Crude Oil Shuttle Tanker News

MOL President, President, Koichi Muto reported that the performance of the company was slack. Muto reported, "I am sad to report that our business performance fell short, and we could not achieve our initial target of ¥70 billion in consolidated ordinary income. Looking back at FY2014, the containership business could not achieve our targets despite the favorable winds of a depreciating yen and lower bunker prices. This was due to factors including inaccurate projections regarding the trade environment, freight rate market, and bunker prices, as well as construction delays in our terminal automation project, and led to a significant loss. In addition, repeated downward revisions of our forecasts have eroded shareholders’ trust in our company.

KNOT Offshore Partners LP say they have fixed with Brazil Shipping I Limited (an affiliate of BG Group) the time charter of the crude oil/shuttle tanker 'Windsor Knutsen'. The hire rate for the initial term of two years is in line with the rate in the existing charter with BG, which has options to extend the term of the charter for three additional one-year periods. The charter will commence in or around the fourth quarter of 2015. If all three extension options are exercised, the Windsor Knutsen will operate for BG until the end of 2020. The shuttle tanker will operate in Brazil. BG has recently notified the KNOT Partnership that the Windsor Knutsen will be redelivered under its existing charter at the end of July 2014.

ABS has been authorized to conduct inspections and issue approvals and certificates to convention ships registered in Canada. ABS acts on behalf of over 100 administrations around the world to issue statutory certificates on their behalf. Transport Canada’s Marine Safety Executive branch issued the authorization under its Delegated Statutory Inspection Programme. According to ABS Regulatory Affairs Manager Gregory Shark the class society successfully documented and demonstrated its ability to address those unique aspects of Canadian national requirements which exceed ABS Rules and the International Conventions. The authorization process called for an in-depth comparison matrix examining Transport Canada’s requirements…