Ithaca GSA Satellites Acquisitions
Ithaca Energy Inc. has expanded its core position in the Greater Stella Area ("GSA"), with four agreements entered into for the acquisition of additional interests in the "Vorlich" discovery and an operated interest in the "Austen" discovery. Les Thomas, Chief Executive Officer, stated, "We are very pleased to announce this group of low cost acquisitions that further expand our core Greater Stella Area portfolio.
Danaos Reports Strong 1H
Danaos Corporation today reported unaudited results for the period ended June 30, 2016. * Adjusted net income1 of $47.7 million, or $0.43 per share, for the three months ended June 30, 2016 compared to $38.0 million, or $0.35 per share, for the three months ended June 30, 2015, an increase of 25.5%. Adjusted net income1 of $94.9 million, or $0.86 per share, for the six months ended June 30, 2016 compared to $68.6 million…
KR Opens Opens New BWMS Testing Facility
The Korean Register (KR) – an IACS member classification society – has announced that it has significantly expanded its land-based test facilities for Ballast Water Management System (BWMS) by opening a brand new specialist facility. KR has been conducting type approval testing of BWMS since 2004, with a consortium of six different partners. KR and its partners segregate the duties, taking into account each organization’s specialist expertise.
NYK Hosts Fleet Safety Promotion Conference
Over three times in July, NYK hosted safety promotion conferences for shipowners and ship-management companies at the NYK head office in Tokyo and at Imabari city in Ehime prefecture. These conferences are held every year in two months from July, as part of the “Remember Naka-no- Se” safety campaign, which draws on the lessons learnt by the Diamond Grace oil spill in July 1997 to encourage all NYK Group employees to bear in mind the importance of safe operations.
APL Extends West Coast 5 Service
APL announced today that its West Coast 5 (WC5) service will be serving the additional ports of Corinto, Acajutla and Puerto Quetzal in Central America, enhancing direct connectivity between the Port of Los Angeles and the Latin American markets. APL said that the WC5 service has been refined to better support trade activities between Central America and the United States (U.S). As the industries of Central America continue to be key exporters of agricultural produce and commodities…
James Fisher Buys Lexmar
James Fisher has acquired the entire share capital of Lexmar Engineering Pte Limited and Lexmar Sat Systems Pte Limited (together 'Lexmar'). Lexmar, which was founded in 1996 in Singapore and a specialist providing diving equipment, will become part of JFD and will enhance JFD's saturation diving capability and offering. Together JFD and Lexmar will improve the regional support and capability to defence markets within the Asia Pacific region.
Thornico Enters Dry Bulk Shipping
THORNICO launched its newest player on the shipping market, the dry bulk carrier Thorco Bulk. THORNICO already owns the project oriented carrier Thorco and with this expansion it aims to offer a wider range of services to meet the needs and demands of their clients. Thorco Bulk will be an asset-light operator, primarily within the handy/supra segment. The team behind Thorco Bulk consists of the three Managing Directors Marc Slinger, René Mikkelsen and Uffe Hansen.
GAC EnvironHull a big hit with Rotterdam Port
Europe’s largest port is the latest to allow the GAC EnvironHull’s eco-friendly hull cleaning system to operate in its waters. The launch of HullWiper at Rotterdam, widely acknowledged as a pioneer in innovation and shipping technology, was marked by a panel discussion, webinar and live demonstration. The Port of Rotterdam’s Senior Manager, Peter Mollema, said the ground-breaking technology exactly aligns with Rotterdam’s ambition to be the most sustainable port of its kind.
M&A Deals Change the Landscape in the Container Ports Industry
Softening demand growth coupled with larger liner shipping alliances and bigger ships is moving the container ports industry towards a value sector from growth sector, albeit still highly profitable, according to the Global Container Terminal Operators Annual Report 2016 published by global shipping consultancy Drewry. Global and international container terminal operators are faced with the dual challenges…
Hapag-Lloyd Begins Training Programs
Sixty-four young men and women started their careers at Hapag-Lloyd on yesterday (August 01). Chief Executive Office Rolf Habben Jansen warmly welcomed the new apprentices this morning during an event held at Hapag-Lloyd’s headquarters in Hamburg. In the land division, 21 young men and 17 young women began their training programs to become shipping agents, forwarding and logistics clerks, office management clerks and warehousing specialists.
