Bahri Secures Loan for Five VLCCs
National Shipping Company of Saudi Arabia said on Sunday it had signed a murabaha facility with Riyad Bank valued at 1.425 billion riyals ($380 million) to finance the construction cost of five very large crude carriers. The facility lasts for a period of 10 years and six months, and includes a maximum two-year grace period, the firm known as Bahri said in the bourse statement. A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.
Iran Seeks $2.5B to Modernize its Oil Tankers
Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday. Iran emerged from years of economic isolation after crippling sanctions were lifted in January in return for Tehran complying with steps to curb its nuclear ambitions.
Fincantieri Bags 5 Cruise Ships Order from Carnival
Following on a March 2015 agreement and a memorandum of agreement last December, Fincantieri, a leader in cruise ship design and construction, and Carnival Corporation & plc, the world’s largest cruise company, have finalized contracts for the construction of five next-generation passenger ships. The contracts finalized today envisage one further unit compared to the memorandum of agreement of December and mark the most important goal reached by the two groups in the last years…
Holland America Line Celebrates Official Handover of 'Koningsdam'
Holland America Line celebrated the delivery of ms Koningsdam with an official Handover Ceremony, luncheon and shipyard workers party aboard the ship Saturday, April 2, 2016, at the Fincantieri shipyard in Marghera, Italy. In attendance at the ceremony was Italy’s Minister of Infrastructures and Transport Graziano Delrio, who expressed his appreciation for the long-standing relationship between Carnival Corporation, including Holland America Line, and Fincantieri.
Godrej Conferred AILBIEA's Lifetime achievement Award
Nadir B. Godrej, MD of Godrej Industries Ltd., was conferred the Lifetime Achievement Award by the All India Liquid Bulk Importers and Exporters Association (AILBIEA) during its 15th Anniversary celebration held on 1st April 2016 in Mumbai. AILBIEA, whose members are responsible for most of the liquid bulk cargo that pass through various ports of India and which has hit a whopping volume of over 200 Million tons this year…
China Braces for "Severe" Flooding on Yangtze River
Severe floods are expected on China's Yangtze River this year due to a strong El Nino weather pattern, state media said, raising the risk of deaths and damage to property and crops along the country's longest waterway. The El Nino conditions are the strongest since records collection began in 1951, and resemble a 1998 weather pattern that flooded the river and killed thousands, the official Xinhua news agency said on Friday, citing vice minister of water resources, Liu Ning.
Schlumberger, Cameron Merger Complete
Schlumberger Limited (NYSE:SLB) announced today that it has closed its merger with Cameron International Corporation. As previously announced, each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and $14.44 in cash, in exchange for each Cameron share. Schlumberger has issued approximately 138 million shares pursuant to the merger. As a result, former Cameron stockholders own approximately 10% of Schlumberger’s outstanding shares of common stock.
G E Shipping Acquires Product Tanker
The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a Newbuilding Medium Range Product Tanker “Jag Punit” of about 49,700 dwt. The company had contracted to buy the ship in December 2012. The vessel is built at STX Offshore & Shipbuilding Co. Ltd., Jinhae, Korea. With the inclusion of the vessel, the Company’s current fleet stands at 32 vessels, comprising 23 tankers (8 crude carriers…
UNCTAD Launches Novel Maritime Country Profiles
A maritime country profile provides a basic snapshot of a country's situation regarding maritime transport and international trade, facilitating convenient cross-country comparisons. The Maritime Country Profiles will be updated regularly as new data becomes available. Throughout most of history, “maritime nations” had their own national fleets, which were built, owned, operated, and manned by nationals of the same country whose flag the ship flew.
Satisfactory 2015 results for DNV GL
In 2015, DNV GL delivered satisfactory financial results and increased its operating revenue by 8.2%. Group President and CEO of DNV GL Remi Eriksen highlights: “Given the challenging market conditions, particularly in the oil & gas industry, the financial results are satisfactory. These have been achieved while capturing merger integration synergies to the benefit of our customers. Most notably, we launched the world’s most modern ship and offshore classification rules.
