Danaos buys 3 Boxships via new JV
Danaos Corporation announced today the acquisition of three vessels through a newly-formed joint venture, capitalizing on depressed asset prices in the resale market. The vessels were acquired by Gemini Shipholdings Corporation, a newly-formed entity ("Gemini") beneficially owned by Danaos and its largest stockholder. Danaos' initial 49% ownership interest in Gemini was acquired through an investment of $7.35 million.
NOCC Opts for Optimarin BWT System for Its Newbuild
Ballast water treatment (BWT) specialist Optimarin has been chosen by Norwegian Car Carriers AS (NOCC) as the supplier of choice for its two newbuild vessels currently under construction at Hyundai Samho Heavy Industries in South Korea. Optimarin will provide 667m³/h capacity systems for the state-of-the-art 6500 car capacity Pure Car Truck Carrier (PCTC) sister ships, which are scheduled for delivery in late 2016 and early 2017.
New Cranes for Felixstowe Port
Three new ship-to-shore gantry cranes have been delivered to the Port of Felixstowe, the Port of Britain. Built by ZPMC in Shanghai, the new cranes will be operated on the port’s Berth 8&9 which are currently being extended to increase the port’s ability to handle the latest ultra-large container ships. The cranes are all designed to handle ships with containers stowed up to 24-wide and have a lift…
USS Cowpens Holds Cruiser Modernization Induction
The guided-missile cruiser USS Cowpens (CG 63) was inducted as the first ship to undergo a modernization effort that will significantly upgrade its capabilities in multiple mission areas, Sept. 25, at Naval Base San Diego. The CG Phased Modernization Program is designed to balance the Navy's long-term requirement for a carrier strike group air defense commander (ADC) platform and its future shipbuilding requirements.
NOIA Commends Shell’s Efforts Offshore Alaska
“NOIA commends Shell’s efforts in the Chukchi Sea and recognizes the great expense of this endeavor. Their ability to drill without incident this season demonstrates that the Arctic can be safely explored. Shell’s multi-year campaign shows their commitment to providing domestic oil and natural gas to the U.S. and willingness to invest in U.S. jobs. “It is disappointing on a number of fronts that due to a variety of factors…
Slower China Growth Hurts Global Shipping Sector: Fitch
China's slower growth and economic transition will pose significant risks for the already struggling shipping sector, rating agency Fitch said. The shipping sector is already faces overcapacity, weak freight rates and stretched financials. "Weaker data on exports and manufacturing in China and its economic transition increase uncertainty for container shipping," said Fitch in a report. These pressures will probably lead to bankruptcies among smaller unrated shippers and may drive consolidation.
Hapag-Lloyd in US$500 mln IPO
German container carrier Hapag-Lloyd is looking to sell shares for a total US$500 million, and will seek listings in Hamburg and Frankfurt before the end of 2015. Hapag-Lloyd has confirmed that it is preparing for a US500 million initial public offering (IPO) this year, with the expectation that it will use some of the proceeds to order ultra large containerships. "This move will give us better access…
EBRD buys into Turkish Port Operator
The European Bank for Reconstruction and Development (EBRD) has acquired stake in Turkish cruise port operator Global Ports Holding (GPH), one of the world’s largest port operating companies. In a statement, the bank said the minor stake would be used to finance GPH's expansion in Turkey and abroad. GPH became the world's largest cruise port operator following its acquisition of Spanish operator Creuers a year ago.
Daewoo Put Under Pressure by Korea EXIM
South Korea’s second-largest shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) hit a hurdle in its efforts to get capital injection after the Export-Import Bank of Korea (Korea Exim Bank) delayed necessary funding for its shipbuilding project, reports MKBN. In June, DSME won a $1.8 billion order from Danish container-shipping giant Maersk Line to build 11 ultra-large container vessels with a capacity of 19,630 TEU.