Seacor Misses on Revenue
For the quarter ended June 30, 2016, net loss attributable to Seacor Holdings Inc. was $55.2 million ($3.26 per diluted share). For the six months ended June 30, 2016, net loss attributable to Seacor Holdings Inc. was $82.3 million ($4.88 per diluted share). For the quarter ended June 30, 2015, net income attributable to Seacor Holdings Inc. was $0.7 million ($0.04 per diluted share). For the six months ended June 30, 2015, net loss attributable to SEACOR Holdings Inc.
Kali Acquires Florida Marine Power Company
Kali, Inc. has completed its acquisition of Florida Marine Power Company, a marine mechanical repair, maintenance and engine installation company. Kali acquired all of the outstanding stock of Florida Marine Power in exchange for 4 million shares of Kali's common stock. The transaction also created a performance incentive program for Florida Marine Power to earn additional shares of stock for the next two years if the Company achieves quarter over quarter revenue increases.
Japan Slams China Over Maritime Issues
Japan has accused China of being assertive over maritime issues, taking actions that effectively amount to a "fait accompli", reports Strait Times. In its 484-page annual defence white paper on Tuesday (Aug 2), the defence ministry said the aggressive actions by China could "cause unintended consequences", referring to past incidents including one where a China naval frigate entered Japan's contiguous zone this year…
China Clarifies Maritime Jurisdiction
The Supreme People's Court (SPC) on Tuesday issued a regulation of judicial interpretation to clarify China's jurisdiction over its territorial seas, reports Xinhua. The explanation provides clear legal basis for China to safeguard maritime order, marine safety and interests, and to exercise integrated management over the country's jurisdictional seas, said an SPC statement. The regulation, taking effect on Tuesday…
STX Heavy Under Rehabilitation Process
The Seoul Central District Court begins a rehabilitation process for STX Heavy Industries Co, after the financially strapped company applied for protection late last month, reports Yonhap. STX Heavy Industries is the latest victim in South Korea's faltering maritime industry who are trying to avoid bankruptcy. Court will proceed with a debt-restructuring receivership program to prevent the company from being driven into insolvency.
Subsea Cables Protected with Virtual Tech
New York Power Authority (NYPA) had a costly and environmentally charged problem. Twice in a decade (in 2004 and 2014) a commercial tugboat dropped anchor and damaged one of its submerged power cables, a critical 7.5 mile stretch of four cables, part of its Y-49 transmission circuit in the Long Island Sound. The cables are buried 10 ft. deep under the Long Island Sound, and the repair process is time-consuming and costly…
Subchapter M: Slow Walking the Inspection of Towing Vessels
On June 20, 2016, the U.S. Coast Guard promulgated its long awaited or dreaded (depending on your perspective) final rule regarding inspection of towing vessels. The new regulations, which will enter into effect on July 20, derive from a 2004 legislative amendment which added towing vessels to the list of ‘vessels subject to inspection’. That statute also authorized regulations to establish a safety…
Brunswick’s All New 1100 IMPACT D-Collar
At a trade event held in Baltimore, MD, Brunswick unveiled its most exciting hull to date. First on board to test drive the new vessel was Marine News Editor Joe Keefe. An exhilarating 35 minute cruise revealed all of the exciting features the new vessel had to offer – whether barreling ahead at 63 KT in open waters or smartly backing down at the berth with the help of Brunswick’s JPO joy stick controls.
Revised PREP Guidelines: What You Should Know
On April 11, 2016 the U.S. Coast Guard (USCG) released the revised 2016 National Preparedness for Response Exercise Program (PREP) Guidelines. The new guidelines will become effective on June 10, 2016. Established under the Oil Pollution Act of 1990, the PREP guidelines were developed to provide a mechanism for compliance with the vessel response plan (VRP) drill and exercise requirements. Use of the PREP Guidelines is voluntary…
Economics, Efficiency & Emissions Drive Effective Choices
Louisiana-based Karl Senner widens its propulsion solutions toolkit with two options, both designed to provide economics, efficiencies and lower emissions. In the increasingly competitive marine propulsion markets, workboat operators now have many choices from which to select an appropriate, long term solution for their propulsion needs. Paramount in that process is the need to meet regulatory requirements without breaking the bank.