Maritime Piracy - A Global Headache
The maritime environment has presented a complex and challenging operating environment for all of human history. Piracy has been the most dangerous threat for seafarers. The first prize winner of 2015 CIMSEC (Center for International Maritime Security) High School Essay Contest Steel Templin brought out piracy issues faced by maritime sector. The nations of Somalia, Eritrea, Djibouti, Indonesia, Malaysia, Thailand and Singapore all share a unique strength.
Cosco Scraps Eight Old Bulk Carriers
Following the recent announcement ordering 10 drybulk vessels, Cosco Group announced that it has sold eight old bulkers with a total capacity of 553,798 dwt for scrapping. The vessels were sold to different third parties for scrap for approximately RMB82.2m ($13.3m). Cosco said it recognized losses from the disposal of approximately RMB182.2m. Cosco has made plans to scrap a total of 41 vessels this year as part of its fleet optimization plan. It has so far offloaded 39 vessels this year.
Karachi Port Mulls Expansion
By the end of this year, the E- Class vessels are expected to steam through newly constructed three breakwaters and one revetment at Keamari Groyne of Karachi port coastline, reports the Dawn. Safe mooring alongside berths of Pakistan Deep Water Container Port (PDWCP) will welcome the new generation ships such as Emma Maersk, categorized as E-class vessel. The first phase of the PDWCP project is heading…
Horizon Lines to Settle Merger Litigation
Horizon Lines, Inc. announced it has reached an agreement in principle providing for the settlement and dismissal, with prejudice, of the consolidated putative class…
Keppel FELS Delivers Largest Rig to Maersk
Keppel FELS Limited has delivered the ultra-harsh jackup rig, Maersk Integrator, to Maersk Drilling, a wholly owned subsidiary of A.P. Moller - Maersk A/S, thirty days ahead of schedule, on budget and with a perfect safety record. The rig was named at a ceremony today in Keppel FELS by Ms Margareth Øvrum, Executive Vice President, Technology, Projects and Drilling, Statoil. Maersk Integrator is an…
Founder Stolt-Nielsen Passes Away
Jacob Stolt-Nielsen, 83, passed away today in the company of his family at his home in Oslo. An entrepreneur and visionary of boundless enthusiasm and energy, Jacob Stolt-Nielsen founded Parcel Tankers, Inc. in 1959 and pioneered the global trade for liquid chemicals, ultimately building what is today the world's largest chemical tanker company, Stolt Tankers. worldwide. In 1972, he founded Stolt Sea Farm…
Anthem of the Seas Ready for Float-Out
The latest cruise ship under construction - Anthem of the Seas - will leave building dock II of Meyer Werft shipyard in Northwestern Germany on February 21. The 168.600-gt cruise ship Anthem of the Seas, one of the largest cruise ship in the world, is schedule to leave the shipyard's covered building dock early morning around 07.00 am. The ship is bing built for U.S. cruise operator Royal Caribbean International.
Navionics Debuts SonarCharts
Navionics, the leader in location-based content for the recreational boating and outdoor markets, announced today the release of a new SonarCharts chart card for use with several Garmin GPS chartplotters. Featuring extraordinary bottom contour detail of up to 1 foot in the US and Canada, the new version of SonarCharts HD bathymetry map for use with several Garmin GPS chartplotters offers the most detail available anywhere…
Keppel Appoints Vestring to its Board
Mr Vestring, 50, is a partner in Bain & Company's (Bain) Southeast Asia office. Of his 24-year career with Bain, Mr Vestring has spent over two decades in Asia advising leading companies on portfolio strategy, growth, mergers and acquisitions, merger integration, organisation and performance improvement. The companies he has advised include those in shipping, offshore & marine, industrial products, automotive, infrastructure, commodities, airlines and telecoms.
PGS Wins Patent Dispute with EMGS
Petroleum Geo-Services ASA ('PGS' or the 'Company') today announces that Oslo District Court in its judgment of 13 February 2015 ruled in favor of PGS in the lawsuit filed by ElectroMagnetic GeoServices ASA ('EMGS') against PGS for patent infringement relating to PGS' Towed Streamer EM technology. The court found that EMGS' patent NO 324 454 (the 'EMGS Patent') is invalid and that PGS' Towed Streamer EM system therefore does not infringe the EMGS Patent.
EMGS to Appeal Ruling On Patent Invalidity
As previously announced, Electromagnetic Geoservices ASA (EMGS) has issued claims against Petroleum Geo-Services (PGS) in the High Court of Justice, Patent Court, in London, UK, and in Norwegian courts on the basis that PGS used its Towed Streamer EM in the territory of the United Kingdom, Ireland and Norway in violation of one of EMGS' patents. On 13 February 2015, EMGS received the decision of the Oslo City Court where EMGS' patent is found to be invalid.
Euroseas Report Loss in 4Q, FY 2014
Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period and full year ended December 31, 2014. Total net revenues of $11.5 million. Net loss of $7.0 million; net loss attributable to common shareholders (after a $0.4 million of dividend on Series B Preferred Shares) of $7.3 million or $0.13 loss per share basic and diluted.
Managers Bunking at U.S.Refineries, Strike Continues
U.S. oil refinery managers are going to the mats, literally, during the biggest fight with union workers in 35 years, bedding down for a third strike week that experts…
BW Offshore Cuts Dividend
BW Offshore cut its dividend on Monday, blaming lower spending by customers due to a fall in crude prices as well as a deadly accident in Brazil last week. The company…
Logistics Suffer as U.S. Port Dispute Continues
Dozens of ships queuing to dock due to ports dispute; Honda slowing North American car production as parts held up. A labor dispute at ports on the U.S. West Coast is disrupting supply chains across the Pacific, forcing some Asian suppliers to resort to costly air freight and pushing up shipping rates as more freighters are caught up in long queues to dock. With ports near gridlock and cargo delays being felt throughout the U.S.
Subaru Air Freights Parts, Circumvents U.S. Port Delays
Fuji Heavy Industries Ltd , the maker of Subaru cars, said it would continue flying car parts to its U.S. factory beyond an initial arrangement through the end of February, as a labor dispute at U.S.