terex Port Solutions (TPS) has been successful in two categories of this year’s awards


Russian Liftings for Western Options at 12-Year Low

By Gleb Gorodyankin MOSCOW, Nov 25 (Reuters) - Exports of Russian crude oil to Western markets are set to fall by almost a third in December and reach a 12-year low as traders withhold cargoes to wait for lower duties from Jan. 1, a preliminary export programme showed on Tuesday.


Editorial: 75, 150 ... What’s in a Number?

Greg Trauthwein

It is not often that I break out the tux for my editorial picture, but this special edition dictates. I know that I should argue that all of our editions are special, but this one in particular, I must admit, stands out in a number of ways.


Russian Assets Sink on Oil price Collapse

  Russia's rouble and shares hit new lows on Friday as oil prices collapsed after OPEC decided to leave its output unchanged despite heavy oversupply. At 1000 GMT, the rouble was around 2.2 percent below the previous close at 49.72 roubles per dollar, and 1


Montague named Prestige Cruise President, COO

Jason Montague

Norwegian Cruise Line Holdings Ltd. (Nasdaq:NCLH) announced today that Jason Montague has been named President and Chief Operating Officer of Prestige Cruise Holdings, Inc. effective today, following the resignation of Kunal S. Kamlani.  


Robot Fleet Completes Pioneering Mission

Waveglider in rough seas

  The second phase of an ambitious project to gather valuable information on ocean processes and marine life using a fleet of innovative marine robots has just reached its conclusion. Co-ordinated by the National Oceanography Centre (NOC)


Denet Towing Repower Saves 20% in Fuel

13L Marine Low Res from Rear WEB.jpg

Jerrold Denet, owner of Denet Towing in Boothville, La., is as straight forward as they come. When asked why he started his towing company in 1982, the response was incredulous: “Why did I start it? I started it to work and to make money!”


Eltorque Pushes into US Market

Eltorque WEB.jpg

Eltorque, a Norwegian manufacturer of electric valve actuators, has experienced strong growth in the last few years, positioning itself as a leading supplier to the OSV and fishery segments in Europe, Asia and in part, Brazil. As the U.S. shipbuilding backlog continues to grow


Oil Pushes Lower, Undeterred by Bullish Jobs Report

Oil

  U.S. crude oil closed at its lowest since July 2009 on Friday as Brent averaged below $70 a barrel in the week for the first time since 2010, as strong U.S. employment data did little to lift the oil market's bearish mood. Both contracts continued to slide as the market grappled with


Det Norske Employs Aveva's Solution

Image

AVEVA announced that Det norske oljeselskap ASA (Det norske), has begun deployment of AVEVA’s Progressive Handover Solution to manage Life Cycle Information for the high profile Ivar Aasen field project.   The AVEVA solution allows Det norske to benefit from improved information






 
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