Orient Overseas Back to Black
Orient Overseas (International) Limited (OOIL) and its subsidiaries have announced a profit attributable to equity holders of US$53.6 million for the six-month period ended 30th June 2017, compared with loss of US$56.7 million for the same period in 2016. The profit attributable to equity holders for the first six months of 2017 included investment income of US$21.2 million from Hui Xian and a net fair value gain of US$27.7 million on the revaluation of Wall Street Plaza.
NAT Says Tanker Market is Volatile
Nordic American Tankers Limited (NAT) claims to enjoy the advantages of a homogeneous Suezmax fleet. Operationally, strategically and financially, NAT and its worldwide customers and shareholders benefit from having 30 identical vessels on the water with excellent quality. The development of the world economy affects the tanker industry and the demand for oil. A low oil price is positive for the tanker industry.
Eagle Bulk Reports 2Q Loss
Connecticut-based Eagle Bulk Shipping has reported a loss of $5.9 million in its second quarter ended June 30, 2017. However, the net revenue of $53.6 million has shown a 109% increase compared to the same period in 2016. The company has achieved fleet utilization rate of 99.6% through active fleet management and augmented operating performance with 744 chartered-in days, a 272% increase compared to the same period in 2016.
Navios Maritime Completes Acquisition of 14 Container Vessels
The Marshall Islands-based shipping company Navios Maritime Containers has closed the acquisition of the remaining four container vessels and as a result has completed the acquisition of the entire 14 container vessels fleet. Navios Containers acquired the 14 vessels for a total purchase price of $118.0 million plus certain delivery and other operating costs. The Fleet was partially financed through two loan facilities of $61.0 million in aggregate…
From GloBallast to GloFouling Partnerships
Global Environment Facility (GEF) approves new project concept to address major aquatic invasive species vector. A new global project to help protect marine ecosystems from the negative effects of invasive aquatic species has been given the go-ahead for preparation. The GloFouling Partnerships project – a collaboration between the Global Environment Facility (GEF), the United Nations Development Programme…
Chemical Shipping Faces Oversupply: Drewry
The shipping fleet trading in chemical and vegoil markets is expected to accelerate at a much faster pace than demand, weakening earning prospects, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. Drewry estimates that tonne-mile demand will grow at 2.9% in 2017, and the fleet trading in chemicals/vegoils will expand by 9.5% by the end of this year, the highest fleet growth observed in recent years.
Kamji Marine joins Green Award Scheme
Green Award Foundation has announced that their network of incentive providers has extended to China. Kamji Marine Agency Ltd entered the Green Award scheme. Kamji Marine Agency headquarted in Zhoushan with branch offices in Europe. The company is a husbandry agent (local agent in Zhoushan port and a general agent for all other Chinese ports. It offers a wide range of services such as sludge disposal…
HMS Queen Elizabeth Set to Sail Home
The U.K. Royal Navy’s new 65,000-metric-ton aircraft carrier, HMS Queen Elizabeth, the largest warship ever to be built in Britain, has been undergoing sea trials since setting sail from Scotland's Rosyth dockyard in June, and is now set to enter her new home in Portsmouth in around two weeks. The warship will be the latest in a long line of famous Royal Navy ships to call Portsmouth home, though the exact date of the historic moment is to be determined depending on weather conditions.
Intermarine’s Grikitis to Receive AOTOS Award
Project, breakbulk and heavylift cargo transport company Intermarine, LLC announced that its President & CEO, Andre Grikitis, will be awarded with the Admiral of the Ocean Sea by the United Seaman’s Service (USS) at the organization’s 48th annual gala at the Sheraton New York Times Square Hotel, New York City, on October 13, 2017. The Admiral of The Ocean Sea Award (AOTOS) has been presented annually by United Seamen's Service for the past 47 years.
New Player Enters the Decommissioning Market
A new entrant to North Sea decommissioning, Well-Safe Solutions was established by a group of oil industry stalwarts Alasdair Locke, Mark Patterson and Paul Warwick, setting out to provide a new approach to the safe and cost-efficient decommissioning of subsea wells. The new start company, which aims to attract £200 million ($260 million) in investment and create 400 new jobs, will offer a specialist well abandonment service.
