Indian LNG Import Tax Halved
India, the world’s fourth-largest buyer of liquefied natural gas (LNG), has announced plans to halve its basic customs duty on imports of the chilled fuel. Indian Finance Minister Arun Jaitley presenting the Budget for 2017-18 in Parliament halved the import duty on LNG to 2.5 per cent, a move that will help cut cost of power and fertiliser production. "Considering the wide range of use of LNG as fuel as well as feed stock for petro-chemicals sector…
Excelerate to Develop Second FSRU for Port Qasim
Excelerate Energy will deliver its second floating storage and regasification unit (FSRU) to Pakistan following negotiations with a consortium comprising Engro, Fatima, and Shell. It is expected to be the country's 4th such floating terminal. The FSRU will be based at Port Qasim where Excelerate has had an FSRU, Exquisite, operating since March 2015 chartered to Engro-owned Elengy. Excelerate has a…
Evergreen May Turn Around
Evergreen Marine Corp, which has been battered by falling freight rates due to a prolonged supply glut, may swing into profit this year as market conditions improve in the global shipping industry, reports Taipei Times. The paper quoted Capital Investment Management Corp as saying that Evergreen is expected to post profit of NT$689 million (US$22 million) for this year, compared with an estimated loss of NT$5.65 billion for last year.
Reach Subsea Enters Survey Deal for Edda Fonn
Norwegian owner of offshore inspection vessels Reach Subsea has secured a contract for its Edda Fonn vessel. According to Reach Subsea, the contract is for an ROV/survey work covering the next 40 days for Edda Fonn. Commencement will be this week. The details in the contract are confidential. Edda Fonn is a vessel used for IMR, survey and light construction services. The company claims that Edda Fonn is a high quality…
HMAS Darwin - the First Lady of the Fleet
HMAS Darwin has been recognised as the Navy’s most senior commissioned ship, with the presentation of a newly created perpetual trophy, the First Lady of the Fleet. Commander Australian Fleet, Rear Admiral Stuart Mayer, presented the trophy to Darwin in January, with the most senior female sailor in the Fleet, Warrant Officer Jo Jordan, and engineer of the award Warrant Officer Andrew Jocumsen, and creator of the title, Flag Officer Lieutenant Alexandra Rayner, watching on.
Vessel Oversupply to Continue in Chemical Shipping
Chemical shipping vessel supply on major routes has been in surplus with many newbuilding deliveries and swing tankers flooding the market. As a result, freight rates on long-haul routes will continue to be challenged by surplus large vessels over the next two years, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. Time charter rates weakened in 2016, especially for larger tankers, and freight rates on major long-haul routes dropped.
Indian Ports to Go Green
The Indian Ministry of Shipping, as a part of its ‘Green Port Initiative’ has been emphasizing on use of renewable sources of energy to power Major Ports across the nation. The Ministry aims to set up 91.50 MW of solar energy capacity at the twelve Major Ports and 45 MW of wind energy capacity by the two Major Ports of Kandla and V. O. Chidambaranar. Major Ports have started the process of setting-up renewable energy projects by investing Rs.704.52 crores ($ 104 million) in these projects.
Teekay, GTT Extend Technical Service Agreement
The shipowner Teekay and GTT have recently signed a Technical Service Agreement (TSA) extended with new advisory services. This agreement applies to 23 vessels equipped…
Dragflow Cutterhead for Harbor Dredging
Dragflow has delivered a dredging hydraulic pump with frontal cutterhead to an Iranian company for the construction of a fishery port near Jask area in the Persian Gulf, South of Iran. Before finding in Dragflow equipment the best solution, they were dredging mechanically with a long boom excavator on a barge. As the operation were too slow, they decided to switch to the hydraulic dredging by connecting Dragflow HY85/160HC equipped with DTM85 cutterhead on the CAT345 boom.
