Lenders Hire Rothschild to Sell ABG Shipyard
Largest Private Sector Shipbuilding Yard in India ABG Shipyard is for sale. The Lenders led by State Bank of India has hired investment bank Rothschild to find a buyer for a majority stake in the company as they struggle to save Rs 16,000 crore ($2.4 billion) worth of loans given to it, reports Economoc Times. Lenders have to complete this exercise -converting debt into equity -within 210 days and find a new buyer within 18 months, according to Reserve Bank of India norms.
Wärtsilä Takes Part in Autonomous Shipping Project
Wärtsilä’s strong commitment to developing the technologies, the system reliability, and the essential designs to enable the viability of autonomous shipping is again emphasised through its participation in an important research programme. Together with other leading marine sector and information & communication technology (ICT) companies, Wärtsilä is supporting a project aimed at creating the world’s first autonomous marine transport system.
Baltic Exchange Shareholders Approve Singapore Exchange Takeover
Baltic Exchange shareholders on Monday approved an 87 million pound ($112 million) takeover by Singapore Exchange for one of London's oldest institutions, in a deal…
IMRF Launches Children’s Lifejacket Campaign
Lifejackets have been donated by ActionAid to the International Maritime Rescue Federation to send to the Mediterranean to help adults and children who need rescuing on a daily basis. The 300 lifejackets – 150 for adults and the rest for children – will be sent to Sea-Watch in Malta who are performing rescues and who are in desperate need of lifejackets for children and babies. To boost the supply…
On the Majestic Maersk, mega-ship dreams obscure cloudy future
For Captain Dick S. Danielsen, the childhood dream has been to sail the world's biggest ships. The Danish seaman got his chance three years ago when he was asked to helm the Majestic Maersk, a mammoth, baby blue-painted vessel that at 400 meters (1,312 feet) is longer than a nuclear-powered aircraft carrier. The ship can hold up to 18,270 twenty-foot (TEU) shipping containers and is owned by the world's largest container shipping firm, A.P. Moller-Maersk.
Otto Marine’s Two Australian Units May Wind-up
Otto Marine Ltd. said three creditors filed three such applications with the Supreme Court of Western Australia to wind up its subsidiaries in Australia - Go Inshore Pty and Go Marine Group Pty, says a report in Bloomberg. Creditors are claiming A$787,204 (S$814,580) from the offshore marine group. The total sum claimed against the subsidiaries pursuant to the applications is in the approximate quantum of A$787,204, the company said.
Petrobras to Seek Builders for Six Platforms
Petroleo Brasileiro SA, Brazil's state-run oil company, as of 2017 will begin seeking offers for the construction of six new offshore oil platforms envisioned in current investment plans…
The Hague to Arbitrate East Timor-Australia Maritime Dispute
The Permanent Court of Arbitration in the Hague will oversee a compulsory arbitration between East Timor and Australia on their maritime boundary, it said on Monday, rejecting Australian objections.
DNV GL AiP for Vard's LNG Bunker Vessel Design
DNV GL has awarded Vard Engineering Brevik AS with an Approval in Principle (AiP) for their new 6,500 m3 bunker vessel design. The design has been evaluated for compliance with the DNV GL Gas Bunker rules, the applicable Gas Carrier rules as well as the IGC Code's 2016 edition. "The excellent cooperation between DNV GL and Vard resulted in a development enabling flexibility and quality assurance of our design.
Nordic American Offshore Relocates HQ
Nordic American Offshore Ltd. (NAO) said it will move its corporate domicile from the Republic of the Marshall Islands to Bermuda. According to NAO, the change of…
Interlake Steamship Bulk Carrier Repowered
The newly repowered M/V Herbert C. Jackson departed Fraser Shipyards in Superior, Wis., yesterday giving a farewell salute to the Twin Ports where it has been undergoing…
Corvus Energy to Power UK Hybrid Ferry
Corvus Energy Inc. has announced that Wärtsilä, provider of ship machinery, propulsion and maneuvering solutions, has selected Corvus Energy as the supplier of the…
Topaz Secures Tengiz Oilfield Contracts
Offshore support vessel company Topaz Energy and Marine has been appointed the technical managers of three vessels by a consortium comprising Blue Water Shipping A/S and Kazmortransflot (KMTF)…
Baltic Exchange Names Jackson as CEO
Baltic Exchange on Monday named Mark Jackson, a former Chairman and Director, to replace Chief Executive Officer Jeremy Penn. Baltic Exchange shareholders earlier approved an 87 million pound ($112 million) takeover by Singapore Exchange for one of London's oldest institutions, in a deal that will give SGX access to the multi-billion-dollar freight derivatives market. Jackson, Chief Commercial Officer of AM Nomikos Group, is expected to take up his appointment early in 2017.
Shipping Confidence on the Rise -Moore Stephens
Shipping confidence, notably on the part of charterers and managers, improved for the second successive quarter in the three months to end-August 2016, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. In August 2016, the average confidence level expressed by respondents was 5.4 on a scale of 1 (low) to 10 (high). This is an improvement on the 5.1 recorded in May 2016…
Sea Trucks Awarded Contract in Mexico
Sea Trucks Group has secured a charter for the Jascon 31 from Permaducto S.A. de C.V. (Protexa) for the provision of Accommodation and Heavy Lift services in the Gulf of Mexico. Sea Trucks will provide accommodation and lifting services in support of repair works at Pemex Line 221 at the Abkatun-A Platform in the Abkatun field in the Gulf of Mexico for a period of 50 days. After completion Sea Trucks…
Second Ship of Franklin Arctic Voyage Found, Canada Confirms
Canada confirmed on Monday it has found the wreck of HMS Terror, the second of two British ships lost in the disastrous Franklin Arctic voyage of 1845, and said…
InterDam Conducts Door Safety Test
Between July and September, 2016, the architectural safety equipment company InterDam’s engineers subjected its G21 Fire Door to a single sample blast and fire safety test. The result, according to InterDam, was an unqualified success. “We have now confirmed that our standard G21 Fire Door can withstand a 0.56 bar blast followed by an A60 rated fire, while remaining structurally sound,” said Berend Groeneveld, InterDam Managing Director.
Japan Navy Chief Urges Resumption of China Port Visits
The head of Japan's navy on Monday repeated criticisms of China's pursuit of territorial claims in Asia but called for a resumption of port and personnel visits…
USCG to Commission 6th National Security Cutter
The U.S. Coast Guard announced Monday that the service's sixth national security cutter, Munro, will be commissioned April 1, 2017, at the Smith Cove Cruise Terminal in Seattle.