Sentinel Marine Secures Two New Contracts
Sentinel Marine said it has secured two new contracts bringing the Aberdeen-headquartered firm’s contract wins to a total of £26.4 million ($34.4 million) since January this year. The latest contract wins will provide continued employment for 72 seafarers in the North Sea. Sentinel Marine’s contract with Statoil UK Limited will see the provision of an emergency response and rescue vessel (ERRV) Portland Sentinel in the energy producer’s Mariner field from the beginning of August.
Sizing Up the Market, Scaling Solutions to Size
In October of 2014, news of Oceaneering’s purchase of GE Transportation’s newest marine engine offering was making waves. These engines – ones which meet EPA Tier 4i and IMO Tier III Emissions standards – without the need for a Selective Catalytic Reduction system (SCR) exhaust gas after-treatment, had workboat operators everywhere looking at new possibilities. Before that, Harvey Gulf International…
Statoil Set to Drill Its Biggest Arctic Hope
Norway's Statoil will soon start drilling this season's most promising Arctic prospect, Korpfjell, after several disappointing wells in the Barents Sea, the company said on Monday. The majority state-owned company has stepped up drilling in the Barents Sea this year as the government seeks to attract more explorers to its Arctic waters to make up for declining North Sea output. The Norwegian Petroleum Directorate said on Monday Statoil's latest well in the Barents Sea…
Ultimate SIM: Kongsberg's Digital Ecosystem
Ship owners can expect a rich digitalized offering from Kongsberg Group after the merger of its software-producing, oil-and-gas technology division; its maritime simulation (SIM) business and the company’s renewable energy department. Kongsberg Digital is the successor to these, and among the new entity’s cloudlike offerings are new ways to learn and train, as well as new SIM business models. Behind it all is the ultimate learning academy…
NYC’s New Ferries Move a Million Passengers in 86 Days
In operation for just three months, New York City’s new ferry service has already moved more than a million passengers. The new ferry service, NYC Ferry, commenced in May, serving Manhattan, Queens and Brooklyn, with a Bronx connection scheduled for next year. Already, it is off to a great success with very high demand from riders. “We just broke one million rides on @ NYC Ferry….we’re changing the game for more New Yorkers,” New York City Mayor Bill de Blasio tweeted.
Marine Consultants Lead Safety Training Around Offshore Installations
An Aberdeen-based maritime specialist has launched 500m Zone Management training courses to address concerns raised around offshore installation safety zones. Seacroft Marine Consultants is aiming to raise awareness of the need to control marine operations inside the 500m zone as the HSE highlights worries around the control and monitoring of vessels attending installations. With 97 percent of collisions occurring within the 500m zone involving vessels there on legitimate business…
Wärtsilä to Power Two New Fishing Trawlers
Wärtsilä said it has been contracted to provide the engines and the complete propulsion package, including the propulsion control system for two new fishing trawlers being built for Murmansk, Russia based Nord Pilgrim Ltd. The ships are to be constructed at the PJSC Vyborg shipyard in Russia. The orders with Wärtsilä were booked in June, 2017. The 80-meter-long trawlers will be reinforced to Ice3 class…
ASEAN, China Adopt Framework for Code on South China Sea
Foreign ministers of Southeast Asia and China adopted on Sunday a negotiating framework for a code of conduct in the South China Sea, a move they hailed as progress…
Marine Jet Power Names Gibson Americas Sales Director
Marine Jet Power, Inc. (MJP) has hired Philip Gibson as Director of Sales, responsible for sales and business development efforts in North, South and Central America. Gibson brings to the role more than 30 years’ military maritime experience, having most recently served as a Regional Sales Manager for Brunswick Commercial & Government Products (Boston Whaler). He retired from the U.S. Navy in 2005 with the rank of Master Chief Petty Officer, where he served as a U.S.
Cyber Threats Prompt Return of Radio for Ship Navigation
The risk of cyber attacks targeting ships' satellite navigation is pushing nations to delve back through history and develop back-up systems with roots in World War Two radio technology. Ships use GPS (Global Positioning System) and other similar devices that rely on sending and receiving satellite signals, which many experts say are vulnerable to jamming by hackers. About 90 percent of world trade is transported by sea and the stakes are high in increasingly crowded shipping lanes.