Lloyds to Sell $500m in Shipping Loans
Lloyds Banking Group has reached an agreement to sell $500 million of shipping loans from its remaining ship finance portfolio, finance and banking sources familiar with the matter said on Wednesday.
Port2Port Maritime Joins BIMCO
Port2Port Maritime has now been formally accepted as an Associate Member of BIMCO, following the company’s accreditation of ISO/PAS 28007, the first assessment of a maritime security company’s quality management system against an International Standards Organization framework (ISO). Andrew Varney, Managing Director, Port2Port Maritime said, “Membership to BIMCO gives a clear choice for Shipowners, Charterers and Operators alike that for the first time…
Port of Brunswick Wins Honda Import Deal
The Georgia Ports Authority has won new import business from Honda. The 2015 Honda Fit, built at the carmaker’s new plant in Celaya, Mexico, is moving into the U.S. through the Port of Brunswick. International Auto Processing (IAP) will handle the cars upon arrival. “Highlighting the truly global nature of auto manufacturing, a Japanese company building cars in Mexico has chosen Georgia’s deepwater ports as a vital gateway to the U.S.,” said GPA Executive Director Curtis Foltz.
ABS Reports Continued Successes in 2013
ABS hosted its Annual Meeting in New York on April 29, 2014. ABS Chairman and CEO Christopher J. In 2013 the ABS-classed fleet expanded to 205.6 million gross tons (gt), a growth rate of more than 6 percent year-on-year. ABS became only the second classification society to surpass the 200 million gt mark. ABS also maintained a leading position in the global orderbook closing out the year with 38.8 million gt contracted to class with ABS, 22 percent of all vessels on order.
Gauthiers’ Relocates, Expands Houma Facility
Gauthiers’, a Lafayette-based supplier of oil and gas industry containers and support equipment, officially opened the doors to its newly relocated and expanded Houma facility with a community crawfish boil on Friday, April 11. Approximately 200 invited guests dug into more than 1,000 pounds of boiled crawfish, toured the new facility and learned about the company’s newest products. By moving to a larger…
Taking a Cruise on European Rivers with SCHOTTEL
About 40 European river cruise vessels are or will be equipped with a SCHOTTEL propulsion concept with four SCHOTTEL Twin Propellers STP 200. The concept was specifically designed for river cruise ships, and in five years has consistently gained acceptance with its numerous advantages such as low-noise, shallow draught, increased overall efficiency and energy efficient operation, SCHOTTEL said. Splitting the propulsion units from the conventional two to four Twin Propellers…
Windwave First to Launch Damen FCS 2008
Damen announced that Windwave Workboats will be the launching customer of the Twin Axe Fast Crew Supplier (FCS) 2008.The Twin Axe FCS 2008 is a smaller version of Damen’s successful FCS 2610 which launched in 2011 and has subsequently become the industry standard for the offshore wind market, given its capability of operating further offshore in rougher weather conditions, while ensuring safe and comfortable transfers for those on board.
Wärtsilä: Integrated LNG Terminal-Power Plant Concept
Over the past couple of decades, natural gas (NG) has become a fuel of choice for power generation. One way of increasing the availability of NG is through the use of liquefied natural gas (LNG). Global LNG trade is expected to grow by 30% in the coming few years. In connection to LNG production growth, receiving and re-gasification capacity must grow as well. A substantial part of this growth will come from the development of small-mid scale LNG receiving and re-gas terminals.
Fred. Olsen: Oil Rig Market Soft into 2015
Norwegian offshore oil rig operator Fred. Olsen Energy said that recent market activity is indicating lower rig rates and shorter term contracts, and this market softness could last into 2015. "The most recent market fixtures are indicating some softening of rates and an acceptance of shorter term contracts," it said in it annual report on Wednesday. "The UK and Norwegian markets are expected to experience a more limited impact of the recent slowdown…
Moody's Upgrades Global Shipping Industry Outlook to stable
Moody's Investors Service has revised for the first time since June 2011 its outlook for the global shipping industry to stable from negative. "The revision reflects…
DNV GL Boost Role of DP Training Simulators
DNV GL says it has introduced a new recommended practice for the training of dynamic positioning (DP) operators. The new standard is based on the latest training and certification principles and defines the role that simulators can play in giving candidates better and more efficient training. Given the differing duration and frequency of DP operations, the recommended practice (RP) does not define a universal sea-time requirement expressed in days.
