Oil's Price Fall Stalls Despite Supply Glut
Brent down 12 pct since OPEC-led production cut extension. Oil prices steadied on Friday after steep falls earlier in the week under pressure from widespread evidence of a fuel glut despite efforts led by OPEC to tighten the market. Brent crude oil was up 10 cents at $47.96 a barrel by 1130 GMT, but still 12 percent below its opening level on May 25, when an OPEC promise to restrict production was extended into 2018. U.S. crude was 10 cents higher at $45.74.
Asia Tankers-VLCC Rates Await Market Pointers
Gulf tensions fail to ignite VLCC market; owners waiting for July MidEast cargoes that could buoy rates. Freight rates for very large crude carriers (VLCCs) face an uncertain week, possibly coming under pressure from a dearth of new Middle East cargoes but they could also find support from geopolitical tensions over Qatar, brokers said on Friday. There is also continuing unpredictability over whether…
Maersk to Begin Qatar-Oman Feeder Runs
Maersk Line, a part of A.P. Moller-Maersk, said Friday it will begin container shipments to Qatar from Oman, avoiding trade restrictions imposed on the Gulf state by Arab countries. The first feeder shipment - which involves using smaller ships - is expected to depart Salalah, Oman, on June 19 and arrive in Doha on June 25, Maersk Line said. Maersk Line plans to make such service available every 10 days, but will not accept new bookings for Qatar until further notice, it said.
China Vigilant as U.S. Drills in S.China Sea
China said on Friday it was monitoring U.S. military activities in the South China Sea, after two U.S. bombers conducted training flights over the disputed waters. The U.S.
Newport News Names Temple VP, Strategic Sourcing
John Temple has been appointed vice president of strategic sourcing at Huntington Ingalls Industries’ (HII) Newport News Shipbuilding division. Temple, an Apprentice School graduate, began his shipbuilding career in Newport News’ pipe department. He has worked in quality inspection, cost engineering and contracts and pricing. Five years ago, he earned the “Master Shipbuilder” designation, which celebrates shipbuilders who have worked 40 years of continuous service.
Hapag-Lloyd, UASC Merger Unaffected by Qatar Spat
Qatar's row with its powerful Gulf neighbours should not scupper the just-agreed merger of German shipping company Hapag-Lloyd with sector peer United Arab Shipping Company (UASC) that is owned by six Arab states of the Gulf region, a source close to Hapag-Lloyd said. He said there were currently no signs that the diplomatic crisis would impact the deal that the states had made last month as one party, vis-a-vis Hapag-Lloyd, bilaterally.
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US Navy: Bigger is Better, but at What Cost?
The U.S. Navy has a balanced fleet, but it wants to grow bigger and better. Will the budget allow both? Maritime Reporter's March 2017 cover story on the U.S. Navy was all about the numbers. There exists several plans to grow the fleet beyond the current number of 308 ships, the Mitre recommendation of 414 ships, the Center for Strategic and Budgetary Assessment 340-ship proposal, and the Navy’s decision to grow the fleet to 355 ships, and the Trump administration’s 350.
Iran Raises Oil Exports to West, Almost on Par with Asia
Iran's oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC's second biggest oil exporter, has been raising output since 2016 to recoup market share lost to regional rivals including Saudi Arabia and Iraq. While many Asian nations continued to purchase oil from Iran during sanctions…
Petrobras Reports Explosion on Drill Ship
Brazil's state-controlled oil company Petroleo Brasileiro SA on Friday reported an explosion on the NS 32 drill ship, which is operated by Odebrecht Óleo e Gás, a unit of Odebrecht SA, according to a statement. The explosion wounded four people, three of them with burns and one with mild injuries, according to the statement. There was no subsequent fire after the blast in the Marlim field, Campos basin…
Foss Enlists ABS for Sub M Compliance Service
Seattle based Foss Maritime, owner and operator of a fleet of tugs offering maritime transportation and logistics services, has awarded a contract to classification society ABS to support compliance with U.S. Coast Guard (USCG) Subchapter M requirements. The contract positions ABS as Foss’ Third Party Organization (TPO), providing a complete suite of Subchapter M services, including TPO surveys, International Safety Management (ISM) compliance…
India's Plan to Develop Iranian Port Faces US Headwinds
Western manufacturers are shying away from supplying equipment for an Iranian port that India is developing for fear the United States may reimpose sanctions on Tehran…
Tech File: HydroComp NavCad for Optimized Design
HydroComp NavCad, internationally recognized for resistance and propulsion prediction for naval architects, can also leverage analysis capabilities with features that support optimized hull form and propulsion system design. NavCad may be most well-known for its library of parametric-statistical hull form and propulsion system models (often called “1D” models). The recent introduction of the Premium…
IEEE Honors Retlif Testing Laboratories
Independent Electromagnetic Compatibility testing (EMC) and Environmental Simulation testing (ESS) company Retlif Testing Laboratories said it has received an award from technical professional organization the Institute of Electrical and Electronics Engineers (IEEE). Ronkonkoma, N.Y. based Retlif, a longtime provider of strategic compliance services to the marine and maritime sector, was cited as a…
Virginia-Class Submarine Indiana Launched
The Virginia-class submarine Indiana (SSN 789) was launched into the James River at Huntington Ingalls Industries’ (HII) Newport News Shipbuilding division, the shipbuilder announced. The boat was moved to the shipyard’s submarine pier for final outfitting, testing and crew certification. “Launch is a true testament to our shipbuilders’ roughly four years of hard work,” said Matt Needy, Newport News’ vice president of submarines and fleet support.
New Tug Delivered to Targe Towing
U.K towage company Targe Towing ltd. signed a contract with Sanmar Shipyards for the purchase of tugboat Bogacay 26 two weeks ago. Bogacay 26 started her maiden journey immediately after the contract signing and arrived Aberdeen last week. The flag of the vessel was changed at the port with the participation of Sanmar crew, Sanmar Projects Engineer Deniz Dereli and partners of Targe Towing, Tom Wooley and Nick Dorman. The vessel has been renamed as Kittiwake.
‘Vintage’ Converted VLOCs Still Profitable -BIMCO
With an average age of 23.8 years, the fleet of very large ore carriers (VLOC) converted from very large crude carriers (VLCC) is vintage compared to the average age of 5.7 years for non-converted ore carriers above 200,000 DWT, according to BIMCO. But despite the huge 18.1 years age gap between converted VLOCs and normal VLOCs, the age itself is not the all-important explanatory factor behind a demolition decision.
Darley Acquires Fireboy, Inc
W.S. Darley & Co. informs it has purchased the assets of Fireboy, Xintex and Aetna Engineering based in Grand Rapids, Mich., forming the new company Fireboy-Xintex, LLC. W.S. Darley & Co., headquartered in Itasca, Ill., has served the world’s fire and emergency services industry since 1908. The company has manufacturing, engineering and research and development operations are in Chippewa Falls, Wisc. and Janesville, Iowa.
Austal, ASC Partner for Australian Frigate Program
Australian shipbuilders Austal Limited and ASC Shipbuilding have joined forces for the build of the SEA5000 Future Frigates Program. Under this arrangement, the two say they will collaborate in support of the program, pooling complementary strengths, skills and experience. “The Austal/ASC Shipbuilding teaming arrangement offers a compelling, low risk, Australian shipbuilding solution for each of the three shortlisted international designers…