High Cost of English Litigation for Shipbrokers
A survey of London solicitors by ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts. ITIC gave a panel of London solicitors – all of whom had previously been instructed on cases involving ITIC members – a hypothetical claim scenario involving a broker which had been cut out of commission. The solicitors were asked to estimate the costs that the broker would have to pay to take the matter to court.
Tanker Rescues Three following Yacht Fire
Sunday, March 30, during the night, M/T Glenda Meryl (jointly owned by d'Amico and Glencore and managed by Ishima ship management) rescued all the American crew of the stricken sailing yacht Even Star. The crew had taken to the ship's liferaft, abandoning the yacht which was in danger of sinking after a fire on board. The Glenda Meryl was sailing towards Panama when the USCG asked the vessel's master to take part in the salvage operation.
BSEE Funding Oil Spill Response Research
The Bureau of Safety and Environmental Enforcement (BSEE) has announced that it is investing up to $600,000 for targeted oil spill response research in drift ice conditions. In a Broad Agency Announcement (BAA) released on the federal government's business opportunities website, the bureau called for white papers on new mechanical technologies for cleaning up oil spills in drift ice conditions that could be found in an Arctic environment.
Recent Vessel Sales: March 2014
3/26 - MAEMI II - 19,871 - 08 (6) - $28. Prepared by Shipping Intelligence, Inc., New York.
Stolt-Nielsen Reports "Disappointing" Q1 Results
Stolt-Nielsen Limited today reported unaudited results for the first quarter ended February 28, 2014, which included lower cargo volumes and down profits in most markets. Net profit attributable to shareholders in the first quarter was $18.6 million, with revenue of $516.7 million, compared with $36.7 million, with revenue of $524.5 million, respectively, in the fourth quarter of 2013, the company said. Commenting on the company's results, Niels G.
New Videotel Deep Water Handling Program
Turbulent seas and extreme weather can make sailing conditions perilous. Having a crew who are trained to understand how to minimize risks and manage the vessel under duress can make all the difference when trying to avoid loss of life. Deep Water Handling, a brand new training program from Videotel Marine International, examines the situations ships face in deep water and advises how best to address them. Nigel Cleave, CEO of Videotel, said, “Seafarers clearly can’t control the weather.
KR Mobile App Contains IMO Conventions
Korean Register (KR), an IACS member classification society, announces the release of a new mobile app containing all up-to-date IMO conventions. This brand new facility is based on KR’s award winning KR-CON software which is an international database program containing the full up-to-date texts of all IMO Conventions, Codes, Resolutions and Circulars. It enables users to identify regulations relevant to a specific task and helps ensure all IMO requirements are applied correctly.
Software Tailors Hull Coatings to Specific Vessel Ops
AkzoNobel’s Marine Coatings business, the producer of advanced International hull coatings has developed Intertrac, the shipping industry’s first, patented applied for software system that enables ship owners and operators to accurately assess and predict the risk of hull fouling dependent on the route their vessels are transiting. Born in 2011 and trialed with customer partners since February 2013…
Suez Canal Security Alert
The US Coast Guard recently issued ‘Marine Safety Information Bulletin 04-14’ (MSI 04-14), which details a number of incidents in which threats and an alleged act of sabotage were perpetrated by Suez Canal Port Authority workers against the crews of ships which refused to provide them with cigarettes during their transit, informs The Standard P&I Club. Whilst the provision of cigarettes as a gratuity to Suez Canal workers is a well-known custom…
Fuel Injection Pioneers Celebrate CR Production Milestone
Rolls-Royce Power Systems inform that a total of 50,000 Common Rail injection pumps have come off the conveyor belt at L’Orange GmbH in Glatten since 1997. The manufacturer of injection systems for internal combustion engines is generally acknowledged to have pioneered the Common Rail - a technology that raised fuel combustion efficiency and lowered emissions. Back in 1997, L’Orange became the first…
Seadrill Contracts Out Multiple Jack-Up Units
Seadrill Limited informs it has secured new contracts for the jack-up units 'West Tucana', 'West Telesto', 'West Ariel', and 'West Prospero'. Additionally, the contract for the 'West Mischief' has been extended by four months. The total revenue potential for the four new contracts and one extension is approximately US$319- million. West Tucana, a Friede & Goldman JU-2000E jack-up rig, has secured a…
Shipbuilding Market Prospects: COSCO Leader Shares Insights
COSCO Vice-Chairman & President, Captain Wu Zi Heng responded in a question and answer session about his views on the future of the shipping market in an interview incorporated in the company's recent 2013 Annual Report. Q. What do you foresee the next few years will be like for the shipbuilding business? A. The shipping market picked up slightly in the second quarter of 2013 in anticipation of the recovery of the Eurozone economies as well as that of the United States.
Northrop Grumman Appoint MD for Sperry Marine Business
Jeanne Usher has been named managing director of the Sperry Marine business unit, effective immediately inform Northrop Grumman Corporation. Usher succeeds Alan Dix, who recently retired following a distinguished career with the company spanning 33 years. In her new position, Usher will have responsibility for all Sperry Marine's commercial and defence programmes and products worldwide. With its headquarters in New Malden…
Nordic Tankers to Pay 67th Consecutive Quarterly Dividend
The Board of Nordic American Tankers (NAT) Limited announces that it has declared a cash dividend of $0.23 per share, the 67th consecutive quartely dividend to be paid to shareholders. The record date is May 15, 2014 and the payment date is on or about May 25, 2014. NAT explain that they have previously informed investors about the dividend in kind (shares in Nordic American Offshore - NAO) that will be awarded to NAT shareholders having NAT shares above a certain threshhold.
WWH Increases Stake in NorSea Group
Wilh. Wilhelmsen Holding Invest AS (WWHI), a fully owned subsidiary of Wilh. Wilhelmsen Holding ASA (WWH), informs it hs raised its shareholding in NorSea Group AS (NSG) from 35.4% to 40%. The share increase follows a share issue in the company whereby NSG buys Danbor AS from A.P. Møller Mærsk AS. “Increasing our shareholding in NSG is a natural part of our strategic ambition to broaden our exposure in the energy, offshore and maritime industry, supplementing activities Wilh.
TGS Signs LOI for Seabird Exploration Seismic Vessel Charters
Norway-based TGS informs that it has signed a Letter of Intent with Seabird Exploration to charter up to four 2D seismic vessels to be used over the next 36 months. The Letter of Intent gives TGS priority rights to the vessels subject to the issuance of seismic acquisition permits for the offshore waters of Mexico. In December 2013, Mexico's Congress gave final approval to a historic energy reform…