Active Management News

Dry bulk owner and operator Norvic Shipping has taken delivery of a newly built ultramax vessel on a long-term charter as the organization continues to expand its fleet.The 64,000 dwt fuel-efficient vessel, named Norvic Copenhagen, will be deployed worldwide after being delivered by Imabari Shipyard during a recent handover ceremony in Japan.AJ Rahman, Group Chairman and CEO of Norvic Shipping, said, “Acquiring dry-bulk vessels on lengthy charters is part of Norvic’s strategy to expand our long-term fleet…

Bureau Veritas (BV) announced the development of a new notation, CII REALTIME, supporting shipowners to provide reliable and up to date data related to DCS and CII of their ships/fleet in a simplified and consistent process.Shipowners have less than a year to prepare their vessels to comply before the new EEXI and CII regulations come into effect, on January 1, 2023. BV Noted monitoring the evolution of the CII during the year can helpavoid any surprises with the ship’s energy rating and to make early and informed decisions on operational measures. Danaos Management Consultants S.A.

Eagle Bulk Shipping has acquired two Ultramax bulk carriers, the U.S.-based dry bulk owner-operator announced Tuesday.The first vessel, which was built in 2015 and will be renamed the Helsinki Eagle, has been acquired for $16.5 million. The second vessel, which was built in 2016 and will be renamed the Stockholm Eagle, has been acquired for $17.65 million. Both SDARI-64 scrubber-fitted ships were constructed at Chengxi Shipyard Co. Ltd.Closings are expected during the first quarter of 2021, with the M/V Stockholm Eagle delivering to Eagle in the Atlantic basin.The sales follow the company’s recently-announced acquisition of a similar specification vessel renamed Oslo Eagle.Gary Vogel…

Danish shipping company Norden announced Monday it has ordered four 61,000 dwt Ultramax bulk carriers from Nantong Cosco Khi Ship Engineering Co. (NACKS), for scheduled delivery in 2022.Norden CEO Jan Rindbo noted that the newbuilding contract is in line with the company’s strategy of agile asset trading and active management of Norden’s cyclical market exposure.“Having sold 10 dry cargo vessels since 2018, we believe asset prices have now declined sufficiently to present a good trading opportunity to buy…

Late last year, the Transportation Research Board released a major study that was undertaken “in response to the rapid development of domestic sources of energy and questions about the safest ways to move these products.” The Study Committee examined the operational responses of the three primary modes impacted by the fracking revolution – rail, pipeline and maritime. A primary observation of this work was that that the “Marine Transportation System Offers a Model for Robust Safety…

US based owner-operators of Supramax dry bulk vessels reported a loss of $16.6 million in its fourth quarter ended December 31, 2017, compared to a net loss of $142.4 million for the fourth quarter in 2016. The shipping company posted revenue of $74.6 million in the period, representing an increase of 78% compared to the same period in 2016. Gary Vogel, Eagle Bulk's CEO, commented, "During the fourth quarter, Eagle Bulk's active management operating model drove outperformance of the benchmark Baltic Supramax Index for the fourth consecutive quarter, resulting in positive operating income for the first time in seven years. Gary added: "We are also pleased to have completed a comprehensive refinancing in December that significantly strengthened our balance sheet…

Eagle Bulk Shipping, one of the world’s largest owner-operators in the Supramax/Ultramax segment, announced that it has taken delivery of the M/V Westport Eagle, the ninth and final Crown-63 Ultramax dry bulk vessel acquired from Greenship Bulk Trust. Gary Vogel, Eagle Bulk's CEO, commented, "The successful conclusion of the nine-vessel fleet acquisition from Greenship Bulk provides clear and unambiguous benefits for Eagle, chief among them a significantly expanded commercial footprint and a more modern and efficient fleet. With the addition of the M/V Westport Eagle, the Eagle Bulk fleet currently consists of 48 vessels on the water, comprised exclusively of Supramax/Ultramax vessels.

Connecticut-based Eagle Bulk Shipping has reported a loss of $5.9 million in its second quarter ended June 30, 2017. However, the net revenue of $53.6 million has shown a 109% increase compared to the same period in 2016. The company has achieved fleet utilization rate of 99.6% through active fleet management and augmented operating performance with 744 chartered-in days, a 272% increase compared to the same period in 2016. He added: "This progress is reflected in quarterly performance well in excess of the Baltic Supramax Index and in our continued fleet growth and optimization. The shipping company took delivery of six Ultramax vessels acquired from Greenship Bulk. It has entered into memorandum of agreement to sell the MV Wren for net proceeds of $7.6 million.

