Daewoo Shipbuilding Bondholders Okay Bailout Plan
Debt-to-equity swap plan is condition of $2.6 bln bailout. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Monday won near unanimous approval for a debt-to-equity swap plan in the first three of five bondholder meetings, as the world's largest shipbuilder battles to stay afloat. The votes were held hours after Daewoo's biggest bondholder, the National Pension Service (NPS), said it had agreed to the proposal.
DP World, Port of Fujairah End Concession Agreement
Dubai-based ports operator DP World said on Sunday it and the Port of Fujairah have agreed to terminate the company's concession agreement to operate the port. DP World entered into the agreement in 2005 on a build, operate and transfer basis to expand and develop the container terminal in Fujairah, the United Arab Emirates. Reporting by Tom Arnold
Western Towboat Signs with MobileOps
MobileOps, Inc., a Redmond, Washington software comapny that specializes in the design and development of maritime software applications (dispatch, safety, compliance, vessel maintenance, timecards, analytics) announced that it has signed a contract with Western Towboat Company of Seattle. Western Towboat will use MobileOps Platform across its fleet and within several shoreside departments. MobileOps Platform's offline-capable application…
Iraq Completes Basra Oil Jetty Repairs
Repair work at a Basra oil jetty damaged by a tanker collision last month were completed on Sunday, two officials at state-run South Oil Company told Reuters on Monday.
Minerva Selects Ecochlor BWTS for up to 30 Vessels
Ecochlor, Inc. informs it has signed an agreement with Minerva Marine, Inc. for the potential supply of ballast water treatment systems (BWTS) for up to 30 vessels under its management for installations in accordance to the International Maritime Organization (IMO) and U.S. Coast Guard (USCG) implementation plan. The Ecochlor technology was selected for retrofit in Minerva’s managed bulkers and tankers varying in size from medium range (MR) to very large crude carriers (VLCC).
Vigor to Add Third Drydock in Seattle
Vigor said it has entered into an agreement to purchase a drydock from a Korean seller, continuing the shipbuilder’s ongoing infrastructure investments and expansion of U.S.
ABS Breaks Ground on New Houston HQ
ABS has broken ground on its new global headquarters. Anchoring the CityPlace 2 development, the new headquarters will be located near the intersection of I-45 and the Grand Parkway in the Houston area. “This is an important milestone in our 155-year-young history and reaffirms our commitment to Houston,” said ABS Chairman, President and CEO Christopher J. Wiernicki. The new world headquarters will be a 10-story…
Lines in the Water
There are a variety of jurisdictional lines in the water. The first line to be considered is the national boundary between two adjacent or nearby countries. Adjacent countries tend to draw agreed boundaries extending their shoreside boundaries, with accommodations for headlands, capes, etc. Most national boundaries have been agreed upon long ago. A few, though, are not officially resolved. Somewhat surprisingly…
A Rising Sun of Change
“No new fishing vessel has been (added) during the period,” says the email we get from Japan’s largest seafood company, Maruha Nichiro Corp. A year earlier, they had bought shares in New Zealand outfit, Sanford, which had just chartered a Nordic-looking vessel. Seafood rival, Nissui, had just done the same, buying New Zealand and Nordic. That all happened after the Naval Architect’s Society of Japan said a vessel based on the Icelandic design of Reykjavik’s Navis was its Ship of the Year.
New Pipe Seal Simplifies Shipyard Safety
St. Johns Ship Building Inc. in Palatka, Fla. ensures watertight pipe penetrations in decks and bulkheads by using the Roxtec SPM seal. When building the tug Delaware, the shipyard also used the seal as vibration hanger in the compartments. “Roxtec seals have greatly simplified our pipe installations,” said pipe manager William Mann. The pipe installation team used to weld in a steel fitting and install a screw pipe. This work took time, and occasionally caused issues with dissimilar metals.
DP Training: Expanded Choices & Evolving Methods
Perhaps one the most obscure skill sets in today’s rapidly emerging workboat landscape is also arguably its most important. Kongsberg today remains at the cutting edge of DP training and credentialing efforts. Not lost in last month’s Offshore Service Vessel Dynamic Positioning Authority (OSVDPA) announcement that Kongsberg Maritime’s Houston training center had been accredited to conduct OSVDPA dynamic…
Plunge in Newbuild Orders for China
The newbuilding orders for China’s shipbuilding yards plunged by 25.4% during the first three months of 2017 compared to the same period a year earlier, according to data provided by the China Association of the National Shipbuilding Industry (Cansi). For the first quarter ended 31 Mrach, Chinese yards recorded 5.54m dwt in new vessel tonnage. However, in completed newbuild tonnage, they produced a total of 15.67m dwt of vessel capacity during the first three months…
Los Angeles Port Cargo Volumes Rise
Californian Port of Los Angeles has seen its volumes increase by 10 percent in the first quarter of 2017 as it handled a total of 2.23 million TEUs in the three-month period, compared to 2 million TEU seen in the same quarter a year earlier. “We are pleased to end the first quarter of 2017 with strong volumes and continually efficient cargo handling operations,” said Port of Los Angeles Executive Director Gene Seroka.
Global Maritime Community Gathers in Singapore
Amid structural and cyclical changes brought about by over-capacity, mega-alliances, increasing digitisation, as well as economic and geopolitical uncertainties, Singapore remains a premier global hub port and leading international maritime centre that held steady growth in 2016. In the face of headwinds, Singapore Maritime Week (SMW) 2017 – organised by the Maritime and Port Authority of Singapore…
Singapore Maritime Gallery Re-opens After Makeover
The Singapore Maritime Gallery (SMG) which underwent a refresh, was officially opened today by Senior Minister of State, Prime Minister's Office, Ministry of Foreign Affairs & Ministry of Transport, Mrs Josephine Teo. Visitors can now look forward to more interactive and experiential learning in a vibrant maritime setting. From a ship simulator to “Ship Spotting”, visitors can immerse themselves in…
Heavy Lift for HMAS Choules
The Australian Defence Force's amphibious capability was on point in the recent response to Cyclone Debbie, with HMAS Choules delivering one of her largest loads of supplies to affected communities last week. Working seamlessly with Army’s 35th Water Transport Squadron LCM8 landing craft, 80 troops and 43 vehicles took more than 36 hours to offload 850 tonnes of equipment and disaster relief stores destined for Rockhampton.
Pacific Partnership Arrives in Kuching
Pacific Partnership 2017 (PP17) and Malaysian partners embarked aboard expeditionary fast transport USNS Fall River (T-EPF 4) arrived in Kuching, Malaysia, Apr. 14. As the second and main mission stop in Malaysia, and the third mission stop overall, activities in Kuching will kick off the large focus on humanitarian aid and disaster response, as well civil engineering projects for Pacific Partnership 2017 Malaysia. According to Lt. j.g.