Ocean RIG Files for Bankruptcy Protection in US
Rig contractor Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Under U.S.
Baltic Index Streaks to Highest Level since 2014
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, continued its gaining streak on Tuesday with a fresh more-than-two-year high, driven by strong demand for large iron ore vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 51 points, or 4 percent, at 1,333 points, its highest level since November 11, 2014.
The Switch Returns to Profitability
Advanced drive train technology specialist The Switch said it has seen a sharp jump in growth over last year, increasing its net sales from $43 million to more than $78 million, and returning to profitability after several years of losses. “The Switch financials finally started to improve briskly in the right direction,” said Dag Sandås, The Switch CFO. “We are no longer dependent on just one big client, but we have more clients in different parts of the world, from Asia to Europe.
First Icebreaking LNG Carrier Ready for Service
The world’s first icebreaking liquefied natural gas (LNG) carrier, Christophe de Margerie, has berthed at the gas terminal at Sabetta Port in Russia, becoming the first vessel to do so. Built by Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) in South Korea, the tanker was designed to order for SCF Group, specifically to serve Russia’s Yamal LNG project, and transport LNG year round in the difficult ice conditions of the Ob Bay and Kara Sea.
Hapag Lloyd-UASC Merger Hits Snags
A merger of Hapag-Lloyd and United Arab Shipping Company (UASC) has hit a snag, with the German shipping line and some banks seeking assurances that UASC's top shareholder Qatar remain committed to the deal for the long term, sources say. Hapag Lloyd Chief Executive Rolf Habben Jansen told a news conference this week he had underestimated the complexity of the 7 billion to 8 billion euro ($7.6-$8.7 bln) deal, which will create one of the world's largest shipping lines.
Apply Now for the MN100
The August 2017 edition of Marine News, the leading voice in the North American workboat market, will feature 100 leaders and innovators, including workboat owners and operators, workboat builders and repairers, and product and service providers. Is your firm a top 100 workboat, brown water or inland enterprise? Participation is free, but to be considered you must apply at the link below.
Future Care CEO Discusses Tele-medicine for Maritime
Future Care, Inc. CEO Christina DeSimone presented at this year’s CMA Shipping 2017 Conference, held in Stamford, Conn., where she discussed the mitigation of crewmember medical claims utilizing innovative techniques, such as Tele-Medical Physician Advice at Sea and Future Care’s unique Caring for the Crew Program. DeSimone focused on the idea that medical triage for crewmembers begins on board the vessel, and should be utilized for any medical incident, no matter how small.
Simulation: The Centre for Marine Simulation
St. CMS operates a range of marine simulation equipment that covers a broad range of marine and offshore activities. Much of the equipment is highly specialized and unique including fully motion capable simulators. The center also provides technical management and support of simulation equipment that is used by other parts of the Marine Institute. CMS simulation activities can be divided into three main areas; Training, Industrial Response, and Applied Research.
Cabotage Rules Changes Proposed
On January 18, 2017, the U.S. Customs and Border Protection (CBP) proposed in its Customs Bulletin & Decisions newsletter a significant change to the U.S. cabotage rules. For many years, use of non-coastwise-qualified vessels in the transportation of pipeline repair material; anodes; pipeline connectors; wellhead equipment, valves and valve guards; damaged pipeline; platform repair material; and similar items from a U.S. point to another point within U.S.
The (Really) Big Lift
Cranes: much more than just critical equipment. At ZPMC, it means the supply chain itself. In post-Panamax world – that is to say one which includes an expanded, deepened and improved Panama Canal – there are many layers to the logistics onion. These include reinforced and improved berths and bollards, deepened blue water harbors, improved intermodal connections ashore and a reshuffling of ever larger tonnage for ports that can handle those ships.
Inert Gas Systems Produces Significant Fuel Savings
The Alfa Laval Automatic Fuel Efficiency Module (AFEM) is a new modification for reducing the fuel consumption of Alfa Laval Smit Combustion inert gas systems. It does so by ensuring the inert gas that keeps cargo safe during offloading is only generated in the exact amounts required. In a two-year pilot project, the AFEM allowed Italian shipping company Navigazione Montanari S.p.A. to achieve an average fuel savings of 30 percent.