The new Wärtsilä REvolution system is a digital management system that controls, monitors, records and analyses the performance of seals autonomously in real time, increasing the predictability and reliability of sealing solutions in rotating equipment. Wärtsilä's new digital management system revolutionises sealing technology in the hydropower industry. The system incorporates machine learning, predictive modelling and model predictive control (MPC) techniques to provide customers with intelligent, real-time active management of the sealing interface fluid film, minimising wear and removing the sealing components from the maintenance schedule critical path.

HCI Capital AG acquires the long-established Hamburg shipping company Ernst Russ GmbH & Co. KG. The HCI Group, which early in 2016 already the majority of the shares of König & Cie. Group had taken, thus expanding again the controlled fleet and strengthen its maritime services division. This HCI consistently pursued the strategic positioning as an asset and investment manager with a maritime focus. The Ernst Russ GmbH & Co. KG is one of the oldest, internationally known Hamburg shipping companies and has existed since 1893. They bereedert a fleet of seven container and four RoRo ships and has different interests. These include the Combi Trade GmbH, an international shipyard mediation, and participation in the chartering broker Ernst Russ Shipbroker GmbH & Co. KG.

River Advice & International Shipping Partners establish new ship management company 'FleetPro Passenger Ship Management (FleetPro). FleetPro results from the combination of River Advice with 1250 employees and 35 river cruise vessels under management in Europe, the market leader in river cruise vessel management, and of International Shipping Partners which manages 20 passenger vessels, mainly in the luxury expedition sector of the industry, operating with 1100 shore and ship-based personnel as the leading independent manager of small and medium size ocean going cruise ships. FleetPro will be headquartered in Zug / Switzerland, maintaining the existing operations of River Advice in Basel / Switzerland and International Shipping Partners in Miami / Florida.

ABS announced a major organizational change with the creation of a fifth operating division that will be responsible for the society’s activities in The People’s Republic of China, Hong Kong SAR and Taiwan. The reorganization takes effect 15 October. The Divisional Headquarters will be located in Shanghai where ABS already maintains a large engineering, survey and administrative office. Adam Moilanen has been appointed President of the new ABS Greater China Division. The existing China, Hong Kong and Taiwan senior management teams remain in place and will form the nucleus of the new divisional executive team. The new division, which has been carved out of the existing ABS Pacific Division…

Shell U.K. Limited (Shell),Esso Exploration and Production UK Limited, (ExxonMobil), Mobil North Sea LLC (ExxonMobil) and Enterprise Oil U.K. Limited (Shell) completed the final sale and transfer of a number of northern North Sea assets to TAQA Bratani Limited, a wholly owned subsidiary of Abu Dhabi National Energy Company PJSC (TAQA) on Dec. 1, 2008. The assets include equity and operatorship of Tern, Kestrel, Eider, Pelican, Cormorant North and South Cormorant fields (TENC-CA) and related infrastructure, a non-operated interest in Hudson, and equity interests in the Sullom Voe Terminal and Brent System. TAQA Bratani will assume responsibility for the decommissioning liabilities relating to these fields and infrastructure.

Stelmar Shipping Ltd. has received the Cabo Hellas, a 2003-built double-hull Panamax tanker. The newbuilding is the first of the eleven new vessels that Stelmar expects to receive in late 2003 through September 2004. This program will enable Stelmar to grow its operating days by 29% in 2004 and an additional 9% in 2005. As previously announced, the Cabo Hellas was signed to a two-year profitable time charter contract with Cape Tankers. Peter R. Goodfellow, Chief Executive Officer and President of Stelmar Shipping Ltd., commented, "We are extremely pleased to receive delivery of this new vessel, which will immediately contribute to our earnings.

Hydro has entered into an agreement to sell its 10 percent stake in production licences PL064, PL077, PL078, PL097, PL099, PL100 and PL110 in the Norwegian offshore sector, including the Snøhvit gas field development. The buyer is Statoil ASA. At the same time Hydro also entered into another agreement: The purchase of a two per cent interest from Statoil in the PL134B and PL199 licences, including the Kristin field. The Snøhvit transaction is expected to result in an estimated accounting gain for Hydro of approximately NOK 100 million, after tax. "We are very satisfied with the agreements. This is a result of Hydro's active management of the company's oil and gas portfolio, and in line with Hydro's strategic positions.

A/S Norske Shell announced that the company has entered into an agreement with E.ON Ruhrgas Norge AS to sell its 28% equity interests in the undeveloped Skarv and Idun fields for US$ 893 million. The agreement covers the licenses PL-159, PL-212, PL-212B and PL-262 in the Norwegian Sea. David Loughman, Managing Director A/S Norske Shell, said: "We remain fully committed to Norway and continue to consider this to be a key area of growth within our European business. We are currently making major investments on the Norwegian Continental Shelf. The Ormen Lange development, where Shell assumes operatorship in November 2007, is very important in our growth strategy.