SM Group Mulls More Takeovers
South Korea’s Samra Midas Group (SM Group) said that it is looking to acquire some overseas shippers, among other businesses in an effort to expand its foothold in the maritime sector, Yonhap News Agency cited one of the company’s officials. SM Group, which was picked as the preferred bidder for STX Corp., a general trading company, last week, also purchased the now-defunct Hanjin Shipping Co.'s U.S.-Asia route and other assets for 37 billion won (US$32 million) late last year.
Emas Offshore Braces for Ezra’s Bankruptcy
The EMAS Offshore (EOL) board of directors warns that the Chapter 11 filing of parent company Ezra Holdings may negatively impact EOL and its subsidiaries, which could possibly lead it to face a going concern issue. As at 30 November 2016, the Group had an aggregate amount of approximately US$170 million owing to Ezra, of which US$125 million was subject to a deferred payment over a period of three years, says a statement from the company.
DP World’s Net Income Exceed USD 1 Bln for First Time
Dubai-based port and terminal operator DP World announced strong financial results from its global portfolio for the twelve months ending 31 December 2016, despite “significant challenges” in the industry. On a reported basis, revenue grew 4.9% and adjusted EBITDA increased 17.4% with adjusted EBITDA margin of 54.4%, delivering profit attributable to owners of the Company, before separately disclosed items, of $1,127 million, up 27.6%, and EPS of 135.7 US cents.
Ship Systems and Equipment Meeting Underway
The first set of international requirements for onboard lifting appliances and winches are expected to be finalized during this week’s meeting of the Sub-Committee on Ship Systems and Equipment (SSE). The draft amendments to SOLAS as well as any necessary related guidelines will be submitted to the Maritime Safety committee (MSC) in June for consideration. Also set for completion are draft amendments to the 2009 Mobile Offshore Drilling Units (MODU) Code…
Market Volatility Affects Sovcomflot
Sovcomflot is one of the world’s leaders in energy shipping as well as in servicing offshore upstream oil and gas projects. It has reported lower time charter equivalent revenue (TCE) of USD 1,142.2 million (2015: USD 1,240.1 million), EBITDA of USD 706.5 million (2015: USD 780.1 million) and net profit of USD 206.8 million (2015: USD 354.5 million). Sergey Frank, President and CEO of Sovcomflot said: “Sovcomflot has delivered a solid set of results for 2016…
Australian Navy: Torpedo Firings on the Mark
The Royal Australian Navy has tested its primary anti-submarine warfare weapon during Exercise OCEAN EXPLORER off the coast of Western Australia recently. HMAS Melbourne, with the support of Collins class submarine HMAS Dechaineux, conducted three exercise firings of its MU90 torpedo. Staff Officer Force Anti-Submarine Warfare Lieutenant Commander Chris Straughan from the Australian Maritime Warfare Centre embarked in Melbourne for the trial.
An Undeterred Determination to Be On the Water
Mercury Marine develops and manufactures technology designed to enhance the boating experience. The marine engines manufacturer recently teamed up with Belzona boats to “Go Boldly” on the water with former University of Wyoming basketball star and lifelong boating enthusiast Nichole Rider. “My dad bought a power boat when I was five years old; it just changed my life,” Rider said. But while in college, Rider was involved in a near-fatal car accident.
Alfa Laval Continues to Develop PureSOx
Alfa Laval’s SOx scrubber platform PureSOx is available in multiple operating arrangements, two scrubber designs and a range of compliance profiles for meeting the 2020 global sulphur cap. Working closely with customers, Alfa Laval said it is pursuing improvements and options to make it even more flexible and optimized. PureSOx was launched in 2012 to let vessels meet SOx limits while continuing to use economical heavy fuel oil.
Fishing Vessel Captain Pleads Guilty to Pollution Charges
A captain of the fishing vessel (F/V) Native Sun pleaded guilty in federal court in Seattle for discharging oily-waste directly into the ocean in violation of the…
Odfjell Inks LOI for Additional Chemical Tankers
Odfjell SE said it has signed a letter of intent (LOI) for two additional chemical tankers to be built by Hudong-Zhonghua Shipbuilding Co., Ltd. in China. The capital…
Potential Maritime Disaster Averted
Collaboration between the Ports of East London and Ngqura, together with the South African Maritime Safety Authority (SAMSA), helped avert another potential maritime disaster in the Eastern Cape during the past week. Transnet National Ports Authority (TNPA) towed the BBC Shanghai, a 101 meter long general cargo vessel with 11 crew members on board, safely into the Port of East London on Friday, March 17, after she suffered engine failure en route from Durban to Lagos.
