Hyundai Merchant US Volumes UP
South Korea's leading container carrier Hyundai Merchant Marine (HMM) will allocate more vessels to meet rising demand on U.S. routes in the coming months, reported Yonhap. HMM expects a shortage of container carriers on the high-traffic routes from August to October as U.S. customers want more products from China and Southeast Asia. Hyundai Merchant, which currently operates 110 vessels, will consult…
SEA\LNG Calls for Unified Commitment as 2020 Sulfur Cap Looms
SEA\LNG, the multi-sector industry coalition working to facilitate and accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, today urged the industry as a whole to redouble its commitment to compliance with, and enforcement of, IMO Marpol VI Regulations. SEA\LNG recognises that the Port State Authorities have a clear obligation under the governing Treaties to ensure even handed and consistent enforcement of the IMO regulations.
First of Yamal LNG Tankers Starts Navigation via the NSR
The first Arc7 ice-class LNG tanker “Christophe de Margerie” has entered the Kara Sea and has started its first LNG cargo voyage through the Northern Sea Route (NSR). The subleased tanker will go through the NSR without the escort of icebreakers and will deliver LNG from Norway to South Korea in 15 days. The utilization of the route from Europe to Eastern and South-Eastern Asia through the NSR halves the transportation time to market compared to the traditional route.
Paris Kassidokosta-Latsis Rolls Out Ivy Shipping
Greek shipping heir Paris Kassidokostas-Latsis along with with two leading global investors formed a joint venture vehicle, Ivy Shipping LLC, with the primary purpose to invest in Supramax and Panamax dry bulk carriers. As a first investment move, Ivy Shipping proceeded to purchase four Supramax built in Japan. According to Deal News, the vessels expected to be delivered by the end of summer and managed by Marla Shipmanagement Ltd, the interests of Paris Kassidokostas-Latsis.
MOL Group Upgrades its 2017 Target
MOL Group announced a net profit of HUF 183bn (USD 639mn) for the first half of the year, which is the highest in 10 years. All business segments increased their earnings implying a 23% growth of Clean CCS EBIDTA in comparison with the same period last year. MOL has also reached a significant milestone in its petrochemicals transformation journey set out in the 2030 strategy through the signing of key licencing contracts for its flagship Polyol Project.
GasLog Updates LNG Market Outlook
During the quarter ended June 30, 2017, there was continued momentum in the start-up of new LNG liquefaction capacity with the fourth train at Sabine Pass commencing commercial production. Later this year, Wheatstone in Australia and Cove Point on the east coast of the U.S. are expected to start production. In total, Wood Mackenzie estimates that projects with approximately 28 million tonnes per annum ("mtpa") of nameplate capacity will come online in 2017.
NAO Says Seven PSVs are Operational
Nordic American Offshore (NAO) has ten high-quality Platform Supply Vessels (PSVs) built in Norway in the period 2012-2016. "Seven of our ten vessels are in operation. Going into the third quarter, an improvement in the PSV market has taken place. In a volatile market, the longer it lasts, the better," said a statement from the company. The basic features of NAO are similar to the business model of the NYSE listed Nordic American Tankers Limited (NAT) which is a strong company, it said.
India Looks to Boost Domestic Cruise Industry
The government of India announced important steps in view to boost the domestic cruise tourism industry. It is estimated that on an average a cruise tourist spends about US$200-300 and a cruise staff/officer spends about US$100-150 per port visit. Cruise tourism is a high-end luxury tourist segment of tourism sector. Cruise operations augment local economic activities as business opportunities arise for supply for provisions, transport, hotels, bunkering etc.
Spencer Sworn in as US Navy Secretary
Richard V. Spencer was officially sworn in as the 76th secretary of the Navy (SECNAV) August 3, at a ceremony conducted in the Pentagon by William O'Donnell, Department of the Navy administrative assistant. Spencer, a Connecticut native, graduated from Rollins College in 1976 with a Bachelor of Arts in Economics. Upon Graduation he joined the United States Marine Corps and served as an H-46 pilot until 1981 before departing active duty to enter the private finance sector.
