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New European Regs on Ship Recycling

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


South Korea Faces WTO Action For Shipbuilding Practices

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


ACL IPO Closes

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


Tsakos Sells Ships

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

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.


PAL Indonesia Implements Tribon

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


Leif Hough Sells Three Ships

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.


Bourbon Sells Sugar Assets in Vietnam

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


Petroleos de Venezuela Delves Into E-Commerce Arena

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)


Marine Products Corporation Reports Q1 Results

Marine Products Corporation.bmp

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.  


Brazil's Batista Target of Insider Trading Probes

Wikimedia Commons

Eike Batista, who was Brazil's richest man for most of the past decade, is under investigation for allegedly engaging in insider trading while he chaired his now-bankrupt oil-producing and shipbuilding firms, securities industry watchdog CVM said on Friday.  


EU regulators to clear Solvay, INEOS PVC joint venture

EU antitrust regulators will clear a PVC joint venture between Solvay and Swiss-based INEOS after the Belgian chemicals group agreed to sell five sites across Europe to ease competition concerns, two persons familiar with the matter said on Monday.


Europe Gasoline Cracks Strong on US Demand

Gasoline prompt cracks in northwest Europe slipped on Monday but remained at eight-month-highs supported by strong demand from the United States, where inventories are low and refinery maintenance has curbed supply. Stocks on the U.S. East Coast, a major export destination for European gasoline


North Sea Traders Eye VLCCs to Asia, Libya Caps

Fawley refinery (photo courtesy Exxon Mobil)

North Sea Forties crude differentials firmed on Tuesday as traders eyed two potential VLCC shipments to Asia, though gains were capped as the first cargo of Libyan crude was set to load since a deal with rebels to reopen ports. Traders have been watching the progress of two VLCCs - the BW Utah


Petrobras Shelves Debt Sales in Wake of Scandals

FPSO Cidade de Paraty (Photo: SBM Offshore)

Brazilian state-controlled oil company Petroleo Brasileiro SA, which has been hit by a series of scandals, shelved plans to sell debt in local and international debt markets later this year, a source with direct knowledge of the situation said on Monday.


Asia-Pacific Crude Steady, Conoco Sells Bayu Undan

The Asia-Pacific crude market held steady on Tuesday as traders sought clarity on the supply of June-loading cargoes amid potentially higher Libyan exports. "We are still not quite sure whether it's for real," said a trader with an Asian refiner


Seadrill plans up to $305m Malaysian selldown

SapuraKencana Petroleum Bhd's second largest shareholder plans to sell up to $305 million worth of shares in the Malaysian oil and gas services firm, according to a term sheet of the deal seen by Reuters. Norway's Seadrill Ltd., the world's top offshore oil driller


Transdev Sees Return to Profit, Ferry Unit Blocks Veolia Deal

French transport firm Transdev expects to return to profit this year, but sees no quick solution for its troubled Mediterranean ferry unit SNCM, which is blocking a reshuffle in Transdev shareholdings between Veolia and state-owned bank CDC.


Seadrill Sells $300m of SapuraKencana Shares

Seadrill, the world's biggest offshore driller by market capitalisation, has sold 230 million shares in Malaysia's SapuraKencana, raising $300 million and earning a gain of $165 million on the deal, it said on Wednesday.   Seadrill, which still owns around 490 million shares in


North Sea Crude-Forties up on Lower May Supplies

North Sea Forties crude differentials rose on Wednesday as traders pointed to lower supplies in May, and rumours of possible shipments to South Korea. The May loading programme is down 13 percent month-on-month, offering support to prices


gplink Approved in More than 30 Countries

Image: gplink

Remote monitoring and diagnostic services provided by gplink operate through either GSM service or through various satellite technologies. On a global scale, most countries have their own rules and regulations to follow for communications and radio frequency use


Med Crude Urals Weaken on April Cargo Overhang

Russian Urals crude weakened on Thursday in a flurry of deals as traders rushed to place end-of-April cargos. Eni sold a cargo of Urals to Total in the Baltic at dated Brent minus $1.50 for April 20-24 delivery, some 20 cents weaker than previous price estimates


Torm Confirms Tanker Sale

Photo: TORM

Torm announced today the confirmation of its March 7, 2014 agreement in principle to sell 13 product tankers to entities controlled by Oaktree Capital Management. All necessary approvals have now been obtained, the company said, and the agreement has subsequently become unconditional as per the


NAT Closes Public Offering

Photo: NAT

Nordic American Tankers Limited announced today that, in connection with its previously announced public offering of 12,000,000 common shares at a public offering price of $8.62 per share, the underwriters exercised in full the option granted to them by the company and purchased an additional 1,800


Iran's Oil Exports Surge above Sanctions

Iran's crude oil exports have surged to their highest in 20 months, far exceeding a 1 million barrel-per-day limit set by the West under an interim deal on curbing Tehran's nuclear program. The International Energy Agency's monthly report revised February's global crude imports from Iran


 
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