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Handling Tug Meets the Sea at Uzmar
On February 21, 2014, Uzmar Shipyard, also known as “Workboat and Tug Factory” of Turkey, held a launching ceremony for the KOC MUSANED-2, the second of total 6 line handling tugs being built for Kuwait Oil Company’s tug fleet. These 20 m compact boats are reputed to be the smartest tug of its class by the designer Robert Allan Ltd. The ceremony was held in the presence of Sami Al-Sawagh as the KOC Team Leader…
Bourbon Revenues Rise in 2013
Revenues up 10.5% vs. full year 2012 to €1.312 billion and up 6.0% vs. fourth quarter 2012 to €331.6 million impacted by U.S. • Foreign currency movements versus the Euro in 2013 (most notably versus the U.S. “2013 revenues of more than €1.3 billion, a complete range of 485 vessels with an average age of 6.2 years and the broad geographical reach of its activities makes Bourbon a leader in the offshore marine services industry,” said Christian Lefèvre, Chief Executive Officer of Bourbon.
Eastern Launches Second HOSMAX 310 Vessel
Eastern Shipbuilding Group, Inc. announced the launching of the HOS Black Foot (Hull 206) on Friday January 17, 2014 for Hornbeck Offshore Services, LLC. The HOS Black Foot is Eastern’s second vessel in Hornbeck Offshore’s HOSMAX 310 class series. The launching event was held at Eastern’s Allanton facility with hundreds of Eastern employees and guests attending, including Naval Architecture students from the University of New Orleans, La. who were visiting the shipyard.
ABB's Marine Turbocharging Envisages Stormy 2014 Outlook
How would you characterize the current climate in the turbocharger business? Huge storms in the marine sector – shipping and shipbuilding – but friendly sunshine in the stationary plant sector, which covers anything to do with onshore power plants. What can you tell us about the “storms”? High fuel prices, overcapacity, ongoing new vessel deliveries and very low freight- and charter rates are putting the marine industry in Germany under tremendous pressure.
Eastern Shipbuilding Launch First Hornbeck HOS 310 OSV
Eastern Shipbuilding Group, Inc. has launched the 'HOS Bayou' for Hornbeck Offshore Services, LLC. The launch was held at Eastern’s Allanton facility with hundreds of Eastern employees and guests attending, including Mr. Jack Reid, Florida’s Governor Rick Scott’s Regional Representative. Attending from Hornbeck was Bill Krewsky, Director of Engineering and Project Management, who spoke about the long term commitment, partnership and future of the two companies.
Bourbon Reports 3Q 2013 Revenues
Bourbon released its results for the third quarter 2013 and reported signs of continued improvement in offshore vessel demand. Revenues were up 8.6% compared to third quarter 2012…
Ardmore Announces H1, Q2 Results
Ardmore Shipping Corporation announced results for the three and six months ended June 30, 2013. The company raised $140 million of gross proceeds in its initial public offering (IPO) of common stock…
Bourbon Reduce Debt, Revenue Up in H1 2013
Bourbon reports solid results in a steady market in the first half of year 2013. Revenues were up 14.1% vs. first half 2012 as a result of increasing daily rates overall and a high average utilization rate. "In a steady market, Bourbon continues to deliver revenue growth," says Christian Lefèvre, Chief Executive Officer of Bourbon. "During the first half of 2013, the company maintained satisfactory…
Teekay Tankers Order Four Tankships from Korean Yard
Teekay Tankers orders 4 LR2 product tankships from STX Offshore & Shipbuilding with options for 12 more. The agreement is for STX of South Korea to construct four fuel-efficient 113,000 dwt Long Range 2 (LR2) product tanker newbuildings for a fully built-up cost of approximately $47-million each. The agreement also includes fixed-price options for up to 12 additional LR2 newbuildings that can be declared over the next 18 months.
Message from President on MOL Founding Anniversary
On the occasion of Mitsui O.S.K. “Today, I am pleased to join all of my MOL Group colleagues in celebrating the 129th founding anniversary of the MOL Group. Today also marks the start of a new fiscal year. In fiscal 2013, we will launch business initiatives based on a One-Year Management Plan designed to return the MOL Group to a growth trajectory. Since the beginning of 2013, the business environment has started to show positive signs in some quarters, including a rebound in the U.S.
MOL Founding Anniversary: 2013 Growth Strategy Outlined
Mitsui O.S.K. Lines (MOL) President Koichi Muto outlines business initiatives on his company's 129th anniversary. In fiscal 2013, we will launch business initiatives…
Euroseas Report Dip in Profits
Greek-based Euroseas Ltd., drybulk and container ship owners and operators, publish their Q4 & full year 2012 financial results. Net loss of $13.2 million or $0.34…
MOL Warns Large Net Loss in 2012
Mitsui OSK Lines' financial statement for Q3, December 31, 2012, underlines a stagnant shipping market. Looking at the maritime shipping market conditions, in the dry bulker market…
Insights: Todd M. Hornbeck
Chairman, President and Chief Executive Officer, Hornbeck Offshore Services, Inc. While this month’s selection for our INSIGHTS feature needs no introduction to maritime and energy insiders everywhere, Todd Hornbeck’s professional journey is worth pausing to reflect upon. Hornbeck, Chairman, President and Chief Executive Officer of Hornbeck Offshore Services, Inc. (NYSE:HOS), founded the company in 1997. Until 2002 Mr.
China’s Growth Could Boost Shipping
China’s shift towards a domestic consumer demand-oriented economy could provide a significant boost to the global shipping industry, as the world’s second largest…
Lube Oil & Crew Costs Most Likely to Increase Operating Costs
Vessel operating costs are expected to rise by 3.0 per cent in both 2012 & 2013 according to a new Moore Stephens survey. Lube expenditure and crew costs are the categories most likely to produce the highest levels of increase. The survey is based on responses from key players in the international shipping industry, predominantly shipowners and managers in Europe and Asia. As was the case twelve months ago…
Jones Act OSV New-build Program Expanded by Hornbeck Offshore
Hornbeck Offshore expands OSV new-build program, anounces retrofits & other related developments. The Company has exercised the first four of its 48 options to build additional HOSMAX vessels at an aggregate incremental cost of approximately $180 million, excluding construction period interest, for vessel deliveries in the fourth quarter of 2014 and first quarter of 2015. These four new vessels will expand the Company's fifth OSV newbuild program…
Hornbeck Announces Shipyard OSV Contracts
Hornbeck Offshore Services, Inc. has announced the execution of definitive contracts for the construction of sixteen high-specification offshore supply vessels ("OSV")…
Euroseas Announces 3Q, 9 Month Results
Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes…
Fugro Symphony Uses K-Master Aft Bridge Workstation
Unique new solution leads extensive delivery for new offshore construction vessel. The 130-metre long, 24-metre wide new offshore construction vessel Fugro Symphony has become the first ever to sail with Kongsberg Maritime's K-Master aft bridge workstation onboard. Built at the Bergen Group BMV yard, Fugro Symphony was delivered to its owner on 3rd May 2011 and features an extensive automation and control package, developed by Kongsberg Maritime.