RCL Announces Share Buyback Plan
Royal Caribbean Cruises has announced board authorization for a $500 million share repurchase program. The company said that it received board approval to implement a program to repurchase up to $500 million of its common stock. The plan will include opportunistic open market purchases over the coming periods. Last week we achieved our financial objective of becoming an Investment Grade company with Moody's announcement improving the company's credit rating to Baa3 with a stable outlook.
Diana Shipping Gets Time Charter Contracts for Three Vessels
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v New York. The gross charter rate is US$14,450 per day, minus a 5% commission paid to third parties, for a period of about six (6) months up to December 29, 2017. The charter commenced on April 23, 2017. The “New York” is a 177,773 dwt Capesize dry bulk vessel built in 2010.
Japan's Big 3 Shipping Lines Eyes Profits
Japan's top three shippers -Nippon Yusen KK (NYK), Mitsui OSK Lines and Kawasaki Kisen Kaisha - appear on course for net profit in fiscal 2017, buoyed by better market conditions and restructuring efforts, Reuters reported. The brighter outlook comes amid a gradual recovery in prices for shipping containers, which carry 90 percent of the world’s manufactured goods. Mitsui O.S.K. Lines likely will achieve a net profit of about 10 billion yen ($90 million) in the current year…
Eimskip Gets Finance Deal for New Container Vessels
Eimskip has secured 80% financing of the contract price of the vessels with a 15 year tenor in Euros taken upon delivery. The lender is the German bank KfW IPEX-Bank GmbH. The loan is secured by China Export & Credit Insurance Corporation (Sinosure). On 25 January, Eimskip signed a contract with China Shipbuilding Trading Company Limited and Guangzhou Wenchong Shipyard Co. Ltd. to build two 2,150 TEU container vessels.
DMCA Visits Seacor Marine
Dubai Maritime City Authority visits Seacor Marine, a major operator of offshore marine support vessels, to further reinforce local maritime sector in partnership with private sector. Led by Amer Ali, Executive Director of DMCA, and Nawfal Al Jourani, Chief Officer of the Dubai Maritime Cluster Office, the DMCA’s delegation discussed best solutions and efficient measures to further capitalize on promising…
Disney Wonder First Passenger Vessel To Transit New Panama Canal
The Disney Wonder transited the Panama Canal on Saturday as the first passenger vessel to go through the canal's new set of locks, marking a milestone for the cruise industry. The Disney Cruise Line 2,713-passenger ship was transformed in late 2016, expanding the length of the Disney Wonder to 984 feet. Headlining the ship's enhancements are new imaginative spaces for children – including areas themed…
Positive Trends in Tanker Market
Euronav NV CEO Paddy Rodgers said that the company's financial results for Q1 was a confirmation of our thesis: short term challenges but a positive medium structure building for the tanker sector. On the positive side demand for crude oil remains robust. The recently adjusted IEA forecast for 2017 at 1.3 million bpd growth still drives a requirement equivalent to an additional 35-45 VLCCs of shipping…
US Coast Guard to Base 2 New Cutters in Astoria
The U.S. Coast Guard announced Friday it will homeport two of the service’s new Sentinel-Class 154-foot Fast Response Cutters (FRC) in Astoria, Oregon, starting in 2021. These two ships have not yet been named, but the FRCs are named after enlisted Coast Guard personnel who distinguished themselves in the line of duty. Each of the two Astoria-based FRCs will provide the coastal maritime community with…
Singapore Conducts Chemical Spill Drill
To test and demonstrate Singapore’s readiness to tackle oil and chemical spills, a multi-agency joint chemical spill exercise was conducted on Friday. Organized by the Maritime and Port Authority of Singapore (MPA) the exercise took place at the conclusion of the 10th International Chemical and Oil Pollution Conference & Exhibition (ICOPCE), held in conjunction with the Singapore Maritime Week 2017.
