Akzo Nobel Rejects Third PPG Takeover Bid
Marine coating major AkzoNobel announced it has declined a third unsolicited, non-binding and conditional proposal submitted by PPG Industries on April 24, 2017, for all outstanding ordinary shares in the capital of AkzoNobel. A statement from AkzoNobel said that it has concluded its own strategy, presented on April 19, 2017, offers a superior route to growth and long-term value creation and is in the best interests of shareholders and all other stakeholders.
Demand for Chemical Tanker Fleet Looks Up
Demand for methanol and vegoil will moderately support global seaborne trade causing the shipping fleet trading in chemicals and vegoils to expand, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. A press release from Drewry said that the orderbook contains 144 stainless steel vessels totalling 3.4 mdwt for delivery by 2020, almost 22% of the existing capacity for such vessels…
Korea Ratifies Wreck Removal Treaty
International Maritime Organization (IMO)'s Nairobi International Convention on the Removal of Wrecks has been ratified by the Democratic People’s Republic of Korea, bringing the total number of States to accede to the treaty to 35. The Convention, which entered into force in 2015, provides the legal basis for States to remove, or have removed, shipwrecks that may threaten the safety of lives, goods and property at sea, as well as the marine environment.
USS Ronald Reagan Departs for Sea Trials
The U.S. Navy's only forward-deployed aircraft carrier USS Ronald Reagan (CVN 76), departed Commander, Fleet Activities Yokosuka (CFAY) May 7. Ronald Reagan's crew shifted colors at 11:54 a.m. and made way to conduct sea trials in the final phase of the ship's selective restricted availability (SRA) maintenance period, which began January 10. "I am extremely proud of the Reagan crew's accomplishments up to this point of our SRA period," said Capt. Buzz Donnelly, commanding officer.
Bahri, Hyundai Heavy Pact for Big Data Initiatives
The National Shipping Company of Saudi Arabia (Bahri) has signed a Memorandum of Understanding (MoU) with Hyundai Heavy Industries (HHI) Group to harness Big Data and technological innovation in the maritime industry. HHI Group is the world’s largest shipbuilding group with extensive experience in ship construction and shipyard management. The two parties signed a Memorandum of Understanding (MoU)…
Eagle Bulk Shipping Reports Q1 Loss
Eagle Bulk Shipping reported a loss of $11.1 million in its first quarter. It posted revenue of $45.9 million in the period. Importantly, these developments are occurring against the backdrop of continued improvement in the dry bulk market itself with respect to both trade demand and vessel supply fundamentals. “Looking ahead, we are increasingly optimistic concerning Eagle’s enviable positioning within the dry bulk market…
Scorpio to Sell Two MR Product Tankers
Scorpio Tankers, provider of marine transportation of petroleum products, announced that it has reached an agreement with an unrelated third party to sell two of its 2013 built MR product tankers (STI Sapphire and STI Emerald) for approximately $56.4 million in aggregate. The sales are expected to close in June 2017 at which time the Company will repay the outstanding secured debt for these vessels of $27.6 million in aggregate.
Bugbee Buys More Scorpio Bulkers Shares
Dry bulk vessel owner and operator Scorpio Bulkers Inc. said its president Robert Bugbee has purchased 15,000 common shares of the company at an average price of $6.29 per share in the open market.
Harris Joins J.F. Lehman Operating Executive Board
Frederick J. Harris, recently retired president of General Dynamics NASSCO and Bath Iron Works shipyards, has joined the operating executive board (OEB) of private equity firm J.F. Lehman & Company. The OEB is a group of industry and government executives with significant experience in the firm’s target industries. Through key relationships and sector-specific knowledge, OEB members contribute to sourcing and evaluating transactions…
Stena Line Says Sustainability Goals Paying Off
“Our belief is that a reduced environmental impact is also essential for long-term profitability,” said Stena Line's CEO, Niclas Mårtensson. Stena Line, a ferry operator serving Denmark, Germany, Ireland, Latvia, the Netherlands, Norway, Poland, Sweden and the U.K., said its increased strategic focus on sustainability and environmental improvements over recent years is paying off. Through the years Stena Line’s experience in investing in energy efficiency transport has been extensive.
