DryShips Buys Nautilus Stake, Adds Six OSVs
Greek ship owner DryShips plans to add six support vessels to its fleet by acquiring a large stake in Nautilus Offshore Services. Dry bulk shipowner DryShips has entered into an agreement to acquire approximately 98% of Nautilus OffShore Services Inc. for a purchase price of $87 million plus the assumption of approximately $33 million of net debt. Nautilus indirectly through its subsidiaries owns six…
Cosco Singapore Under Pressure
Shipbuilding and dry bulk shipping company Cosco Corp (Singapore) expects to post a loss in the third quarter ended September 30, 2015 compared to a profit recorded in the same period a year earlier. The financial pain comes on the back of the offshore slump, shipbuilding slowdown and highly depressed dry bulk shipping market. As a result, the group incurred higher costs for a few delayed projects as well as write-down of certain inventory.
Daewoo Shipbuilding May Post Loss of Over US$4.6 Bln
Daewoo Shipbuilding & Marine Engineering Co. (DSME) is expected to log an operating loss of over 5 trillion won (US$4.4 billion) this year, up by some 1 trillion won from previous forecasts, reports Yonhap. The outlook follows a recent audit by the state-run Korea Development Bank (KDB), the main creditor of the troubled company, which has revealed additional losses from overseas branches, according to the sources.
Brazil Deepens Bribery Probe
Brazil’s Parliamentary Commission of Inquiry (CPI) has recommended the deepening of investigations into 10 companies - including Keppel, SembCorp Marine and Kawasaki Heavy- involved in the alleged bribery transactions with Petrobras and Sete Brasil. The investigations follow allegations by a former engineering manager at Petrobras, which is caught up in a massive procurement corruption scandal that has contributed to efforts to impeach Brazilian President Dilma Rousseff.
Asian Waters Hit by Increased Maritime Piracy
Singapore-based anti-piracy agency, ReCAAP Information Sharing Centre (ReCAAP ISC) has recorded a total of 161 incidents of piracy and armed robbery against ships in Asia during January-September 2015. This represents a 25 percent increase in the total incidents compared to 2014. Of the 161 reported incidents, ReCAAP classifies 150 as armed robbery and the remaining 11 as piracy. Crewmembers were unharmed in 83 percent of incidents.
Inmarsat welcomes President Xi to London Headquarters
Inmarsat welcomed the President of the People’s Republic of China, Mr Xi Jinping to its London headquarters, as part of the President’s historic State Visit to the UK. The visit reflects the close working relationship between Inmarsat and China. China was one of the eighty-six countries that came together to found Inmarsat with a maritime safety mandate and over thirty five years later Inmarsat continues…
Matson Declares 4Q Dividend
The Board of Directors of Matson, Inc. today declared a fourth quarter dividend of $0.18 per common share. The dividend will be paid on December 3, 2015 to all shareholders of record as of the close of business on November 5, 2015.
Wärtsilä Ship Design for Offshore Wind Farm Service Vessels
Wärtsilä has been contracted to supply the ship design for the ‘Vestland Cygnus’, a Platform Supply Vessel (PSV) owned by Norway based Norside AS that is to be converted to serve as an offshore wind farm service vessel. The conversion will take place at the Fjellstrand yard in Norway. The contract with Wärtsilä was signed in October. The re-design includes several new features, such as an accommodation module for 134 people…
Norwegian Epic Leaves Damen Repairyard
On Saturday 17 October, the 329-metre, 156,000 tonne cruise ship Norwegian Epic departed Damen Shiprepair Brest (DSBr), for Southampton. She cast off a day early after completing a 3 week maintenance and refit programme ahead of schedule.
Chinese Navy Ships to Visit Mayport
Three People's Liberation Army-Navy ships are scheduled to visit Naval Station Mayport as part of a routine goodwill port visit, Nov. 3-7. Three vessels are on an around-the-world deployment and will conduct the goodwill visit after completing port calls in Europe. The amphibious assault ship USS Iwo Jima (LHD 7) will serve as the host ship. In Mayport, Sailors from both navies will participate in sporting events and interact during ship tours.
Maersk Cuts Profit Outlook Due Weak Shipping Market
A.P. Moller-Maersk said on Friday it downgraded its profit outlook for 2015 by $0.6 billion to an underlying result of around $3.4 billion. The Copenhagen-based…
London's Baltic, China's Ningbo Exchanges in Container Link
London's Baltic Exchange and Chinese state-owned Ningbo Shipping Exchange said on Friday they would collaborate on container indices, the first foray by the Baltic…
Bids for Greek Piraeus Port Sale Pushed Back
Greece has pushed back the date to submit binding bids for a majority stake in its biggest port Piraeus to Dec. 3, the head of its privatization agency said on Friday.
Mexico Shuts Key Cargo Ports as Hurricane Patricia Nears
Mexico shut its key cargo ports of Puerto Vallarta and Manzanillo on Friday as one of the most powerful storms in history, Hurricane Patricia, approached, port officials said on Friday.
BW Fleet Management Selects MarineLink
Oslo based BW Fleet Management have chosen to sign a 3 year “BuyerLink” Service contract with EVRY, to use the MarineLink Service and run in parallel with their…
GSL, Moran Iron Works Ink Deal
In a deal that on the surface proves promising for vessel construction in the United States, Green Shipping Line (GSL) and Moran Iron Works (MIW) signed a teaming agreement to pursue marine construction projects in the United States. GSL is headquartered in New York, NY and is in the process of facilitating the construction of a fleet of modern, fuel efficient Jones Act feeder vessels that offer shippers reliable…
New Product: Running Line Dynamometer
A three-part consortium from the UK, USA and Sri Lanka, triangulated expertise to develop a new product for measuring tension on lines recently launched by Straightpoint, the Running Line Dynamometer (or TIMH), part of the manufacturer’s tension in motion range. David Ayling, director of Hampshire, UK-based Straightpoint, a manufacturer of force measurement, load monitoring and suspended weighing load cells…
Hurricane Patricia Threatens Mexico
Hurricane Patricia strengthened into one of the most powerful storms in history on Friday as it barreled toward Mexico's Pacific Coast, forcing resort hotels to evacuate tourists and residents to stockpile supplies. The U.S. National Hurricane Center said the Category 5 storm was the strongest ever recorded in the Western Hemisphere, and the World Meteorological Organization compared it to 2013's Typhoon Haiyan, which killed thousands in the Philippines.
Drilling the Earth’s Mantle Beneath the Atlantic
A team of scientists will set sail from Southampton to drill through the Earth’s mantle in the center of the Atlantic Ocean. They leave on board the Royal Research Ship James Cook on October 26, 2015 to explore the Atlantis Massif, a 4000 meter high underwater mountain. This is the first time a UK research ship will be used for this branch of science. The expedition is conducted by the European Consortium…
Interlake Steamship to Install More Scrubbers
As vessel owners struggle over the best and most efficient means to meet stringent new emission regulations, the Interlake Steamship Company has proven phase one of emissions-reduction technology on Great Lakes; and two additional ships are to be outfitted with exhaust gas scrubbers in 2016. Following the implementation of exhaust gas scrubbers on its self-unloading bulk carrier M/V Hon. James L.