HMM Orders New Carriers
South Korea’s largest ocean carrier Hyundai Merchant Marine (HMM) will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), Reuters reported quoting company sources. "HMM will invest 470 billion South Korean won (U.S. $418 million) in new facilities for the construction of five, 300,000 deadweight ton (DWT) VLCCs with Daewoo Shipbuilding & Marine Engineering (DSME), with an option for five more," said company sources.
China Merchants Port's 1H Profit Soars 86%
Hong Kong-Listed China Merchants Port Holdings reported an 86% surge in first-half net profit, thanks to a one-off gain and higher volume handled by the company's ports. Net profit attributable to shareholders rose to HK$3.15 billion ($402.5 million) from HK$1.69 billion a year ago, the company said. Profit for core ports operation came in at HK$2.45 billion. Revenue for the period rose 5% to HK$4.05 billion.
DVB Bank Losses on Shipping
DVB, the specialist in international shipping finance, reported a consolidated net loss before taxes of EUR 506.3 million in the first six months of 2017 (previous year: net income of EUR 14.1 million). Given persistent oil price uncertainty, oil and gas companies have continued to reduce their exploration and production spending, which has further curtailed demand for offshore vessels and equipment. Shipowners remain under pressure from low charter rates and competition for employment.
Awilco LNG Reduces Net Loss in Q2
Norwegian based LNG transportation provider Awilco LNG reduced its net loss in the second quarter of this year due to higher activity of its vessels and steady spot rates. Awilco LNG’s net loss dropped to $10.1 million in the second quarter, as compared to $11.5 million in the same quarter last year and $10.4 million in the previous quarter. Awilco added 13 vessels 1H 2017, a further23 scheduledfor deliveryin 2017, although delays may be expected, said a statement from the company.
CMA CGM Deploys Theodore Roosevelt on SAX
The CMA CGM Theodore Roosevelt will be deployed on the South Atlantic Express (SAX) line, linking Asia East Cost to North America Cost through the Panama Canal, says a statement from the company. With transit times among the fastest in the market between Asia and North, Central America and with an optimal coverage, the SAX line offers a high-quality service to the Group’s customers. This line is also operating through the OCEAN Alliance powered by CMA CGM.
DryShips Reports Q2 Loss
DryShips posted a net loss of $15.6 million for the quarter ended June 30, 2017, widening from net loss of $9.1 million a year earlier. However, its revenue went up to $16.38 million from $15.75 million over the same period. Its cash and cash equivalents stood at $77.2 million (or $1.14 per share) at the end of Q2, and book value of vessels, including advances, was $668.0 million (or $9.84 per share).
NAT CEO Hansson Buys 180,000 Company Shares
Nordic American Tanker (NAT) says a company owned by chairman and CEO Herbjorn Hansson and his immediate family on August 31 bought 180,000 shares in NAT at an average price of $4.61 per share. As of August 31, immediate Hansson family holds 3.6 million common shares of NAT. Nordic American Tankers is a shipping company focused on Suezmax crude tankers, each of which can carry up to 1 million barrels of oil.
DryShips Commenses USD 100mln Rights Offering
DryShips Inc. announced the commencement of its previously announced rights offering of shares of common stock, par value $0.01 per share. The Rights Offering is being made through the pro-rata distribution of non-transferrable subscription rights to purchase, in the aggregate, up to 36,363,636 shares of Common Stock at a subscription price of $2.75 per share, to shareholders of the Company on August 31, 2017 resulting in gross proceeds of up to $100 million.
MAN Engines for the Latest Riviera Luxury Yacht
Riviera 68 Sports Motor Yacht to be powered by MAN V12 engines. Australian yacht builder Riviera Yachts is equipping its new 68 and 72 Sports Motor Yacht models with V12 diesel engines from MAN Engines. Customers have the choice of the V12-1550 or V12-1800 models, as well as MAN Engines' most powerful marine engine available on the market at the moment: the V12-1900. The twin-engine systems provide 1,140 kW (1,550 hp), 1,324 kW (1,800 hp) or 1,397 kW (1,900 hp) twice-over.
