China Cosco, DEME in Offshore Wind Deal
The Belgian dredging, environmental and marine engineering group DEME Group and Chinese COSCO Shipping have officially embarked on a joint journey to develop offshore wind energy in China, under an umbrella agreement signed on 31 October, following the two companies’ joint venture announcement in May. DEME and China COSCO Shipping are both market leaders in their sectors and have found one another in the COSCOCS - DEME joint venture active in offshore wind energy in China.
Seaspan Declares Q3 Results
Seaspan Corporation announced its financial results for the three and nine months ended September 30, 2016. Revenue edged up thanks to new additions to its fleet, including the delivery of one newbuild vessel during the quarter. GAAP earnings plunged into the red with the company reporting a loss of $184 million, or $1.86 per share, as a result of $202.9 million in non-cash impairment charges it took after writing down the value of some of its smaller vessels.
DSME Creditors Mull Equity Swap
Creditors of Daewoo Shipbuilding & Marine Engineering (DSME) are set to announce a debt-for-equity swap and other measures, worth 3 trillion won (US$2.62 billion), reports Yonhap. Korea Development Bank (KDB), a main creditor of DSME, said that the bank will accept debt-to-equity swaps worth at least 1.6 trillion won ($1.4 billion) to keep the company operating with sufficient financial liquidity.
Maersk Mulls More Mergers
Mergers like the combination of its three main Japanese rivals -Nippon Yusen KK, Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd - provide relief to an ailing industry that has been characterized by over-capacity, Bloomberg reported Maersk Group as saying. Soren Skou, Maersk Line’s chief executive officer who also runs the A.P. Moller-Maersk A/S, owner of the world’s largest container line,…
Korea Dreams it Big for HMM
The government of South Korea has decided to help Hyundai Merchant Marine (HMM), the nation’s only major shipping line, grow into a mega shipper by all means available, reports Business Korea. The state plans to provide loans of up to 6.5 trillion won (US$5.68 billion) to domestic shipping firms, including HMM, so that they can grow in size and survive in the global chicken game. The government has announced plans to raise the competitiveness of the shipbuilding and shipping industries.
GasLog Acquires GasLog Seattle
GasLog Partners LP and GasLog Ltd. announced the closing of the Partnership's acquisition from GasLog of 100% of the shares in the entity that owns and charters GasLog Seattle. GasLog Seattle is a 155,000 cubic meter tri-fuel diesel electric liquefied natural gas (LNG) carrier built in 2013 and operated by GasLog since delivery. The vessel is currently on a multi-year time charter with a wholly owned subsidiary of Royal Dutch Shell plc (Shell) through December 2020.
Danaos Receives Notice of Hanjin Entering into Court Receivership
Danaos Corporation, one of the world's largest independent owners of containerships, today received notice that Hanjin Shipping Co. Ltd. (Hanjin) has filed for receivership with the Seoul Central District Court and requested that the court freeze its assets. Danaos currently charters eight of its vessels to Hanjin on long term, fixed rate time charters. The time charters associated with these vessels…
LR Grants AIP for S-CO2 Power Generation System
The world’s largest shipbuilder Hyundai Heavy Industries (HHI) and a utility firm Korea Electric Power Corporation (KEPCO) have received an Approval in Principle…
Ferries Expert Offers Perspective on UN Transport Report
Len Roueche, a Director of WFSA and a Consultant to Förde Reederei Seetouristik (FRS), and previously the CEO of Interferry – the trade association lead for the worldwide ferry sector, has offered his views on ways to implement some of the key suggestions in this important and forward-looking just-released report, authored by the United Nations Secretary-General's High-Level Advisory Group (HLAG) on Sustainable Transport of which he is a member. The U.N.
Global Network Helps Ensure Fresh Water
In 60 countries across six continents, FCI Watermakers has the resources in place to keep its high-performance, continuous-duty reverse osmosis desalinization units in peak condition. Its worldwide network of authorized dealers and distributors are ready to assist professional mariners, no matter how distant the port of call. FCI Watermakers parts are nonproprietary. This is essential when considering a watermaker for a commercial boat or ship, the manufacturer said.
