The new European Regulation on ship recycling (Regulation (EU) No 1257/2013) was published on December 10, 2013 in the Official Journal of the European Union and it will enter into force on December 30, 2013. In view of the international importance of the new Regulation GMS followed very closely and contributed advice towards its development. It is paramount that the implementation of the new Regulation by the European Commission in the next two years will be guided by realism and a clear understanding of the dynamics of the industry, and not by the impractical, not thought-out, and irrational campaigns to ban beaching. Over this period the industry will need to be alert so as to contribute its knowledge and guidance to the European Commission. GMS has developed two papers in order to inform the shipping and ship recycling industries of the detailed requirements of the new European Regulation and of its effects on the commercial processes of buying and selling ships for recycling. These two papers (titled as below) can be downloaded at - http://www.gmsinc.net/gms/news.php
PAL Indonesia has purchased the entire Tribon Shipbuilding system for design and production of ships at its shipyard in Surabaya. PAL Indonesia has chosen to implement the complete hull and outfitting applications of the Tribon system to increase the yard's automazation and efficiency. PAL Indonesia has more than 20 years of experience in designing, engineering and building commercial and naval ships. Some examples are passenger ships, tankers, bulk carriers, container ships
American Commercial Lines Inc. (NASDAQ: ACLI) announced the closing of the initial public offering of 9,487,500 shares of its common stock at a price to the public of $21.00 per share. Of the shares sold in the offering, 7,500,000 shares were sold by ACL and 1,987,500 shares were sold by a selling stockholder. The shares sold by the selling stockholder included 1,237,500 shares purchased pursuant to an option granted by the selling stockholder to the underwriters, which was exercised in full
The European Union is considering taking action against South Korea under the World Trade Organization, accusing the country of using western subsidies to sell ships at below construction cost and putting European rivals out of business. "The sector is facing a critical situation worldwide with very low prices and a serious overcapacity caused by the Republic of Korea," EU industry ministers said after a regular meeting where they discussed a European Commission report on the world
Tsakos Energy Navigation Ltd. (NYSE: TNP) announced the sale of the 1998-built 107,181 dwt Aframax tankers Maria Tsakos and Athens 2004 to an independent Greek-based operator. The Maria Tsakos will be delivered to her new owners on July 11, 2007 resulting in a $31 million capital gain that will be recorded in the third quarter of this year. The Athens 2004 will be delivered in the beginning of the fourth quarter resulting in an additional $31 million capital gain to be recorded at that time
Shipsales Tanker Sentinel - (built 1986) 106,722 dwt sold for $14.4 million. Tanker Bow Explorer - (built 1975) 31,501 dwt sold to Vulcanus for $4 million. Tanker Jo Breid - (built 1981) 26,300 dwt sold to Norwegian buyers for $7.5 million. Bulker Red Rose - (built 1978) 75,720 dwt sold for $2.35 million. Bulker Lionsgate Bulker - (built 1996) sold to London based Greek buyers for $18.25 million. Bulker Litrotis - (built 1981) 64,120 dwt sold at auction in Singapore for $3.5 million.
Norway's Leif Hoegh said that Unicool -- its fully owned unit -- sold three reefers for a total of just over $27 million. The sales prices was close to the book value, Leif Hoegh said in a statement to the Oslo bourse. It said Unicool had sold the vessels Baltic Spirit, built in 1986, Lincoln Spirit, built in 1987 and Tasman Spirit from 1988.
In accordance with the objectives of the 2003-2007 strategic plan, BOURBON is disposing of its nonmarine service operations and is selling its sugar assets in Vietnam. Following the incorporation of Sucrerie de Bourbon Tay Ninh (Vietnam) as a joint stock company, Bourbon is announcing the sale of 49% of its stake, with a commitment to retain the balance for a period of three years. Firstly, 24% of the shares have been sold today to strategic Vietnamese investors and
Venezuelan state oil company Petroleos de Venezuela (PDVSA) will begin selling bunker fuel via two Internet sites later this month, its first sales project across the Web, a company official said. PDVSA will offer fuel from its terminal in Freeport, Grand Bahamas Island to shipping companies via two industry Internet sites: www.oceanconnect.com and www.bunkerstem.com. "I believe that before the end of the month, in one or two weeks, we will be selling fuel (over the Internet)
ATLANTA, April 27, 2011 – Marine Products Corporation (NYSE: MPX) announced its unaudited results for the quarter ended March 31, 2011. Marine Products is a leading manufacturer of fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral, including Premiere Sport Yachts, SSi and SSX Sportboats and Cuddy Cabins, Sunesta Sportdecks, Xtreme Towboats, Signature Cruisers, and outboard sport fishing boats by Robalo.
