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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


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


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.


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)


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


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.  


DSME Gets UK Shipyard Consulting Contract

Portsmouth Naval Shipyard UK: File photo

S. Korea's DSME says it is to provide naval vessel production and management consulting services for British defense company BAE. Under the terms of the agreement, DSME will conduct investigations on 11 areas of shipyard operations for BAE Systems Surface Ships Ltd


DNO Eyes First Kurdistan Crude Shipment

Norwegian firm DNO expects its first shipment of oil from Kurdistan to be sold on the international market by the end of the year and said it was committed to its operations in the region despite the recent flare-up in violence. The firm could until recently only sell oil on the local Iraqi


TMT CEO Files $100m IP Suit Over Vessel Sale

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Hsin-Chi Su, Chairman and CEO of Today Makes Tomorrow Group (TMT) launched a suit in Texas federal court on July 28, 2014, alleging that a planned bankruptcy sale of three company ships, including M.V.D Whale, M.V.G Whale and M.V.H Whale, to Mega International Commercial Bank Co. Ltd


German Shipyard FSG Re-organises Top Management

Peter Sierk: Photo FSG

Flensburger Schiffbau-Gesellschaft (FSG) says it will be headed by a new management team from January 1st 2015, details as follows: Current Chief Technology Officer Frank Bywater will be joined by Markus Bartsch as new Chief Executive Officer


Petroperu Seeks to Sell Fuel Oil Cargo

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State-run Petroperu is offering to sell a 220,000 barrel cargo of fuel oil for delivery at Talara port on September 6 to 10, according to a tender document seen by Reuters on Tuesday. The oil company in July sold a similar cargo of fuel oil that will be loaded this week


Selling the World's Priciest Ship...

The Zarga.jpg

Online ship intelligence and information service VesselValue.com has launched a series highlighting the world's most expensive active vessels, and this week focuses on the costliest of all: QMAX liquefied natural gas (LNG) carrier Zarga, which prices in at a whopping $221.8 million.


Russian Grain Exporter to Sell Ukraine Terminal

Yug Rusi, a Russian grain exporter and sunflower oil producer, is seeking to sell its terminal at Ukraine's Kherson port, two traders told Reuters. The privately held company, whose name means South of Russia, declined to comment. One source said that the terminal is a small one that can


Australia's NWS awards LNG Cargoes to Shell, Statoil

Australia's North West Shelf liquefied natural gas (LNG) export project awarded at least one cargo each to Shell and Norway's Statoil following a tender, sources with knowledge of the matter said. The sell tender for four cargoes loading in October and November was launched last week


PDVSA Offers 240MB Jet Fuel Parcel

Venezuela's state-run PDVSA has launched a tender to sell a 240,000 barrel cargo of jet fuel to be loaded on August 26-28 at the Caribbean island of Curacao, according to an invitation seen by Reuters on Friday. The oil company earlier this month bought four 500


Rohr-Idreco Delivers Clamshell Dredge

In the foreground is the new Floating Gantry Clamshell dredge. In the background - the 32 year old Gantry Clamshell, which will be refurbished and in operation by the end of September.

The Rohr division of Rohr-Idreco Dredge Systems has announced the successful start-up of another new Floating Gantry 8m3 Clamshell deep digging dredge in France.     This dredge is being used to replace an old 6m3 Rohr Gantry Clamshell dredge


US Refineries Cease Purchase of Kurdish Oil

U.S. refiners will refrain from buying Kurdish crude oil until a long-running dispute between Baghdad and Iraqi Kurdistan is settled, while Washington urges both sides to set aside their differences and helps them tackle Sunni militants. The two known U.S


Bunkerers Aegean Report Strong Q2 Results

Bunkering scene: File photo

Aegean Marine Petroleum Network Inc. has announced its financial and operating results for the second quarter ended June 30th, 2014, outlined here as follows: Second Quarter Highlights Sales volumes of 2,659,620 metric tons. Gross profit of $84.5 million.


Private Equity Knocks on Shipping's Door

Shipping is currently attracting a great deal of interest from investors in the private equity sector, according to UK-based accountants Moore Stephens, members of shipping trade organization Maritime London and as reported in its fortnightly 'London Matters'.


Tanker Carrying Kurdish Oil Reappears Unladen off Israel

A tanker carrying crude oil from Iraqi Kurdistan reappeared unladen on Aug. 19 about 30 kilometres off the coast of Israel, ship tracking data on Reuters showed. This is the second time the Kamari has appeared in the area in the last two weeks carrying Kurdish oil.


Traders Store Crude for Profit as Contango Takes Hold

Oil traders have begun fixing tankers to take North Sea, West African and Arab crudes to South Africa for storage, hoping for a repeat of the multimillion dollar bonanza they reaped in 2008-2009. Shipping fixtures show that in late July and August, BP , Mercuria






 
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