Coast Guard Foundation: Harvey Relief
The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, has activated its Disaster Relief and Response Fund to assist Coast Guard Members impacted by Hurricane Harvey. “As we see the hurricane rescue efforts unfold, we bear witness to the skill and expertise of the men and women of the United States Coast Guard,” said Susan Ludwig, president, Coast Guard Foundation.
Power Play: Engine Suppliers Prepare for 2020
Kjeld Åbo, Chairman of CIMAC (the International Council on Combustion Engines) Fuels Working Group and Director Customer Support, Two Stroke Marine at MAN Diesel & Turbo, has said that the IMO’s proposed 0.5 percent marine fuel sulfur content limit was not unexpected but that there were a number of practical and strategic issues that needed to be addressed if the new regulations were to be implemented successfully by 2020.
Sailing Ships: Ship of the Future?
For as long as there has been a need to transport cargo there has been a maritime industry. Throughout that history both owners and mariners have worked to devise ways of saving costs, making faster transits, and carrying more cargo. In 1819 the Steam Ship Savannah made maritime history by being the first steamship to cross the Atlantic Ocean, sounding eight bells for the traditional cargo carrying tall ship.
‘Lunch-and-Learn’ Planned for Fleet Optimization Conference
The organizers of SHIPPINGInsight 2017 say a Lunch-and-Learn program will be held during the annual Fleet Optimization Conference & Exhibition, to be held October 10-12…
Unmanned RIB to The Rescue
A high-speed rigid inflatable boat (RIB) will be featured in the first unmanned water-borne demonstration to take place at the world’s largest defense and security exhibition, being staged in London this month. The result of a collaboration between BAE Systems and ASV Global, the Pacific 950 optionally-manned RIB has already made waves at Unmanned Warrior naval exercise which took place off the coasts of Scotland and West Wales just under a year ago.
About 13.5% of US Gulf Oil Output Still Shut in by Harvey
About 13.5 percent of oil production in the Gulf of Mexico was shut in on Thursday due to Tropical Storm Harvey, the U.S. Department of the Interior's Bureau of…
The Shearer Group Wins TxDOT Ferry Design Contract
The Shearer Group, Inc. (TSGI) said it was awarded a five-year Indefinite Deliverable contract with the Texas Department of Transportation (TxDOT) to provide design…
Damen Begins New Tug Build for Saqr Ports
A keel-laying ceremony was held on August 28 at Damen Shipyards Sharjah for a new ASD Tug 2913 for Saqr Ports, part of Rash Al Khaimah (RAK) Ports. Damen will deliver the vessel to RAK Ports next year, in time for the opening of a new bulk terminal at Saqr Port, the main bulk-handling port in the Middle East. RAK Ports required a tug that was both compact and powerful, in order to handle the large carriers that will call at the port.
New Cutter Dredger Launched for Jan De Nul
A newly built self-propelled cutter suction dredger, Willem van Rubroeck, was released into the sea at the Uljanik Shipyard in Croatia on August 28. The vessel is expected to be delivered to owner Jan De Nul Group in 2018. The vessel is 151.3 m long, 36 m wide and can reach speeds up to 12 knots. Willem van Rubroeck’s installed power is 40,975 kW, making it the world’s most powerful cutter dredger, according to Jan De Nul Group.
Wärtsilä Re-liquefaction Plants Ordered for Newbuild LNG Carriers
Wärtsilä said it has been awarded contracts to supply its re-liquefaction plants to three new LNG carriers currently under construction. One ship is being built at the Samsung Heavy Industries (SHI) yard in South Korea for the international owner and operator Gaslog. The others are for Norway based Knutsen and are being built at the Hyundai Heavy Industries (HHI) yard in South Korea. The order was booked for the Gaslog ship in April 2017 and for the Knutsen ships in May/June 2017.
Bureau Veritas Issues New Rules for OSVs, Tugs
Classification society Bureau Veritas has issued new rules for the Classification of Offshore Service Vessels and Tugs, including new class notations for pipelay vessels, accommodation units, offshore construction vessels and offshore support vessels. Gijsbert de Jong, Bureau Veritas Marine Marketing and Sales Director, said: “With this new publication Bureau Veritas provides the industry with a clear…