Refining Capacity Growth to Exceed Demand Until 2020 -Forecast
Until 2020, global refining will move toward lower utilization and margins as capacity growth exceeds demand, according to energy industry data and analytics specialist McKinsey Energy Insights (MEI). Post-2020, however, market conditions are expected to improve with higher demand for distillates due to marine pollution (MARPOL) regulations. MEI’s latest Global Downstream Outlook notes the last two years have seen major shifts as a result of falling crude price…
GE Gas Turbines to Power Indian Stealth Frigate
GE’s Marine Solutions announced that its LM2500 marine gas turbines will power the Indian Navy’s P17A stealth frigate. The LM2500 gas turbines will be provided by Hindustan Aeronautics Limited (HAL) Industrial and Marine Gas Turbine division, Bangalore, India under license from GE. HAL will assemble and test the LM2500 gas turbines prior to installation; HAL is licensed by GE to do so for Indian Navy LM2500 propulsion applications.
Thirty-five People Rescued from Ferry that Sank off Yemen
At least 35 of the 64 people who were on a ferry that sank off Yemen have been rescued, a Yemeni minister said on Wednesday. Rescue teams continued to look for survivors…
Consolidated Container Fleets Worth $33.4 Billion
Following the sale of Hamburg Süd to Maerskfor $4 billion, VesslesValue senior analyst William Bennett has compiled a report on the top consolidated container fleets. Currently these top five fleets are worth $33.4 billion and account for 33 percent of the entire container fleet. Maersk have confirmed rumors that they will acquire German container shipping line Hamburg Süd. Hamburg Süd’s strong position in north-south trades will complement Maersk's current business.
Troll Solution Wreck Removal Completed
A stricken jack-up has been removed from the Mexican seabed in close proximity to a well head platform, making for the largest wreck removal project completed in 2016. Weighing approximately 7,000 tons, the jack-up Troll Solution, contracted to operate in Pemex's Abkatun-Pol-Chuc shallow water oil field, experienced a debilitating accident while carrying out maintenance work on the wellhead platform CAAN-A in May 2015.
Sri Lanka, China Ink Deal to Develop Southern Port
Sri Lanka will take part in a joint venture with China Merchants Port Holdings Company Limited to develop a port in its south, where China has also been offered an investment zone.
Dry Bulk Owners Say the Worst is Over
The worst is over for the dry bulk shipping sector, after years when too many ships chased too little cargo, yet the extent of the lost business means a full recovery is still some way off, leading ship owners said on Wednesday. Dry bulk shipping, which transports commodities including coal, iron ore and grain, has been among the worst performing shipping segments in recent years, partly due to worries over the health of top industrial goods importer China.
Hapag-Lloyd Names First of Five 10,500 TEU Box Ships
Hapag-Lloyd held a naming ceremony for the first of its five new vessels in its new 10,500 TEU class containerships, Valparaíso Express. Valparaíso Express was named by Rozío Gonzaléz – wife of Andrónico Luksic, Chairman of the Board of the Quiñenco Group – who performed the ceremony at the Terminal Pacifico Sur (TPS) in the port of Valparaíso, where the new ship will call regularly going forward.
Norwegian Cruise Line Approved to Sail to Cuba
Norwegian Cruise Line Holdings Ltd. announced that it has received approval from the government of the Republic of Cuba to operate cruises to Cuba, beginning March 2017.
The Training Implications of Subchapter M
It’s a major understatement to say that Subchapter M is top of mind for workboat operators. While most would agree that the new regulations will raise the level of safety and operational sophistication, most would also likely agree that with change comes uncertainty, cost and effort. Thus it was no surprise that at October’s national meeting of the American Waterways Operators, discussions were dominated by Subchapter M and its implications for operators.
R.W. Fernstrum: Keeping Things Cool for 67 Years
Founded by Robert W. Fernstrum 67 years ago, R.W. Fernstrum & Company is currently run by its third generation of Fernstrum. This long-tenured maritime staple has seen its fair share of maritime cycles, and in today’s challenging market it is not standing still. The company is digging for, and finding, business in all four corners of the world, above water and below, as Sean Fernstrum, President & owner, and his team explain.