Four New Expedition Cruise Vessels Ordered
SunStone Ships, Inc. and China Merchants Industry Holdings Co., Ltd. (CMIH) have signed a framework agreement for the construction of four expedition vessels with options for an additional six vessels. The new vessels will be part of the SunStone Fleet and chartered to new and existing clients. CMIH has entered into an agreement with Ulstein Design & Solutions, who will supply the vessel’s design and equipment package, as well as the supervision for the building of the vessels.
Damen OPV Roadshow Tours Australia
Damen Shipyard Group’s Australian team has delivered two more industry briefings to potential suppliers from Australian industry ahead of its bid submission for the design and build of 12 offshore patrol vessels (OPV). Following February’s events held in Adelaide and Perth, Damen hosted a third in Brisbane on March 15 and a fourth two days later in Melbourne. The Damen group is one of three international…
Rolls-Royce, Stena Line Partner on Ship Intelligence
Rolls-Royce said it has signed a deal with Swedish ferry company Stena Line AB to collaborate in the development of its first intelligent awareness system. Intelligent awareness systems will make vessels safer, easier and more efficient to operate by providing crew with an enhanced understanding of their vessel’s surroundings, according to Rolls-Royce. This will be achieved by fusing data from a range of sensors with information from existing ship systems…
Hapag-Lloyd, Inmarsat Ink Fleet Xpress Deal
Global mobile satellite communications services provider Inmarsat has signed a five-year contract with Hapag-Lloyd to migrate all ships directly managed by the shipping line to services enabled for Fleet Xpress. Hapag-Lloyd, the sixth largest container shipping operator in the world by Twenty Foot Equivalent Unit (TEU) capacity, will transition all existing ships that it manages in-house from Inmarsat FleetBroadband services to Fleet Xpress.
New Nautican Facility Readies First Shipment
The new Nautican Research and Development manufacturing and integration facility in Summerside, Prince Edward Island, opened in December 2016 with the support of Babcock Canada and the provincial government. The first shipment, a set of rudders, is nearing completion and will soon be delivered to Pacific Fisherman in Seattle. The new facility produces Nautican’s High-Efficiency marine propulsion products.
OP/Ed: Obama’s Arctic Decision Undercut His Own Legacy
On December 20, 2016, in an 11th hour unilateral action designed to cement his environmental legacy, President Obama withdrew 3.8 million acres in the north and mid-Atlantic Ocean and 115 million acres in the U.S. Arctic Ocean (including the entire Chukchi Sea and a significant portion of the Beaufort Sea) from future oil and gas leasing. Unlike the five year moratoria announced by Canada, President…
Already Strong on the US West Coast, Scania Looks East
Go east, young man, go east: Scania’s market reach grows with a key workboat contract. The reasons why are easy enough to see. When Scania announced its recent deal with Potomac Riverboat Company, part of the Entertainment Cruises family, to deliver eight, EPA Tier 3, 500 HP DI 13-liter engines in 2017 to power its high-speed, low-wake water taxis in Washington, DC, it marked the beginning of what is so far a good year for the San Antonio-based engine manufacturer.
MAN 48/60CR Engines for New US Navy Tankers
The U.S. Navy has chosen the Fairbanks Morse MAN 12V48/60CR engine as main propulsion for a new series of 17 ships as it begins plans to phase out its existing tanker fleet. Known colloquially as oilers, the existing aging fleet of 15 tankers is used to transfer fuel from coastal ports to naval vessels at sea. Lex Nijsen – Head of Four-Stroke Marine – MAN Diesel & Turbo, said, “The U.S. Navy knows our 48/60 engine very well…
Denmark Studies Autonomous Shipping
In the future, autonomous ships may have a central role to play in Denmark. A pre-analysis made by the Danish Technological University (DTU) and the Danish Maritime…