Schlumberger Led Consortium Wins Malaysia Offshore Survey
Malaysia has opened an area of its offshore waters to the multi-client seismic model for the first time. The move is a result of a new initiative by Petronas to stimulate offshore E&P investment activity. “A consortium comprising of PGS, TGS and Schlumberger WesternGeco, the industry’s three largest multi-client companies, have successfully won the tender for the rights to undertake a multi-client seismic program offshore Sabah,” TGS, a Norwegian seismic company said.
CMA CGM to Adapt its FAL 8 Service
In a continued effort to provide reliable and quality services in a complex environment, CMA CGM is pleased to introduce its new FAL 8 service rotation linking Asia to North Europe. FAL 8 will stop calling at Zeebrugge port, last vessel being m/v CSCL ARCTIC OCEAN voy. 086SCE, sailing from Zeebrugge on May 7th, 2016. Effective from m/v AL DAHNA voy.
Houston First Port of Call for Asian Service
In anticipation of increased opportunities for inbound consumer goods and outbound industrial commodities, Maersk Line and Mediterranean Shipping Co. have joined forces to operate a new direct all-water container service between the U.S Gulf and Asia. The new service by the 2M Alliance features the “Lone Star Express” by MSC and “TP18” by Maersk. The first sailing is scheduled to depart Asia May 2, with Houston as the first U.S. inbound port call.
G6 Alliance Announces Schedule Update Between Asia and Europe
Members of the G6 Alliance today announced additional void sailings within their Asia-Europe product to adjust to market demand. As the G6 Alliance continues to review its product profile, the Loop 6 service’s further void sailings will start from Week 19 for an additional period of 8 weeks. Voiding of sailings in Loop 6 due to changes in market demand / Further service adjustments possible. The Loop 6 service will resume in Week 27 (westbound ETA Fuzhou 7th July).
First Saltie of 2016 Due for Port of Duluth-Superior
The first saltie of the 2016 season, the Albanyborg, is underway and expected to sail into the Port of Duluth-Superior this weekend. ETA is approx. 5 p.m. Sunday, April 3.
Bridge Overhaul for Washington State Ferries
Washington State Ferries (WSF) maintains the largest fleet of ferries in the United States, and the fourth largest in the world. With 23 vessels in operation and two more under construction, WSF transports over 23 million passengers and vehicles a year across 10 routes around the Puget Sound and San Juan Islands. WSF has decided it is time for a bridge update, returning to Furuno for its latest large-scale fleet modernization beginning with the Issaquah 130 Class.
Global LNG Prices Dip with Tender Transaction Levels
Asian spot prices for liquefied natural gas (LNG) slipped this week in line with transaction levels in a string of recently awarded tenders. LNG for May delivery…
This Day In Naval History: April 1
1893 - Navy General Order 409 establishes the rank of Chief Petty Officer. 1899 - A landing party of 60 men from USS Philadelphia (C 4) and a force of 100 friendly natives join 62 men from HMS Porpoise and Royal Isle in Samoa to establish order over Samoan throne. 1943 - USS Shad (SS 235) torpedoes and damages the Italian blockade runner Pietro Orseolo, shortly after the Italian ship reaches the Bay of Biscay and her escort of four German destroyers.
Crowley Continues Fleet Upgrade
Crowley Maritime Corp. is continuing to receive and place into service $32.7 million worth of new cargo carrying equipment. The latest additions include 325, 20-foot chassis and 440 generator sets (gensets) all of which should be received by the end of April and 600, 53-foot (102-inch wide) dry containers along with 400, 53-foot chassis, which are expected by the end of May. These arrivals follow 500…
Stena Weco Impulse Delivered from China
The chemical and product tanker Stena Weco Impulse, jointly owned on a 50-50 basis by Stena Bulk and the Danish Weco Group, has been delivered from the Chinese shipyard CSSC Offshore & Marine Engineering (CSSC OME) in Guangzhou. The IMOIIMAX tanker Stena Weco Impulse is the sixth in a series of 13 vessels ordered by Stena Bulk. She is now en route to several Indonesian ports where she will load vegetable oils after which she will sail to Barcelona and Rotterdam to discharge her cargo.