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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.


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.


San Diego Ports Get Fitch A+ Rating

Fitch Ratings has assigned an 'A+' rating to $19.3 million of refunding revenue bonds, series 2013 A, issued by the San Diego Unified Port District. In addition, Fitch has affirmed the 'A+' rating on approximately $39.2 million in outstanding revenue bonds, series 2004 A and 2004 B. The Rating Outlook on all bonds is Stable. KEY RATING DRIVERS: Mix of Maritime and Real Estate Assets: The district's assets include real estate holdings in prime tourism/business areas of the city and two


Persistence Pays Off For First Female Dragline Trainee Operator

...

  Marianne Finch may only be a rookie at the controls of Dragline 13 but as Saraji’s first female Dragline Trainee, she has a strong message for her female colleagues in the mining industry: “Don’t take no for an answer”.


DNV GL & MMGI Take Global Risk Identification Initiative

Tsunami hazard sign: File photo

The partners inform that a new global initiative launched by DNV GL and Monday Morning Global Institute (MMGI) aims to identify opportunities for sustainable responses to a range of global risks. A series of eight workshops around the globe marks the start of the identification process


Norsea Group Makes Long-term UK Commitment

Peterhead Harbour, aerial photo

  NorSea Group (UK) Limited is making a major, long-term commitment to the UK with the announcement that it will take over operatorship of Smith Quay and Embankment at Peterhead on a 10-year agreement as of September 1. NorSea Group also has a 15-year lease at South Quay in Montrose and a


Turning Global Risks into Sustainable Opportunities

A new global initiative launched by DNV GL and Monday Morning Global Institute aims to identify opportunities for sustainable responses to a range of global risks. A series of eight workshops around the globe marks the start of the identification process


DMR Sees US Container Terminal Sector M&A Flurry

Development of US Container Port Volumes, 2000-2013 (million teu)

M&A (Merger & Acquisition) activity in the US container terminal sector is currently at its highest level since the boom time of the mid-2000s. However, whilst the type of buyer is largely similar to what it was, the rationale for pursuing today’s deals is different


Maersk Line Still the Leading Carrier on Reliability in Q2

Maersk Raises Outlook

  During the second quarter, the overall industry reliability has improved. However, Maersk Line is pleased to have improved their performance so that they can continue to lead the industry on reliability. The midyear review of Maersk Line by maritime analyst SeaIntel shows an upward trend


Houston Ship Channel Man Overboard Swims to Island

Rescued man (C) & rescue crew: Photo USCG

The U.S. Coast Guard informs of the rescue of a 62-year-old man who was stranded on Atkinson Island, after he fell off his boat in the Houston Ship Channel near Sylvan Beach and swam to the island. Watchstanders at Coast Guard Sector Houston-Galveston received a call from a mariner transiting


SC Ports’ Earnings, Volumes Surpass Plans

Photo: SC Ports Authority

July cargo volumes deliver strong start to new fiscal year SC Ports Authority reported 2014 fiscal year-end operating earnings of $14.3 million, 20.7 percent over the organization's financial plan. From July through June, the SCPA posted operating revenues of $164


HK's COSCO International Reports Strong Profit Growth

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY. Results Highlights Strong profit growth: profit attributable to the equity holders surged


Clarksons Report Strong First Half Performance

Clarkson logo

Leading shipping services group Clarkson PLC (Clarksons) has reported its unaudited Interim Results for the six months ended 30, June 2014. Summary     •    Strong performance in continued challenging market conditions


Capesize Rates to Rise Much Higher this Year

According to Commodore Research & Consultancy, capesize rates ended last week at $15,561/day, which marked a week-on-week increase of $6,167 (66%). Capesize rates have been able to rise by such a large amount so quickly, as vessel availability in both the Atlantic basin and Pacific basin have


BIMCO: Bulk Market Awaits Freight Rates Lift

Photo courtesy of BIMCO

Dry Bulk Shipping: All eyes on Brazilian iron ore exports, as we await the long-anticipated lift in freight rates. Demand The freight market, which performed so well in Q1, has certainly not delivered in the past four months. BDI has dropped from 1,621 on March 20 to hit 747 on July 29


Kvaerner, KBR Partner for Johan Sverdrup Contracts

Kvaerner and KBR, Inc. will establish a joint venture to competitively bid on offshore platform topsides contracts for the Johan Sverdrup field development offshore Norway, the companies announced. The alliance combines Kvaerner's expertise and resources as a turn-key contractor for offshore


Kvaerner & KBR Ally on Offshore Rig Topside Bids

Rig topsides: Photo Kvaerner

Kvaerner ASA says it is to establish a joint venture with KBR Inc. to bid competitively on offshore platform topsides contracts for the Johan Sverdrup field development offshore Norway. The alliance combines Kvaerner's expertise and resources as a turn-key contractor for offshore


FSL Trust Sees First Quarterly Profit Since 2011

Photo: FSL Trust

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust) has generated a profit of  $1 million for the 2Q of the 2014 financial year. This profit compares to a $7.2 million loss for the 2Q’s corresponding previous year






 
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