New Land-based Solution for Vessel Traffic Monitoring
According to marine navigation software firm Nobeltec, part of FURUNO Group, its new TZ Coastal Monitoring ready-made packages provide the advantages of a standard system that covers most business requirements at a fraction of what it would cost to have such a system custom-developed. The solution allows users to monitoring and identify vessels and other navigational objects, optimize port infrastructure utilization…
Swiss Group MSC Acquires Hanjin's Stake in U.S. Ports Operator
A unit of Swiss shipping group MSC has bought a stake in U.S. ports operator Total Terminals International (TTI) from Hanjin, MSC said on Wednesday, having overcome…
Schottel's Strahberger: One Year at the Helm
Schottel, a ubiquitous German-based maritime propulsion company, is firing on all cylinders and preparing now for the inevitable maritime market upturn. As Schottel’s new Managing Director, Dr. Christian Strahberger, closes in on his first year at the helm, he discusses the strategy with Maritime Reporter & Engineering News. While the maritime industry endures an overall downturn, quality, long-term companies see opportunity amidst the challenge…
Roxtec Services AB Approved by Lloyd’s Register
Roxtec Services AB has been audited by the classification society Lloyd’s Register and has received an official approval for inspection and maintenance services of cable and pipe transits. This approval sets new standards for long-term safety at sea. Roxtec Services AB is part of cable and pipe sealing solution provider Roxtec Group. The company offers services for the marine and offshore industries…
Baleària Orders Two Dual Fuel Ferries
Spanish shipping line Baleària said it has reached an agreement with the Italian shipyard Cantiere Navale Visentini to build two dual-fuel sister ferries, measuring 186.5 meters in length and a capacity for 810 people, 2,180 linear meters of cargo and 150 cars. The total investment in these vessels is some 200 million euros (approximately $215 million USD); they are expected to be operational by the end of 2018.
Kapellskär Port adds two quay-berths
An important milestone has been reached at the Port of Kapellskär, now that all five quay-berths are in operation at this state-of-the-art port. The Port of Kapellskär has been expanded and now has two piers and a total of five modern quay-berths. The new 245 metre-long pier has been in operation since summer 2016. The original pier has been extensively renovated and is now ready for traffic. “An important…
Total, CMA CGM Prepare for New Environmental Regulations
Total, the world’s fourth-ranked international oil and gas company, and CMA CGM, a leading worldwide shipping group, have signed a three-year memorandum of understanding. The two partners will be combining their expertise to prepare for stricter fuel regulations in the shipping industry and further reduce the sector’s footprint by developing solutions that make container ships ever more environmentally-friendly. - Fuel oil with a sulfur content of 0.5%.
VTS system for Port Hedland
Pilbara Ports Authority has awarded a contract to Australian Maritime Systems Pty Ltd to design and install a Vessel Traffic Services (VTS) system in a new state-of-the-art shipping control tower in Port Hedland. The VTS system is a critical component of the new Integrated Marine Operations Centre (IMOC), which would help manage the safe and efficient movement of approximately 6,000 vessel movements through the port each year.
Caterpillar mulls Global Headquarters in Chicago
Caterpillar Inc. announced today it will locate a limited group of senior executives and support functions in the Chicago area later this year and reaffirmed the ongoing importance of its presence in Peoria and Central Illinois. “Caterpillar’s Board of Directors has been discussing the benefits of a more accessible, strategic location for some time,” said Caterpillar CEO Jim Umpleby. “Since 2012, about two-thirds of Caterpillar’s sales and revenues have come from outside the United States.
Finalists of Mersey Maritime Industry Awards Announced
The finalists of the 2017 Mersey Maritime Industry Awards (MMIAs) have been announced. The winners will be revealed at a prestigious black tie dinner that will have a Ministerial presence and promises to bring together the best of the maritime industry right across the Maritime, Logistics and Energy spectrum in the region. The MMIAs are organised by sector representative body Mersey Maritime and the…