Japanese Shipping Companies in Troubled Waters
Though the challenging market conditions in the container shipping industry continued to add pressure to Japan’s major shipping companies, turnaround seen as write-downs set to fizzle out, earnings forecasts upgraded, reports Nikkei. Nippon Yusen Kabushiki Kaisha (NYK Line) reported the largest net loss for the nine-month period which amounted to JPY 226 billion ($ 1.98 billion) in the first nine months of fiscal year 2016 ended December 31.
'K' Line: Change of Executive Officers
Kawasaki Kisen Kaisha Ltd (“K” Line) announced changes to executive officers. “K” Line has promoted Senior Managing Executive Officer Kazutaka Imaizumi to the position of chairman of “K” Line India Private Ltd., Executive Officer Aka Hiraoka to counselor of “K” Line Logistics Ltd., and Executive Officer Tomoyuki Okawa to chief executive officer of “K” Line Offshore AS. Tomoyuki Okawa will provide assistance to Energy Transportation Business…
D’Amico Sells Two MR Vessels
D’Amico International Shipping (DIS) announced that its operating subsidiary d’Amico Tankers (Ireland) sold MT High Endurance and MT High Endeavour, two vessels in favour of Sea World Tankers a clients of Sea World Management SAM, for a consideration of US$ 13.5 million each. The two 46,992 dwt medium-range product tanker vessels were built in 2004 by STX, South Korea. d’Amico Tankers will maintain…
DryShips Completes $200mln Equity Investment
DryShips has announced that it has successfully completed the previously announced $200.0 million common stock offering, in which the Company raised net proceeds of $198.0 million, pursuant to the Common Stock Purchase Agreement entered into by the Company on December 23, 2016. Following the completion of the offering, the Company has approximately 36,253,870 common shares outstanding. Mr. The Company is a diversified owner of ocean going cargo vessels that operate worldwide.
Digitalisation to Boost Future Shipping
As a prelude to the 'e-Navigation Underway’ conference, which will take place during the next two days, South Korea's Director General for Maritime Affairs, Mr. Kwang-Youl Park, visited the DMA to talk about cooperation on digitalisation and e-Navigation. Director General Andreas Nordseth from the Danish Maritime Authority said: "We are pleased about our cooperation with South Korea. In 2014, Denmark and South Korea concluded a Memorandum of Understanding to develop e-Navigation.
Old Ships, Not Enough New Tricks?
As widely expected, the opening of the new, expanded locks at the Panama Canal in June 2016 has considerably impacted the ‘old Panamax’ containership sector, says a report by Clarkson Research Services. The displacement of these narrow beam vessels, resulting from the upsizing of services through the canal, has driven a change in deployment patterns in this sector and also contributed to a record level of containership demolition.
LNG Imports in Turkey Projected to Reach 9 MMT by 2025
Rising demand from industrial sector, growing use for power generation and declining average landed prices to drive demand for LNG in Turkey through 2025, says TechSci Research report on Turkey LNG Market. LNG Imports in the country is projected to surpass 9 MMT by 2025. Increasing application of LNG in industrial sector for manufacturing of glass, ceramics, fertilizer, cement and steel, coupled with…
Lake Assault to Build 43 Barges for San Antonio
Lake Assault Boats said it has secured a $6.5 million contract to build 43 river barges for the City of San Antonio, Texas. The versatile and reconfigurable craft will become a component of San Antonio’s River Walk experience that connects retail stores, restaurants, office buildings and tourist attractions throughout the city. City officials visited Lake Assault facilities on December 6 and 7 for preproduction meetings.
Two New Response Boats for Jordan
Fincantieri Marinette Marine (FMM) said it has been awarded a U.S. Coast Guard contract for two additional Response Boats–Medium (RB-Ms) vessels as part of a Foreign Military Sale to The Hashemite Kingdom of Jordan. This award brings the total number of RB-Ms to 176 built by Team RB-M, originally formed by FMM and Kvichak Marine. FMM will act as the prime contractor and program manager, and the vessels will be built by Vigor at its Ballard, Wash. facility (formerly Kvichak Marine).
