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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

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.


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


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


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.


EMAS Offshore Launches Singapore Listing

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EMAS Offshore boosts profile amongst international investment community by providing Asian platform for growth;  Singapore public offer opens at 6.00 p.m. today and closes at 12.00  noon on 2 Oct 2014.   EMAS Offshore Limited (“EMAS Offshore”


Aker Evaluating Future of US Shipyard, ASC

Aker Philadelphia Shipard view: Image courtesy AKPS

Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto investment vehicle said in a statement released late on Monday. Converto, the top owner of both Aker Philadelphia Shipyard and


Kounalakis Joins OW Bunker N. America

Photo courtesy of OW Bunker

OW Bunker, a reseller and physical supplier of marine fuels, announced the appointment of Georgia Kounalakis to its physical supply operation in North America. Kounalakis joins the region’s senior team to take on responsibility for business development and help to drive further sales growth


GAC Marine Logistics Shifts Central Office to Singapore

Jan Kielmann

In a move that brings it closer to key Asian markets, ship spares logistics specialist GAC Marine Logistics (GML) has relocated its head office to Singapore. The Asia Pacific region is home to a large number of ship owners and ship management companies who take advantage of the unique GML


American Maritime Industry Booming Testifies AMP

AMP Chairman Tom Allegretti

The U.S. House Subcommittee on Coast Guard and Maritime Transportation today heard first hand about America’s booming domestic maritime industry from Mark Tabbutt, Chairman of the Board of Saltchuk, one of the country’s most recognized transportation and distribution companies


Centenary of RAN Submarine Loss Commemorated

Rabaul, PNG RAN ceremony

The Royal Australian Navy (RAN) informs it has commemorated the 100th anniversary of the disappearance of its first submarine, 'HMAS AE1', with memorial services in Papua New Guinea and across Australia. In a ceremony held in Rabaul, Papua New Guinea, close to where the ship was last seen


Submarine Loss Commemorated 100 Years On

Photo: Richard Cordell

The Royal Australian Navy (RAN) has commemorated the 100th anniversary of the disappearance of its first submarine, HMAS AE1, with memorial services in Papua New Guinea and across Australia. In a ceremony held in Rabaul, Papua New Guinea, close to where the ship was last seen, Navy members


South Carolina Ports Container Volume Up by 13%

Port operation underway

  SC Ports Authority reported container volumes up 13 percent fiscal year to date, a strong start to the first two months of the fiscal calendar. The SCPA handled 163,970 twenty-foot equivalent units (TEUs) in August, in increase from 144


Lilaas Engages Imtra for N. American Distribution

Lilaas Managing Director Øyvind Lilaas (left) and Alex Larsen, Imtra VP Commercial Sales, shake hands on the deal that is expected to open up the North American market to Lilaas controls

  Strong prospects in the North American marine equipment market have triggered a new importation and distribution agreement between control specialist Lilaas AS and well-known marine and offshore sales and support organization Imtra Corporation, of New Bedford, MA.


Australian Watchdog NOPSEMA Gets new CEO

APPEA Welcomes Appointment of New NOPSEMA CEO

Australia’s oil and gas industry welcomes the appointment of Stuart Smith as the new Chief Executive Officer of the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA). APPEA Chief Executive David Byers said: “Mr Smith brings to the position a strong


Short-Term Perils of Lower Oil Prices: DW Monday

Oil tanks: File image

At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya, together with the ongoing surge in US production, notes Douglas-Westwood in the latest 'DW Monday'.


Specialised Reefer Container Operators can Thrive: DMR

Stack with reefers: Photo CCL credit Danny Cornelissen from portpictures.nl

Despite growing competition from container lines, specialised reefer operators can still thrive, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast, referred to here in an extract from DMR's latest 'Container Insight Weekly'.


Maersk Drilling CEO: Slow Deepwater Rig Market Coming

Maersk Drilling Chief Executive Claus Hemmingsen talked to Reuters on the sidelines of A.P. Moller-Maersk's annual capital markets day. Maersk Drilling has focused on two areas - harsh environment rigs primarily in Norway and deepwater rigs in the Gulf of Mexico and off West Africa.


Pettit Launched Water-based Antifouling Paint

Image courtesy of Pettit

Pettit Marine Paint, manufacturer of high performance marine coatings, announced today the release of an entry-level water-based antifouling paint, Neptune 5. This latest addition to Pettit’s line of ecofriendly bottom paints provides lower applied cost per square foot


Waterjets Manufacturing Comes Stateside

Thrustmaster founder, president and CEO Joe Bekker (middle) seals the deal to bring waterjet manufacture to Texas.

Thrustmaster’s deal with DOEN brings waterjet manufacturing to the United States.   Marine propulsion and thruster manufacturer Thrustmaster of Texas, Inc. announced a deal earlier this year to acquire the technology of DOEN, an Australian designer and manufacturer of waterjet






 
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