Japan's Big Three Shippers Bullish
Japan’s big three shippers -Mitsui OSK Lines (MOL), Nippon Yusen Kabushiki Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line) - have reported profits for the first quarter, bouncing back from losses a year earlier Reuters reported. Thanks to rising freight rates, the shippers showed brightened financials ahead of their integration into the Ocean Network Express (ONE) next April. The results are also raising hopes the firms could be emerging from the industry’s worst-ever downturn on record.
Tidewater Emerges from Chapter 11 Bankruptcy
New Orleans-based Tidewater Inc and its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing its reorganization pursuant to the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its Affiliated Debtors that was confirmed on July 17, 2017 by the United States Bankruptcy Court for the District of Delaware. Capitalized terms used but not defined below have the meanings ascribed to them in the Plan…
LPG Shipping Faces Rough Weather
After reaching record levels during the first four months of 2017, U.S. LPG export cargoes have seen a number of cancellations or deferments in June and July, said Dorian LPG in a press statement. Steady domestic demand has kept U.S. propane prices firm and, therefore, priced above levels conducive to the arbitrage trade. U.S. propane inventories have continued to build in recent weeks and could reach levels of 75 million barrels by the end of September 2017. The overall U.S.
Nimitz Carrier Strike Group in Arabian Gulf
The Nimitz Carrier Strike Group (CSG) is carrying out strike sorties from the Arabian Gulf in support of Operation Inherent Resolve (OIR). The first aircraft launched from USS Nimitz (CVN 68) was an F/A-18E Super Hornet assigned to the "Argonauts" of Strike Fighter Squadron (VFA) 147. Accompanying Carrier Air Wing (CVW) 11 squadrons, part of that first flight include the "Black Knights" of VFA-154…
Bunker Industry Prepares for Sulphur Limit in Ship Fuel
An audience of ship owners, fuel suppliers, traders and maritime technology providers attending the IBC Asia Bunkering conference in Singapore has heard about International Maritime Organization (IMO)’s latest work on low carbon shipping and air pollution control. IMO’s Edmund Hughes provided an update on the work being carried out by the Organization to support effective and consistent implementation…
Oceanteam Bags Cable Transport Gig
Oceanteam Solutions has signed a contract with a European cable manufacturer regarding the supply of a transport vessel, turntable and auxiliary equipment for the transport of cables from South Europe to Scandinavia. The project is planned to be executed in summer 2017. Besides supporting the cable transport and loadout with a transport vessel and a turntable, Oceanteam will assist the multiple cable loadouts in the appointed ports by supplying equipment and a professional cable handling crew.
Chinese Port Operators Optimistic of Future
The outlook for global container port demand growth is now more optimistic, and Chinese players are on the acquisition trail in an aggressive and highly confident manner, said a report from Drewry. Major M&A deals are changing the landscape, with more to come, according to the Global Container Terminal Operators Annual Report 2017, now in its 15th year of publication by global shipping consultancy Drewry.
Global Ship Lease Reports Q2 Profit
The London-based Global Ship Lease (GSL) on Monday reported second-quarter profit of $7.6 million. The containership owner posted revenue of $40.3 million in the period. Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "During the second quarter of 2017, we remained focused on generating strong cashflows from stable, fixed-rate contracts with industry-leading counterparties. "We remain…
Eighteen More Ferry Terminals in India
Eighteen ferry terminals are to be constructed in six Indian cities of Varanasi, Patna, Munger, Bhagalpur, Kolkata and Haldia on the National Waterways-I under the Jal Marg Vikas Project (JMVP).
OSK-ShipTech Secures Danish Ferry Project
The Ferry Company Læsø wants to examine the need for a new ferry between Læsø and Frederikshavn and puts the project in the hands of OSK-ShipTech A/S. Danish company OSK-ShipTech A/S said it will lead a project examining the potential purchase and construction of a completely new ferry sailing between Læsø and Frederikshavn in Denmark. OSK-ShipTech A/S signed a contract to do the preliminary examinations for The Ferry Company Læsø.
