Marine Link
Wednesday, December 7, 2016

Ecovix to File for Bankruptcy - Report

Brazilian shipbuilder Engevix Construcoes Oceanicas (Ecovix) is expected to file for bankruptcy protection from creditors in a local court this month, the newspaper Valor Economico said on Wednesday. The company, based in Rio de Janeiro, has more than 6 billion reais ($1.7 billion) in outstanding debts, according to Valor. Ecovix did not immediately respond to requests for comment made via phone and email. According to Valor, Ecovix's creditors include state-run oil company Petrobras, suppliers, China's Cosco, Norway's NOV and also local banks Bradesco, Banco do Brasil and Caixa Economica Federal. The company's expected request for protection from creditors is intended to give it room to negotiate a debt restructuring and the sale of company assets to new investors, the paper said.

ZIM in the Red

Courtesy Zim

Despite continued distressed market conditions ZIM announced today improved results for Q3 2016 on most parameters compared to Q2 2016. Despite continued distressed market conditions ZIM published today improved results for Q3 2016, posting a loss of USD 37.6M, compared to a loss of USD 74.2M in Q2 2016. The company’s EBIT margins are in the industry’s top 5. •    ZIM recorded an improvement in most of the parameters compared to Q2 2016 results. •    ZIM continues to outperform the industry average in Adjusted EBIT margins for Q3 2016, positioning ZIM among the industry’s top5.

Fugro's Shares Sink after Boskalis Trims Holding

File photo: Fugro

Shares in Dutch deep-sea prospector Fugro fell 4.5 percent on Monday after larger rival Boskalis announced that it had trimmed its holding in the company. A statement from dredging and marine engineering company Boskalis said that its holding in Fugro now stands at 24.9 percent. Boskalis had built a stake of as much as 28.6 percent at the end of 2015 in what was widely seen as a first step towards buying Fugro. Boskalis also took Fugro to court in an attempt to strip away some of the company's poison pill defenses but lost its case in May.

Atwood Delays Drillship duo by Two Years

Rob Saltiel, President and Chief Executive Officer Photo Atwood Oceanics

Atwood Oceanics, Inc. announced today that it has agreed with Daewoo Shipbuilding & Marine Engineering Co. ("DSME") to delay the requirement to take delivery of Atwood's two newbuild ultra-deepwater drillships, the Atwood Admiral and the Atwood Archer, by two years to September 30, 2019 and June 30, 2020, respectively. In connection with the delay, Atwood will make a payment of $125 million for the Atwood Archer on or before December 15, 2016, as well as a payment of $15 million on the earlier of June 30, 2018 or the delivery date.

Sri Lanka, China Ink Deal to Develop Southern Port

Sri Lanka will take part in a joint venture with China Merchants Port Holdings Company Limited to develop a port in its south, where China has also been offered an investment zone. The cabinet approved a plan under which Sri Lanka will lease 80 percent of the Hambantota port to Hong Kong-based China Merchants Port Holdings Company for 99 years for $1.12 billion, a government document showed on Wednesday. China Merchants Port Holdings Company will make a $5 million payment as a security deposit upon signing the agreement, which the government expects to do on Jan. The company will pay 10 percent of the $1.12 billion within one month, and the remaining 90 percent within six months of signing the transaction documents.

Sizing Up The World’s Shipping Companies

Graph: Clarksons Research

Shipping is a truly global industry with owners based all over the world, says Clarksons Research. Interestingly, ownership is also very fragmented with over 90,000 vessels owned by more than 24,000 shipowners, with an average of around four ships per owner. While there are a multitude of small owner companies, the relatively limited number of owners with very large fleets also exert a significant influence in today’s shipping markets. The world fleet currently stands at 92,867 vessels of 1.25bn GT, owned by 24,090 companies.

Interview: Morton S. Bouchard III Pulls No Punches

Morton S. Bouchard III (Photo: Coast Guard Foundation)

Morton S. Bouchard III pulls no punches discussing the maritime business and the spate of over-regulation infecting U.S. industry. Morton S. Bouchard III has served as President of Bouchard Transportation Co., Inc., the nation’s largest independently-owned oceangoing petroleum barge company, since 1996 and CEO since 1999, the fourth generation of the Bouchard family to helm the company since its incorporation in 1918. The Bouchard name is iconic in North American maritime circles, and Mr.

