Jm News

The GEF-UNDP-IMO Glofouling partnership (2017) is a global initiative to counter the environmental issue of invasive aquatic species (IAS) and the resulting harmful ecological and financial damage that can occur when such invasion events are introduced through the medium of biofouling on ships hulls and other marine structures such as those found in the oil and gas industries.One of the key objectives of the Glofouling project is to develop a Global Knowledge Hub and also identify…

Anyone who has been around the Offshore Oil and Gas or the Marine industries for long has heard of plans for mining various minerals located on or just below the seafloor. In fact, when Howard Hughes built the Glomar Explorer in 1972, the cover story for its true mission – recovering a Soviet submarine - was that the rig would be used to mine manganese nodules from the deep ocean floor. This cover story was so effective that it had the unintended consequence of stirring great interest in ocean mining among offshore companies and the general public.In the years since…

International Maritime Organization (IMO) has signed a new Memorandum of Understanding (MoU) with the Republic of Chile, to extend Chile's technical assistance to countries in the Caribbean region, in addition to Latin America.According to the UN body, the MoU on Technical Cooperation, signed by the Directorate General of Maritime Territory and Merchant Marine (DIRECTEMAR) of the Republic of Chile, replaces earlier MoUs (signed in 2002 and 2005) and strengthens the collaboration between IMO and DIRECTEMAR for the provision of technical assistance in the Latin America and the Caribbean Region."This will particularly support the provision of experts (including Spanish-speaking experts) to deliver training in Latin America and the Caribbean…

Singapore-based Mercator Lines says its judicial manager (JM) has filed an application to wind up the company. "Subsequent to the termination of the  Implementation Agreement (IA), the Judicial Manager (JM) held preliminary discussions with several potential investors to explore transferring the Company’s listing status and/or restructuring the Company," said a stock exchange filing. Whilst these potential investors have expressed an interest in the Company’s listing status, to date the Company has been unable to justify an application for a further extension on the Judicial Management Order. Accordingly, the JM has filed an application to wind up the Company. "The hearing date for the winding-up application has been fixed on 8 September 2017," said the company.

Cochin Shipyard Ltd's initial public offering, which aims to raise up to 14.68 billion rupees ($231 million), was subscribed more than 76 times on the last day of the sale on Thursday, indicating strong interest in the state-run shipbuilder. Investors bid for about 2.59 billion shares, compared with nearly 34 million shares on offer, data from stock exchanges showed as of 0130 GMT. The company, which also repairs ships, was selling about 22.7 million new shares in the price range of 424 rupees to 432 rupees apiece, while the Indian government was selling about 11.3 million shares in the company. SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities are the lead banks managing the IPO. The stock is set to make its trading debut on or around Aug. 11.

Cochin Shipyard Ltd (CSL),  India's largest public sector shipyard, has filed  initial public offering (IPO)document with  the market regulator Securities and Exchange Board of India (SEBI)  to go public. The government approved a stake sale of up to 25 percent. Cochin Shipyard IPO will consist of 34 million shares to raise about INR 1,400-1,500 crore (USD 214 - 229 million). On completion of a successful IPO, CSL will become the first of five state-owned shipbuilding companies to be publicly listed. It has filed a draft red herring prospectus (DRHP) with SEBI. The company, which built India’s first indigenous aircraft carrier, the INS Vikrant, is looking to raise funds to set up new construction and repair facilities.

These are difficult times for the shipbuilding industry, in particular that of Korea, which faces its worst-ever order drought. Big, medium-sized and small shipbuilders are undergoing deep restructuring as a consequence of the workload downturn. However, despite the crisis Korea is still the global leader in newbuilding deliveries, and its shipyards continue to demand, and now more than ever appreciate, improvements in all areas of management, design and production. At a time of difficulty…

India’s biggest shipbuilder under state control, Cochin Shipyard Ltd (CSL) is looking to file documents for its initial public offering (IPO) with the markets regulator by the end of this month, reports Live Mint. According to sources, CSL is all set to file documents for its IPO of Rs 600 crores ($90 million) with the Securities and Exchange Board of India (SEBI). The plan is part of its effort to expand and construct larger vessels and also undertake ship repair and fabrication. In addition, the government will sell 10% of its stake through the IPO. The work on the DRHP (draft red herring prospectus) is almost complete and it is expected to be filed before the end of this month.