New Orleans Receives $1.75 Mln for Port Upgrade
U.S. Department of Transportation’s Maritime Administrator Paul “Chip” Jaenichen visited the Port of Greater Baton Rouge’s container-on-barge operation Tuesday while delivering his personal congratulations on the recent awarding of a $1.75 million grant to the Baton Rouge port and the Port of New Orleans. The grant will be used to acquire specialized container loading equipment to increase efficiencies…
Coast Guard Cutter Mackinaw, the ‘Christmas Ship’
The U.S. Coast Guard cutter Mackinaw returned to Chicago on December 3, 2016 as this year’s “Christmas Ship” loaded with 1,200 Christmas trees. Each year, the Coast Guard partners with the Chicago Christmas Ship Committee to participate in the two-day event depicting the annual Chicago tradition from the early 1900s, combining the trip with the cutter's annual aids-to-navigation mission as part of Operation Fall Retrieve.
New LNG Carrier Delivered for Petronet
A consortium comprising Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd. (“K” Line), and the Shipping Corporation of India Ltd. (SCI) took delivery of a new liquefied natural fas (LNG) carrier on November 30, 2016, in South Korea. The vessel, Prachi, has a capacity of 173,000 m3 and was built to order by Hyundai Heavy Industries Co. Ltd. based on a long-term time charter contract with Petronet LNG Limited (PLL).
Preventing Maritime Traffic Delays
Facilitation of maritime traffic is on the agenda at a national seminar being held in Manila, the Philippines (6-8 December), with thirty participants from ministries responsible for clearing ships, cargo, crew and passengers at ports of the Philippines, and private stakeholders. The workshop is assisting the Philippines with the ratification process of International Maritime Organization (IMO)'s Convention on Facilitation of International Maritime Traffic (FAL)…
ZIM to Enhance its Atlantic Network
ZIM Integrated Shipping Services Ltd (ZIM) has announced a significant upgrading of its Atlantic network, offering improved connections between US, Canada and the Mediterranean, starting April 2017, subject to FMC approval. ZIM Container Service Italy (ZCI) - A new premium string, offering improved service to the Italian and French markets, connecting with Canada and the US East Coast, with faster transit time, additional ports of call in Italy and a direct call in Fos, France.
THE Alliance, Hapag-Lloyd Enhance Network
THE Alliance and Hapag-Lloyd have announced our new enhanced port coverage in the Mediterranean - North America market. "Further to THE Alliance port coverage of the AL7 service, we are pleased to inform you that Hapag-Lloyd will continue our well-established cooperation with ZIM Lines on this service also within the Eastern Mediterranean Area," says a statement from the company. "We will continue to offer direct coverage to/from Haifa, Ashdod and Piraeus.
Höegh LNG Orders Four FSRUs at Samsung Heavy
Norway’s floating liquefied natural gas company Höegh LNG has signed a Letter of Intent (LOI) for one firm and three optional floating storage and regasification units (FSRUs) at South Korea’s Samsung Heavy Industries (SHI). Complete shipbuilding contract for the firm vessel is expected to be signed by mid-January 2017. According to a statement by Höegh LNG, the vessels have scheduled delivery dates of two units in 2019 and two vessels in 2020.
Three Hanjin Ships Auctioned in Rotterdam
Three containerships of the bankrupt Korean shipping firm Hanjin Shipping were sold at an auction in Rotterdam for a total of USD 392 million, according to Dutch media fd.nl and Nieuwsblad Transport. The 13,000 TEU ships were auctioned on behalf of creditor HSH Nordbank. The three vessels in question are Hanjin Europe, Hanjin Africa and Hanjin Harmony, built in 2012 and 2013, respectively. The 4th ship, the Hanjin Gold, is expected to be auctioned off by a Rotterdam court in January 2017.
Ships Will Wipe Out Half the Emissions Savings
Growth in emissions from shipping and aviation will undo nearly half (43%) of the savings expected to be made by the rest of transport in Europe through to 2030, a new independent study has found. It means that almost half of the already-inadequate emissions savings expected in land transport will be cancelled out by ships and planes, according to the report commissioned by sustainable group Transport & Environment (T&E).