Diana Shipping Gets Charters Two Bulkers

New Orleans. Photo: Diana Shipping

Greek dry bulk shipping company Diana Shipping has entered into time charter contracts for its two vessels, the M/V Orleans and the M/V Melite, which are scheduled to start in December 2016. "Diana Shipping, through a separate wholly-owned subsidiary, has entered into a time charter contract with Koch Shipping Pte Ltd, Singapore, for one of its ize dry bulk vessels, the m/v New Orleans," says a statement from the company. The gross charter rate is US$11,250 per day, minus a 5% commission paid to third parties, for a period of minimum twelve (12) months to maximum sixteen (16) months.

Keels Laid for Young Brothers Tugs at Conrad Shipyard

Glenn Hong, President of Young Brothers, Limited of Hawaii holds a framed print Photo Conrad Shipyard

construction for Young Brothers, Limited of Hawaii. On hand for the ceremony was Glenn Hong, President of Young Brothers, Ltd; Jonathan Parrott, President of Foss Marine, Young Brothers’ sister company; and, Tim Engle and Mark Tabbutt with Saltchuk, the parent company of both. Also attending and delivering remarks was Kommer Damen, Chairman and CEO of Damen Shipyard, and Jim Watson, President of ABS Americas. A number of local officials were also present, including Morgan City Mayor Frank P. Grizzaffi III, Port Director Mac Wade and Councilman Lou Tamporello.

Virginia’s FTZ 20 Expansion Approved

Courtesy Port of Virginia

Expansion of Virginia’s Foreign-Trade Zone (FTZ 20) into northeast North Carolina was approved by the US Department of Commerce and the decision provides another means of attracting cargo to The Port of Virginia, the port’s CEO says. “This is an incentive that can be used to attract business to the port and investment and jobs to locations within the FTZ,” said John F. Reinhart, CEO an executive director of the Virginia Port Authority (VPA). “The benefits of the FTZ can be significant and this decision opens the door in northeast North Carolina to those benefits.

Rolls-Royce to Cut Another 800 Jobs at Marine Unit

British engineering company Rolls-Royce said it would cut a further 800 jobs in its marine business to save an extra 50 million pounds ($63 million) a year, responding to weak demand from shipping and energy customers. The marine business, which depends on oil and gas-related customers for about 60 percent of its business and currently employs about 4,800 people with its main operations in Norway, has seen weak demand for new equipment and lower maintenance revenues as customers use their vessels less. Rolls, which has been cutting costs for three years to make the marine unit more competitive, said the cuts were part of a plan to save between 45 million pounds and 50 million pounds on an annualised basis from the middle of next year.

Traffic Increase between Gothenburg and Belgium

Shipping Line SOL now offer seven departures per week from Gothenburg Roro Terminal.

Belgium is Sweden’s eighth largest export market. The Swedish shipping company SOL is about to expand its departure frequency between the Port of Gothenburg and the Belgian port of Zeebrugge. The change will offer greater scope for Swedish import and export companies to ship freight to and from Belgium. Gothenburg-based shipping company Swedish Orient Line, SOL, is about to expand its departure frequency between Gothenburg and the Belgian port of Zeebrugge. The company’s vessels will now depart from Gothenburg seven times a week.

Carnival Princess to Pay Record $40 mln for Polluting the Seas

Carnival Corp's Princess Cruise Lines will plead guilty to seven felony charges for polluting the seas and deliberate acts to cover it up, and pay a record $40 million criminal penalty, the U.S. Justice Department said on Thursday. Shares of Carnival, the world's largest cruise operator, were down more than 2 percent at $50.29 in midday trading on the New York Stock Exchange after the announcement. The Caribbean Princess had been making illegal discharges since 2005 using bypass equipment - including a so-called "magic pipe" - to circumvent pollution-prevention equipment that separates oil and monitors oil levels in the ship's water, the department said.

Hurricane Exercise option over Drilling Rig

Logo

Hurricane Energy, the UK-based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that, further to the rig contract amendments entered into with Transocean, the Company exercised its option over the Transocean Spitsbergen drilling rig on 25 November 2016 in order to drill the Halifax prospect. The Halifax well will be drilled after completion of the Lincoln well. A further announcement will be made once the Halifax well has been spudded.  

Seanergy Maritime Adds a Bulker

Courtesy Seanergy Maritime Holdings Corp.

Athens, Greece - Seanergy Maritime Holdings Corp. announced today that it has taken delivery of a 178,838 dwt Capesize dry bulk vessel, renamed to M/V Lordship and built in 2010 by Hyundai Heavy Industries in South Korea. The M/V Lordship is the first of two Capesize vessels that the Company has agreed to acquire for a gross purchase price of $20.75 million per vessel. The second Capesize vessel, of 178,978 dwt and to be renamed M/V Knightship, also built in 2010 by Hyundai Heavy Industries, is expected to be delivered to the Company during December 2016.  