J.M. J.M. Baxi Group, a 100-year-old group of companies specializing in maritime logistics and port infrastructure, has commissioned United Heavy Lift for the commercial management of its newly constructed deck carrier, the MV Vir Varenya. The heavy-lift module carrier has now been added to the charter fleet of United Heavy Lift, and is managed globally from the company's head office in Hamburg. United Heavy Lift, which specializes in project transportation and the commercial management of heavy cargo vessels…

The port of Chabahar in southeast Iran is central to India's efforts to circumvent arch-rival Pakistan and open up a route to landlocked Afghanistan where it has developed close security ties and economic interests. According to a Reuter's report, Iranian President Hassan Rouhani has asked India to invest in infrastructure projects worth $8 billion, including an expanded role in developing a strategic port that will open up access to Central Asia, Iran's envoy to New Delhi Gholamreza Ansari said. "The port of Chabahar in southeast Iran is central to India's efforts to circumvent arch-rival Pakistan and open up a route to landlocked Afghanistan where it has developed close security ties and economic interests,” Iran’s ambassador said.

A Shipping Seminar on "Dry Bulk Chartering, Operations and Arbitration”  held on 27th June 2015 at the Narottam Morarjee Institute of Shipping, Nariman Point, Mumbai was well attended. The event which saw good response from WISTA members was orchestrated by WISTA Jt. Secretary Sumeet Sahi. The speaker for the event was Shri T V Shanbhag, Ex- Chief Controller of Chartering, Government of India, a very well-known and respected personality in the shipping industry. Sumeet Sahi welcomed all present and spoke about her attending an arbritration there Mr.Shanbhag was the arbritrator and how she was impressed by his wealth of knowledge as well as his down to earth nature. WISTA President, Sanjam Sahi Gupta spoke about WISTA and the benefits of being a WISTA member.

Louisiana Governor Bobby Jindal and International Shipholding Corp. President Erik L. Johnsen announced the company will relocate its corporate headquarters from Mobile, Ala., to New Orleans, where the business was founded in 1947. Listed on the New York Stock Exchange as ISH, the company owns and operates a global fleet of waterborne cargo vessels. ISH recorded annual revenue of more than $310 million in its just concluded 2013 fiscal year. After Hurricane Katrina, recovery challenges led the company to relocate its corporate headquarters to Mobile.

Jensen Maritime awarded for vision and innovation in design of the 'Northern Leader'  longline fishing vessel. Jensen Maritime , Crowley Maritime Corp’s Seattle-based naval architecture and marine engineering firm, has been honored with the New Wave Award, which recognizes the company’s vision and innovation for the concept and design of the Northern Leader, a 184-foot long, environmentally-friendly longline fishing vessel owned by Alaskan Leader Fisheries LLC. The Northern Leader is currently under construction at J.M.

Technicold by Northern Lights, an industry leader in marine HVACR systems, has been selected to supply the cooling and heating system on the environmentally friendly long-liner Northern Leader. Technicold will provide a complete climate control system to the 184 ft.’ commercial fishing vessel. Technicold components include a three- stage 360,000 BTU/hour chilled water system. It incorporates a new two- stage 18kW immersion heating system, uniquely designed for this project. The air handlers will provide both heat and air conditioning to the ship’s galley, pilot house, crew and common areas.

The executive committee of Euronav NV (NYSE EURONEXT BRUSSELS: EURN) reported its preliminary non-audited financial results for the fourth quarter and full year 2010. The company had a net result of USD -17.6 million (fourth quarter 2009: USD -23.6 million) for the three months ended 31st December 2010 or USD -0.35 per share (fourth quarter 2009: USD -0.47 per share). EBITDA was USD 34.5 million (fourth quarter 2009: USD 34.3 million). For the full year ending 31 December 2010, the net results before deferred tax are USD 20.2 million (2009: USD -17.6 million) or USD 0.40 per share (2009: USD -0.35 per share). The average daily time charter equivalent rates (TCE) obtained by the company’s fleet in the Tankers International (TI) pool was for the fourth quarter approximately USD 17…

