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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


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


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


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.


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


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)


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


Adonis Sells for More Than $1m

The U.S. Department of Transportation’s Maritime Administration has sold a ship from the Beaumont Reserve Fleet for more than $1million, the first time under the current program that a ship has brought such a price.  International Shipbreaking, Ltd., in , , will pay $1,151,727 for the ship Adonis, now moored at the Beaumont Reserve Fleet site in .  Three other government-owned, obsolete ships are also being sold to the company for an additional $173,297: the


Euronav Sells Tankers

Euronav NV  announced that the company sold two double-hull Aframaxes, the Fantasy (2002–106,560 dwt) and the Fidelity (2002–106,548 dwt), for an aggregate selling price of $137 million. The capital gain of this sale transaction of about $44.5 million will be recorded in the second half of 2008 upon delivery of the ships to their new owner. The company had purchase options on the two ships which were on bareboat charter to Euronav since 2002


Pivotal to Deliver LNG to Carib for use in Puerto Rico

Pivotal LNG, Inc., a subsidiary of AGL Resources, announced this week a long-term agreement to sell liquefied natural gas (LNG) to Crowley Maritime Corp. subsidiary Carib Energy LLC (Carib). The LNG will be delivered to Puerto Rico. This is the first delivery of LNG for industrial customers in


MN 100: Sneed Shipbuilding, Inc.

Sneed IMG_1777 EH.jpg

17112 Market Street Channelview, TX 77530 E-mail: cesneed@sneedshipbuilding.com Website: sneedshipbuilding.com Owner: Clyde Sneed Owner: Mitch Jones Number of employees: 180 The Company: Sneed operates out of its main facility, nearly 40 acres in Channelview, Texas


Chevron To Find Buyers for Hawaiian Refinery

  Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said. Deutsche Bank AG was retained to sell the plant, according to another person familiar with the sale


For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant. Adding to renewed demand is the more potent interest of major east Asian companies


Viking Supply Ships Sell PSV 'SBS Cirrus'

A Viking PSV: Photo courtesy of Viking

Rederi AB TransAtlantic subsidiary Viking Supply Ships says it has sold the 1985 built platform supply vessel SBS Cirrus. The vessel has been delivered to its new owners, and the sale of the vessel will have a positive impact of NOK 0.8 million on the third quarter results.


Mercury Marine Launches Repower Financing

Randy Caruana

Mercury Marine launched a new repower finance program that aims to make it easier for consumers to get the engine performance they want with flexible financing for a broad range of buyers. “Easy and attractive financing makes the sale for many boaters,” said Randy Caruana


Maersk Sells Ven Drilling Barges

Danish shipping conglomerate A.P. Moller-Maersk said on Tuesday its offshore oil and gas drilling unit has sold its Venezuelan barge activities. Maersk Drilling said on its website its Venezuelan barge business represents a "minor part" of its activities


Technip Further Optimizes its Subsea Assets

Proceeds from this divestment will be partially reinvested directly into Technips Subsea business

  Technip signed today an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc.(1). Technip’s strategy focuses on high technology and ultra-deep water products and services. Proceeds from this divestment will be partially reinvested directly into


Brazil to Hold Next Oil Rights Auction in 2015

Brazil will hold the 13th round of its oil rights auctions in the first half of next year, a senior mines and energy ministry official said on Monday. Marco Antonio Martins, the undersecretary in charge of the oil industry at the ministry


Brazil's Óleo e Gas, OSX Renegotiate FPSO Contract

Óleo e Gas Participações SA, the Brazilian oil producer that is under bankruptcy protection, and former sister company OSX Brasil SA completed on Friday a plan to renegotiate contractual terms related to the rental of a ship.


Becker Mewis Duct Claims Massive CO2 Reduction

Becker Mewis Duct: Image Becker

Golden Becker Mewis Duct at SMM 2014 claims its top-selling product has already cut CO2 by 900,000 tonnes to date. A golden Becker Mewis Duct with a large '750“ in the middle will be one of SMM 2014’s “head-turners” says the manufacturer.


PGS Completes Fleet Adjustment

The PGS fleet is the most efficient and flexible in the industry, with a clear focus on safety in all environments.

  Petroleum Geo-Services ASA announced today that it has implemented further steps to streamline operations, reduce cost and capital expenditures and improve cash flow. PGS has stacked, and will consider selling or scrapping, the seismic vessels Pacific Explorer and Nordic Explorer


Finding Wheat Buyers Proving a Challenge for Britain

Britain's wheat crop is on track to be its highest in at least six years, ensuring the country's return as a net exporter after a two-season hiatus, but selling its surplus could prove challenging given an expected global glut of feed grain.


U.S. Merchant Bank Buys Aging Newfoundland Refinery

  A New York-based commodities merchant bank run by veteran energy traders, Neal Shear and Kaushik Amin, announced on Friday plans to buy the aging Come by Chance refinery in Newfoundland from South Korea's state-run oil company. Korea National Oil Corp said it will sell the 115


KNOC Sells Aging Newfoundland Refinery to SilverRange

  Korea National Oil Corp said on Friday that it would sell its 115,000-barrel-per-day refinery in Come by Chance, Newfoundland, to SilverRange Financial Partners LLC for an undisclosed price following a months-long search to find a buyer.






 
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