China Merchants, Hastings, Lease Australian Coal Port
Hastings Funds Management and China Merchants Group have won a state government auction for a 98-year lease on Australia's Port of Newcastle, the world's biggest coal export terminal, paying a higher-than-expected A$1.75 billion ($1.6 billion). An initial New South Wales state budget plan had valued the lease on the port terminal at A$700 million, but fierce competition for Australian infrastructure assets coming on to market has seen a steady rise in multiples paid.
Korea Ferry Disaster Points Up Cronyism
A culture of cosy personal ties that can blur the lines between businesses and those regulating them, of profit over safety, and soft courts is in focus as South Korea demands answers over the sinking of a ferry with the loss of more than 300 lives, mainly high school students. Prosecutors are investigating two shipping trade organisations responsible for vessel safety checks and for certifying ships that operate in domestic waters.
MOL Achieves 2013 Profitability Goal
The president of Mitsui O.S.K. Combined with the continuing weaker yen and falling bunker prices, we saw a significant year-on-year improvement in profitability, and successfully achieved the main theme set forth in the Single-year Management Plan RISE2013 – Achieve profitability in FY2013 to make it the first year of MOL’s new growth stage. Looking at maritime shipping market conditions, despite signs of a year-on-year recovery, the environment remained difficult overall.
New Maritime Cargo Insurance – 'Undercover'
Willis Group Holdings has launched a new insurance facility, called Undercover, to protect cargo in transit and in store against all types of political violence, terrorism and war risks, informs shipping trade association Maritime London. The global risk adviser, insurance and reinsurance broker says that, in recent years, cargo losses worth more than one hundred million dollars have not been recovered under traditional cargo insurance policies due to critical exposures being excluded.
China Shipyard Delivers Tender Rig Barge
COSCO (Guangdong) Shipyard informs of the delivery of a self-erecting drilling tender barge, to the firm Energy Drilling. The tender barge has a working depth of 2,000 meters, a drilling depth of 20,000 feet and is equipped with heavy lift cranes with a safe working load of 400 metric tonnes. According to PetroWiki, Tender Assist Drilling (TADs) units were the rig of choice in the 1950s and early 1960s in the Gulf of Mexico for development drilling off fixed platforms.
New Finland Icebreaker Fitted with Navis Equipment
Navis Engineering says it has delivered its NavDP4000 system and Autopilot AP4000 for the new icebreaker 'Baltika'. Navis explains that its dynamic positioning control systems have met performance expectations in the sea trials of the multifunctional icebreaking rescue and emergency vessel Baltika.The state-of-the-art icebreaker, commissioned in early April 2014, is fitted with the Nav DP4000 (DP System) and the Navis AP4000 Heading control system (autopilot).
Coast Guard to Appoint New Ancient Mariners
The Ancient Mariner title established in 1978 recognizes the officer and enlisted person with the earliest designation as a permanent cutterman and requires a minimum of ten years of sea time. A change-of-watch ceremony for the U.S. Coast Guard Gold and Silver Ancient Mariners is scheduled to take place aboard Barque'Eagle at 10 a.m. Friday, May 2, 2014. The Gold (Officer) Ancient Mariner designation will pass from Coast Guard Commandant Adm. Bob Papp to Rear Adm.
Denmark's Signature Enables Wreck Removal Convention
Denmark is the tenth country to accede to the Wreck Removal Convention which means that it will take effect on 14 April 2015. The Danish Maritime Authority informs that a minimum of ten countries must accede to a convention in order to put it in force. The most important new provision of the Convention is that it ensures improved possibilities of having the expenses incurred in connection with the removal of wrecks covered on the ship owner’s account.
Chicago Electric Fish Barrier Safety Analysed
The US Coast Guard apprises that a study by its Research and Development Center concluded that the current rules governing vessel traffic across Chicago’s electric fish dispersal barrier effectively address the risks posed by the barrier’s electrified waters. The electric fish barrier system in the CSSC was built and is maintained by the U.S. Army Corps of Engineers to limit the spread of various aquatic invasive species…