Danish Investors Summon OW Bunker Parties to Court over Bankruptcy
A group of 26 institutional investors has issued a summons against bankrupt Danish ship fuel supplier OW Bunker in the latest stage of a legal campaign for allegedly misleading them in its 2014 initial public offer (IPO). The investors had said last year they would sue Bunker, private equity fund Altor and the company's board over their responsibility for the company's flotation prospectus, after the company filed for bankruptcy just months after listing.
Europe Gasoline, Diesel Barge Swaps Weaken
Gasoline and naphtha crack swaps fell slightly on the week but remained supported by strong export demand for gasoline. Tankers carrying around 1 million tonnes…
US Navy Destroyer DDG 114 Christened
Huntington Ingalls Industries’ (HII) Ingalls Shipbuilding division christened the company’s 30th Arleigh Burke-class (DDG 51) Aegis guided missile destroyer, Ralph Johnson (DDG 114), April 2 in front of approximately 1,000 guests. “It’s been more than a quarter century since the start of construction of Ingalls’ first Arleigh Burke destroyer, the Barry (DDG 52),” said Sean Stackley, assistant secretary of the Navy for research…
Navios Regains NYSE Compliance
Navios Maritime Holdings Inc. Dry bulk shipping and logistics firm Navios Maritime Holdings Inc. announced that, based upon a notice received on April 1, 2016 from the New York Stock Exchange, Inc.
Venezuelan Crude Sales to US Declined 7% in March
Exports of Venezuelan crude to the United States fell almost 7 percent in March versus the same month of 2015 to 793,581 barrels per day (bpd), according to Thomson Reuters Trade Flows data…
Oil Rebound Not Overdone, Crude in Early Bull Market -Hedge Fund BBL
Oil is in an early bull run despite the notion prices have rebounded too fast, too soon, hedge fund manager Jonathan Goldberg says as his energy-focused investment…
Research Vessel Neil Armstrong Joins WHOI Fleet
I woke up the first night out of Anacortes, Washington, when the ship dropped out from under me and I levitated off my bunk. Then came the sound of shuffleboard in the conference room one deck above. The only trouble was, there's no shuffleboard on the research vessel Neil Armstrong. It was Halloween 2015 in the Northeast Pacific. We were in the first hours of the first voyage of the newest ship in the U.S. academic research fleet, and we were already plowing through 15-foot waves.
Interview: Frank Foti - President & CEO, Vigor Industrial
For nearly two decades, Frank Foti has led Vigor’s transformation from a single, struggling shipyard to a thriving, increasingly diversified industrial company with 2,500 employees, 12 locations and approximately $700 million in annual revenue. According to Vigor, Foti often describes his motivation in three words: “Industrial Jobs Matter.” Committed to improving long-term, family-wage job opportunities workers and their families and communities…
US Judge Approves BP Civil Settlement with US Government over 2010 Spill
U.S. Judge Carl Barbier granted final approval on Monday to BP Plc's civil settlement over its 2010 Gulf of Mexico oil spill after it reached a deal in July 2015 to pay up to $18.7 billion in penalties to the U.S. government and five states. The company at the time said its total pre-tax charges from the spill set aside for criminal and civil penalties and cleanup costs were around $53.8 billion. Under the terms of the original agreement with the U.S.
US Gulf Coast Diesel Exports Down Sharply
Diesel fuel exports from the U.S. Gulf Coast declined sharply since December as increasing output from refiners in South American markets and brimming stocks in Europe squeezed key outlets…
Strong Cruise Season Marks Canada Place’s 30th Anniversary
Port Metro Vancouver’s 2016 cruise season officially kicks off today with the arrival of the Star Princess at Canada Place. Vancouver expects to welcome approximately 830,000 passengers on 228 calls, reflecting a forecasted 3 percent increase in passenger volume over 2015. “2016 marks the 30th anniversary of Canada Place,” said Robin Silvester, President and Chief Executive Officer at Port Metro Vancouver.
OSI to Deliver TDNS for Asian Submarine New Builds
OSI Maritime Systems (OSI) announced it has signed a contract to provide its advanced Tactical Dived Navigation System (TDNS) to an Asian navy for a new build submarine program.
Recent Vessel Sales - March 2016
Vessel sales for March 2016 (as of April 1) as prepared by Shipping Intelligence, Inc., New York.
Taqa Extends Wood Group Contract
Wood Group has secured a two-year contract extension with TAQA in the North Sea. Wood Group PSN, will continue to provide engineering, construction and maintenance services to five offshore assets - Cormorant Alpha, North Cormorant, Eider, Tern and Harding – extending an agreement in place since 2008. The value of the deal extension has not been disclosed. The two-year contract, effective immediately, also includes options for three, one year extensions.
Otto Marine Offloads Support Vessel for $38mln
Singapore-based Otto Marine Limited has signed a Memorandum of Agreement to sell a Work Maintenance Vessel known as SOC ENDEAVOUR to an unspecified party through its wholly owned subsidiary, Koi Marine Limited. The sale of the vessel will reduce its inventory on hand and is part of the ordinary course of business of the shipyard business. “The sale of the vessel will reduce its inventory on hand and is part of the ordinary course of business of the shipyard business…
CMA CGM Pays Tribute to Zaha Hadid, Architect of CMA CGM Tower
CMA CGM, a leading worldwide shipping Group, pays tribute to Zaha Hadid, who sadly died on March 31st. Zaha Hadid a renowned architect and 2004 Pritzker Prize Winner, completed the CMA CGM Tower in Marseilles as one of her major projects. In 2004, with the growth of the CMA CGM Group, Jacques R. Saadé, Chairman and Chief Executive Officer, decided to build a new Head Office in Marseilles. Zaha Hadid presented him a tower’s sketch: he immediately appreciated her project’s elegance…
S. Korean Shipyards Order Books Empty?
The global slump in the shipbuilding industry means that South Korea's ship yards have to look far and wide for new orders. Combined, the three major yards have only received one order in the first quarter of the year. Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI) have received zero new shipbuilding orders, according to sources quoted by local media Yonhap. Hyundai…
SSI Urges IMO to Tackle GHG Emissions from Shipping
The Sustainable Shipping Initiative (SSI) has called on the International Maritime Organisation (IMO) to show its true intent to reduce Greenhouse Gas emissions from shipping at the forthcoming Marine Environmental Protection Committee meeting (MEPC 69), which begins on 18th April 2016. The SSI believes that an ambitious but realistic plan must be set that will see the shipping industry take responsibility…
Drewry Questions Viability of ‘Megaships’
Drewry Maritime Advisors say that the trend of “big ship obsession” may soon come to an end. The three largest carriers in the world – Maersk Line, MSC and CMA CGM – extended their dominance by taking on the most capacity, while the five leading carriers between them accepted two-thirds of all the new capacity. The desire for mega-ships is logical for individual carriers “but the impact on the industry…
Container Shipping Market Move from Bad to Worse
A record volume of capacity entered the container markets in 2015. But where have the ships been deployed, and which carriers have taken on the most? The shipping consultants Drewry released their container shipping review for the first quarter 2016, and the outlook does not look positive. The drop in newbuild containership orders could be continued as container shipping companies seem to be running out of profitable trades to deploy their big ships…