Company Subsidiary News

Malaysia's Petronas has delivered the first liquefied natural gas (LNG) import cargoes to Myanmar, the company said on Thursday, marking a new consumer for the super-chilled fuel.The state-owned company's subsidiary Petronas LNG delivered two LNG cargoes to Yangon, Myanmar, in May and June as part of a sales and purchase agreement it had signed with joint-venture company CNTIC VPower earlier this year, Petronas said.As part of the deal, the cargoes were sold on a free-on-board (FOB) basis from the Petronas LNG complex at Bintulu…

Greece's Piraeus Port Authority (PPA) announced that the "PIRAEUS I" floating dock is available again for ship repair works."PIRAEUS I floating dock has been delivered for use and is operating again after scheduled maintenance works," said an announcement from PPA.PIRAEUS I is 202 m. long, with inner width 31 meters, has lifting capacity of 15,000 tons and can serve ships with capacity of 40,000 tons.During the first nine months of 2019, the ship repair activity at the port of Piraeus is showing an increase, despite the temporary suspension of PIRAEUS I floating dock operations, as the ships in docks increased by + 11% and the ships under repair in Ship Repair Zone increased by 7.4% compared to the same period of 2018.The Management of PPA S.A.

PAO Novatek announced that cumulative production at the Yarudeyskoye field owned by the Company’s subsidiary Yargeo, reached a milestone of 10 million tons of crude oil production since the commencement of operations.The field’s commercial production commenced in December 2015, and by January 2016, the field reached its full productive capacity, said a press release from the Russia's largest independent natural gas producer.The Yarudeyskoye field is the largest crude oil asset in the Company’s portfolio, and is characterized by unique geology, which combined with the application of state-of-the-art drilling and completion technologies allowed us to achieve the average production flow rate of more than 350 tons per day per well.

The Board of Directors of Russian tanker shipping company PAO Novoship has elected Alexey Khaydukov as the company’s new President.Khaydukov replaces the firm’s previous President, Yury Tsvetkov, who stepped down from his role on August 8, 2018, following his appointment as a Deputy Minister of Transport of Russia, Head of the Federal Agency for Maritime and River Transport.Prior to his appointment, Khaydukov was Managing Director of SCF Management Services (Novorossiysk) Ltd.

U.S. based Crowley Maritime Corp. has taken delivery of one of the world’s first combination container/roll on-roll off (ConRo) ships powered by liquefied natural gas (LNG), from shipbuilder VT Halter Marine Inc. The Jones Act compliant El Coquí is the first of two Commitment Class, LNG-powered ConRo ships being built for Crowley’s shipping and logistics services between Jacksonville, Fla., and San Juan, Puerto Rico.Operated by Crowley’s global ship management group, El Coquí will make its maiden voyage to San Juan later this month from Jacksonville (JAXPORT), its dedicated U.S. mainland port.

Noway’s anti-corruption agency Økokrim has closed an investigation into Sevan Drilling over the company’s drilling contracts won with Petrobras between 2005 and 2008. "Reference is made to the public announcement by Sevan Drilling dated 16 October 2015 regarding Økokrim's investigation of the Company's subsidiary Sevan Drilling ASA in respect of payments made to agents in relation to drilling contracts originally awarded by Petrobras to Sevan Marine ASA in the period between 2005-2008," said a press release from the company. It has been notified that Økokrim today has completed the investigation against Sevan Drilling ASA and the orginal charges have been dismissed.

The Russian natural gas producer, Novatek, has confirmed that it delivered its first shipment of liquefied natural gas (LNG) produced by the Yamal LNG project to India on 27 March. "The LNG was produced by the Yamal LNG project, led by the Russian company, and marks the first ever delivery of Russian Artic LNG to the country," said the company. The cargo was shipped through the company’s subsidiary, Novatek Gas and Power Asia. Novatek’s Deputy Chairman of its Management Board  Board Lev Feodosyev said: "One of our core priorities enumerated in the Company's Corporate Strategy up to 2030, is the expansion of the supply geography and the growth of our presence in the key Asian markets. The first cargo delivered to the growing Indian market is an important development step in this direction”.