China-bound Norwegian Joy Sets Sail
Norwegian Joy, Norwegian Cruise Line’s first custom-designed ship for the Chinese cruise market, began her journey to her home port of Shanghai, China this week, as she departed the Meyer Werft shipyard in Papenburg, Germany on Sunday, March 26 for her approximately 14-hour long conveyance along the Ems River. Measuring 1,094 feet long and 136 feet wide, the ship is the second in the line’s Breakaway-Plus class and the first that was purpose-built for China.
FMC's Doyle OKs Boxship Pact
Commissioner William P. Doyle of the Federal Maritime Commission issued the following statement today, Agreement to go into effect March 30, 2017. I voted today to allow the agreement styled the “Maersk/MSC/HMM Strategic Cooperation Agreement” to go forward. The parties to the agreement are Maersk Line, Mediterranean Shipping Company (MSC) and Hyundai Merchant Marine (HMM). However, I take this opportunity to convey to the parties concerns related the shipping public…
Model Training for Watch-Keepers
Nine officers from HMAS Sirius have attended a three-day course at Port Ash Ship Handling Training and Research Centre recently to improve their mariner skills. The centre, which is two hours north of Sydney, uses model ships on a man-made lake to teach ship control at low speeds in open, confined and shallow waters, with and without tug assistance. The manned model ships behave just like full-size ships, experiencing squat, interaction, and shallow water and bank effects in the same manner.
Project to Address Marine Bio-invasions Concludes
A decade-long project to promote implementation of an international treaty stemming the transfer of potentially invasive species in ships’ ballast water has reached a successful conclusion at a meeting of stakeholders from Governments, industry and UN bodies. The International Maritime Organization (IMO) has been executing the GloBallast Partnerships Program in collaboration with the Global Environment Facility (GEF) and the United Nations Development Programme (UNDP).
JNPT Gets Radiological Detection Equipment at Exit Gates
The Jawaharlal Nehru Port Trust (JNPT) in Mumbai has become the first major port in the country to install radiological detection equipment (RDE) at all its exit road and rail gates. An official press release said the Marine Department of the port had taken up the project and the work was awarded to the public sector Electronic Corporation of India (ECIL) in 2012 at a total cost of Rs. 23.324 crore. Twenty-eight Vehicle Monitor Systems have been installed at the Road, Rail, Exit Gates.
Navy on the Record Response to Andrew Greene Reporting
Recent reporting by the ABC that “Navy's largest ships unable to join Cyclone Debbie emergency response amid engine troubles” is misleading, said TW Barrett, AO, CSC, Vice Admiral, RAN, Chief of Navy. To assert, as the ABC did in its reporting that issues with HMA Ships Canberra and Adelaide has impacted on Defence providing support to anticipated disaster relief support in North Queensland is wrong.
Navy's Top Officer Visits Naval Station Rota
Chief of Naval Operations (CNO) Adm. John Richardson and Master Chief Petty Officer of the Navy (MCPON) Steven Giordano visited Naval Station Rota, March 27 and 28. During their time in Rota, Richardson and Giordono visited the Arleigh Burke-class guided-missile destroyer, USS Ross (DDG 71), ate lunch with the 2016 Sailors of the Year, viewed a display of Commander, Task Force 68 expeditionary equipment and held an "all-hands call" with installation Sailors, civilians and family members.
World's Largest Containership Delivered
The world's largest containership, MOL Triumph, was delivered to Mitsui O.S.K. Lines (MOL) from Samsung Heavy Industries on March 27, 2017. MOL's newest vessel, the first of a fleet of six 20,000 TEU-class containerships for the company, was named MOL Triumph in a ceremony at SHI in South Korea on March 15, 2017. At 400 meters in length and 58.8 meters in width, MOL Triumph is currently the world's largest containership.
Silver Lining for the Multipurpose Shipping Market
Following another poor year for multipurpose shipping with further erosion of rates making it the worst market in over 10 years, signs of recovery are now evident with momentum expected to build over the next few years, according to the latest Multipurpose Shipping Market Annual Review and Forecast 2017 report published by global shipping consultancy Drewry. Dry cargo demand is forecast to grow by around 3% in 2018…