According to a report on www.thenewstribune.com, J.M. Martinac Shipbuilding signed acontract to build two more tugboats for the U.S. Navy, just as the yard was preparing to deliver the last of two Navy tugs of the same design as the new boats. The two tug contracts are reportedly worth about $10m each. The 90-foot-long boats have 3,600 hp with a propulsion system that allows the boats to move with equal agility and power in any direction. The boats have a wheelhouse with glass on all sides to take advantage of the tug’s ability to perform its duties in any direction. (Source: www.thenewstribune.com)

The time charter party of the Cap Victor (2007 -158,853 dwt) with BP and the time charter party of  the Fraternity  (2009 – 157,714 dwt) with Vitol have been extended with 24 and 12 months respectively. On 10 February 2010, the company took delivery of the newbuilding Suezmax Eugenie (2010 – 157,677 dwt)  from Samsung Heavy  Industries, Koje  Island, South Korea. The vessel, which  is owned 50%-50% in joint venture with JM Maritime, is being operated on the spot market. The  storage  contract of  the V-plus TI Europe  (2002 – 441…

Coastway, a new 4,900 m3 trailing suction hopper dredger for Westminster Dredging Company of Fareham, will be launched today at the Merwede Shipyard in Hardinxveld-Giessendam. Mrs. J.M. van Gelder-Wolff, wife of R. van Gelder, chairman of the board of Management of Royal Boskalis Westminster nv, will perform the inauguration and launch of the Coastway. The Coastway, with its shallow draught and large loading capacity, has been designed to carry out on and foreshore beach replenishment, dredging and maintenance work in shallow water, which generally involves silt, sand, gravel and soft clay. Its jetwater installation allows for dredging of densely packed material. The Coastway is also prepared for the desalination of sand from sea.

uido Perla & Associates signed a contract with Todd Pacific Shipyards Corporation to provide the design of a new 144-Auto ferry, satisfying the design portion of a design-build contract that Todd Pacific Shipyard, in conjunction with its major subcontractor J.M. Martinac Shipbuilding Corporation recently signed with Washington State Ferries. has budgeted $342 million for the construction of up to four vessels, which are to be constructed under this design-build contract. Each of the new ferries…

Jim McCarville, Executive Director, Port of Pittsburgh shares with readers of MarineLink.com his insights on key market drivers for the coming year. If you could change or improve one policy in the federal government that affects your business's bottom line, what would it be? JM: The federal government, unfortunately, looks at transportation projects as stovepipes, failing to grasp that a decision to make or not make waterway improvements will impact other modes of transportation.

Maritime Reporter had the opportunity to visit with Jim Misage, Marine Business Leader of TECO-Westinghouse Motor Company, to get his insights on company specific and emerging trends in the marine propulsion niche. What exactly does TECO-Westinghouse offer to the maritime market? JM: TECO-Westinghouse Motor Company (TWMC) is one of the world's leading motor and generator manufacturers. Specifically for the maritime market, we offer a full line of electric propulsion equipment, which includes propulsion motors and generators of any size and as induction, synchronous, or DC designs.

Jensen-Designed Commercial Longliner Fishing Vessel, Northern Leader, Achieves Construction Milestone; Environmentally Friendly Vessel is Ahead of Schedule Due to Jensen’s Advanced Production Engineering Services. One of the world’s largest commercial longliner fishing vessels, designed by Seattle-based Jensen Maritime Consultants, has reached the important milestone of having the main deck completed ahead of schedule, only 10 weeks into the construction phase. This accomplishment…

Boston Towing and Transportation Company has taken delivery of the first of a new pair of tugs designed by Robert Allan Ltd., Naval Architects of Vancouver, B.C., for offshore LNG Terminal support for the Neptune LNG LLC, Deep Water Port, offshore Massachusetts Bay. The M.V. Justice is the smaller of the two tugs. It is a modified RAmparts 3000 Class tug which will primarily be engaged in harbour duties, but will serve as the back-up for the larger tug (the ASD 39/70 Class Independence) during the latter's service periods.