Tengizchevroil (TCO), Kazakhstan's liquefied petroleum gas (LPG) producer and exporter, plans to raise propane and butane export through Russian port Taman in 2018 to 450,000 tonnes from 240,000 tonnes in 2017, traders said. TCO's shipments of LPG through Taman port will grow in March to about 40,000 tonnes from 27,000 tonnes in February, traders said. "TCO's LPG export through Taman port will go up to 40,000 from 20,000 tonnes per month (on average in 2017), with further growth possible," said a source in the port. OTEKO, the owner of Taman transshipment terminal, declined to comment and there was no response from TCO. International oil trader Vitol is responsible for supplying TCO's LPG via Taman terminal.

VT Halter Marine has launched the second of Crowley Maritime Corp.’s new Commitment Class ships, Taíno, one of the world’s first combination container/roll on-roll off (ConRo) vessels powered by liquefied natural gas (LNG). Taíno will now proceed through the final topside construction and testing phase at the shipyard in Pascagoula, Miss., before beginning service in the U.S. Jones Act trade in 2018. She will join sister ship, El Coquí, which was launched earlier this year and is now in final testing prior to entering service in early 2018.

The JSC Latvian Shipping Company subsidiary LSC Shipmanagement (LSCSM) supplemented the fleet under its full technical management with a newbuilding “Elandra Falcon”, which is the 25th tanker managed by LSCSM. The new tanker is intended for transportation of oil products. Her total length is 268.25 meters and deadweight – 157’000  tons. “We are delighted that LSCSM is able to expand the fleet under its technical management, which is a sign of quality that attests to the professionalism and skills of our crews and ship management team. This is the 25th ship under the technical management of LSC SM, and we see that we can grow it even more," said Robert Kirkup, the Chairman of the Board of JSC Latvian Shipping Company.

A new cooperation agreement will intensify existing joint business activities between longstanding partners MAN Diesel & Turbo and Mitsui Engineering & Shipbuilding Co., Ltd. (MES). The agreement was signed by Takao Tanaka, President & CEO of Mitsui Engineering & Shipbuilding, and Dr. Uwe Lauber, CEO of MAN Diesel & Turbo. “Together, we will offer a solution portfolio that is unique in today’s market,” said Dr. Lauber. Expanding upon multiple previous collaborations, the two companies have now agreed to deepen mutual activities within sales, production, R&D and engineering, procurement and construction (EPC) initially, with the potential for other business fields to be added in the future. The common goal is to enhance mutual business opportunities in a more timely and effective fashion.

The 4,300HP tugs Colleen McAllister (ex-Ellena Hicks, Hull 685) and Katie G. McAllister (ex-Libby Black, Hull 671) have been sold and delivered to new owners Port City Marine Services of Muskegon, Mich., reported Marcon International, Inc. The 124’ x 33.1’ x 19.9’ depth / 18’ loaded draft tugs were built in 1967 and 1966 respectively by Gulfport Shipbuilding Corp. of Port Arthur, Texas for Gulf Coast Transit Company, subsidiary of TECO Transport & Trade, of Tampa, Fla. and mated up with the 420’ x 80’…

Moody's Investors Service, has placed the ratings of Overseas Shipholding Group, Inc. (OSG) under review for downgrade, including its B2 corporate family and Caa1 senior unsecured ratings, and the B1 and Ba2 senior secured debt ratings of its subsidiaries, OSG Bulk Ships, Inc. (OBS) and OSG International, Inc. (OIN). The review follows the company's announcement that its Board of Directors has approved the plan to separate its business units into two independent public companies via a spin-off of the international business, OIN. The spin-off is subject to the satisfaction of certain conditions, including regulatory requirements. The current debt at OIN and at OBS will remain with those entities post separation. Moody's also affirmed the SGL-2 speculative grade liquidity rating.

Star Bulk Carriers Corp. (NASDAQ: SBLK) announced that following the settlement and adjudication of the company's subsidiary Star Borealis LLC claim for damages and due hire related to the repudiation of the long-term time charter of the M/V Star Borealis by charterer Pan Ocean  Co Ltd., previously filed with the Seoul Central District Court, Korea, Star Bolrealis negotiated, sold and assigned the rights to the Adjudicated Claim to an unrelated third party against a consideration of eight million sixteen thousand dollars collected in full.

DryShips Inc. announced today that it intends to offer senior secured notes due 2017 (the “Notes”) pursuant to its effective shelf registration statement. The Company expects to use the net proceeds of the offering to refinance, in part, the Company’s outstanding $700 million aggregate principal amount of 5% Convertible Senior Notes due December 1, 2014. The Notes will be secured by first priority liens on certain shares of common stock of the Company’s subsidiary, Ocean Rig UDW Inc., owned by DryShips, plus certain additional or replacement collateral.   The Notes will be issued in minimum denominations of $1,000.00 and integral multiples of $1,000.00 in excess thereof.