FarSounder Sonar for RRS Sir David Attenborough
The new $180 million polar research vessel RRS Sir David Attenborough currently under construction at the Cammell Laird Birkenhead shipyard in the Port of Liverpool City Region, U.K. is slated to be equipped with FarSounder's longest range sonar system, the FarSounder-1000. The new, state-of-the-art ship, owned by Natural Environment Research Council (NERC), will enable scientists to explore and undertake science in new areas of the Antarctic and Arctic seas.
New US Navy Destroyer Passes Builders Trials
The U.S. Navy’s newest guided missile destroyer Ralph Johnson (DDG 114) has successfully passed builder’s sea trials. The Arleigh Burke (DDG 51) destroyer spent more than three days in the Gulf of Mexico, as Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division tested the ship’s main propulsion, combat and other ship systems. “It’s always a great accomplishment when our shipbuilders successfully take a ship to sea for the first time…
Wärtsilä Scrubbers for New Japanese Bulk Carriers
Wärtsilä informs it has been contracted to supply exhaust gas cleaning systems for two new 56,000 DWT Handymax bulk carriers being built at Oshima Shipbuilding Co., Ltd. in Japan for Tokyo based NYK Bulk & Projects Carriers Ltd. (NYK BP). The newbuilds will be the first vessels owned or chartered by NYK Group having exhaust gas cleaning systems installed. By fitting the scrubber systems, the ships will be compliant with the International Maritime Organization’s (IMO) SOx emissions regulations…
Oil Markets Brace for Possible US Sanctions on Venezuela
U.S. oil markets were readying for fallout from potential U.S. sanctions on Venezuela's vital oil sector on Monday after Sunday's election in the struggling country was deemed a "sham" by Washington. Venezuelan President Nicolas Maduro on Monday celebrated the election of a new legislative superbody that will have the power to dissolve state institutions such as the opposition-run Congress. Countries around the world denounced the vote. U.S.
Fifty Years of Seafarer Training in the South Pacific
Approximately 200 guests celebrated the 50th anniversary of the Marine Training Center (MTC) on the Kiribati island of Tarawa in the South Pacific. Although some 13…
Software Solutions: Monitor & Track
As the maritime industry embraces the digital revolution, companies like GateHouse are poised to prosper. GateHouse in developing software solutions to support optimization, flexibility and mission critical operations for vehicle and vessel tracking, monitoring and satellite communications. We caught up with Michael Bondo Andersen, CEO and founder of GateHouse, for insights on his strategy moving the company forward.
ATB Newbuild Delivered to Kirby Corporation
A second Articulated Tug Barge unit (ATB) Paul McLernan and the 155,000-barrel barge 155-02 for Houston-based tank barge operator Kirby Corporation has been delivered by Sturgeon Bay, Wisc. shipyard Fincantieri Bay Shipbuilding (FBS), a subsidiary of Fincantieri Marine Group. Following the delivery of the first ATB in the fall of 2016, the recent delivery completes a contract signed in July 2014. “Our contract with Kirby to build a pair of ATBs was significant for our FBS team…
For Payroll Purposes, is Your Seaman Really a Seaman?
For operational purposes, it is critical to know what type of employees you have on your vessel. Failure to do so could be expensive. As vessel operators, we pay close attention the provisions of the Jones Act and how they affect the operation, crewing and administration of our marine-based operations. A determination that your vessel-based crews are seamen under maritime law creates a different employment…
Baltic Index Gains On Stronger Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday on stronger capesize vessel rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 13 points, or 1.39 percent, at 946 points. The capesize index climbed 86 points, or 7.55 percent, to 1,225 points. Average daily earnings for capesizes…
Man Charged with Murdering Wife on Cruise Ship
A Utah man has been arrested for allegedly murdering his wife onboard the cruise ship Emerald Princess in Southeast Alaska. Kenneth Manzanares, 39, of Santa Clara, Utah, was charged by criminal complaint with the murder of his 39-year-old wife, Kristy, in their shared cruise ship cabin on July 25. According to the criminal complaint, Emerald Princess security and medical personnel responded to an incident in the cabin where Kristy was found deceased with a severe head wound.