Marine Petroleum Transportation News

U.S. marine petroleum transportation company Centerline Logistics has signed a letter of intent (LOI) with naval architecture and marine engineering firm Vard Marine to develop a customized 6,000-cubic-meter-capacity articulated tug and barge (ATB) liquefied natural gas (LNG) bunker barge.Aiming to meet the shipping industry's growing need for LNG bunkering, the Jones Act-compliant ATB barge will be designed to navigate U.S. and International waters and to provide LNG refueling to a variety of ships as well as call at terminals.

U.S.-based marine petroleum transportation services provider Centerline Logistics said it has formed an Alternative Fuels Working Group consisting of industry partners and internal representatives from within Centerline to spearhead the cooperative project that will be known as “Visionary Fuels”.According to Centerline, the Visionary Fuels initiative will aim to build future marine transportation equipment, standards and technology targeted toward reducing the carbon footprint of vessels transiting within America’s ports and harbors.

Marine petroleum transportation specialist Latvian Shipping Company (LSC) hopes to raise EUR 80 million via an initial public offering (IPO) on the Riga Stock Exchange in the first half of 2016. The Supervisory Council of LSC has supported the Management Board’s proposal to raise the equity capital in the IPO. LSC is looking to double its share capital and raise equity of EUR 80mn in order to pay down existing debts due in 2016 and 2017. The LSC Management Board believes a share capital raising would achieve this and place the company in a stronger position. The IPO is subject to approval by a shareholders meeting planned for April 2016. A successful float would be the first on the Latvian bourse in over a decade.

Island Tug and Barge Ltd. of Vancouver, B.C., received an award from the Washington Department of Ecology for excellence in marine safety and environmental stewardship. The Exceptional Compliance Program (Ecopro) Award will be presented to Island Tug and Barge at 10:30 a.m. at the Odyssey Maritime Discovery Center on Pier 66, 2205 Alaska Way, in Seattle. The award ceremony will be followed by a short reception, during which reporters may interview Ecology officials and company representatives. Tank-barge companies receive the Ecopro Award only if they meet or exceed all 26 of Ecology's marine-safety standards for tank barges. Island Tug and Barge is the fifth company to earn the award since the program began in 1999. This is the first tug-and-barge company to receive the award.

Island Tug and Barge Ltd. of Vancouver, B.C., received an award from the Washington Department of Ecology for excellence in marine safety and environmental stewardship. The Exceptional Compliance Program (Ecopro) Award was presented at the Odyssey Maritime Discovery Center on Pier 66, 2205 Alaska Way, in Seattle. Tank-barge companies receive the Ecopro Award only if they meet or exceed all 26 of Ecology's marine-safety standards for tank barges. Island Tug and Barge is the fifth company to earn the award since the program began in 1999. This is the first tug-and-barge company to receive the award. "Island Tug and Barge has demonstrated its commitment to the environment by voluntarily meeting our state's tough marine-safety standards," said Ecology Director Jay Manning.

Bender Shipbuilding & Repair Co. Inc. will build three tug barges worth $232.5 million for Maritrans Inc. Each articulated tug barge unit, a powerful 12,000-hp workboat, will be worth $77.5 million and able to carry 335,000 barrels of liquid petroleum products. The first unit should be delivered in October 2007, and the others will follow in May and December 2008, according to Maritrans, a Tampa-based marine petroleum transportation company. Each of the units include a tug and barge joined by a pin system that allows the connection to stay intact even in rough seas. Bender's shipyard was up and running at full capacity Tuesday after sustaining "little damage" from Hurricane Katrina.