The ITF (International Transport Workers’ Federation) has won a promise from the Honduran ambassador to the U.K. to investigate death threats and victimization of trade unionists in the city of Puerto Cortés. A high-level delegation made up of Steve Cotton, ITF acting general secretary; Paddy Crumlin, ITF president; Victor Crespo, president of the ITF-affiliated Sindicato Gremial de Trabajadores del Muelle (SGTM); and Tomas Abrahamsson, ITF maritime coordinator, won the assurance in a meeting with Ambassador Romero-Martinez yesterday.

ATHENS, GREECE, April 13, 2011- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), today announced that the dispute that had arisen back in October 2008 between the Company's subsidiary Star Beta LLC ("Star Beta") and OLDENDORFF GmbH and Co. KG ("Oldendorff"), sub charterers of the STAR BETA ("the Vessel") concerning the assignment to Star Beta of the charterparty between Oldendorff and Industrial Carriers Inc. ("ICI") has now been settled with the Company receiving a major portion of the quantum of the claim .

The company's subsidiary Otto Shipyard has sold  ROV  Support Vessel 'Otto Explorer 3' for US$50-million. The Board of Directors of Otto Marine Limited announce that the earlier proposed sale of the Multi-purpose Field Support and ROV Support Vessel, “Otto Explorer 3”, to RY Offshore Limited by the Company’s shipyard, through one of the Company’s wholly-owned subsidiaries has been comleted. Otto Marine state that the transaction  is expected to have a positive impact on the consolidated…

In this short video, Crowley's Greg Buffington, vice president of company subsidiary Carib Energy, explains the benefits of switching to reliable, safe, U.S.-exported LNG fuel for industrial and commercial consumers in the Caribbean. Those who can benefit from adopting this affordable and eco-friendly power source include resorts and hotels, manufacturing companies, bottling plants and other industrial and commercial organizations. 1) What is LNG and how is it used? 2) Who is the ideal consumer for industrial LNG in the Caribbean? 3) What are the advantages to consumers? 4) What's needed for a consumer to make the switch? 5) What should a consumer look for in a supplier when considering the switch to LNG?

Wison Offshore & Marine Announces Award for construction of World’s First Floating LNG Liquefaction Unit. Shanghai-based Wison Offshore & Marine Ltd., a subsidiary of the Wison Group, announced today the successful award of a contract by the Exmar group for engineering, procurement, construction, installation and commissioning (EPCIC) of the world’s first Floating LNG Liquefaction, Regasification and Storage Unit (FLRSU). The facility will be used by Exmar under a Build, Own, and Operate contract with Pacific Rubiales Energy Corporation, and located on the Caribbean coast offshore Colombia.

The Board of directors of COSCO Corporation (Singapore) Limited (the “Company”) refers to the articles which appeared in The Straits Times on 30 June 2012 entitled “Dark clouds over China shipbuilder Cosco Corp” and in Bloomberg on 27 June 2012 entitled “Cosco Singapore is Lowest-Rated Asia Stock on Rig Push”. The Straits Times article mentions that the Company faces possible customer defaults and order cancellations from Europe. The Company recognises that business conditions have remained difficult and this is reflected in the significant drop in the Baltic Dry Index, amongst other things. As such, the Company’s order book may be subjected to revision from the cancellation and rescheduling of orders.

In order to tap into Colombian stranded gas reserves, Pacific Rubiales Energy Corporation and EXMAR nv have partnered in a project to build and operate a floating LNG liquefaction, and storage unit, the Caribbean FLNG, which will be stationed at a jetty several kilometers off the Caribbean coast of Colombia for at least 15 years. In order to protect the hull of the Caribbean FLNG, keep it clean and facilitate class inspections over that time period without recourse to drydock and without causing harm to the local marine environment…

Danny Hall and David Higgs charged with expanding the business to new Industries and geographic areas. Crowley Maritime Corp. announce leadership changes within its logistics group that will help it expand to serve new industries and geographic areas. Danny Hall, formerly vice president of past company subsidiary Jarvis Freight International, has been promoted to vice president, strategic business development, for Crowley’s logistics team. David Higgs, formerly director of Crowley’s product logistics team, has been promoted to vice president, project logistics and global freight management . The project logistics and global freight management team was formed when Jarvis International Freight…