Hapag-Lloyd Order Books for Market Listing is Covered
Container shipping group Hapag-Lloyd has received bids for all of the shares on offer for its planned stock market flotation on Oct. 30, a person familiar with the deal said. "Books are fully covered including greenshoe (overallotment option)," the source said on Friday. While any initial public offering (IPO) usually needs orders twice the amount of shares on offer to go through smoothly, the so-called "covered message"…
USN Cites Modern Threats to (again) Start Teaching Celestial Navigation
Picture this: A naval vessel is navigating the high seas thousands of nautical miles from land. Suddenly all navigation systems become inoperable. What happens next? What does this mean? The Navy looks to its past to chart its future. With today's technology rapidly advancing, the Navy realized that many basic techniques are still relevant to safe operations at sea. Celestial Navigation (CELNAV) is one skill that has not been formally taught to Navy officers…
Asia-Europe Box Rates Slip 10 pct Last Week
Freight rates for shipping containers from Asia to northern Europe fell 10 percent to $233 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters. It was the fifth consecutive week of falling freight rates on the world's busiest route. Rates are at their lowest since June 19, and widely seen as at loss-making levels.
Maersk to Buy Perez v Cia Box Terminals
Port operator APM Terminals, part of Denmark's A.P. Moller-Maersk said on Friday it has agreed to buy the remaining 39 percent of Grup Maritim TCB and be sole controlling…
Ruscon Sees Cargo Boost Despite Russian Downturn
Though Russian ports have seen a general decline in the number of containers handled, multimodal operator Ruscon reports it has seen its own numbers rise. Ruscon, a subsidiary of Russian container transport company Global Container Service (GCS), said it handled 65,793 laden containers in the first half of 2015 compared with 58,754 in the same period last year, representing an 11 percent increase.
Polar Code Will Force Big Operator Investment
Experts predict a higher level of shipping activity through polar sea routes for the years to come. Aiming to limit the impact of this activity on the region’s fragile environment, the IMO’s Polar Code sets standards that are likely to affect operators in a big way when they come into force in 2017. The Polar Code, adopted by the IMO via amendments to the SOLAS (Safety of Life at Sea) and MARPOL (Prevention of Pollution from Ships) Conventions…
CNO, MCPON Visit Sailors Aboard USS Ronald Reagan
Press release - Chief of Naval Operations (CNO) Adm. John Richardson and Master Chief Petty Officer of the Navy (MCPON) Mike Stevens visited Sailors aboard the aircraft carrier USS Ronald Reagan (CVN 76) at Commander, Fleet Activities Yokosuka (CFAY), Japan, Oct. 15. CNO held an all-hands call with MCPON to address Sailors as Ronald Reagan made preparations to depart for her first patrol as the U.S. Navy's only forward-deployed aircraft carrier.
Trelleborg Acquires US Marine Fender Company
Swedish based Trelleborg AB has finalized the acquisition of Maritime International, Inc., a U.S. based privately owned designer and manufacturer of marine fender systems and other quay accessories. The transaction will be consolidated as of October 15, 2015. Trelleborg said the bolt-on acquisition aims to strengthen its presence in berthing, docking and mooring in North America as part of its strategy to improve its position in attractive market segments.
The Triumph of the Container
Globalization is the driving force of container shipping, as ever more goods are transported across the world’s oceans in steel boxes on ever-larger container ships. But container shipping is also what made globalization possible in the first place. The principle of division of labor is nothing new to us today. In 1776, the economist Adam Smith, a formative thinker of the free market economy, elucidated this concept in his book, The Wealth of Nations.
Golar Cameroon FLNG Project Update
Golar LNG Limited announced its Cameroon FLNG project has received approval and signature of the binding Tolling Term Sheet thereby confirming the commercial terms for the FLNG vessel Golar Hilli.
Italian Police Find Hashish Stowed in Cargo Ship Hull
Italian police found more than 20 tonnes of hashish with an estimated street value of 200 million euros ($230 million) hidden in the hull of a cargo ship, a statement said on Friday.
New Test Kit Detects Cat Fines Onboard
A new Cat Fines Test Kit has been launched by asset control and protection technology provider Parker Kittiwake. The onboard test identifies the presence of abrasive silicon and aluminum catalytic fines, which can become embedded into engine components and cause abrasive wear, causing irreversible damage to a vessel’s fuel system if left undetected. When fuel is stored for extended periods of time…
Kooiman to Build Workboat for HvSDS
Shipyard Kooiman BV in Zwijndrecht has been contracted to supply a new multipurpose DP2 support vessel to customer HvS Dredging Support BV in Harlingen, the shipbuilder announced. According to Kooiman, close cooperation with HvSDS has led to “a number of important creative solutions” for development and implementation aboard the new vessel, Zwerver II. The ship is equipped with DP2, four-point mooring, crane of 510 Tm with an active heave compensated winch, a conventional crane of 370 Tm.
Shippers Call 2016 Emission Reduction Goal 'Unrealistic'
The global shipping industry is unlikely to meet an end-2016 deadline for setting targets and developing a plan to reduce its greenhouse gas emissions, Europe's shipping industry lobby said on Friday. The European Commission this week called on the International Maritime Organization (IMO) to present measures to cut emissions by the end of 2016. The move is part of an EU pledge to cut 1990-level greenhouse gas emissions by 40 percent by 2030.
Tanzania Starts Work on $10 bln Port Project Backed by China and Oman
Tanzania started construction work on a $10 billion port and special economic zone on Friday, a project backed by China and Oman that aims to transform the East…
US Oil Drillers Cut Rigs for 7th Week
U.S. energy firms cut oil rigs this week for a seventh week in a row, the longest streak of reductions since June, data showed on Friday, a sign low prices continued…
TOTE: World's First LNG-Powered Containership Delivered
The culmination of a historic journey in U.S. shipbuilding history ended today with the announcment that General Dynamics NASSCO delivered Isla Bella, the world’s first liquefied natural gas (LNG) powered containership, to TOTE Maritime. While TOTE has been making world headlines of late for the recent, tragic loss of its ship El Faro, the technical achievement of this new ship construction program is significant.
Twin Disc Sells Distribution Territories to Great Lakes Power
Great Lakes Power has acquired distribution rights to sell and service Twin Disc products previously supported by Twin Disc Southeast, effective September 25, 2015.
NASSCO Starts Building 3rd SEA-Vista Tanker
Ceremony signals the start of construction for the third SEA-Vista ECO Tanker to be constructed at the General Dynamics NASSCO shipyard in San Diego. U.S. shipbuilder General Dynamics NASSCO signaled the start construction today for the third product tanker to be built for SEA-Vista Newbuild II LLC, a subsidiary of SEACOR Holdings, Inc. The 610-foot Jones Act tankers are a continuation of the ECO MR Tanker design…
SSI CEO to Present at KORMARINE
SSI CEO Darren Larkins continues to consult with shipbuilders around the globe on how to leverage 3D Product Data Models using Autodesk technology. His next presentation…