Reuters - The main shareholder in D'Amico International Shipping has launched a placement of up to 42.2 million shares, or about 10 percent in the Italian shipper, the company said on Thursday. In a statement, it said the shares will be sold via an accelerated bookbuilding to boost liquidity in
A changing tax landscape doesn’t have to mean bad news – at least not just yet. A Changing Landscape Historically, bonus depreciation has had a significant effect on construction of new vessels, allowing businesses to initially expense 30 percent
A government panel has recommended Japan lift the amount utilities must pay for electricity from offshore wind farms while cutting prices for power fed in from solar projects, as the country looks to diversify its use of renewable energy.
Libyan government forces on Monday seized a tanker that had loaded crude at a port under the control of rebels who plan to sell oil independently of the Tripoli government, state-owned National Oil Corp (NOC) said. The North Korea-flagged shipped was being escorted to western Libya
Western Refining Inc reported a fourth-quarter loss as the cost of the crude oil it processes rose from the year-earlier period when they posted a profit. The U.S. refiner reported a net loss of $7.3 million, or 9 cents per share, in the quarter ended Dec. 31, compared with a net income of $207
Reuters - Spanish wind turbine maker Gamesa posted on Thursday a 45 million euro ($61.50 million) profit in 2013, after making losses in the same period a year earlier when it booked writedowns for stalling demand and staff layoffs. Gamesa
Texas Marine Unit Uses Yellowfin-built Shallow Water Vessels for Border Patrol missions. Menaced by Mexican drug cartels, the Texas Department of Public Safety operates a fleet of six shallow-water vessels it commissioned in late 2011 and 2012 to patrol its borders
By Oleg Vukmanovic and Jacob Gronholt-Pedersen, Reuters Asian spot liquefied natural gas (LNG) fell this week as demand from Brazil's Petrobras slackened and top Japanese buyers switched to cheaper fuels and relied more on supplies under long-term deals.
Reuters - A unit in Colombia of Toronto-based oil firm Pacific Rubiales launched a tender to sell two 1-million-barrel cargoes of heavy Castilla crude for delivery in April, according to an invitation seen by Reuters on Monday. Pacific sold to Norway's Statoil one 500
Reuters - Dubai based rig-maker Lamprell said on Monday it sold its International Inspection Services (INSPEC) division to Intertek for $66.2 million to reduce its debt and focus on its core business. Lamprell is attempting to pay down debt after a disastrous 2012 in which the company issued
Russian Urals prices were steady on Tuesday as the market awaited Saudi Aramco's official selling prices for April, while Kazakh CPC Blend remained under pressure on ample supplies. There was no activity in the Platts window. Kazakh CPC Blend remained weak with buying interest coming at
Private equity co Altor plans to partly sell holding; OW Bunker FY net up almost 50 pct at $63.4 mln. Revenue up more than 20 pct at $16.99 billion. Danish ship fuel supplier OW Bunker plans an initial public offering (IPO) of shares in Copenhagen, it said on Wednesday
Australia's Victoria state government said it may sell Port of Melbourne, the country's largest container and general cargo port, continuing a rush by states to sell major assets to fund new infrastructure projects. Victorian Treasurer Michael O'Brien said the government will commission a
Goldman Sachs' head of oil and agricultural trading, Karl Robijns, is retiring from the firm, an internal memo seen by Reuters showed. London-based Robijns, who first joined Goldman as an oil trader in 1998, has headed the bank's global oil, refined products
Reuters - Edison, the Italian utility owned by EDF, is in talks to buy two Israeli gas fields from U.S. explorer Noble Energy and Israel's Delek Drilling, which are estimated to hold up to 70 billion cubic meters in total, two sources with knowledge of the talks said.