Hyundai Merchant Sees More Losses
South Korea's largest deep sea carrier Hyundai Merchant Marine expects to post losses through the first half of next year due to poor market conditions, reports Bloomberg quoting its CEO Yoo Chang-keun. “This year will be the year to strengthen our financials,” Yoo told Bloomberg. “We are targeting to make an operating profit in the third quarter of next year. By early next year, we expect much of the overcapacity in the market will be resolved.
India Seeks Greater Belgian Participation in the Maritime Sector
Indian Minister of Shipping Nitin Gadkari met the Deputy Prime Minister of Belgium Alexander De Croo, in Mumbai to discuss bilateral issues concerning the maritime sector. Gadkari sought greater participation of Belgian companies in Sagarmala projects, inland waterways and development of industrial clusters. He talked about the immense opportunities that exist in India in the areas of coastal shipping…
Drewry Launches Credit Research Services for Maritime Sector
Drewry Financial Research Services Ltd., the investment research arm of global shipping consultancy Drewry, is pleased to announce the launch of a new credit research service on the global maritime sector. Through this extension to its established maritime equity research offering Drewry is now able to provide a full investment research service which includes in-depth analysis of the credit instruments…
Malaysian Oil Sector Rebalances Portfolios
New research by DNV GL, the technical advisor to the oil and gas industry, has revealed that confidence in growth in the Malaysian oil and gas sector has tumbled since 2014, from 96% to 21%, with tough, short-term, cost-cutting efforts expected to increase in 2017. Diversification will be a hallmark of 2017, with 49% of those surveyed looking to increase investment in, or diversify into, areas beyond oil and gas.
Singapore Wants New Gas Projects
New research by DNV GL, the technical advisor to the oil and gas industry, has revealed that more oil and gas professionals in Singapore (46%) than globally (31%) are looking for new gas projects. Nearly nine out of ten respondents (87%) believe that gas will become an increasingly important component in the global energy mix in the next ten years – ten percentage points higher than the global average.
Hapag-Lloyd Successfully Places Additional Notes
Hapag-Lloyd AG has successfully placed Additional Notes and was able to upsize the volume from the originally announced EUR 150 million to EUR 200 million due to high demand. The Additional Notes are issued under the indenture dated 1 February 2017 with a maturity of five years and a coupon of 6.75%. The emission price was 102.375% leading to a yield to maturity of 6.19%. The proceeds from the sale…
Port of Antwerp Opens New Training Centre in India
Indian port professionals who follow courses given in Mumbai by APEC, the port of Antwerp training centre, can now benefit from a purpose-built training facility. The new facility was officially opened on Monday this week during the annual Port of Antwerp Mission to India, in the presence of Belgian deputy prime minister Alexander De Croo, port alderman Marc Van Peel, APEC principal Kristof Waterschoot, JNPT chairman Shri Neeraj Bansal and Indian Port Association chairman Shri Sanjay Bhatia.
BAE Systems Wins $11.3M Navy Deal
BAE Systems Southeast Shipyards Mayport, Mayport, Florida, is being awarded an $11,351,440 cost-plus-award-fee modification to previously awarded contract N00024…
Fincantieri-led Team Submits Army MSV-L Proposal
Fincantieri Marine Group said it has submitted its proposal for the U.S. Army Maneuver Support Vessel - Light. Fincantieri leads an industry team comprised of CNIM, the designer of the Catamaran Landing Craft (L-CAT); Oshkosh Defense, a provider of tactical wheeled vehicles and life sustainment services; and other specialist partners, including Watercraft Logistics and FEDITC. “We’ve assembled a world-class team of industry partners in order to deliver to the U.S.