Indonesia Expects $34mln in Shipbuilding Investments
The Investment Coordinating Board (BKPM) is looking to book millions of dollars of investment realization in the shipbuilding industry by the year-end as domestic demand is expected to skyrocket following the government’s instruction to prioritize the utilization of locally produced vessels, reports The Jakarta Post. BKPM head Franky Sibarani said his office eyed Rp 500 billion (US$34.03 million) of investment realization in the industry.
First SA Cargo Ship Registered
Three South Africa youths made history in South Africa’s maritime economy sector at the weekend when they boarded the country’s first registered cargo ship since the dawn of democracy. Similarly, the city of Nelson Mandela Bay also marked its name in the country’s maritime sector’s history books when it was confirmed as the home of the country’s first registered vessel since 1985. The city is already home to the country’s first higher education and research institute…
A Pleasant Sub-prise for Penang Ferry Passengers
The sudden appearance of a submarine has caused excitement among hundreds of ferry users at Penang Port, Malaysia. The Australian navy submarine HMAS Sheean arrived in for a visit Penang at around 11.30am Monday. HMAS Sheean is in the port for the crewmen’s holiday before they start a joint exercise with a Malaysian submarine later. Penang Port Sdn Bhd senior general manager (corporate support division) Md Derick Basir said the vessel, which is 77.8m long and 7.8m wide, will be here until Oct 2.
Santos Port Reduces Drafts at Noble, Copersucar Terminals
Brazil's Santos port authority has decided to reduce the drafts on some terminals, including the ones operated by Noble Agri, a local subsidiary of Asian commodities trader Noble Group…
IMO Launches Low-carbon Project: GloMEEP
The Global Maritime Energy Efficiency Partnerships Project (GloMEEP), which aims to support increased uptake and implementation of energy-efficiency measures for shipping, was formally launched on Monday, September 28, in Singapore, at the IMO-Singapore Future-Ready Shipping 2015 conference. This Global Environment Facility (GEF)/United Nations Development Program (UNDP)/IMO project, formally designated…
Dredging Contract Awarded for Corpus Christi LNG Terminal
U.S. dredging services provider Great Lakes Dredge & Dock Corporation announced it was awarded a contract for work on an export terminal under the development of Corpus Christi Liquefaction…
MN 100: Elastec
Elastec manufactures and markets innovative pollution control and recovery systems. The company’s core competency is oil spill response: skimmers, fire and containment booms, boom deployment systems, portable vacuum equipment, workboats, dispersant spray systems, oil spill aerial surveillance systems, storage tanks and pumps. The company also manufactures floating containment booms and barriers, turbidity curtains and fumigation tarps in its Cocoa, Florida facility.
Emerging Tech of Online Education and Training
The emerging technology tool is embraced by award winning West Kentucky Community & Technical College’s Inland Logistics and Marine Institute and its students. Years ago, it was not uncommon for a deckhand on a towboat with no higher education to work his way up the ladder to become a Captain or Chief Engineer. Today as technologies are added and new U.S. Coast Guard regulations are put into place…
Boatbuilding Gone Bad
Owners, designers, builders and the crew can collaborate in a meaningful way to ensure that the delivered product meets everyone’s expectations. You can get there from here. We have all gone aboard or below decks on vessels and looked around with a myriad of instantaneous questions forming in our minds as to why the builder would construct a vessel in such a convoluted fashion. Builders will always get the bad rap for any eyesores and systems designs gone awry.
MN 100: Freedman Seating Company
Hyman Freedman began making seat cushions for horse-drawn buggies over 120 years ago. A century later, Freedman Seating Company is still a family owned-and-operated business, producing seats to the highest quality standards, compliant to applicable safety standards. Marine products include light weight aluminum marine seats and notable customers include Kvichak, MidShip Marine, Armstrong Marine, and St. John’s Ship Building.
MN 100: Cummins Marine, Inc.
Global power leader Cummins, Inc. is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Cummins has also created a dedicated Cummins Marine organization within the existing Engine Operating Segment. By consolidating its commercial and recreational teams…