DEUTZ Presents Q1 Results
The 2011 first-quarter results show that Cologne-based engine manufacturer DEUTZ has continued its positive business performance of the past twelve months. Operating profit of €18.2 million (EBIT before one-off items) sends a strong signal that the company is on an upwards trajectory this year. In the first quarter of 2010, DEUTZ had reported an operating profit of just €0.7 million. For the first time in three years…
Dockwise Announces Q1 2011 Results
DOCKWISE Ltd today publishes results for the three monthly period ended March 31, 2011. • First payment (USD 35 million) on “T-0”, world’s largest semi-sub heavy lift vessel. • Ongoing optimization of fleet: disposal of MV Explorer. o USD 103 million for execution in 2013 and beyond (USD 76 million at end Q1 2010 for execution in 2012 and beyond). The financial statements have been prepared in accordance with IFRS. * Excludes derecognition MS3 claim Q4 2010 USD 8.7 million.
Kleven Maritime Contract with Olympic Shipping
Fosnavåg-shipping company Olympic Shipping contracting newbuildings at Kleven Maritime to 380 million. Contract with Olympic Shipping Kleven Maritime confirms its position as the largest Norwegian-owned shipbuilding group. This is the group's second contract in two weeks. Vessel will be delivered in November 2012 and hosted the third of three similar vessels, where the first two were ordered in August 2010 and January 2011.
Crude Carriers Reports First Quarter Results
* Declared a cash dividend of $0.25 per share for the first quarter of 2011. * Reported first quarter net loss of $0.5 million or $0.03 per share (“EPS”). * Earned average Time Charter Equivalent (“TCE”) of $30,050 per day for the two Very Large Crude Carriers (“VLCCs”) and $18,536 per day for the three Suezmaxes in the Company’s fleet. * Announced on May 5, 2011 that Crude Carriers Corp. entered into a definitive agreement to merge with Capital Product Partners L.P. (“CPLP”).
Star Bulk Acquires Two Capesize Vessels
Star Bulk Carriers Corp. (Nasdaq: SBLK),a global shipping company focusing on the transportation of dry bulk cargoes, today announced that it has entered into definitive agreements to acquire two Capesize bulk carriersfor an aggregate purchase price of approximately $51.5 million. The first Capesize vessel has a carrying capacity of approximately 168,000 dwt and was built in South Korea in 1996. This…
Diana Shipping Acquires Panamax Dry Bulk Carrier
Diana Shipping Inc. (NYSE:DSX), a global shipping transportation company specializing in dry bulk cargoes, today announced that it has agreed to purchase from an unaffiliated third party the MV "Corona", a 2007 built Panamax dry bulk carrier of 73,593 dwt, for a price of US$29.99 million. The vessel, to be renamed "Arethusa", is expected to be delivered to the Company by the sellers by the end of June 2011. Source: Diana Shipping Inc.
WSDOT Welcomes 64-Car Ferry to Fleet
The newest vessel to be added to the Washington State Department of Transportation’s (WSDOT) fleet of ferries was delivered by builder Todd Pacific Shipyards today. The 64-car ferry, Salish, will restore two-boat service to the Port Townsend/Coupeville route in July. “We feel a great sense of satisfaction after having built and delivered this complex vessel,” said Steve Welch, president of Todd Pacific Shipyards. “It’s going to transport millions of passengers for the next fifty years or more.
Levingston Contracts for World’s Largets Liftboat
PaxOcean Engineering Zhoushan Co., Ltd. of Singapore, Singapore and The Levingston Corporation, Boerne, Texas, USA announced they have signed a Letter of Intent…
MOL Raises Money for Victims of Japan Earthquake
Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) reported that it has donated a total of about $.68m to the Japan Red Cross Society and Central Community…
Genco Shipping Takes Delivery of Handysize Newbuilding
Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Avra, a 35,000 dwt Handysize newbuilding. The Genco Avra is the third of five vessels to be delivered to the Company under Genco's agreement previously announced on June 9, 2010 to acquire five Handysize vessels from companies within the Metrostar group of companies. The Genco Avra is expected to be delivered to its charterer…
USS George H.W. Bush Maiden Deployment
The George H.W. Bush Carrier Strike Group (GHWB CSG) departed for its maiden deployment May 11. The strike group, led by the Navy's newest aircraft carrier, USS George H.W. Bush (CVN 77), and its nearly 6,000 Sailors; is scheduled to conduct operations in the U.S. Navy's 6th and 5th Fleet areas of responsibility. The deployment is part of an ongoing rotation of U.S. forces supporting maritime security operations in international waters around the globe.
