Wikborg Rein & Co: Oil Prices Won't Impact Dual-Fuel LNG Carriers
Joe McGladdery, a partner with the London law offices of Wikborg Rein & Co, says that, while falling oil prices have exerted pressure on the LNG charter markets, the new generation of low-speed, dual-fuel LNG carriers now in service and on order remain an attractive option for owners and operators. “As a result of the oil price collapse, energy companies are reducing capital budgets to protect against falling revenues.
Study: Ocean Acidification Threatens Shellfish Production
U.S. shellfish producers in the Northeast and the Gulf of Mexico will be most vulnerable to an acidification of the oceans linked to climate change that makes it harder for clams and oysters to build shells, a study said on Monday. The report said the two regions would be more at risk in coming decades than the Pacific Northwest, which had previously suffered the most from the problem, with losses to the oyster industry estimated at $110 million, putting 3,200 jobs at risk.
West Coast Port Slowdown Could Cause Two Month Delays
Congestion at the U.S. West Coast ports could take as much as two months to unwind, according to port and trade group officials, with retailers and other companies…
Jaxport Welcomes Consolidation of Crowley's Jacksonville Operations
JAXPORT’s Board of Directors today unanimously approved an expanded, long-term lease with Crowley Liner Services Inc. Under the agreement, Crowley will relocate its Puerto Rican service from its private terminal along Jacksonville’s harbor to JAXPORT’s Talleyrand Marine Terminal and expand its current leasehold in preparation for deployment of the company’s two new LNG-powered Commitment-Class ships. Crowley Liner Services Inc.
Royal Netherlands Navy Selects Wavestream Bilge Filters
The Royal Netherlands Navy has adopted Wave International's Wavestream bilge filters for all relevant size craft to ensure compliance with bilge water discharge legal requirements, theUK-based company announced today. Technautic BV of Wormerveer, The Netherlands Wavestream distributor, is supplying the Navy with the Wavestream System 2. The Royal Navy spent several months of performing testing on the Wavestream systems before selecting it for adoption on its ships.
US Pays Philippines $1.97M for Reef Damage
The U.S. government has a made a $1.97 million payment to the Philippines for damages to a protected coral reef caused by a U.S. Navy minesweeper. The USS Guardian ran aground on the Tubbataha Reef, a UNESCO World Heritage Site, in January 2013. The park's management, the World Wide Fund for Nature, and marine experts said that 25,240 square feet of corrals were damaged, according to the Navy Times.
Korean Shipbuilding Investment Creating Risk for Government: OECD
Two of Korea's major shipbuilding financiers are creating fiscal risks for the government due to the shipbuilding industry's struggles, the Organization for Economic…
Florida Companies Push for Ferry Service to Cuba
Catamaran builder Brian Hall is too young to remember when ferries plied the route between Florida and Cuba in the 1950s, but he has plans to be among the first to revive the once-popular route.
US Hoists Partners with Boat Lift
US Hoists Corporation of Calverton, New York has teamed up with Boat Lift SRL of La Morra, Italy to provide the marine industry with marine hoists and shuttle machines. As the North American representative, US Hoists will provide parts and service domestically for Boat Lift customers. Boat Lift’s standard design includes 90-degree steering system with electronically synchronized winches; sliding lifting points and remote control equipped with display and remote assistance service.
S. Korea's Daebo Int. is 3rd Dry-Bulk Shipper to File for Bankruptcy This Month
A third dry cargo shipper has filed for bankruptcy this month following a collapse in freight rates to historic lows in what shippers call the worst market conditions since the 1980s.
MSHIPCO Exploring Strategic Options
MSHIPCO has engaged Global Capital Markets Inc. (GCMI), a middle market M&A investment bank with global reach to advise on corporate strategic options including sale, licensing or other transactions. As creator of the M80 Stiletto, which employs MSHIPCO’s proprietary M-hull technology, MSHIPCO’s designs have redefined naval military movement on the water, the company said. By applying creative design to physical science…
Kenya to Start Port Lamu Construction
Kenyan President Uhuru Kenyatta said that the construction of the proposed Lamu port is set to begin next month, with the promise of more jobs and expanded regional trade. The facility, which is part of the Lamu Port Southern Sudan-Ethiopia Transport corridor project, will provide an opportunity for exploitation of Kenya’s expansive maritime resources, he said. Kenya’s maritime domain extends over 230,000 square kilometres — the equivalent of about 31 of our 47 counties.
Kenya to Focus on Maritime Safety, Security
Kenyan government vowed to strengthen maritime safety and security to help exploit maritime resources. Kenyan President Uhuru Kenyatta called for closer cooperation, and effective coordination of all maritime policy at the different decision- making levels both at regional and continental levels. Given that the maritime industry is the carrier of 92 percent of Kenya's international trade by volume…
Petronas, HHI Novation Agreement with MISC
Malaysia’s MISC Bhd and parent Petroliam Nasional Bhd (Petronas) have agreed to build new liquefied natural gas (LNG) carriers worth US$1.1 billion and charter them to another unit owned by the national oil and gas company for up to 20 years. MISC will also extend its charters of five refurbished LNG carriers to Petronas by another 10 years. In a filing with Bursa Malaysia today, MISC said it has signed…
West Coast not to Hamper Hapag-Lloyd's Financials
The disruptions at West Coast ports in the U.S. caused by a labor dispute won’t do much harm to the financial results of the Germany’s biggest container shipping line Hapag-Lloyd AG, reports Bloomberg. Hapag-Lloyd isn’t seeing massive declines in a way that it is jeopardizing our results. It is particularly dramatic for manufacturers, whose goods need to reach a destination at a fixed date, said company spokesman Nils Haupt.
CMA CGM Launches West Africa Logistics Hub
French maritime transporter CMA CGM has opened a logistics complex, between the port and city of Douala, Cameroon, and set up a new firm to handle inland transportation in West African markets. Christened 3CTC (CMA CGM Cameroon Container Terminal), the terminal covers a surface area of 2 hectares. Douala port is Cameroon's largest port. Located between the ring road of Douala and the port area, this "dry port" will enable CMA CGM customers to store containers…
Shipping Eyes Brazilian Ore Exports
Following the plunge in dry bulk freight market, shipping companies are banking on increased iron ore exports from Brazil to China and India to shore up freight rates, reports the Hindu Businessline. Hauling ore from Brazil to China will cost almost double than that from Australia. So in the current situation, ship-owners feel an increased flow of iron ore from Brazil, the world’s second largest producer…
India to Strengthen Naval Co-operation with Bangladesh
In a move towards strengthening its defence ties with Bangladesh, India will be exploring new avenues for naval cooperation towards achieving comprehensive maritime security in the Bay of Bengal. To this effect, Indian Chief of Naval Staff Admiral RK Dhowan reached Bangladesh on a four-day visit to consolidate the bilateral defence ties. Dhowan paid a courtesy call on Prime Minister Sheikh Hasina at her Sangsad Bhaban office on Monday.
Korean Shipper Files for Bankruptcy
Korea’s dry bulk shipping company Daebo International Shipping has reportedly filed an application for rehabilitation proceedings with a court in South Korea. Daebo…
Halieutis Fair was a Big Draw
The third edition of the Salon Halieutis in the Moroccan city of Agadir came to a close yesterday. This fair is one of the most important international forums between professionals and companies in the extractive fishing, aquaculture and assessment of marine and fishery products. It involved more than 300 exhibitors and is estimated to have been visited by 60,000 people, including professionals and public in general.