Shipping Disruptions: Japan Battles Back
Japan is waging a public relations war as it struggles to control the nuclear contamination threat at home while playing down the concerns of consumers abroad. Fears of tainted goods from the battered nation are affecting trade flows, with regional weather distributing radiation particles and hysteria across Asia. In South Korea, panic over radioactive rain in March saw schools shut down en masse, despite the minute level of radiation posing no known health risks.
Danish Shipowners: On Growth track in Wake of Economic Crisis
Denmark has retained its position as one of the world's leading maritime nations, despite the economic crisis. In terms of operated tonnage, Denmark is today the fifth largest maritime nation in the world. In all, Danish shipping companies transport some 10% of the world trade. Henrik Segercrantz reports on Danish maritime issues. Danish shipping is global, with trade within Europe counting for only a quarter of the industry’s total revenues.
Goldenport Holdings: Delivery of Two New-Build Bulk Carriers
Goldenport Holdings Inc., (LSE: GPRT) the international shipping company that owns and operates a fleet of container and dry bulk vessels announces that on 18 April…
Globus Maritime Limited Reports Financial Results
Globus Maritime Limited (NASDAQ: GLBS), a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the three-month period ended March 31, 2011. The Company also declared a quarterly cash dividend of $0.16 per share for the three-month period ended March 31, 2011. This is the third quarterly cash dividend declared by the Company’s Board of Directors since the listing of its common shares on the NASDAQ Global Market in November 2010.
Focus On China: Refineries, Pipelines And Vessel Supply
China’s demand for imported oil is, and will, continue to be one of the key influences on the tanker market, according to industry experts Braemar Shipping Services plc. Demand growth in the country has progressed at an unprecedented pace over the last decade, a pattern universally anticipated to continue. This additional demand will increase China’s dependence on imported crude with beneficial knock-on effects for the tanker industry.
Farstad Shipping Awarded Charter Contracts
AHTS Far Sound (2007, UT 712L, 16.000 BHP), AHTS Far Sword (2006, UT 712L, 16.000 BHP) and AHTS Far Scimitar (2008, UT 712L, 16.000 BHP) have been contracted by Hess to support their drilling program in Australia for at least 10 months commencing in May. In the North Sea PSV Far Service (1995, UT 745, 4.680 DWT) has been awarded a 24 months firm contract by BP commencing in July with 2x6 month options.
Hornbeck Offshore Announces Q1 2011 Results
Hornbeck Offshore Services, Inc. (NYSE:HOS) announced today results for the first quarter ended March 31, 2011. First quarter 2011 revenues decreased 16.1% to $72.3 million compared to $86.2 million for the first quarter of 2010 and decreased 25.7% compared to $97.3 million for the fourth quarter of 2010. Operating income was $0.7 million, or 1.0% of revenues, for the first quarter of 2011 compared to $15.7 million…
Essar Shipping Ports and Logistics: New Management Structure
Mumbai: Essar Shipping Ports & Logistics Limited (ESPLL) which is a part of Essar Group today held its Committee of Directors (Demerger Committee) meeting and announced the completion of the demerger process. The committee fixed 19th May 2011 as the record date. ESPLL announced that the company has received all the approvals hence the completion of the process. The company also announced the new management structure for the two companies once they are listed on exchange.
Fairmount Tugs Deliver FPSO Pazflor
A specialized team lead by Fairmount Marine has completed successfully the tow, mooring and positioning hook-up of the floating production storage and offloading unit (FPSO) Pazflor offshore Angola. Earlier Fairmount’s powerful tugs Fairmount Expedition, Fairmount Glacier and Fairmount Alpine have towed FPSO Pazflor from Korea to Angola. After arrival offshore Angola the 30 man team of Fairmount Marine connected the FPSO Pazflor to its moorings…
This Day in U.S. Naval History - May 11
1862 - CSS Virginia blown up by Confederates to prevent capture. 1898 - Sailors and Marines from USS Marblehead cut trans-oceanic cable near Cienfuegos, Cuba, isolating Cuba from Spain.
This Day in U.S. Coast Guard History - May 11
1898-USRC Hudson towed the crippled USS Winslow from certain destruction under the Spanish forts at Cardenas, Cuba during the Spanish-American War. Congress later…
Register Before Transiting High Risk Area
The Singapore Maritime and Port Authority (MPA) issued a circular advising masters of ships transiting or operating in the High Risk Area for piracy attacks in the…
EU NAVFOR Assists Italian Ship After Pirate Attack
On the 5 May, the EU NAVFOR warship ITS Espero assisted the Italian Merchant Vessel ITAL Glamour after it was attacked by pirates on the previous day. The attack…
National Maritime Day Dinner, AMVER Awards
On May 23rd at the National Press Club in Washington DC, the North American Marine Environment Protection Association (NAMEPA) and IHS Fairplay will be hosting…
Italian Guardia di Finanza select Raymarine
Nine new vessels designed by race boat driver and designer Fabio Buzzi and fully equipped with Raymarine electronics, have been delivered to the Guardia di Finanza, the militarized customs and border patrol service responsible for preventing financial crime and smuggling in Italy. The nine boats were officially handed over to the Guardia di Finanza at a ceremony attended by the Italian Minister of the Interior Roberto Maroni.
Offshore Solutions Celebrates 2500 Safe Connections
Offshore Solutions B.V. (OSBV), the joint venture between AMEC and Cofely Nederland N.V., has announced another significant achievement in the operation of the Offshore Access System (OAS*). Installed on the GDF SUEZ E&P Nederland B.V. (GSEPN) chartered vessel, REM Mermaid, the OAS has successfully achieved 2,500 operational connections. This is the third operational OAS in the Southern North Sea and during its operational life so far has also facilitated the safe transfer of 22…
Stena Line Celebrates National Ferry Fortnight
Stena Line, the leading ferry operator, has announced it will be offering 15 per cent off bookings made between 14 and 28 May 2011, for travel completed by 8 January 2012 to mark the Passenger Shipping Association's third annual National Ferry Fortnight. The offer is valid for all vehicle types, "dutchflyer" (rail and sail) and foot passenger bookings, as well as all elements of booking from cabins to pre-booked meals and Stena Plus lounge access.
General Maritime Corporation Announces Q1 2011 Results
General Maritime Corporation (NYSE: GMR) today reported its financial results for the three months ended March 31, 2011. Excluding the $3.3 million non-cash loss relating to the disposal of vessels and vessel equipment as well as the $1.8 million impairment of goodwill and $0.1 million other income, the Company recorded a net loss of $26.5 million or $0.31 basic and $0.31 diluted loss per share for the three months ended March 31…
Tsakos Energy Navigation Reports Earnings Of $0.20 Per Share
Athens, Greece--May 11, 2011--Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) (the “Company”) today reported results (unaudited) for the first quarter ended March 31, 2011. TEN attained net income of $9.3 million (including a $5.8 million gain on the sale of a vessel) for the first quarter of 2011 compared to $19.5 million (including $14.3 million gains on the sale of vessels) for the first quarter of 2010. Diluted EPS this first quarter were $0.20.
Maersk Line Interim Management Statement
Revenue for the period increased by 10% to USD 14.5bn (USD 13.2bn), primarily due to higher container freight rates, container volumes and oil prices. The profit for the period increased by 82% to USD 1.2bn (USD 0.6bn) and was driven by better operational performance in most business units. The Group’s ROIC increased to 11.7% (7.6%). "We have had a good start to the year and are very satisfied with the results.