The AP has reported that Stolt-Nielsen SA is buying three used tanker ships for about $40 million. The company said its wholly owned subsidiary, Stolt-Nielsen Transportation Group, has exercised an option to purchase the tankers, currently on charter, from Montana Ship Holding AS. According to Stolt-Nielsen, it chartered the ships in December 2001 with an option to buy at any time. The company said the three ships are to be converted at a cost of $7.5 million to meet new safety regulations that will take effect Jan. 1 next year. Stolt-Nielsen said it anticipates the ships will allow it take advantage of growth prospects for the parcel tanker market. It also said the used vessels will help it save money since the cost of shipbuilding is at historic highs. American depositary shares of Stolt-Nielsen fell 55 cents to $31.20 in afternoon trading on the Nasdaq.
Age limits being imposed on tanker chartering by oil companies do not address the use of ships like the Erika, which broke up off France in December, shipping industry sources said. Companies are opting not to use large vessels, above either 80,000 or 100,000 dwt, more than 20 years old unless they have extra safety certificates. However, the age limit is higher for smaller tankers - at 25 years - partly because there are not enough newer ships
The vessel retirement schedule in the Oil Pollution Act of 1990 will force retirement over the next five years of at least 12 U.S.-flag product tankers totaling almost 500,000 dwt of capacity (approximately 25 percent of the total U.S.-flag product tanker fleet) and over 50 U.S.-flag tank barges greater than 5,000 gross tons totaling over 1,000,000 dwt of capacity (approximately 45 percent of the total U.S.-flag ocean-going tank barge fleet greater than 5,000 gross tons). The struggling
One of the greatest challenges facing a lender in the maritime industry is appropriate assessment of risk. In this exciting, varied and vibrant industry, a lender's effective risk assessment requires a thorough understanding of the vagaries that characterize the industry. Many of the companies have been in business for 100 years or more. They have a long family history associated with the sea that has charted their economic destiny for decades.
David Gray Parrot, 65, founder and former chief of TITAN Salvage, passed away in Maine in the comfort of family and friends. Parrot is survived by his wife Penny, sons Hunter and Gage, and a network of friends and family. A private family service is scheduled for this weekend in Maine. "On behalf of the entire Crowley organization, I extend my deepest sympathies and condolences to David's family, friends and colleagues," said Tom Crowley, Jr
McDermott International, Inc subsidiary awarded two projects for Saudi Aramco in the Arabian Gulf in the Karan, Safaniya and Zuluf fields The first project, Karan-45, comprises fabrication of a new wellhead platform, auxiliary platform, jacket and link bridge, with subsea installation of a 20-inch flowline and a 15kV composite power and fiber optic cable. Project management, engineering and procurement will be undertaken at McDermott’s engineering office in Al-Khobar, Saudi Arabia
This is an open letter to the offshore oil and gas industry operating on the outer continental shelf. Dear Customer: We need to talk about the Jones Act and the other cabotage laws that require you to use U.S.-flag vessels to transport cargo and people from one part of to another. You already know that, as the association that represents the owners and operators of flag workboats, we are willing to fight to protect the Jones Act
Offshore Ship Designers has been chosen to design a series of six new fuel-efficient seismic support/chase vessels ordered by French offshore major Bourbon to be built at Dubai’s Grandweld Shipyards. The 53 m vessels will have hybrid propulsion systems, slow speed escort and support work, and a high degree of maneuvrability. The vessels will be chartered by Bourbon to CGGVeritas with delivery of the first vessels set for the end of 2012
Offshore wind-power producers from Dong Energy A/S to RWE AG are building custom ships at record rates to reduce the cost of the technology which is three times as pricey as electricity from coal plants. As many as 20 vessels, some with movable legs which reach the seafloor, will come onto the market in the next few years, reducing chartering costs of as much as 200,000 euros ($261,000) a day, said Marc Seidel, an offshore engineer at Suzlon Energy Ltd
Trading in preowned vessels continues to be a popular choice for many customers. Damen Trading facilitates the sale and purchase of both Damen and third-party vessels. Recent deals highlight how trading in vessels results in a win-win situation for buyer and seller. Under these arrangements vessels have been sold in Australia and bought by clients in Uruguay, U.K. vessels have gone to Zanzibar, Colombian vessels to Jamaica, with customers worldwide seeing the benefits of trading in
Langh Ship received final class approval from Germanischer Lloyd for its exhaust gas cleaning system on m/s Laura (pictured), a 1996-built a 6,500 DWT general cargo vessel equipped with a 6 MW main engine. Langh Ship is a shipping company that has developed its own closed loop scrubber
Trying to locate subsea power and communications cables has always been a difficult job. Regulations require cables be buried from several feet to several meters under the ocean bottom to prevent snagging by boat anchors and fishing trawls. The amount of overburden on a cable often means
Orders for five fresh-fish trawlers feature two different ship designs and MAN 6L27/38 engines and aft-ship equipment Icelandic owners, HB Grandi, Vinnslustodin hf. and Hradfrystihusid Gunnvör, have ordered newbuildings based on two different ship designs from specialist fishing-vessel
Proposals by a local authority to impose new taxes on cargo at Kenya's main port has drawn opposition from the government and shippers, saying it will hike import prices and make the east African trade hub less competitive. The government
MAN Diesel and Turbo inform that Icelandic owners, HB Grandi, Vinnslustodin hf. and Hradfrystihusid Gunnvör, have ordered newbuildings based on two different ship designs from specialist fishing-vessel consultants and designers, Nautic and Skipasýn.
Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto investment vehicle said in a statement released late on Monday. Converto, the top owner of both Aker Philadelphia Shipyard and
President and CEO, Masami Iijima of Mitsui & Co., Ltd. informed that the compnay is currently proceeding with the procurement of eight LNG ships intended to be used for the delivery of LNG mainly to its customers in Japan from the Cameron LNG Export Project in the U.S.A.
Inspection, maintenance and repair (IMR) specialist N-Sea has recently completed its inaugural diving scope with the TUP Diving System (Transfer Under Pressure). The diving scope involved x-mas tree assistance with the deployment of the TUP Diving System for client ONE (Oranje-Nassau Energie)
Wamalhanha is the final newbuild in a series of six tugs of the Robert Allan Design, RAstar 3200 where her main duties will be terminal activities, escort duties, ship assist, towage duties. She was named on September 24, 2014 at UZMAR Workboat and Tug Factory for delivery
The Maritime Aquarium at Norwalk christened a larger, “greener” new research vessel on Friday, September 26 in preparation for launching a new era in examining, monitoring and teaching about Long Island Sound. The $2.7 million environmentally friendly research vessel
Gaztransport & Technigaz (GTT), designer of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas) announced five AIPs for transportation of liquefied gases other than LNG. As an outcome of the shale gas revolution in the U.S
BMT ARGOSS and BMT Surveys, subsidiaries of BMT Group Ltd, the international design, engineering and risk management consultancy, announced an innovative new service as part of its marine casualty investigation portfolio. Utilizing REMBRANDT, the simulation tool developed by BMT ARGOSS
The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's philosophy of creating software solutions for the shipbuilding industry that integrate with best of breed applications, the company said
Multipurpose vessels, especially those that operate primarily at part loads, have been facing pressure when it comes to making money in today’s business environment. Returning to times of big profit margins will not happen soon without finding a radically different approach
Volvo Penta is offering factory-built keel-cooled engines for the entire line of marine commercial inboard and sterndrive D4 3.7-liter and D6 5.5-liter engines. The D4/D6 keel-cooled version uses a twin circuit design, with keel coolers for both the high-temperature engine block circuit and