Maersk Training Bullsh on India
Maersk Training, part of the Denmark based A.P. Moller-Maersk, is betting on the Indian training centre, reports the Hindu. India is one of the 10 Centre’s that is making profits. "While other Maersk training centres are facing issues due to downturn in maritime and oil and gas sectors, India is doing a good job by balancing it. We are ready to provide them a helping hand so that they can tap into global talent pool of trainers to get information…
Safe Bulkers Reports Q2 Loss, Expands Fleet
The Athens, Greece-based Safe Bulkers Inc. (SB) has reported a loss of $9 million in its second quarter. It had a loss of 15 cents per share. Net revenue for Q2 of 2016 decreased by 18% to $26.2 million from $31.8 million during same period in 2015. Net loss for the second quarter of 2016 was $9.0 million as compared to $4.4 million, during the same period in 2015. Adjusted net loss for the second quarter of 2016 was $8.7 million as compared to $3.9 million, during the same period in 2015.
Dynagas 2Q Results Upbeat
The financial results of Greece-based Dynagas LNG Partners LP (DLNG) for Q2 beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share. It has profit of 43 cents per share. Earnings, adjusted for amortization costs, came to 48 cents per share. Dynagas reported for the three and six months ended June 30 earnings of $17 million. It posted revenue of $42.6 million in the period.
CMA CGM Rolls out Bengal Bay Express
CMA CGM has introduced its new Bengal Bay Express service, operated with 11 vessels of 6,500 TEU on a weekly basis, in a continuous effort to provide its customers with the best quality service.
LNG Market Needs More Vessels than Currently on Order
Despite the current weakness in LNG shipping rates, Drewry maintains its bullish long-term outlook for LNG shipping and believes that the market will require more vessels than listed on the current orderbook, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry. Spot rates for dual fuel diesel electric LNG vessels have been hovering around $30…
VARD Bags Three-vessel Contract
Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels secured a contract for the design and construction of three vessels for an undisclosed client. The aggregate contract price is approximately USD 70 million. Details of the contract will be disclosed in due course.
Gener8 Maritime Net Income Up 91%
Announcing its financial results today for the three and six months ended June 30, 2016 Gener8 Maritime, Inc. reported net income of $38.0 million, or $0.46 basic and diluted earnings per share, for the three months ended June 30, 2016, a 91% increase compared to $19.9 million for the same period in the prior year. The Recorded adjusted net income of $42.0 million, or $0.51 basic and diluted adjusted earnings per share…
Damen PSV for Wilson Sons Ultratug Offshore
Wilson Sons Ultratug Offshore, a joint venture between Wilson Sons and the Chilean maritime services provider Ultramar, has taken delivery of a Damen PSV 5000. The vessel was built at Wilson Sons shipyard in Guaruja,Brazil. The delivery is the first of a two-vessel contract, with the second vessel due for completion later in 2016. “For this vessel, and the one still under construction, we provided the full engineering package in addition to certain key materials…
Crew Kidnapping Rising in Gulf of Guinea - Dryad
In contrast to the substantial numbers of reported incidents across Southeast Asia and the Indian Ocean in recent years, maritime crime now appears to have stabilised in these regions according to the latest Q2 maritime crime statistics released by Dryad Maritime today. There have been 34 incidents of maritime crime and piracy reported across Southeast Asia during the second quarter of 2016, taking the total for the first half of the year to 49.
Asia-N.Europe Box Rates Jump 58 pct
Freight rates for shipping containers from ports in Asia to Northern Europe jumped 58 percent to $1,125 per 20-foot container (TEU) in the week ending Friday, a person with access to data from the Shanghai Containerized Freight Index told Reuters. The rise in freight rates on the world's busiest route came after major container shipping companies started to implement earlier announced price hikes around August 1.
Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies
MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next week amid a seasonal slowdown exacerbated by strong vessel supply, shipping executives said. "I'm not sure we've seen the worst yet," an European supertanker broker said on Friday. "Refineries are slowing down. Oil markets are clogged up by large inventories of products and crude," the broker said.
Daewoo Shipbuilding: $1.4 bln order Cancelled
Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion)…
New 'Mega Passenger Ship' for Star Cruises
Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruises’ new Global Class “mega passenger ship,” which, once completed, will be the largest passenger vessel ever built in Germany. The new cruise liner will measure over 340 meters long, 45 meters wide and have a gross register tonnage of 200,001. The general arrangement…
Global Maritime Introduces New DP Policies & Procedures
Global Maritime Consultancy & Engineering has introduced a new set of policies and procedures to support its Dynamic Positioning (DP) activities. The new procedures will ensure continued excellence and consistency across all Global Maritime’s global DP operations. The document will cover general working practices and core competencies as well as working procedures relating to DP Systems Audits & Verifications…
US Oil Drillers Add Rigs for 5th Week in a Row
U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast doubts…
Libyan Oil Exports to Resume from Closed Ports
Libyan oil exports from closed ports should resume in no more than one to two weeks after a deal was signed between the government and an armed brigade controlling the terminals…
Swiber Applies for Judicial Management Instead of Liquidation
Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation. Swiber shocked markets earlier this week by filing for liquidation, as it faced hundreds of million of dollars in debt and a decline in orders, becoming the largest local company to fall victim to the slump in oil prices. Judicial management allows…
This Day In Naval History - July 29
1846 - During the Mexican-American War, a detachment of Marines and Sailors, led by Arm. Col. John C. Fremont from the sloop USS Cyane, commanded by Cmdr. Samuel F. DuPont, lands and takes possession of San Diego and raises the U.S. flag. 1898 - During the Spanish-American War, the gunboat, USS Helena, commanded by Cmdr. William T. Swinburne, captures the Spanish steamer Manati at Cienfuegos, Cuba. 1920 - USS St.
New Dredger for North Carolina’s Coastal Waterways
The North Carolina Department of Transportation recently took delivery of a new, fully customized cutter suction dredge, which it christened the Dredge Manteo in a ceremony held April 28, 2016, at the at the NCDOT State Shipyard in Manns Harbor, N.C.. The 154-foot state-of-the-art pipeline dredge, designed and built by DSC Dredge, based in Reserve, La., will work to keep North Carolina’s state-maintained intercostal ferry channels clear…
First US LNG Shipment Goes to China
The first liquefied natural gas vessel from the lower 48 U.S. states is on its way to China, according to a Reuters interactive map on Friday, the latest sign that the expanded Panama Canal is allowing U.S. exports to reach the world's top LNG buyers in Asia. Royal Dutch Shell's Maran Gas Apollonia loaded up with gas at Cheniere Energy Inc's Sabine Pass LNG export plant in Louisiana, the map showed.