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 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
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.
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
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.
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
Oil prices steadied as buyers returned to the market on Friday to take advantage of a five percent slump set off by speculative fund sell-off on Thursday. Brent crude futures in London were trading 18 cents stronger at $21.60 a barrel, clawing back some of the losses sustained in Thursday's dramatic $1.17 fall. The losses were caused by funds selling futures in response to technical indicators, denting OPEC's hopes of keeping prices firm while they hold a tight rein on production
The momentum in the Capesize shipping markets is likely to continue across the next month, shipping brokers said. However, continued rate strength in the New Year will depend on sentiment concerning Bocimar's intentions for the vessels it has on short term charters coming up for renegotiation from February. Current optimism in rates being maintained is based on recent timecharter fixtures of $20,500 a day for a modern bulk carrier East and $17,600 on a return trip to Europe, a broker said
The Baltic Dry Index (BDI) was down 3 points on Wednesday to 1,681, Panamax up 3 to 1,516, Capesize down 15 to 2,354 and the Handy up 3 to 1,184 points. Softer rates in the Atlantic caused the decline in the Capesize index by 15 points, the first fall since March 24, but leaving the index with a net gain of 540 points since the start of the year. Firmer rates for Panamaxes were seen in the Atlantic with Cargill taking the 1995-built Stalo 73
There were 26 ports in China handling over 100-million tons each by end of year 2011 The number of such ports was 22 in 2010, and 12 in 2006. Among the 26 100-million-ton handling capacity ports, 17 are costal and nine are inland, said a statistical bulletin, which was commissioned by China's Ministry of Transport and featured in 'China Daily'. Ningbo-Zhoushan Port, in east China's Zhejiang province, came out on top, with an annual handling capacity of 694 million tons of throughput in 2011
Non-state company, Sino-Global, announces major decline in third quarter 2013 financial results, raises cash by share issue. Sino-Global is a non-state-owned provider of shipping agency services operating primarily in China. Financial highlights are as folllows:
Wilson Sons Limited announced its results for the First Quarter (1Q13). Highlights The Company’s Net Income reached $19.5 million, primarily due to strong performances in the Towage, Offshore Vessels, and Shipyard businesses. “Despite soft exports
Interim financial results for Q1 2013 show a strong start to 2013 by Maersk Drilling. With an increase in profit to USD 146 million in the first quarter of 2013 from USD 123 million in first quarter of 2012, Maersk Drilling has come off to a good start in 2013
BMT Group Ltd (BMT), the international design, engineering and risk management consultancy, has announced another strong financial performance for the year to September 30, 2012. By focusing on markets where it can deliver high-value customer solutions
The early months of 2013 have been marked by damaging labor strike action in several countries which has punished shipowners and charterers even though they are innocent parties, says The Strike Club, the market leader for delay insurance for the marine trades.
Concordia Maritime released its Interm Report 1, January 1 to March 31, 2013. Operating result of SEK 15.7 million Improved income for vessels on the spot market Strongest product tanker market since 2008 Total income, MSEK 127.9 EBITDA, MSEK 51.2
ABS hosted its Annual Meeting in New York on April 23, 2013. ABS Chairman, Robert D. Somerville reported that, "despite the uncertainties of the global economy and of the shipping and offshore markets, ABS turned in yet another record performance."
On Wednesday April 24, the marine survey company EIVA a/s published its 2012 Annual Report. The offshore specialist thereby concludes a financial year where its activities have been characterised by growth, with high expectations for 2013.
Trade intelligence company, Zepol Corporation, releases a report analyzing the trade activity for the top 20 ports in the United States. Four key insights found in the report: 1. The top port in the U.S. by a landslide, the Port of Los Angeles
Rapp Hydema formed a new affiliate company, Rapp Hydema Canada Marine Incorporated. The new company will be associated with manufacturing and servicing of company’s lines, including winches and LARS (launch-and-recovery systems). Expanding government research vessel contracts brought
Zepol Corporation released a report analyzing the trade activity for the top 20 ports in the United States. The annual report provides detailed import information for each port and compares trends to the previous year as well as sheds light upon potential future developments.
Solace Global Maritime, a private maritime security company, has been seconded as an industry expert from SME32 Ships and Maritime U.K. Committee to advise the QS1 Quality Committee on proposed changes to the international management standard, BS EN ISO9001.
Maersk Line sign a multi-year e-commerce shipping network contract with INTTRA as part of a strategic growth strategy for both companies. Maersk Line and its brands Safmarine, Seago Line, and MCC will extend the benefits of the INTTRA e-commerce shipping network to its customers
The U.S. Coast Guard's Engineering Analysis Board has identified factors associated with corrosion on the Coast Guard’s National Security Cutter 'Stratton'. The Engineering Analysis Board concluded that the unusual pattern of corrosion observed on the Stratton was caused by Damage to the
The UK P&I Club, one of the largest and oldest providers of mutual liability insurance to ship owners, announced its financial results for the year ended February 20, 2013. Highlights • Surplus of $9.5 million increases free reserves and hybrid capital to new high