Singapore Rolls Out LNG Bunkering Standard
The first Singapore Technical Reference (TR) 56 for Liquefied Natural Gas (LNG) Bunkering was launched by the Maritime and Port Authority of Singapore (MPA), SPRING Singapore and the Standards Development Organisation @ Singapore Chemical Industry Council (SDO@SCIC). This standard has been developed to provide a safe, efficient, sustainable and transparent technical framework for conducting LNG bunkering operations in Singapore…
New Safety Standards for Passenger Vessels on Flensburg Fjord
Danish Maritime Authority (DMA) and the Federal Ministry of Transport and Digital Infrastructure (BMVI) signed a common agreement on safety standards for the carriage of passengers in the Flensborg Fjord. This agreement clearly defines the scope of safety standards to be met by passenger vessels and ferries. For instance, vessels must be equipped with lifejackets, life rafts and the necessary fire safety.
US Coast Guard Seizes $22.5 Mln of Cocaine
The Cyclone-class patrol coastal ship USS Zephyr (PC 8), its embarked U.S. Coast Guard Law Enforcement Detachment (LEDET) personnel and coalition forces intercepted an immense amount of contraband while on patrol conducting Operation Martillo in the U.S. 4th Fleet area of operations April 19. Zephyr, along with Dutch Karel Doorman-class multi-purpose frigate HNLMS Van Amstel, pursued and boarded a small fishing vessel…
MOL Rolls Out 'Rolling Plan 2017'
Mitsui O.S.K. Lines (MOL) has formulated a new management plan starting from fiscal 2017. In formulating the plan, it first devised a vision for the MOL Group 10 years from now (2027), along with a long-term course for management, and then drafted three-year and long-term business strategies to realize this vision. This process was followed considering the major upheaval in the business environment surrounding MOL and the maritime transport industry, the group said.
New Tug, Barge Enter Service for Vane Brothers
Marine transportation provider Vane Brothers has added two newly constructed vessels to the company’s growing fleet: the 4,200-horsepower tugboat Philadelphia and the purpose-built asphalt barge Double Skin 510A. Primarily tasked with towing petroleum barges engaged in the North Atlantic coastwise trade, the Philadelphia is the fifth of eight 4,200-horsepower, model bow tugboats contracted by Vane Brothers through St. Johns Ship Building in Palatka, Fla.
USS Jackson Completes Missile Test
U.S. Navy littoral combat ship (LCS) USS Jackson fired a missile against a simulated anti-ship missile during tests off the Southern California coast, April 22. The tests, part of a Combat System Ship Qualification Trials (CSSQT) event, saw USS Jackson (LCS 6) fire a SeaRAM missile on an aerial drone, destroying the target in a demonstration of the ship’s ability to track and disable high-speed maneuvering surface targets and defeat long range anti-shipping air threats.
Austal Starts Building High-speed Ferry for Denmark
Australian shipbuilder Austal said it has started construction on a 109-meter high-speed catamaran ferry Express 4 for Molslinjen of Denmark, with the first plate-cutting conducted at Austal’s shipyard in Western Australia. Molslinjen Chairman, Frantz Palludan officially initiated the aluminum plate cutting for Austal’s largest commercial ferry project since 2011 and the largest commercial ferry by volume in the company’s 28 year history.
Five Mariners Reunite With Their Rescuers
Five mariners rescued April 15 by the U.S. Coast Guard reunited with their rescuers Thursday in Clearwater, Fla. Various members from Coast Guard Sector St. Petersburg, Station Yankeetown and Air Station Clearwater attended the reunion, shook hands with the mariners and swapped stories about the rescue. “It’s not that often that we get to meet the folks that we were able to render assistance to,” said Cmdr. Randall Brown, the search-and-rescue mission coordinator for the April 15 rescue.
Australia Plans to Limit LNG Exports
Australia's conservative government unveiled a radical plan on Thursday to restrict exports of liquefied natural gas (LNG) at times when domestic shortages push up local prices, aiming to ease soaring energy costs for local manufacturers. The plan would allow Australia's resources minister to impose controls on LNG exports on advice from the market operator and regulator, as the government seeks to cap domestic gas prices, which have become a political hot potato. "It's not a threat.
Louisiana Cat Expands in New Iberia
Louisiana Gov. John Bel Edwards and General Product Support Manager Troy Matherne of Louisiana Machinery Company announced the company will add 60 jobs and expand its New Iberia operations.
Libya Captures Oil-smuggling Tankers after Firefight
Libyan naval forces captured two vessels suspected of smuggling oil from the North African country after gun battles lasting several hours west of the capital Tripoli…