Big Data & a Level Playing Field
“The future is already here – it’s just not very evenly distributed,” is an observation from William Gibson, the luminary science fiction author, that sums up many of the problems with widespread adoption of technological solutions. This is certainly true of shipping. As we saw at Nor-Shipping this year, it is now expected for most businesses to have a data-driven element, and enthuse about how they…
Improved Safety and Training, Part II
Everyone responsible for safety or training in their organization is very aware that everything is changing in the maritime world. The worker demographic has shifted. Regulatory demand is rising and compliance is more complex. Fortunately, it is also the case that maritime safety and training has entered a renaissance period. New tools are available that improve training outcomes and allow organizations…
TGS Shares Fall after Q2 Sales Disappoint
Shares of the world's leading provider of geoscience data to oil companies TGS fell by more than 6 percent on Thursday, after disappointing sales in the second quarter.
Stena Line, Caterpillar Marine Begin Digital Partnership
Ferry operator Stena Line and Caterpillar Marine, together with Pon Power, have entered into a digital partnership where the Cat Asset Intelligence solution will provide vessel monitoring of multiple Stena new builds with planned delivery during 2019 and 2020. The vessels will be optimized for efficiency and flexibility and will be built by AVIC Shipyard in China. Unlike technologies that only monitor individual equipment performance…
Great Lakes/Seaway Iron Ore Trade Up in June
Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 6.7 million tons in June, an increase of 16 percent compared to a year ago, the Lake Carriers' Association (LCA) reported. Shipments also bettered the month’s five-year average by 8 percent. Shipments from U.S. Great Lakes ports totaled 6 million tons in June, an increase of 15 percent compared to a year ago, LCA said. Loadings at Canadian terminals in the Seaway totaled 698,000 tons, an increase of nearly 25 percent.
Cochin Shipyard's $231 Mln IPO Subscribed Over 76 Times
Cochin Shipyard Ltd's initial public offering, which aims to raise up to 14.68 billion rupees ($231 million), was subscribed more than 76 times on the last day of the sale on Thursday…
DNV GL Performs Offshore Drone Survey
Classification society DNV GL said its surveyors have carried the group’s first offshore drone survey on the semisubmersible vessel Safe Scandinavia in the North Sea. The 25,383 GT tender support vessel (TSV) Safe Scandinavia is owned and operated by Prosafe, supporting Statoil’s drilling operations off the coast of Norway. Using camera-equipped drones, DNV GL’s drone pilots checked the TSV’s fairleads and their connection with the vessel’s two columns as part of the intermediate survey.
All Aboard for $59m Ferries Project
Steel construction company REIDsteel has completed its phase of works on landmark passenger facilities as part of a £45 million ($59 million) ferry terminal revamp in Portsmouth, U.K. The 130-strong firm was contracted for the project at Gunwharf for ferry operator Wightlink through Southampton-based engineering, procurement and construction contractor Trant Engineering. REIDsteel, based in Dorset…
MV WERFTEN Delivers Its First Newbuild
Shipbuilder MV WERFTEN has completed its first newbuild project, having today delivered Crystal Bach, the first of four new Rhine Class luxury river cruise vessels for Crystal River Cruises. Designed specifically for river cruising in Europe, the 135-meter-long and 11.4-meter-wide Crystal Bach will sail along the Rhine, Danube and Main Rivers through the Netherlands, Belgium, Germany and Switzerland…
New Eco-friendly Expedition Cruise Ship in the Works
Rolls-Royce said it has signed a deal with WestSea Yard, part of Martifer Group, to equip an expeditionary oceanic cruise ship for Portuguese based cruise company Mystic Cruises. The vessel, to be called the MS World Explorer, will be the company’s first expeditionary oceanic cruise ship. The MS World Explorer will offer expeditionary cruise itineraries in Antarctica from November to March and this new vessel’s inaugural Antarctic season is already fully chartered to…
Fishing Vessel Owner Jailed for Crew Fatalities
The owner of a fishing vessel has been sentenced to 15 months in prison after pleading guilty to two charges brought by the Maritime & Coastguard Agency (MCA) for the unsafe operation of a fishing vessel and failing to ensure that the gas cooker was properly maintained. Timothy Bowman-Davies from Milford Haven was sentenced to 15 months imprisonment at Leeds Crown Court on August 2, after two crew members on board his fishing vessel Eshcol died from carbon monoxide poisoning in 2014.