Teekay Offshore Sees Profit Drop
Teekay Offshore Partners has reported GAAP net income attributable to the partners and preferred unitholders of $92.0 million and adjusted net income attributable to the partners and preferred unitholders of $8.5 million in the fourth quarter of 2016. Teekay Offshore has generated GAAP income from vessel operations of $56.5 million and $230.9 million, respectively, and total cash flow from vessel operations(1) of $134.8 million and $584.3 million…
Allseas Bags Nord Stream 2 Project Contract
Following an international tender process, Nord Stream 2 AG have awarded a contract for offshore pipelay of the Nord Stream 2 natural gas pipeline through the Baltic Sea to Allseas. The company will undertake offshore pipelay works for both lines in 2018 and 2019. Allseas will use three pipelaying vessels – Pioneering Spirit, Solitaire and Audacia. The utilisation of the dynamically-positioned pipelay vessels…
Safe Bulkers Reports 4Q Loss
Greece-based Safe Bulkers (SB) has reported a loss of $4.6 million in its fourth quarter. On a per-share basis, it has a loss of 9 cents. Net revenues for the fourth quarter of 2016 increased by 6% to $31.7 million from $29.9 million during the same period in 2015. For the year, the company reported that its loss narrowed to $56 million, or 83 cents per share. Revenue was reported as $109.8 million.
Teekay LNG Reports Profit in 4Q
Teekay LNG Partners has reported GAAP net income attributable to the partners and preferred unitholders of $84.4 million and adjusted net income attributable to the partners and preferred unitholders of $29.0 million in the fourth quarter of 2016. “During the fourth quarter, the partnership continued to generate stable cash flows supported by a diversified portfolio of long-term contracts totaling approximately USD 12 billion in forward…
Nordic American Offshore Announces Public Offering
Nordic American Offshore (NAO) has announced an underwritten public offering of 33,333,333 common shares pursuant to the Company’s effective shelf registration statement. Morgan Stanley & Co. LLC, DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (publ) are acting as joint bookrunning managers for the offering. The Company also intends to grant the underwriters a 30-day option to purchase 5,000,000 additional common shares.
ABS Takes the Lead as First Class Society to Earn EU MRV Accreditation
ABS, a leading provider of classification and technical services to the marine and offshore industries, was awarded accreditation by Greece’s National Accreditation Body, the Hellenic Accreditation System (ESYD), to perform assessments for European Union (EU) Monitoring, Reporting and Verification (MRV) compliance. “We are proud to be the first class society accredited to perform EU MRV assessments,” says ABS Chairman, President and CEO Christopher J. Wiernicki.
Keel Laid for Teekay’s First New Canada Tanker
Teekay Offshore will be the sole supplier and operator of shuttle tankers sfor East Coast Canada(ECC), says Teekay Corporation. On February 15, the keel laying ceremony for Teekay’s first shuttle tanker newbuilding for ECC took place at the Samsung Heavy Industries shipyard in Korea. This milestone marks the end of the block building period as well as the beginning of the next phase – to complete the newbuilding with all its systems.
US Tanker Liberty Sails for Sea Trials
U.S. shipbuilder General Dynamics NASSCO said it has sent the newly built Jones Act tanker Liberty to sea for testing and trials. The 610-foot-long Liberty set sail for the first time on Monday, February 20 to undergo sea trials before delivery later this year. Liberty is the third and final tanker to be constructed as part of the ECO Class program for SEACOR. The three vessels are each 50,000 deadweight ton LNG-conversion-ready product carriers with a 330,000 barrel cargo capacity.
ABS Earns EU MRV Accreditation
Greece’s National Accreditation Body recognizes ABS as EU MRV frontrunner. ABS said it was awarded accreditation by Greece’s National Accreditation Body, the Hellenic Accreditation System (ESYD), to perform assessments for European Union (EU) Monitoring, Reporting and Verification (MRV) compliance. “We are proud to be the first Class Society accredited to perform EU MRV assessments,” said ABS Chairman, President and CEO Christopher J. Wiernicki.
