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
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
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 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.
BMT Group Ltd. announced a strong performance for the year to September 30, 2014, a period which saw BMT secure revenues of £165.1 million with underlying operating profits of £10 million, a proportion of which has been distributed to the staff through the company’s profit share schemes. Comprising 24 operating companies, involved in activity across 10 markets in 35 countries, the BMT group said it continues to concentrate on its core maritime-focused offering
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.
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
Intermodal operator Ruscon reported it has increased its market share in Russia, maintaining a strong position in a country which has seen imports fall by 20 percent in the last 12 months. In the first quarter of 2015, Ruscon handled 32,250 laden containers compared to 28,497 in the same period last year. Vladimir Bychkov, CEO of GCS, Ruscon’s parent company, said that handling a higher than average volume of import goods also benefits its ability to handle export business
Dublin Port Company today welcomed the decision by An Bord Pleanála to grant permission for the Alexandra Basin Redevelopment (ABR) Project which will transform Dublin Port’s infrastructure and enable it to service the economy for decades ahead. The project will increase the port’s ability to handle large ships by deepening and lengthening three kilometres of the port’s seven kilometres of berths
* Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015.
Kuwait-headquartered United Arab Shipping Company (UASC) said that marked drop in Asian imports to Europe, made worse by a strong dollar, has heaped pain on container lines already struggling with massive over capacity, reports Reuters.
A marked drop in Asian imports to Europe, made worse by a strong dollar, has exacerbated the pressure on shipping lines already struggling with massive over capacity, Arabian Supply Chain quotes United Arab Shipping Company (UASC) as saying.
Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed. In their announcement Standard & Poor’s note: • the Club’s risk-based capital is expected to remain extremely strong;
Russian Urals crude price differentials strengthened slightly on Tuesday in the Mediterranean while hovering near their weakest in 17 months in the Baltic due to abundant supplies. In the Platts window, Glencore offered a Nov 13-17 Urals cargo in the Baltic at dated Brent minus $3
Coast Guard search-and-rescue crews are searching for a man in the water 80 nautical miles northeast of Mayaguana, Bahamas, Friday. At approximately 1 a.m., the Royal Caribbean Oasis of the Seas cruise ship reported a missing 35-year-old male after he fell into the water during a cruise
Freight forward agreement (FFAs) trade rises. The market for hedging oil tanker freight has revived sharply this year to a value of $4.5 billion after years of torpor, with ship owners looking to profit from a freight rally and more energy companies scramble to cover risk, industry sources say
Petrofac, Faroe Petroleum and Eni Hewett have established a cost-saving partnership to drive efficiencies and commercial synergies across U.K. operations in the Southern North Sea. The tripartite agreement sees collaboration between Petrofac (Duty Holder) and the respective equity owners
Strong export growth leads overall 6.3 percent volume increase The docks continued to be busy at the Port of Long Beach in October as cargo volume rose 6.3 percent compared to the same month last year, making for the best October in eight years, the port reported
Nordic Tankers and Borealis Maritime Ltd has announced the intention to form a jointly held company, Crystal Nordic A/S – a strong player in the short-sea, ice class chemical tanker trade in the Baltic and North-Western European market.
Good positions in a market that exceeded expectations gave Concordia Maritime part of Sweden’s Stena Group, a very strong quarter for the season. It recorded after-tax income of SKr52.4M ($6m) for the third quarter, a dramatic turn from a SKr27m loss the same period a
With two months left in the shipping season, U.S. ports were busy moving grain and project cargo in October. “We anticipated an increase in vessel activity and cargo tonnage into the Great Lakes Seaway System for the month of October, and we saw it,” said Betty Sutton
Norautron Group has entered into an agreement to acquire 100% of Hatteland Display from Herkules Capital. Hatteland Display's history dates back to 1989, and the company is now a leading designer and manufacturer of high-end rugged displays, panel computers
New economic study attributes 1 in 12 Midlands jobs to Port operations The South Carolina Ports Authority announced a fiscal year-to-date container volume increase of seven percent, with 678,033 twenty-foot equivalent units (TEUs) handled since July.
Last night in Hamburg, BIMCO President Philippe Louis-Dreyfus chose to give public recognition to all seafarers who have been – and still are – involved in rescuing people in distress at sea. Mr. Louis-Dreyfus awarded the BIMCO President’s Award to Columbia Shipmanagement