CNO Delivers Keynote at FAPAC Conference
Chief of Naval Operations (CNO) Adm. Gary Roughead delivered the keynote address at the 26th annual Federal Asian Pacific American Council (FAPAC) conference at the Hyatt Regency hotel in Bellevue…
NOIA Commends Passage of HR 1231, Reversing Moratorium
“With the passage of HR 1231, the Reversing President Obama’s Offshore Moratorium Act, the House of Representatives showed they are listening to the American people.
Hatchell Joins Donald L. Blount and Associates
Donald L. Blount and Associates, Inc. (DLBA), a naval architecture and marine engineering company, announced that Gordon Hatchell has recently become the newest member of our firm.
Teekay Corporation Reports Q1 Results
* First quarter 2011 cash flow from vessel operations of $136.4 million. * First quarter 2011 adjusted net loss attributable to stockholders of Teekay of $27.9 million, or $0.39 per share (excluding specific items which decreased GAAP net income by $1.8 million, or $0.02 per share). * Completed sale of remaining 49 percent interest in Teekay Offshore Operating L.P. to Teekay Offshore Partners for $390 million; Teekay Offshore increased cash distribution by 5.3 percent.
BOEMRE Seeking Accident Investigation Board Chief
WASHINGTON – The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) today announced it is seeking to fill a senior position in the Bureau of Safety and Environmental Enforcement (BSEE), one of the two agencies that will replace the former Minerals Management Service on Oct. 1, 2011. The position is being filled now to ensure a smooth transition. This position will serve as the Chief of the Accident Investigation Board…
Subsea 7 Awarded a Three-year Contract From BP
Subsea 7 S.A. (Oslo Børs: SUBC) announced the award of a three year Life-of-Field Contract by BP Exploration & Production Inc. The contract will cover the provision of two vessels, including a dedicated vessel on full time basis, and associated project management and engineering support, for ROV based inspection, intervention and light construction work in the US Gulf of Mexico starting mid 2011. The estimated contract value of this Frame Agreement is approximately $125 million.
Proposals for Design of New Bridge Received by PCA
The Panama Canal Authority (ACP) received six proposals from around the world for the design of the first-ever bridge on the Atlantic side of the waterway, at a public event held Tuesday in Panama. Currently, the Bridge of the Americas and the Centennial Bridge, on the Pacific side, provide the only routes for vehicles to cross the Canal. This new bridge will be the third across the Canal and the first located near the Gatún Locks, spanning the west and east sides of the city of Colon.
Volkswagen Chattanooga Selects Port of Savannah
Volkswagen Group of America, Chattanooga Operations has selected the Port of Savannah’s Garden City Terminal to handle auto parts in containers for its new plant in Tennessee. “We look forward to this new partnership with the Port of Savannah and appreciate the commitment the Georgia Ports Authority has made to work closely with our team,” said Laszlo Juhasz, General Manager Logistics of Volkswagen Group of America, Chattanooga Operations LLC.
Mississippi River Could Close on Monday
Swollen by weeks of heavy rain and snowmelt, the Mississippi River has been breaking high-water records that have stood since the 1920s and 1930s; it is projected to crest at Vicksburg, Mississippi, on 19 May and break the mark set there during the historic Great Flood of 1927; the crest is expected to reach New Orleans on 23 May; officials with the Port of New Orleans said the Coast Guard may close the river to ships as early as Monday…