Damaged Tug Heads to Seattle for Repair
The U.S. Coast Guard said it has green lighted a transit plan for the damaged tug Samson Mariner to head south from Ketchikan, Alaska for repairs in Seattle. The…
Chao Phraya: A Floating Food World
For many years, the Supatra River House on the Chao Phrya River, has been a favorite with Thai and foreign dinners. Situated on the Thonburi side of the river, the most favored approach to the restaurant is by boat. To that end, the owner, Khun Supapan maintains a fleet of beautifully restored Chao Phraya River water taxis. These can pickup dinners from their riverside hotels or any one of the Express Boat docks, including Tha Maharaj pier on the Bangkok side across from the Supatra River House.
LR Tankers Taken for Gasoline Storage in Asia
Singapore gasoline cracks have averaged $10.72/bbl in February so far, down by 12 percent y-o-y but still relatively firm. Robust demand from the Middle East and intra-Asia as well as a flurry of both planned and unplanned refinery outages have been supporting gasoline cracks. ADNOC recently bought nine 27 kt cargoes over March-April delivery as its 127 kb/d RFCC remains shut from a fire. The shutdown…
Hull Failure, Flooding, Led to Fishing Vessel Casualty
The December 2015 sinking of fishing vessel Orin C and fatality of a mariner on board were cause by structural failure of the vessel’s hull and subsequent flooding, according to a marine accident brief released by the National Transportation Safety Board (NTSB). After suffering an engine failure off the Massachusetts coast on December 3, 2015, the 51-foot Orin C was taken in tow by a Good Samaritan fishing vessel, the Foxy Lady.
Pronomar Delivers for Bernard Schulte’s New SOVs
Pronomar said it has provided drying systems to Bernard Schulte Ship Management, for the company’s two new service operations vessels (SOVs), Windea La Cour and another to-be-named, working under contract for SIEMENS in the 600 megawatt Gemini wind farm in the Dutch part of the North Sea. The vessels, constructed at the Ulstein Verft shipyard in Norway, have accommodation for 60 persons in single cabins, of which 40 cabins are dedicated to technicians.
New Sat Comms Expert for the Greek and Cypriot Markets
Marlink has signed an agreement to enter into a joint venture with the satellite connectivity business of Greece and Cyprus based TNL Group, enabling it to launch…
POSH Takes Delivery of Two Singapore-built Tugs
Two Azistern 3270 tugs designed by Offshore Ship Designers (OSD) have been delivered to their new owner, PACC Offshore Services Holdings Limited (POSH Singapore), the Asia-based international offshore support vessel operator. Posh Husky and Posh Hardy were built at Paxocean Shipyard in Singapore. They are classed by Bureau Veritas, and fly the Singapore flag. The 488 gt vessels have a LOA of 31.62 m, a bollard poll of 72 tonnes, and a maximum speed of 13 knots.
GasLog LNG Services Selects E-learning Solution
LNG tanker shipmanagement company GasLog LNG Services Ltd. has selected Seagull Maritime’s e-learning material & Competence Management platform for use fleet-wide, in manning offices and online, along with the Crew Evaluation System for its main office in Greece. GasLog LNG Services Ltd. currently operates a fleet of 23 LNG tankers with an extensive new building program underway. “At GasLog we pride ourselves on our outstanding record of safety…
Egypt Rejects Russian Wheat Cargo
Egypt has finalised its rejection of 18,000 metric tons of Russian wheat that prosecutors seized at an Alexandria port in November, traders with direct knowledge of the matter said on Thursday.
Dry Bulk Back from the Brink
While the tanker industry worries about OPEC reducing output and the container industry rushes to consolidate, dry bulk values have been quietly increasing. VesselsValue senior analyst William Bennett digs through the data to uncover the reasons why. Bulker values in the last 12 months have hit rock bottom and are now looking to show considerable promise. Five-year-old handysize values are up by over 40 percent; as are 15-year-old Panamax and Supramax asset prices.
OLT Seeks up to 20 LNG Cargoes
Italy's OLT LNG import terminal moored off the Tuscan coas t is seeking up to 20 cargoes of liquefied natural gas (LNG) for delivery between April and September, two trade sources with direct knowledge of the tender said on Thursday. The Italian firm is seeking delivery of two cargoes in September, three cargoes in the months of April and June, and four cargoes in May, July and August. The tender closes on Mar. 6 and will have same-day validity, the sources added.