Frontline Reports Strongest 3Q
* Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015. * The long-term charters for the 1995-built Suezmax tankers, Front Glory and Front Splendour, were terminated in September and October, respectively.
MANSA, NMIS Ink MOU for Skill Development
Mumbai and Nhava-Sheva Ship-Agents Association (MANSA) and Narottam Morarjee Institute of shipping (NMIS) signed a Memorandum of Understanding for lauching a facility for training employees as well as aspirants in the shipping trade as a Corporate Social Objective. Accordingly, the historic signing of the MOU took place in MANSA Conference Hall on 19th November 2015. The MOU was signed by Capt. M. M. Saggi on behalf of NMIS and Capt. Vivek S.
Los Angeles to Host Annual 'Fleet Week'
Mayor Eric Garcetti and U.S. Navy officials announced today that Los Angeles has been selected as an official Fleet Week market for the U.S. Navy, beginning in 2016. LA Fleet Week will run through Labor Day, with active military ships beginning to arrive in the days preceding the end-of-summer holiday weekend. LA Fleet Week will offer Angelenos greater access to ships, equipment, and sea service life than ever before.
Technology Readiness Levels Defined for Oil Spill Response
Bureau of Safety and Environmental Enforcement (BSEE) staff participated in a workgroup meeting at the bureau's Ohmsett facility in Leonardo, N.J., as part of the workgroup’s efforts to define Technology Readiness Levels for use in the oil spill response community. BSEE staff discussed the criteria that could be used to determine the readiness of technology with equipment manufacturers, industry, and facility representatives, drawing from their different perspectives and expertise.
Damen ASD Tug for Sharjah Ports
Sharjah Ports Authority, has taken delivery of a Damen ASD Tug 2411, named Al Luolo’ Aya. His Excellency Sheikh Khaled bin Abdullah bin Sultan Al Qasimi, Chairman of the Department of Seaports and Customs at the Hamriyah Free Zone Authority and Sharjah Airport International Free Zone presided over the ceremony, which was held at Damen Shipyards Sharjah. Also present were Mahamed Meer Abdelrehman Al-Sarrah…
Lukoil Predicts Similar 2016 Russian Output
Oil producer Lukoil aims to maintain output in Russia at this year's level of 86-87 million tonnes and to increase it by 1.5-2 million tonnes in 2017, its chief executive…
Fredriksen's Firms See Diverging Fortunes
Rig firm Seadrill sees tough market continuing in 2016. Firms in Norwegian-born billionaire John Fredriksen's empire saw contrasting fortunes on Tuesday, as rig…
Philippines Takes South China Sea Claim to Hague
Could bolster claims by other countries against China; China boycotting proceedings, rejects court's authority. The Philippines asked global judges on Tuesday to…
Maersk Looks to Raise Asia-Europe Box Rates
The world's largest container shipping company, Maersk Line, plans to raise spot freight rates sharply on main routes from ports in Asia to ports in northern Europe, with effect from Dec. 1, the company said on Tuesday. Spot rates for twenty foot equivalent unit containers (TEU) will rise by $1,000, Maersk Line wrote in a letter to customers. The planned price hike corresponds to a 339 percent increase from current levels if implemented successfully.
Golden Ocean CEO: No Share Issue
Dry bulk shipping firm Golden Ocean Group said on Tuesday it did not consider an equity issue to improve its liquidity and balance sheet following challenging markets conditions.
MAN Selects Rud to Head PrimeServ Diesel
MAN Diesel & Turbo’s executive board has appointed Per Rud as the new head of PrimeServ Diesel. Rud will assume his new role on January 1, 2016 and takes over from Wayne Jones…
Shipping's CO2 Reduction Goals Exceed Commitments -ICS
The United Nations (UNFCCC) has published a Synthesis Report analyzing the impact of the pledges made by 146 nations to reduce CO2 emissions in advance of next week’s Climate Change Conference in Paris. The International Chamber of Shipping (ICS) says the mandatory CO2 reduction measures already adopted by the International Maritime Organization (IMO), combined with the aggressive fuel efficiency measures being taken by merchant ships worldwide…
Tidal Energy from Deep and Slow Waters
Deep Green, an underwater kite construction from the Swedish company Minesto, is set to be deployed in 2017 at the Holyhead Deep site off the coast of Anglesey, Wales. Delivering a customized turbine solution in 2016 for the underwater power plant project will be SCHOTTEL HYDRO. And while the turbine complements the first full-scale Deep Green device, 19 more devices are due to follow during the coming three years and will eventually form an array with an overall capacity of 10 MW.
Stena Bulk Orders Tankers from China
Stena Bulk has placed an order for three 50,000 dwt IMOIIMAX MR tankers with the Chinese shipyard CSSC Offshore & Marine Engineering (CSSC OME), formerly Guangzhou Shipyard International (GSI), in Guangzhou. It has also taken out an option on a further two vessels. The total value of the order is $200 million. The first delivery is planned for the end of 2017 after which the vessels will be delivered at three-monthly intervals.
ClassNK Drafts Amendments to Containership Rules
Classification society ClassNK has released draft amendments to its rules and guidance for container carriers, with the aim of implementing more comprehensive rules for increased ship safety. The amendments were approved by the ClassNK Technical Committee in Tokyo on November 19. The ClassNK Technical Committee is made up of representatives from the shipping and shipbuilding industries as well as scholars…
Adrift Cargo Ship Taken in Tow
The Barbados-registered cargo vessel Skog, which was adrift off Orkney after encountering engine problems, is now under tow, the U.K. Maritime and Coastguard Agency (MCA) reported.
MacGregor to Supply Cargo Access Systems for Mega RoRo Ships
MacGregor, part of Cargotec, has been contracted by South Korean shipbuilder Hyundai Heavy Industries to deliver RoRo access equipment packages for a series of two post-Panamax RoRo carriers.
North Group Increases Projected Free Reserve
Directors of the North P&I Club and Sunderland Marine Insurance Company (North Group) have revised their projection for the group’s year-end free reserve up to $380 million…
Ecoslops Produces First Marine Fuel Prodcuts
Ecoslops' refinery in the Port of Sinès, Portugal, has commenced industrial production and delivered the first volume of marine fuel products compliant with ISO8217, validating the company’s commercial proposition, the company announced today. Ecoslops has also made two senior appointments, further developing its global infrastructure, including new facilities. In the third quarter of 2015, 3,200 metric tons of slops were imported from Northern Europe…
Concordia Maritime Charters MR Tanker
Concordia Maritime has signed a contract for the charter of an IMO2/3 class MR tanker, the company announced today. The vessel will be chartered jointly with Stena Weco…