Feasible Solutions News

South Korean shipping company HMM announced it has signed a memorandum of understanding (MoU) with LOTTE Fine Chemical, Lotte Global Logistics, POSCO, Korean Register (KR) and Korea Shipbuilding & Offshore Engineering (KSOE) to seek feasible solutions on the green ammonia supply chain from production to bunkering.Each member will pitch in to form the end-to-end supply chain for ammonia bunkering, including production, storage and transportation of green ammonia.Specifically, KSOE plans to develop an ammonia-powered ship, which will be certified by KR.

Industry stakeholders at PortPIC stressed the importance of more innovation, collaboration and aligned initiatives to shape sustainable solutions for in-water cleaning.This was the main message from the inaugural In-Port Inspection & Cleaning Conference (PortPIC) held last week, organized by Jotun and DNV GL.In his opening address, Geir Axel Oftedahl, business development director, Jotun Marine Coatings raised the issue of biofouling and emphasized, “There’s an increasing focus…

Volvo Penta has announced that it is to complete a feasibility study together with ABB in Sweden and Chalmers University of Technology in Gothenburg to evaluate technology concepts that can meet the challenge of providing fast charging of electric vessels.“While all-electric boating remains in its infancy, for this exciting new transport system to be a success and grow, a network of fast charging stations needs to be developed,” says Niklas Thulin, Director Electromobility, Volvo Penta.

Trelleborg’s fluid handling operation, supplier of flexible bonded hose solutions for the crude oil, chemicals and liquefied natural gas (LNG) offshore industries, highlighted the areas where its Cryoline hose-in-hose transfer system for LNG will enable the extended use of LNG fuel, optimize the safety of its transfer and lower operator and supplier costs. According to Trelleborg , the cryogenic floating hose system enables rethinking of the conventional wisdom in LNG ship-to-shore transfer for degasification, liquefaction and terminal storage, as well as for gas power generation projects.

All signs point to a continuation of struggling theme for containerized-ocean-freight industry  into 2016 and beyond, warns a study by AlixPartners. The containerized-ocean-freight industry suffered in 2015. Its continuing financial woes accelerated because nearly all key financial indicators declined from 2014. At the heart of the industry’s problems, a persistent global supply-and-demand imbalance is to blame. All signs point to a continuation of that theme into 2016 and beyond. The most-recent forecasts expect global container fleet capacity to grow by 4.6% in 2016, and another 4.7% in 2017, though spot prices for major routes have dropped 21 to 44% from a year ago because of plunging demand, now about half the current growth forecast.

VARD’s new LNG tank design has been granted General Approval for Ship Application (GASA) by DNV GL. The new LNG-type B-tank design is based on vertical cylindrical-shape geometry and has a patented support design. The tank is the result of a joint industry project (JIP) initiated by VARD and DNV GL in April 2015. Initially, a number of design and documentation challenges were identified, but throughout the project, the two companies were able to collaborate closely to agree on feasible solutions. After numerous iterations, extensive documentation of details and the use of finite element strength calculations to prove the design's capability, DNV GL granted the design a GASA Statement. Øystein K.

KKR and Borealis Maritime today announced the acquisition of a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously owned by a number of German KG funds and were originally financed by Commerzbank. Financial details of the transaction were not disclosed. The company informed that their partnership with KKR has been well timed to deploy capital during what they believe will prove to be a low cycle in the shipping industry. They have been able to grow our fleet significantly and together with KKR are offering lenders feasible solutions to prior lending engagements. In 2013, KKR and Borealis Maritime formed a joint venture named Embarcadero Maritime to invest in distressed shipping assets.

KKR and Borealis Maritime say they have acquired a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously owned by a number of German KG funds and were originally financed by Commerzbank. Financial details of the transaction were not disclosed. In 2013, KKR and Borealis Maritime formed a joint venture named Embarcadero Maritime to invest in distressed shipping assets. Since its formation and including the most recent acquisition, Embarcadero Maritime has acquired 27 vessels in 9 separate transactions and its current fleet includes a mix of chemical tankers, feeder container vessels and small LPG vessels.

The imperative for a holistic United States maritime strategy has never been greater. This is not news to many of you, but the call must be raised more persistently, more vocally and by many more of us, in order to drive action beyond rhetoric. The National Strategy for the Marine Transportation System was published in July 2008 by the previous administration. We are now in the second iteration of leadership changes at the Department of Transportation and Maritime Administration since the strategy was issued. The White House, the Congress, and the maritime industry should collectively and collaboratively address the evermore pressing…

Friede Goldman Halter, Inc. announced that the U.S. Bankruptcy Court has extended the exclusively period for filing of a reorganization plan until February 11, 2002. The primary secured lending group and the Official Unsecured Creditors’ Committee unanimously supported this extension. The restructuring committee of the board of directors has been evaluating expression of interest received from potential strategic and financial parties. These interested parties will conduct final due diligence in the next 30 days, and the restructuring committee expects to make its recommendation prior to February 1, 2002. Both the restructuring committee and the official unsecured creditors’ committee are evaluating all possible alternatives for the company.