EALs Rise Up on Deck
The next critical area of consideration for the use of Environmentally Acceptable Lubricants is on deck. What’s leaking into the water from your cranes and winches? Vessel fleets face an increasing number of environmentally-focused regulations, adding complexity to their operations and creating urgency around compliance. These regulatory requirements, however, do not offset an operator’s need for products that perform consistently well.
Fairbanks Morse's Diesel Gensets for US Navy’s New Warship
Fairbanks Morse, an EnPro Industries company, will supply the Ship Service Diesel Generator (SSDG) sets for electric power generation system aboard the U.S. Navy’s…
Vestdavit Brings New Davit Lifting Force to Market
Vestdavit has completed its largest ever single-point A-frame davit for over the side boat handling, rising to the continuing challenge set by customers to be able to launch and retrieve ever larger workboats from their ships. The first PAP-16000 davit, which features a safe working load of 16t, will be installed on board a service operation vessel destined for a specialized segment in the offshore industry for an unspecified owner.
ABB Shaft Generators, Turbochargers for DFDS Vessels
ABB shaft generators will raise the energy efficiency on two DFDS vessels which have been designed to meet the latest environmental regulations. Two shaft generators will be installed in each of the cargo Ro-Ro ships allowing the main engines to operate at a wider, more optimal speed range. The shaft generator system takes its power from main engines, thereby increasing safety if there is a failure on the auxiliary engine.
Baltic Index Halts 13-session Losing Streak
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up on Monday to snap a 13-session losing streak, supported by firmer demand for capesize vessels. The overall index — which considers rates for capesize, panamax, supramax and handysize shipping vessels — was up 7 points or 0.7 percent, to 1,001 points. The capesize index rose 91 points, or 6.15 percent, the biggest one-day percentage gain since mid-March, to 1,571 points. "...
Petronas Targets New Markets for LNG
Malaysian oil company Petronas is looking to tap new markets to sell liquefied natural gas, including as fuel for ships, the head of its upstream operations told Reuters on Monday. State-owned Petroliam Nasional Berhad, known as Petronas, also sees significant growth potential for LNG in India, Pakistan, Bangladesh and some parts of Southeast Asia, its upstream CEO Mohd Anuar Taib said. "The key for us in the LNG business is to figure out a way to broaden and expand the customer base…
Mark Fuhrmann's Paddle for 'Piece'
Mark Fuhrmann is Partner in Blue-C, an Oslo-based strategic marketing and communications firm that is a ubiquitous presence in the world of maritime. Fuhrmann recently embarked on a 5,400 km solo kayak paddle from Oslo to Athens to raise money and awareness for “The Piece Prize” a charity he created, which, for lack of a better description, is aiming on making the world a better place. Tell us a bit about yourself. Well, that’s a long story.
Hempel: New Coatings for Offshore Structures
Hempel has launched two new advanced coatings specifically developed to protect the vulnerable “splash zone” areas of offshore structures. The “splash zone” is the area of an offshore asset (oil & gas platform or wind turbine, for example) that is just above the waterline and so suffers from the dual impact of atmospheric and immersion-type corrosion; as well as physical damage such as abrasion and impact, especially in areas around boat landings.
Scottish-led Group Wins Maritime Safety Award
The Project SEAHORSE consortium, led by the University of Strathclyde, brought together experts from across the maritime world to research and implement safety considerations pioneered by the aviation industry – the first project of its kind in the world. It has been recognized with the Maritime Safety Award from the Royal Institution of Naval Architects in association with Lloyd’s Register. Headed up by Professor Osman Turan from the University of Strathclyde’s Department of Naval Architecture…
Saqr Port Orders Damen ASD Tug
Saqr Port, part of Rash Al Khaimah (RAK) Ports, has signed a contract with the Damen Shipyards Group for the delivery of an ASD 2913 tug. The vessel will be built a short distance away at Albwardy Damen in Sharjah and will be delivered in time for the opening of the new bulk terminal at Saqr Port in mid-2018. Saqr Port is a major bulk-handing port in the Middle East and a vital part of the regional economy.