Olympic Subsea Vessel Bags Contract
Olympic Shipping has secured a contract for Olympic Delta, an inspection, maintenance and repair (IMR) vessel, with an international client to work on a renewable energy project. The vessel, with the length of 92.55 meters, will be employed in the renewable energy sector. The value of the contract was not disclosed. Olympic Delta will start work in August for a fixed period of 120 days, plus a further 80 days or more if extension options are exercised.
Chevron Suffers Loss, Plans Job Cuts
Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016, up from a previously stated goal. Chevron reported a net loss of $725 million, or 39 cents per share, compared with a net profit of $2.57 billion, or $1.37 per share, in the year-ago period. Revenue tumbled 31% to $23.55 billion.
Ocean Economy Set to Double in Size by 2030
The world’s oceans must be managed well to ensure the potential of an “ocean economy” that was worth US $ 1.5 trillion in 2010. "Calculations based on the OECD’s Ocean Economy Database value the ocean economy’s output (measured in terms of the ocean-based industries’ contribution to economic output and employment) in 2010 at USD 1.5 trillion, or approximately 2.5% of world gross value added (GVA)," says a new Organisation for Economic Co-operation and Development (OECD) report.
Shipping, Key Ingredient of EU’s Africa Agenda
The African economy has become one of the most promising global growth markets. Shipping is taking care of the largest part of international trade and in Africa this is even more the case due to less developed land infrastructure. European shipowners strongly believe that maritime services are enablers of trade and development, particularly in Sub-Saharan Africa. This is the core message European Community…
Panama Canal Dismisses ITF Claims
The Panama Canal has dismisses claims by the International Transport Workers’ Federation (ITF) that questions industry standards and the operation of the Expanded Panama Canal’s new locks. Claims made by ITF that new locks built for the Panama Canal expansion will be unsafe in operation have been strongly rejected by the Panama Canal Authority (ACP) as lacking scientific accuracy and credibility. Following the publication of an ITF-commissioned study…
Floating Products Storage in Focus
For much of 2015, talk of floating storage was dominated by speculation that the contango in crude futures might support crude floating storage, says Gibson Tanker Report. However, at the same time, much of the oil surplus was being absorbed by refiners chasing some of the best margins seen since the financial crisis, pushing much downstream into product stocks. It was therefore little surprise to see product stocks swell and floating products storage emerging in the latter stages of 2015…
Holland America Line Kicks off Seattle's Record Cruise Season
The Port of Seattle begins the 2016 cruise season welcoming the first ship call, Holland America Cruise Line’s Nieuw Amsterdam. Larger vessels and more cruises will make this the biggest cruise season ever with nearly one million revenue passengers. Each homeported cruise vessel is estimated to bring in $2.6 million for the local economy. “Cruising to Alaska continues to be an economic driver for our region," said Port of Seattle Commissioner John Creighton.
India's Highest non-coking coal discharge at Gangavaram Port
Gangavaram Port, the deepest and the most modern port in the country, has created yet another historical milestone record by discharging 1,56,339 metric tons of Non-Coking Coal from the vessel M.V. Cape Asia in 24 hours. This achievement stands out as the fastest discharge rate in the history of any port in India & possibly in the world. The vessel M.V. Cape Asia carrying 1,59,966 metric tons non-coking coal for Hindalco Industries called at Gangavaram Port on 27th April , 2016.
Great Lakes Inks M.E., N.C. Coastal Protection Project Deals
Great Lakes Dredge & Dock Corporation (“Great Lakes”) (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of environmental and infrastructure services, announced today the signing of two subcontracts valued at approximately $55 million for work in the Middle East as well as the receipt of a $38 million award for a coastal protection project in North Carolina.
ACR to Debut Pathfinder PRO SART at OTC
An important addition to any commercial vessel’s survival gear kit, the Pathfinder PRO SART is introduced by ACR Electronics, Inc. at this year’s OTC. The new search and rescue transponder expands the broad range of commercial maritime survival products offered by ACR, global leader in safety and survival technology. The Pathfinder PRO is a fully-approved SART that complies with IMO SOLAS regulations and is suitable for all commercial vessels that are mandated to carry a SART…
Symphony Sun’ Launched in Leer
On Friday the 29th of April, Nb. 420 was launched in Leer. She was christened ‘Symphony Sun’ and is the fourth vessel in a series of 6 that will be delivered to Symphony Shipping. Symphony Sun is a vessel of our ‘Ecobox’ design, which is characterized by its flexibility of loading combined with very economical and ecological performance. – Main dimensions (Loa X B X T) 122.5 X 17.0 X 7.8 mtr. – 10500 DWT, 429.000 cft hold volume. – Iceclass 1A with 3000 kW main engine.
Italian Ship Rescues 26 Migrants off Libya
An Italian merchant ship rescued 26 migrants off the coast of Libya in rough seas and others were feared missing, the Coast Guard said on Saturday. The Coast Guard received a call from a satellite telephone on Friday but no voice was heard. It tracked the signal to a location about seven miles off the Libyan coast, a spokesman said. An Italian merchant vessel in the area was diverted and on Friday night rescued the 26 from a rubber boat that had taken on water.