Mitsui O.S.K. Lines Revises Business Outlook
Looking at the Company’s business performance for the first half of FY2015, operating income and ordinary income improved as the tanker division enjoyed favorable market conditions, backed by a decline in bunker prices, says Mitsui O.S.K. Lines (MOL). On the other hand, net income for the second quarter decreased from the previous announcement because the Company recorded an extraordinary loss from the stock revaluation of its equity method affiliate…
GasLog Posts Good Results
GasLog Partners LP, an international owner and operator of liquefied natural gas (LNG) carriers, increased quarterly cash distribution by 10% to $0.478 per unit for the third quarter of 2015, equivalent to $1.912 per unit on an annual basis. It has acquired three LNG carriers from GasLog Ltd. for $483.0 million ($480.0 million net of working capital) with attached multi-year charters to a subsidiary of BG Group plc.
DNV GL launches new decision support tool for the retrieval of BOPs
Retrieving an unreliable blowout preventer (BOP) is a necessary but expensive operation, costing upwards of one or two million dollars and easily the double in developing ultra-deepwater regions. It is also the main cause of downtime during drilling activity. DNV GL is introducing the BOP▪RDT, a real-time, risk-informed BOP retrieval decision support tool to enable operators to determine when to retrieve the BOP for repair after a detected component failure.
Creditors to Pump $3.7B into Ailing DSME
Creditors of South Korea's Daewoo Shipbuilding and Marine Engineering Co. will pour 4.2 trillion won about (US$3.68 billion) into the ailing shipyard to help it get back on track, the main creditor bank said, according to South Korea's (Yonhap) News Agency. The massive rescue package offered by state-run Korea Development Bank — which owns a controlling 31.5 per cent stake — and Export-Import Bank of Korea, includes new loans, a rights offering and debt-to-equity swaps.
Dry Bulk in Dimlight
Worse is still to come for many bulk carriers, warns a report in the Economist that claims that the dry-bulk cargo shipping has hit the bottom. Between the start of the financial crisis and January this year Baltic Dry Index - a measure of bulk freight rates—had fallen by 95%. Though the industry had hoped it would start to recover this year, there is not much sign of that—and it looks as if more pain is still in store for shipowners. Overcapacity is the main reason for such low rates.
Box Ship Demand Down
While, weak spot prices and higher futures prices created demand for oil tankers has boomed, bulk carriers have been hit by massive overcapacity, as Chinese demand for such commodities has collapsed, says latest report from the Economist. The largest container lines are bulking up to try to withstand a fresh downturn, the report said. The container-shipping business—which carries around 60% by value of all seaborne trade in goods—looked more like that for oil tankers…
LNG Shipping Under Pressure from Tumbling European Re-exports
LNG shipping freight rates continue to be under pressure from weak Asian demand and a growing fleet. Shipowners are now pinning hopes on a revival in European demand. However, European LNG demand growth will not be sufficient to raise freight rates, according to the newly launched LNG Forecaster report published by global shipping consultancy Drewry. Until the recent fall in oil prices, Asian LNG prices were at a premium compared to piped gas prices in Europe.
GTT Debuts LNG Advisor
GTT, the world leader in the design of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas), announces the launch of a new offer with LNG Advisor. Designed for LNGCs, it is a new boil-off gas (BOG) monitoring system during LNG sea transport. LNG Advisor will provide on-board crews and onshore teams with real time reliable data on the energy performance of the ship.
New Damen Shoalbuster Named
The naming ceremony for the first of the two Damen Shoalbusters 3009 being built for marine solutions specialist SMIT Amandla Marine at Damen Shipyards Cape Town (DSCT), was held on Thursday, 29 October 2015. Mrs Jenny Coltman, Spouse of the Chairman of De Beers Group Services, named the vessel Aukwatowa. The Shoalbuster series of multi-purpose, shallow draught workboats are designed for inland and coastal waters.
Royal IHC Names Dredger Mahury
Shipbuilder Royal IHC has named the Mahury, a 1,840m3 capacity twin-screw trailing suction hopper dredger (TSHD) on October 29, 2015 at its partner MTG Dolphin’s shipyard in Varna, Bulgaria. The new TSHD is Baggerbedrijf de Boer – Dutch Dredging’s fourth IHC-built vessel. The ceremony was performed by Mrs. Gressier, who was invited to perform the naming of the ship due to the close (working) relationship between Dutch Dredging and the Gressier family.
Dorian LPG Posts 2Q Profit
Dorian LPG Ltd. a leading owner and operator of modern very large gas carriers today reported its financial results for the three months ended September 30, 2015. John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "We took the delivery of five new Eco-design VLGCs this past quarter and are nearing the completion of the build-out of our fleet. We continue to find prompt employment out of the yard for our newbuildings…
Boskalis JV Wins Galloper Offshore Wind Farm Contract
Royal Boskalis Westminster N.V. announces that VBMS, its strategic cable-laying joint venture with VolkerWessels, has been awarded two contracts by Galloper Wind Farm Ltd. for the Galloper Offshore Wind Farm. The total value of the contracts to VBMS is approximately EUR 200 million. Boskalis holds a 50% stake in VBMS which under IFRS11 is accounted for as an associated company. VBMS signed a contract for the export cabling…
Seafarers Safety Initiative Grand Prize for NYK
NYK has been recognized with the 2015 Seafarers Safety Initiative Grand Prize awarded by Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT) for the company’s seafarer safety activities. The award recognizes the safety training provided to NYK’s seafarers and the subsequent awareness demonstrated through the company’s Safety Experience Training and Power + (Power Plus) Project program.
Books, Greenshoe in Hapag-Lloyd IPO Covered
Investors have confirmed their orders for shares in Hapag-Lloyd's initial public offering, covering the books and the greenshoe option after the German shipper adjusted the price range…
APL Antes Up in DoD False Claims Case
APL Ltd. to Pay $9.8 Million to Resolve Alleged False Claims Under the Department of Defense Shipping Contract. APL Limited has agreed to pay the government $9.8…
Despite Agreements, U.S.-China Naval Risks Linger
In 2013, a U.S. guided-missile ship veered sharply to avoid a Chinese navy vessel that tried to block its path in the disputed South China Sea, according to the U.S. account.
Alabama Announces $20 Million Transocean Settlement
Governor Robert Bentley on Thursday announced that Alabama has agreed to a settlement with Transocean Offshore Deepwater Drilling, Inc., which owned the Deepwater Horizon.
NOL Records Q3 Loss, Freight Market Remains Weak
Shipping company Neptune Orient Lines Ltd (NOL) said on Friday its third-quarter net loss widened from a year earlier to $96 million, due to weak freight rates. NOL, controlled by Singapore's state investor Temasek Holdings, reported a revenue of $1.2 billion for the third quarter, which fell 28 percent on the year. "The absence of the traditional third-quarter peak season in Europe and North America led to severe freight rates erosion in major trade lanes…
Asia-Europe Box Rates Soar 328 pct
Shipping freight rates for transporting containers from ports in Asia to Northern Europe surged 327.7 percent to $988 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. The fourfold increase was the result of planned rate increased announced earlier in October by the majority of the largest shipping companies.
China Warns US on 'Provocative Attacks'
China's naval commander told his U.S. counterpart that a minor incident could spark war in the South China Sea if the United States did not stop its "provocative acts" in the disputed waterway, the Chinese navy said on Friday. Admiral Wu Shengli made the comments to U.S. chief of naval operations Admiral John Richardson during a video teleconference on Thursday, according to a Chinese naval statement. The two officers held talks after a U.S.