Capacity Culls Insufficient to Reverse Rate Slump: Alphaliner
The idle containership fleet has reached its highest level in five years, with over 1 Mteu of vessel capacity currently unemployed. Carriers are removing capacity on most main tradelanes in response to weak market demand, with the Asia to Europe route witnessing some of the most drastic cuts. Of the 21 strings operated by the four main carrier alliances in the Far East to North Europe trade, two have been withdrawn by the ‘Ocean 3’ and 2M partnerships.
NOL Acquisition Soon?
Neptune Orient Lines(NOL) confirmed that it is continuing in discussions with respect to a potential acquisition of the group as previously announced on Nov 7 on the local bourse, reports Business Times. This comes after the Singapore Exchange Securities Trading Limited (SGX-ST) queried about NOL's trading activity on Tuesday. On Nov. 7, NOL, which is 67% owned by Singaporean state-owned investment company Temasek Holdings…
Indian Ocean: No Insurance Premium Reduction Likely
In October a number of trade bodies released a joint press release to formally announce a reduction of the High Risk Area (HRA). Insurance companies have said the reduction may not result in reduced insurance costs due to the assessment of insurance risk being dependent on such a wide and varying range of factors. "The Joint War Committee's (JWC) insurance notification area has always been different from the BMP/HRA and remains separate and unchanged for now.
China Merchants to Acquire Sinotrans
Chinese transport giant China Merchants Group looks set to takeover Sinotrans & CSC in the potential merger between the two shipping giants in China, reports Reuters. The two companies have been locked in reorganization talks, financial magazine Caixin said, citing sources close to China Merchants. Officials from both companies declined to comment on the talks when contacted by Reuters on Tuesday.
Songa Dismisses DSME Claim
Norway's Songa Offshore SE referred Tuesday to its announcement July 15 regarding the receipt of notices of arbitration from South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) in respect of the construction contracts for the Cat D rigs. On November 16, 2015, Songa Offshore received claim submissions from DSME related to Songa Equinox, the first Cat D rig, in which DSME asserts a claim of USD 179 million…
Marco Polo Terminates Rig Contract with Sembmarine
Marco Polo Marine has unilaterally terminated a rig building order worth US$214.3 million from a subsidiary of Sembcorp Marine. Sembcorp Marine on early Wednesday morning said its subsidiary, PPL Shipyard, will regard the termination by Marco Polo Drilling (I) of the US$214.3 million newbuild contract as "repudiatory breach of the contract". The response comes after Marco Polo Marine, of which Marco Polo Drilling is an indirect wholly-owned subsidiary…
German Vessal Held in US
A German ship Cornelia is being held in the Duluth Bay by U.S. authorities in Lake Superior for a fortnight, says local media. The U.S. Coastguard is investigating the German bulk carrier for alleged environmental violations. The 2001-built Cornelia is owned by the German company MST and has been held off Duluth since November 4. “Due to the ongoing investigation, the … vessel and crew are prohibited from leaving Duluth until cleared by U.S. Customs and Border Protection,” the Coast Guard said.
Seacat Services Invests In New Vessels
Offshore energy support vessel operator Seacat Services has placed an order for up to four new vessels with local boat builder South Boats IoW. The DNV-GL class…
Update: Statoil Follows Shell out of Alaska
Norwegian oil major Statoil said on Tuesday it will pull out of Alaska's Chukchi Sea, just weeks after Royal Dutch Shell abandoned the treacherous waters there after…
DOF Sells Skandi Inspector
DOF Subsea, a subsidiary of DOF ASA, has entered an agreement to sell the 1979-built multipurpose offshore vessel Skandi Inspector to an undisclosed international buyer. The 80.8 m, 2,355 dwt vessel is expected to be delivered before end of 2015.
Crowley Breaks Ground on San Juan Terminal
Crowley Puerto Rico Services, Inc. has broken ground on a $48.5-million construction project for a new pier at its Isla Grande Terminal in San Juan, Puerto Rico, the company announced. The project includes the development of a new 900-foot-long, 114-foot-wide concrete pier and all associated dredging needed to accommodate Crowley’s two new liquefied natural gas (LNG)-powered, Commitment Class ships, which are scheduled for delivery in 2017.
Swan, EXMAR Partner for India’s First FSRU Terminal
EXMAR has entered into a binding Term Sheet with Swan Energy Limited for the joint development and operation of the Jafrabad LNG Port project, to be located in the State of Gujarat, India. The Jafrabad LNG Port will be a 5 million tons per annum (MTPA) LNG receiving terminal, with one jetty-moored Floating, Storage and Regasification Unit (FSRU). The two partners have the firm intention to expand the terminal to 10 MTPA, through the deployment of a second FSRU.
Saipem CEO Sees No Volkswagen Risk over Fleet Standards
The fleet Italian oil contractor Saipem uses to carry out its offshore construction and drilling business has been properly certified and there is no risk of any Volkswagen-like scandal…
Statoil’s Exit from Alaska ‘Disappointing’ -NOIA
NOIA President Randall Luthi, issued a statement on Statoil’s decision to exit the Alaskan Arctic, calling the departure “disappointing” yet “understandable” due to a tough economic and regulatory climate. The Norwegian oil major said on Tuesday it will pull out of Alaska as its exploration leases in the Chukchi Sea no longer looked competitive. "Statoil's decision to withdraw from the Alaskan Arctic is disappointing yet understandable given current tough economic and regulatory conditions…
TORM Mulls 2016 NYSE Listing
Denmark-based tanker shipping company TORM A/S announced last week that it is considering the implementation of a new structure that would potentially include listing on the New York Stock Exchange and Nasdaq Copenhagen. If undertaken, the move is expected to be completed in 2016.
Lithuania Opens Door to LNG Re-exports
Lithuania's parliament on Tuesday approved amendments which will allow the Baltic state to re-sell liquefied natural gas (LNG) on the international markets, the energy ministry said.
New RIB Delivered to Vermont State Police
The Vermont State Police Department Marine Division has taken delivery of a specialized RIBCRAFT 7.8 RIB built by RIBCRAFT, a U.S. manufacturer of professional grade rigid inflatable boats for safety professionals, law enforcement and military agencies. The 25-foot RIB is the third RIBCRAFT boat in the Department’s fleet and will be used by the State Marine Patrol for patrol, enforcement operations as well as search and rescue applications on Lake Champlain.
Moffatt & Nichol Hires Chief Software Architect
Brian Yoder has joined Moffatt & Nichol as Chief Software Architect at its Long Beach, Calif. office to help manage the software product development of FlexTerm, a simulation and emulation tool developed mainly for the container terminal planning, the terminal operating system testing, the logistic system modeling and optimization in ports and terminals. The software allows for better analysis of dynamic processes and visualization of operational processes through 3D animations.
Historic Vessel Laser Scanned for Hull Refit
New York’s Lake George Steamboat Company recently commissioned API Services to laser scan the hull the oldest boat in its fleet, the 107-year-old Mohican. The original Mohican, in service from 1894 to 1907, was a 93-foot wooden hull vessel. The ship was replaced in 1907 by a steel-hulled vessel christened the Mohican II in the summer of 1908, thus beginning the first of her 107 years of continuous service on Lake George.
Dual Fuel Bulker Gets AIP from Class NK
Classification society ClassNK has granted Approval in Principle (AIP) to a 98,000 dwt LNG-fueled bulk carrier design developed by Maritime Innovation Japan Corporation (MIJAC).