McDonough Launches M 2820 Barge
McDonough Marine Service has launched its latest barge design series at the Westport Orange Shipyard in Orange, Texas. The M 2820 (282’L x 54’W x 12’6”H, with 3,000 lbs/sq.ft. deck load rating) was delivered on-schedule, and is expected to bring greater possibilities to Project Cargo transportation on the inland waterways. “As growth continues to develop in the infrastructure, petrochemical and power generation markets…
Should OPEC Worry About Contango and Backwardation?
"Backwardation is the solution" to OPEC's problem of how to raise output and revenues without sparking another shale boom, according to the influential oil research team at Goldman Sachs.
Odfjell Buys Secondhand Chemical Tanker
Oslo listed shipping firm Odfjell SE said it has purchased a secondhand stainless steel chemical tanker for $25.5 million. The M/T Argent Eyebright, built in 2009 by Kitanihon Shipbuilding in Japan…
Gnostech President Takes Controlling Ownership
Current president of Gnostech Inc., James Espino, has acquired the controlling ownership of the company from Braxton Science & Technology Group (BSTG) on May 19, 2017. As the president and controlling owner of Gnostech, Espino will lead the company into the future. “This is an exciting time for Gnostech. We can pursue new and emerging government contracting opportunities that leverage our diverse range of capabilities,” he said.
Cannon Tapped to Lead FLIR Systems
FLIR Systems, Inc. has appointed James J. “Jim” Cannon as its new president and chief executive officer, effective June 19, 2017, succeeding Andy Teich, who will retire after 33 years of service. Cannon previously served for more than 16 years in a variety of senior leadership positions at Stanley Black & Decker, Inc., most recently as president of Stanley Security North America & Emerging Markets.
ABS Mobile App Simplifies Subchapter M Compliance
NS Workboat, a new mobile application from ABS Nautical Systems (NS) purpose-built for the workboat/inland sector, aims to streamline onboard tasks for Subchapter M compliance. “This app answers the growing demand for easy-to-use point solutions – a need that is particularly pronounced in the workboat sector, where many companies have little to no IT support on their boats,” said ABS Nautical Systems Vice President and Chief Operating Officer Stephen Schwarz.
Coldharbour, Hansun Ink China Distribution Deal
Coldharbour Marine, developer of a unique in-tank, in-voyage and inert gas-based ballast water treatment system for large tankers, bulkers and LNG vessels, has signed an agreement with Hansun (Shanghai) Marine Technology Co Ltd covering the marketing and distribution of Coldharbour products in mainland China. The contract, finalized at a recent ceremony in Shanghai, is part of the companies’ joint…
Weaker Vessel Rates Weigh on Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the seventh session on Tuesday, weighed down by falling rates for most vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell to its lowest since early March. The index was down 5 points, or 0.52 percent, at 949 points. The panamax index was down four points, or 0.47 percent, at 850 points.
Norway Oil Ministry: No Plan to Cut Output
Norway has no plans to cut its oil output, the country's oil and energy ministry said on Tuesday. "The Ministry has a good dialogue with other countries about the oil market. We are not in a situation in which regulating production is on the agenda for Norway," the ministry said in a statement. Kuwait's oil minister said earlier on Tuesday that Saudi Arabia's oil minister had spoken to countries including Norway, Turkmenistan and Egypt which had signalled a willingness to join oil output cuts.
Gulf Bidders Emerge for UASC-linked Shipping Unit
Gulf-based bidders have emerged for the part-owned subsidiary of United Arab Shipping Company (UASC) whose sale is key to finalising the merger between UASC and German container shipping line Hapag Lloyd , sources close to the matter said. Last week, sources told Reuters that Hapag Lloyd was close to completing the 7-8 billion-euro merger after UASC shareholders agreed terms to repay outstanding debt.
OPEC Set to Prolong Oil Cuts
OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel.
UK P&I Club Advises on Charterparties in Bills of Lading
Amanda Hastings, Claims Executive at UK P&I Club, comments on incorporation of charterparties into bills of lading. The issue of incorporation of charterparties…
OSC Launches VLCC Chartering Business
Oman Shipping Company (OSC) has officially set up a new commercial chartering desk offering its Very Large Crude Carrier (VLCCs) to major traders and charterers covering VLCC routes worldwide. OSC, one of the biggest ship owners in the MENA region, has a diversified and young fleet of 50 vessels. OSC owns 16 VLCCs within the fleet out of which OSC is now commercially managing 15 VLCCs through its subsidiary Oman Charter Company (OCC).
Kalmar Delivers RTGs to Evergreen
Kalmar, part of Cargotec, has successfully delivered five rubber-tyred gantry (RTG) cranes to Evergreen International Storage & Transport Corporation in Taiwan. The cranes will be used in Taoyuan Inland Container Terminal and Hsichih Inland Container Terminal. Evergreen International Storage & Transport Corporation offers inland container terminal services to customers all over Taiwan, including lifting operations and control of inbound and outbound containers…
Samsung Heavy Bags Order for 2 LNG Carriers
South Korea’s Samsung Heavy Industries (SHI) has won a $100 million order to build two liquefied natural gas (LNG) carriers for Korea Line, reports Yohnap. Korea Gas Corp. (KOGAS) has chartered Korea Line to transport LNG from Tongyeong, South Gyeongsang Province (mainland) to Jeju Island for 20 years. Under the deal with Korea Line, SHI will build the ships by December 2019, the company said. One of the two vessels would have LNG bunkering capability.
GOGL Adds Dry Bulk Vessel
Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has taken delivery of a dry bulk which it bought in March 2017. On 14 March 2017, GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the Company will issue in aggregate 17.8 million consideration shares. "The Company is pleased to announce that it has taken delivery of additional one vessel…
ASCO's New Service to Arctic Ocean
The Russian Arctic Shipping Company (ASCO) operates between the port of Antwerp and the Arctic region of Russia. Its ice-reinforced vessels with a capacity of 7,000 to 12,000 tonnes will mainly carry project cargo. The company operates six vessels, enabling it to offer a monthly rotation. From Antwerp the ships travel via the Baltic (calling at among others St. Petersburg and Ust Luga) and then on the more northerly Russian ports such as Archangel, Sabetta, Murmansk and Nova Zembla.
Denmark Paving Way for Digitalization
The Danish Maritime Authority (DMA) has launched pilot project to examine the value of blockchain technology. When they want to register ships today, shipowners are still required to fill in and handle documents manually. With the goal of helping to promote digitalization in Blue Denmark, DMA has launched a pilot project to shed light on the long-term possibilities of digitalizing the entire ship registration process.
DNV GL Rolls Out Forecasting Platform
DNV GL has announced its launch of Forecaster NOW, the industry’s first forecast on-demand web portal with e-commerce enabled transactions. Forecaster NOW is part of a suite of DNV GL subscription-based short-term forecasting services which also includes: Forecaster Live, Forecaster Plus and Forecaster Solutions. “Power grids and markets will continue their rapid transformation to a low carbon system,” said Craig Collier, head of forecasting for the Americas at DNV GL.
NMTP Training in Antigua and Barbuda
A three-day National Maritime Transport Policy (NMTP) workshop has been held in St. John’s, Antigua and Barbuda (16-18 May). The event provided valuable knowledge and skills to those involved in the development, adoption and review of a NMTP in the country. The exercise is part of a series of workshops and seminars being delivered in various regions of the world to provide training to interested International Maritime Organization (IMO) Member States in the development…