Swedish Town Karlshamn Says 'Yes' to Gazprom Port Deal
Officials in Karlshamn in southern Sweden will allow Russia's Gazprom to use the city's port for the construction of its Nord Stream 2 gas pipeline after the government dropped its objections…
Oil Prices Won't Reach 'Desired Level' before 2018, Iraq Says
Oil prices will not reach "levels desired" by Iraq before the end of 2018 or 2019, Iraqi Prime Minister Haider al-Abadi said on Tuesday in Baghdad. "Demand has increased and this has helped raise the prices but it won't return to the level of 2013" when crude exceeded $100 a barrel, he told a news conference. "Oil will not reach a desired level before 2018 or 2019," he added, without indicating Iraq's desired price. Iraq is OPEC's second-largest crude producer, after Saudi Arabia.
Smart Shipping: Transas CEO Sifts through the Hype
Transas CEO Frank Coles delivered a presentation at 2017 SMART4SEA Conference & Awards, where he voiced his views on “smart shipping”, from big data and cyber security to unmanned ships. We live in a world where we hear the words, smart ships, connected ships, unmanned ships, automated ships, etc. We hear statements about a digital shipping world and a forecast of new business models in shipping. It’s a confusing world, a fast moving world.
Bath Iron Works Lays Keel of DDG 1002
General Dynamics Bath Iron Works celebrated the keel laying of the third and final Zumwalt-class destroyer, future USS Lyndon B. Johnson (DDG 1002), on January 30. The U.S.
Marine Surveying and Consultancy – An Introduction
Having been an independent marine surveyor and consultant for many years, author and educator Mike Wall has based his new book Marine Surveying and Consultancy – An Introduction on experience. Primarily aimed at those wishing to become independent marine surveyors and consultants, the book covers many aspects of their work with some covered in depth. Marine surveys are of two types, proactive and reactive.
Video: LNG-powered Dredger Scheldt River Launched
DEME Group’s second LNG-powered trailing suction hopper dredger (TSHD) Scheldt River is part of a new generation of dual fuel hoppers that set out to achieve new standards in environmental performance. Launched January 14 at Royal IHC's shipyard in Krimpen aan den IJssel, The Netherlands, the 7,950m3 vessel possesses a number of innovative features and technologies, including an IHC-patented two-speed gearbox as well as a newly developed wing-shaped bow thruster tunnel.
Vestdavit Offers Speed Boost or Power Saving Choice
Client consultation and a full internal technical review have prompted Vestdavit to refine lifting speed vs power options available across its entire davits range. The boat handling specialist has been focusing on how best to optimize equipment hoisting and lowering speeds within available power constraints, or reduce power while maintaining speeds. “Optimizing the handling speed/power balance is a precondition for our equipment…
Lloyd’s Register Sets Its Sights Subsea
Eying a subsea sector rebound, Lloyd’s Register (LR) aims to bring its expertise to underwater operations in offshore oil and gas as well as wind farm power generation and submarine cable markets. The provider of integrity, compliance and specialist risk consulting services has launched Subsea Inspection Services, which it said will support underwater inspections of subsea pipelines, assets and facilities to energy companies operating offshore.
Bibby Topaz Charter Extension
Bibby Offshore, provider of subsea installation and services to the offshore oil and gas industry, said it has secured a long-term extension to the charter of its dive-support vessel (DSV) Bibby Topaz, owned by Volstad Maritime. The terms and conditions of the extended charter arrangement have been adjusted to reflect the current market environment. According to Bibby Offshore, the charter extension allows it to maintain and grow the group’s market share in the North Sea DSV market.
Horizon Signs Remaining Options for NYC Ferry Builds
Horizon Shipbuilding, Inc. said it has been awarded five additional citywide ferries by HNY Ferry Fleet, LLC. The award brings the total ferries Horizon is building to 13 and completes the initial 19 boat citywide ferry contract. Two of the five vessels will be delivered as part of the 2017 package, with the remaining three scheduled for delivery in 2018. Horizon has 10 hulls under production, and the vessels are currently on schedule…
SES, Satcom Global Sign Agreement for Ku-band Network
SES S.A. has announced that Satcom Global, a provider of global satellite communications services to the maritime and land sectors, will become a key partner for SES. The differentiated mobility solution will form a crucial part of Satcom Global’s new Ku-band VSAT service, Aura, providing seamless, reliable and high-speed connectivity to hundreds of maritime, offshore and land customers. The agreement…