The Shipowners' Club Bounce Back to Black
The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist vessel sector, has reported resilient results for the year ending 31 December 2016. The Club has reported a combined ratio of 98.6%, an increase in gross tonnage of 0.8m to 25.4m and an overall surplus of US$ 14.7m, including a return on the investment portfolio of US$ 11.8m. Chairman Philip Orme announcing the results…
ABS, DSME Pact on Novel FLNG Concept
ABS signed an agreement with Daewoo Shipbuilding and Marine Engineering Co. (DSME) to support safety and apply class guidance to a conceptual Floating Liquefied Natural Gas (FLNG) unit. “We are pleased to sign this agreement and work with DSME to support new innovations and technology advancements in the offshore industry,” says ABS Executive Vice President of Global Offshore Ken Richardson. “As gas…
Inmarsat Fleet Xpress Passes 10,000 Ship Milestone
Satellite communications services provider Inmarsat says that "in an extraordinary level of service uptake surpassing expectations," its Fleet Xpress service has secured commitments covering in excess of 10,000 ships within 12 months of launch. Fleet Xpress delivers a fully integrated dual capability of high speed, high capacity services (Global Xpress) together with high reliability safety-level services (FleetBroadband) in a single commercial package available anywhere in the world.
MOL Group Q1 Shows Robust Earnings Growth
MOL Group announced its financial results for Q1 2017 in which all business segments – Upstream, Downstream, Consumer Services, Gas Midstream – managed to increase their contributions compared with the same period of the previous year. Upstream EBITDA surged year-on-year by 50% and reached USD 219mn capitalizing on higher oil prices and the very competitive asset base. Production remained stable at 111,500 barrels of oil equivalent per day.
d'Amico Bullish on Product Tankers
d'Amico International Shipping believes that the supply-demand balance in the product tanker freight market is improving. The key drivers that should affect the…
Matson, Philly Shipyard Mark ‘Aloha Class’ Milestone
Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA, and Matson, Inc., a U.S. carrier in the Pacific, today marked a milestone in the construction of the first of two new "Aloha Class" containerships to be delivered to Matson in the third quarter of 2018 and first quarter of 2019, respectively. Designed specifically for Hawaii service, they will be the largest containerships ever built in the U.S.
VT Halter Building New Blast and Paint Facility
VT Systems’ shipbuilding arm VT Halter Marine said it has begun construction of a new state of the art integrated blast and paint facility, effective April 17, 2017. The new facility at VT Halter’s Pascagoula, Miss. shipyard will allow the complete indoor and environmentally controlled surface preparation and final painting of ship sections prior to final erection. Its “flow-thru” configuration will allow ship sections to be prepared…
WCI Applauds FY 2017 Omnibus
Waterways Council, Inc. (WCI) praised today’s passage of the FY 2017 Omnibus Appropriations bill that provides funding for the U.S. Army Corps of Engineers through the Consolidated Appropriations Act of 2017. FY ’17 funding for the Corps’ Civil Works mission totals $6.038 billion, a 0.8 percent increase above the FY ’16 funding level, but almost a 31 percent increase above the Obama Administration requested level.
NKT Names New Cable-laying Vessel NKT Victoria
The new NKT cable-laying vessel was named NKT Victoria at a ceremony at the power cable plant in Karlskrona, Sweden. The act was carried out by the regional Governor…
USCG Investigating ‘Laser Strikes’ on Commercial Ships
The U.S. Coast Guard said it is investigating multiple laser strikes during the past month aimed at commercial vessels transiting the Chesapeake Bay. Four incidences…
Great Lakes Iron Ore Trade Climbs in April
Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 5.8 million tons in April, an increase of 8.8 percent compared to a year ago, the Lake Carriers’ Association (LCA) reported. Shipments topped the month’s five-year average by nearly 21 percent. Shipments from U.S. Great Lakes ports totaled 5.3 million tons in April, an increase of 6.8 percent, while loadings at Canadian terminals in the Seaway jumped 35 percent to 507,000 tons.
Cummins Introduces Mobile App
Without having to enter a service bay or wait for a technician to come on site, Cummins customers are now able to read prioritized engine fault codes and other key engine information within minutes wherever they are operating with the new Cummins Guidanz mobile app. Available as a free download now on the Apple App Store or the Google Play Store, the Guidanz mobile app arms customers with critical…
DONG Energy Settles Platform Dispute
DONG Energy said it has reached a settlement with Daewoo Shipbuilding & Marine Engineering and Technip over who bears responsibility for construction errors concerning…
Wagenborg Signs Multi-year Contract with Castor
Castor Marine, the Netherlands based maritime communications and IT services provider, has announced that it has been awarded a multi-year contract with Wagenborg Shipping. The contract covers the delivery of 40+ new VSAT systems with satellite Internet based on Castor’s global VSAT network, Inmarsat Fleetbroadband as back-up for the VSAT service and IT support for the vessel LAN infrastructure. Castor…
El Nino Conditions Are Developing in the Pacific
El Nino conditions are developing across the Pacific with an increasing probability that a full-fledged El Nino episode will occur during the second half of 2017.
Germany Chooses Kongsberg Research Ship Concept
A double digit multi-million Euro contract was signed by Kongsberg Maritime and Fassmer Werft on April 4th, 2017, following the German Federal Maritime and Hydrographic Agency’s (BSH) approval of Kongsberg to deliver a unique technical solution based on its ground-breaking Integrated Vessel Concepts for the newbuild research vessel Atair II, which will be built at the Fassmer yard in Berne. Kongsberg's…
Weaker Rates Weigh on Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday as rates continued to slip across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell for the twelfth straight session and was down 30 points, or 2.9 percent, to close at 1,004 points. The capesize index lost 84 points, or 5.45 percent, at 1,458 point, its lowest in nearly a month.
Thordon, DDW-D Partner for Shaft Line Conversions
Thordon Bearings and Drydocks World-Dubai (DDW-D) have signed an agreement under which the UAE-based shipyard will work together with Thordon Bearings Inc. to promote the conversion of ships’ oil lubricated propeller shafts to Thordon’s COMPAC open seawater lubricated bearing system. The agreement will create an action plan in which a specialist team, comprised of Drydocks World-Dubai and Thordon Bearings’ personnel…
Maritime Piracy on the Rise -Report
Pirates and armed robbers attacked 43 ships and captured 58 seafarers in the first quarter of 2017, slightly more than the same period last year, according to the latest ICC International Maritime Bureau (IMB) piracy report. The global report highlights persisting violence in piracy hotspots off Nigeria and around the Southern Philippines – where two crew members were killed in February. Indonesia also reported frequent incidents, mostly low-level thefts from anchored vessels.
US Navy to Delay Planned Frigate Award
The U.S. Navy has decided to delay by a year until fiscal 2020 the awarding of a design and construction contract for a planned new frigate, according to congressional testimony on Wednesday by two Navy rear admirals. The delay resulted from a decision to set up a frigate evaluation team to look at how to make the vessel more lethal and survivable, Rear Admirals Ron Boxall and John Neagley said in their prepared testimony. Navy analyses have determined that the U.S.