DSME to Spin off IT Biz Unit

Photo: Daewoo Shipbuilding & Marine Engineering Co. (DSME)

Daewoo Shipbuilding & Marine Engineering Co. (DSME) plans to spin off its IT business unit next year in an effort to streamline its business structure, reports Yonhap. The unit, provisionally named DSME Information System, will be started on Jan. 1, the company said. The company will manage DSME’s IT system and related tasks with some 150 employees, it said. The planned spinoff is part of the shipyard's restructuring schemes which include asset sales and a reduction in workforce.

James Murray Joins Gulfstream Shipbuilding Management Team

James Murray (Photo: Gulfsteam Shipbuilding)

Gulfstream Shipbuilding welcomes James Murray, a second generation boat builder and operator/owner, to the Sales Management Team. James is the son of Jim Murray, who originally opened the shipyard 35 years ago as Freeport Shipbuilding. James built a variety of custom boats at the shipyard before venturing off to start his own successful passenger excursion company. Now, James returns to partner with the current owner Stuart Reeves on a new generation of custom shipbuilding. “James exhibits the same passions and values that his father instilled on this company 35 years ago…

P&O Ferries Chooses GNS Solutions

Image: GNS

Ferry company P&O Ferries will take advantage of GNS solutions to deliver purchasing cost efficiencies and simplify navigation management and compliance on board. P&O Ferries, the British ferry company that operates ferries from the U.K. to Ireland and Continental Europe, has selected maritime solutions provider GNS to provide navigation products and services for its fleet of 15 vessels. Under the terms of the agreement, GNS will supply digital and paper navigational products as well as its Voyager software to all P&O vessels for a fixed annual price.

Meercat Workboats’ Move to New Premises

Meercat managing director Jason Coltman, second left, with key staff at new premises. Photo Meercat Workboats

Meercat Workboats yesterday moved from Portchester to new, purpose built premises in Hythe Marine Park, Southampton, UK. To coincide with the move the company’s management team has been restructured, two new vessels have been delivered and one new order confirmed. The new site is 1,600 sqm, has two 20-tonne gantry cranes, a machine shop, an electrical workshop, a hydraulic workshop, aluminum welding bays, steel fabrication bays, dedicated stores, offices and customer parking. A sum of circa £500,000 has been invested in the move.

Aker/DNV GL Ink Frame Agreement

Kjell Einar Eriksson Photo DNV GL

Aker BP has awarded a new frame agreement to DNV GL, covering a wide range of safety, verification, inspection and classification services across its installations on the Norwegian Continental Shelf. The five-year contract, which includes options for extension, will see DNV GL experts integrated into Aker BP’s organization to provide decision-making support and stand-alone assessments. “This contract represents an important step forward in DNV GL’s long relationship with BP Norway and Det norske oljeselskap…

Hamburg Süd up for Sale

The Santa Teresa, the Santa Rita and the Santa Barbara in the port of Santos. Photo Oetker KG PR

Dr. August Oetker KG announced that after more than 80 years, it is divesting its shipping business and will be selling Hamburg Süd with all activities, subsidiaries and principal assets. Following intensive talks with several interested parties, an agreement has been signed with Maersk Line A/S, Copenhagen, Denmark, which is subject to proper due diligence and the negotiation of a Sale and Purchase Agreement as well as the notification to various regulatory authorities. It is to be assumed that the transaction will be closed in late 2017 at the earliest…

Captain Brian A. McAllister to Receive Honorary Doctorate from SUNY Maritime

Capt. Brian McAllister speaking at his company's 150th Anniversary celebration. (Photo: Greg Trauthwein)

Capt. Brian McAllister, a prominent member of the American maritime industry, will receive an honorary doctorate from SUNY Maritime College Jan. 27. Capt. McAllister is the chairman of McAllister Towing, and has been with his family’s company since 1959. He received a bachelor’s degree in Marine Engineering and a U.S. Coast Guard third assistant engineer’s license from SUNY Maritime in 1956. Approximately 200 students are expected to receive their degrees during this fall’s commencement exercises, when Capt. McAllister will also receive his honorary doctorate. “We are delighted to honor Capt.

Sundblad is MD, Scandinavian Shipping & Logistics

Par Sundblad  photo Scandinavian Shipping & Logistics

Pär Sundblad becomes the new Managing Director of Scandinavian Shipping & Logistics. He joined the company in 2015 as a Business Development Manager. From November 1st 2016 he has taken over the role as Managing Director of Scandinavian Shipping & Logistics. Sundblad has 23 years of experience in both container and break bulk carriers. “Pär has a strong customer perspective and customer satisfaction is something that always comes first. Scandinavian Shipping & Logistics has a…


Maritime Reporter Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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