New Tug Deliverd to Boluda
Boluda Towage and Salvage has taken delivery of the newly built VB Xaloc, the first tug of the owner’s multi-boat order from Astilleros Zamakona and first of Robert Allan Ltd.’s TRAktor 3200-V class escort tugs. The TRAktor 3200-V was designed by Robert Allan Ltd. specifically to meet Boluda’s requirements for performance, propulsion equipment, accommodation facilities, tank capacities and all within a gross tonnage (GRT) limit of less than 500.
Incentivizing Spill Response Innovation
Researchers tackle the tough problems despite a lack of funding and official incentives to move forward. Progress, in particular for Arctic spill response equipment and techniques, is being made. Even in the messy but now seemingly distant wake of such environmental disasters such as the Exxon Valdez grounding and the Deepwater Horizon accident, domestic oil spill response requirements still provide little or no incentive for responders in the U.S. to develop and deploy new equipment.
Tech File: BoomVane - A Powerful Boom Deployment System
The BoomVane is one of the most useful and interesting tools available to oil spill responders for shoreline and single vessel boom deployment. Maintaining an effective oil containment boom configuration with two vessels is difficult to coordinate. The Elastec BoomVane solves that problem. BoomVane can also tow heavier booms greater distances than an outrigger arm resulting in wider sweep swaths. Illinois-based Elastec is the manufacturer and owner of the proprietary BoomVane technology.
Jones Act Tanker Constitution Completes Sea Trials
The U.S. built tanker ship Constitution returned to the NASSCO shipyard on Wednesday, October 26 following tests and trials off the coast of San Diego, Calif. The ECO Class vessel is a 610-foot, 50,000 deadweight-ton, and LNG-conversion-ready product tanker with a 330,000 barrel cargo capacity. Christened and launched on August 27, 2016, Constitution was built for SEA-Vista, a partnership between SEACOR Holdings Inc. and Avista Capital Partners, and will be operated by Seabulk Tankers, Inc.
Huntington Ingalls Industries to Open Australian Office
Huntington Ingalls Industries (HII) said it plans to establish a permanent presence in Australia by opening an office in Canberra. “Establishing a permanent presence in Australia demonstrates HII’s commitment to supporting Australia and the U.S. military forces in the Pacific,” said HII President and CEO Mike Petters. “It also facilitates our ability to conduct real-time, frequent engagement with the Royal Australian Navy and the U.S. The U.S.
Black Sea Wheat Exports Could Rise 12% in 16/17
Leading wheat producers in the Black Sea region - Russia, Ukraine and Kazakhstan - are likely to increase their exports by around 12 percent in 2016/17 due to a bigger harvest than last year…
Jawar Al Khaleej Orders Three Vessels
At this year’s Seatrade Maritime Middle East Exhibition taking place in Dubai, Jawar Al Khaleej Shipping LLC (JAK) signed a contract with Damen Shipyards Group for the supply of three vessels: one Fast Crew Supplier (FCS) 5009 and two ASD Tugs 3213. JAK is a provider of specialist services to the offshore oil and gas sector in the Gulf, delivering logistical support including oil terminal support services, towage and salvage, together with other integrated offshore solutions.
Maritime Trivia: November
MarineLink.com brings you a monthly maritime trivia question courtesy of The Marine Art of J. Clary. Here's the question for November 2016: When was the last time an actual whale was sited on the Great Lakes? Simply email your guess to firstname.lastname@example.org with the subject "Maritime Trivia: November 2016", and the first person to answer correctly will receive a J. Clary collector print. Please note: all are welcome to guess, though only participants in the continental U.S.
The Switch Buys Wärtsilä Marine Drives Business
Finland based drive train technology specialist The Switch said it has closed a deal on October 31 to purchase Wärtsilä’s Norway-based marine power drives product range for megawatt-class applications. Backed by Yaskawa, this acquisition aims to provide a platform for the operations to focus on developing its core competences together. “This business unit fits into our own long-term strategy to offer environmental energy solutions for marine…
Europe Rushes to Meet US Fuel Demand, Spiking Freight Costs
European oil traders rushed on Tuesday to book vessels to carry gasoline to consumers on the U.S. East Coast left stranded without their main domestic supply source, more than quadrupling shipping costs, traders and ship brokers told Reuters. An explosion late on Monday on the Colonial pipeline, which carries roughly one-third of the 3.2 million barrels per day (bpd) of gasoline consumed on the East Coast, makes U.S. drivers more reliant on imported oil products.