Mitsui O.S.K. Lines, Ltd. (MOL) announced a new three-year midterm management plan that will take effect in April 2014, called "Steer for 2020". MOL Group has been carrying out all plans in single-year plan "Rise 2013" with goals of restoring profitability and laying a strong foundation to return to a growth trajectory. Recognizing that the group is well on its way to achieving those objectives, it envisioned what the MOL Group should look like in 2020, set the course to arrive there, and incorporated it into a three-year plan called "Steer For 2020". MOL explained, 'to steer' means to take the helm of a ship and direct its course toward a specific destination. The MOL Group said it intends to cut the rudder and steer straight on a course of high-quality, solid growth towards 2020, which is why the group chose that particular name for its plan. A summary of MOL's new midterm management plan follows.
Braemar (Incorporating The Salvage Association) is poised to expand its marine surveying and consultancy services following its recent buy‐out by Braemar Shipping Services plc. The company is looking forward to taking advantage of the wider group’s extensive global office network to broaden its existing international expert marine surveying and consultancy service. The Association, which boasts a maritime history of more than 150 years
Guanxi Yuchai Machinery Company developing natural gas-powered engines for multi-purose use China Yuchai International Limited sayst its subsidiary Guangxi Yuchai Machinery Company Limited (GYMCL) is developing natural gas-powered engines. The new engines will complement GYMCL's line of diesel engines used in large buses, trucks, power generators and marine engines. The gas-powered engines are being developed in response to government policies encouraging energy conservation and
The Department of the Interior proposed leasing drilling rights in waters south of the Florida Panhandle in the Gulf of Mexico in a new five-year drilling plan that also would open waters off Virginia. The plan will cover the years 2007 to 2012. If given final approval next spring after a public comment period, the plan would be more restrictive than some drilling advocates want but not restrictive enough for some Florida lawmakers
Tecton Corporation (TTNC) has acquired Endurance Exploration Group, LLC, a development stage company that specializes in subsea shipwreck research, search and survey, inspection and recovery projects, in a share exchange agreement. Established in 2009, Endurance has evaluated over 125,000 shipwreck database entries and other sources to develop a "High Interest" list of approximately 400 shipwrecks and a "Target List" consisting of about two-dozen potential
The National Oceanic and Atmospheric Administration (NOAA) has approved the Navy’s 5-year plan to expand its sonar & live-fire training exercises in the Pacific ocean, but environmentalists are challenging the decision because of the threat it poses to marine life, reports Care2 in the following (excerpted) report. It’s been well established that marine mammals rely on hearing to navigate, communicate, feed and survive
Wärtsilä & Yuchai Marine Power Co to establish a 50/50 joint venture for manufacturing medium-speed marine engines in Zhuhai City. The joint venture will serve the increasingly dominant Chinese shipbuilding industry, with the focus being on the assembly and testing of Wärtsilä 20, Wärtsilä 26 and Wärtsilä 32 engines. Operations are planned to start in 2014. The value of Wärtsilä's investment in the joint venture is approximately EUR 17
River Mersey'a new terminal, 'Liverpool 2', gets European Investment Bank (EIB) port development loan. Liverpool 2, is due to open in 2015, and the European Investment Bank has agreed to provide almost half the finance for the £305m development, reports BBC News Liverpool. The post-Panamax terminal - for ships wider than the original Panama Canal - will be capable of handling ships carrying 13,500 TEU containers, compared to the current limit of 3,500 TEU in Liverpool
CapRock has added Subsea 7, a major operator of energy support vessels, to its customer list. The long-term multi-million dollar agreement with Subsea 7 provides for worldwide data and voice communications services on CapRock’s global network. The latest win is a milestone in CapRock’s multi-year plan to expand its presence beyond the Gulf of Mexico, following its customers around the world with turnkey communications.
International oilfield services company, Expro, is opening a new facility in Aberdeen to enhance its growing well intervention business, following a strong annual global revenue increase to more than $1billion (£630 million). The site, in Howe Moss Avenue Dyce, will house Expro’s wireline, well intervention, well services, well integrity (Safewells) and cased hole logging services to help provide integrated and multi-skilled teams.
Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships
The crew of USS Constitution embarked on their final Boston Harbor underway demonstration aboard Old Ironsides this year, Oct. 17. Constitution set out into the harbor for her fifth and final underway of 2014 at 10 a.m. with more than 600 guests in attendance aboard America's 'Ship of
Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions, this continued expansion in their barge fleet coincides with a 10-year plan that began in 2007
Ingram Barge Company announced that it will build 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions, this continued expansion in their barge fleet coincides with a 10-year plan that began in
China has released its first "white list" of 51 shipyards that it deems worthy of favourable policy support, as the world's largest shipbuilder strives to tackle over-capacity that has slammed the global shipping market. The government said last year that shipbuilders that complied
China will come under the most concerted diplomatic pressure yet to rein in its assertive moves in the disputed South China Sea when the United States uses a regional security meeting this weekend to rally support for a freeze on provocative acts.
On Monday, July 28, the topsides were lifted into place on the steel jacket on the Valemon field in the North Sea. Produced by Samsung Heavy Industries this is the first Statoil topsides built in South Korea. The structure sailed from the yard on June 15 this year
Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines. The CSSC Wärtsilä Engine (Shanghai) Co
The Obama administration on Friday approved a plan that would allow companies to assess oil resources off the Atlantic Coast, angering environmental groups that worried the plan will harm marine life and open the door to offshore drilling.
The U.S. Department of the Interior took its first steps on Friday to develop the next five-year schedule of potential offshore oil and gas lease sales. Interior issued a request for information and comments on the oil and gas leasing program for U.S
The Port of Yantai in northern Shandong province, posted a 10.48 per cent year-on-year increase in overall cargo volume to 105 million tonnes in the first four months of the year, reports Xinhua. The port's full-year cargo throughput is expected to hit 300 million tonnes this year
OSX Brasil SA, the troubled shipbuilder controlled by former Brazilian billionaire Eike Batista, proposed a 25-year plan to pay back creditors to a Rio de Janeiro bankruptcy court, the company said on Friday in a statement. The proposal includes an initial three-year relief period
South Korea said on Friday it would spend more of this year's fiscal budget during the first half and use the central bank's lending facility for smaller firms to support businesses affected by the ferry disaster. The Ministry of Finance and Strategy said in a statement it
BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, says it has completed a major strategic study - “Enhancing Hong Kong’s Position as an International Maritime Centre (IMC)”, undertaken on behalf of the Hong Kong Transport and Housing Bureau.
The Ningbo Nottingham International Academy for Marine Economy and Technology (IAMET) has been officially launched at a ceremony at The University of Nottingham Ningbo China (UNNC). A partnership between The University of Nottingham, Wanli Education Group and Ningbo Municipal Government