Damen Briefs Local Suppliers Ahead of Australian OPV Bid
As Damen Shipyards Group prepares its SEA 1180 OPV Program tender to the Australian Ministry of Defense, the Dutch shipbuilder said it has held two industry briefings aimed at Australian companies active in the maritime and defense industries. Now in the preliminary stages of the tender process, Damen said it held the briefings in Adelaide on February 3 and in Perth on February 5 “to become better acquainted with the capabilities…
Two New Builds Delivered to Subsea 7
Offshore engineering, construction and services company Subsea 7 said it has taken delivery two new builds: a heavy construction flex-lay vessel Seven Arctic and dive support vessel Seven Kestrel, completing its substantial fleet investment program that has added six newly constructed vessels to its fleet since 2014. Designed to meet the demands of deep water and harsh environments, including both tropical and winter conditions…
North American Ferries: Faster, Greener & Safer
Domestic ferries adjust their business models to met regulatory pressures and exceed environmental standards with an eye towards improved service. And, not a minute too soon. In North America, stalwarts in the ferry business continue to shorten journey times compared to surface alternatives, while at the same time, bring accessibility to barrier and coastal islands that would otherwise be impossible to reach.
China's Emerging Ship Repair Leader
Maritime Reporter & Engineering News interviews Chen Yong president Zhoushan IMC YongYue Shipyard Engineering Co., (IMC-YY) an emerging leader in ship repair and conversion in China. For our readers not familiar with IMC-YY, can you describe your physical facilities? Houshan IMC-Yougyue Shipyard & Engineering’s success starts with its physical facilities, which includes two graving docks (300,000 dwt…
Rudy Teichman: A Marine Salvage Legend
Rudy Teichman, a legend in the U.S. marine salvage industry, founded T&T in 1957, now one of the world’s largest international salvage companies. In a sense, Rudy was larger than life and one who was often referred to as a “force of nature.” He was an entrepreneur, inventor, salvor, deep sea diver, airplane pilot, licensed mariner, restaurateur, musician, philanthropist, mechanic, machinist, politician, and husband, father and grandfather.
Lawsuit Drags BP's Oil Trading Division into the Red
BP's oil trading business, one of the biggest in the sector, reported a rare loss in the fourth quarter after it lost a $70 million lawsuit over an oil cargo delivered to a Moroccan refinery. BP's Chief Financial Officer Brian Gilvary said due to flat trading positions ahead of a crucial OPEC meeting at the end of November, and the lawsuit, the company's oil trading division made a "small loss" in the fourth quarter.
Salvage and Marine Firefighting Verification
The U.S. Coast Guard regulations regarding salvage and marine firefighting (SMFF) as elements of vessel response plans (VRPs) for tank vessels have been in place since December 31, 2008. On September 30, 2013, these regulations were expanded to include non-tank vessels with a capacity of 2,500 barrels or greater of fuel oil. The VRP requirement was established by the Oil Pollution Act of 1990 (OPA 90). be resubmitted for approval of each significant change.
Huisman's Brazil Arm Delivers Its First Crane
Huisman said it is about to deliver the first crane built and tested at its production facility in Navegantes, Santa Catarina state, in the south of Brazil. This 50mt (Deck) Knuckle Boom Crane is the first of an order of two 50mt (deck) Knuckle Boom Cranes for DOF/Technip’s Skandi Olinda and Skandi Recife which are currently being built at Brazilian shipyard VARD Promar. These 50mt cranes (by a SMST design) are completely manufactured and tested at Huisman Brazil.
Norwegian Cruise Line Extends US-Cuba Sailings
Norwegian Cruise Line said it will add additional weekly roundtrip cruises from Miami to Cuba aboard Norwegian Sky, the largest vessel sailing to Cuba. Together with the five previously announced cruises scheduled in May 2017, these 25 additional cruises will start in June 2017 and run through December 2017. Noting “great demand” for sailings to Cuba, Norwegian Cruise Line president and chief executive…
New Heavy Lift Jack-up Vessel Design
SeaOwls and Ulstein launched a new heavy lift jack-up vessel design, the SOUL, at the Offshore Wind Journal Conference on February 7. According to the designers, the cruciform structural lay-out makes the patent-pending solution more than 10 percent lighter than conventional jack-up vessel designs. In combination with a high capacity crane, SOUL enables operators to take the next step in developing offshore wind farms.
Retired Ferry Gets a New Lease on Life
A 50-year-old retired Washington State passenger ferry will get a refit, and with it another life as a floating entertainment space. Washington State Ferries (WSF) has sold its smallest retired ferry, Hiyu, for $150,000 to Menagerie Inc., who plans to repurpose the vessel as a floating entertainment venue. “We make every effort to keep our retired ferries operational, instead of being sold for scrap,” said WSF Chief of Staff Elizabeth Kosa.