Overcapacity Still Weighs on Shipping Industry -Report
Global demand for maritime shipping picked up last year, but the pace was still below the historical 3 percent average and continued to lag behind supply, keeping freight rates and earnings low in most segments, a new UNCTAD report says. The Review of Maritime Transport 2017 says that seaborne trade grew by 2.6 percent in 2016, reaching 10.3 billion tons. Although this was a welcome improvement to the 1.8 percent growth recorded in 2015…
NAT Closes Newbuilding Loan
Nordic American Tankers Limited (NAT) has announce that it has signed the main terms with a major international financial institution for the financing of the outstanding commitments, due on delivery, for the three Suezmax newbuildings to be delivered during the latter part of 2018. "We expect the agreement to be fully executed about mid-November 2017 at which time the full financing of the newbuildings will be completed," said a company statement.
Akastor, Mitsui Seek To Expand Partnership
Akastor ASA (AKA), an oil service investment company, announced that it is in advanced discussions with Japan-based Mitsui & Co to further expand their current partnership to include AKOFS Offshore (AKOFS). The parties have entered into a Memorandum of Understanding (MoU). As per the MoU, Mitsui, together with potential partners, will invest in AKOFS by purchasing 50% of the shares in the company to form a new 50-50 joint venture.
Biggest LNG Vessel Sails to Turkey
The world’s biggest specialized vessel to import liquefied natural gas (LNG) is scheduled to be operational in November to contribute to Turkey's energy supply security, Bloomberg reported. The MOL FSRU Challenger, as long as the Eiffel Tower, is expected to arrive from South Korea this month and start by year-end. Last winter, a cold snap gripped the whole region, including Iran, where Turkey gets some of its gas from.
Go Marine Files for Administration
Australian offshore support vessel owner-operator Go Marine Group Pty Ltd has filed for administration after suffering a $50 million financial collapse, The West Australian reported. A notice filed with the Australian Securities and Investment Commission showed that Go Marine and its subsidiary Go Offshore Pty Ltd filed for administration on October 20. The board of Australia's only integrated marine…
Coalition Forces Render Aid to an Iranian Fishing Vessel
In coordination with the European Union Naval Force and the Turkish-led Combined Task Force (CTF) 151, which is a part of the Combined Maritime Forces, the U.S. Navy provided assistance to an Iranian fishing vessel after a reported piracy attack Oct. 24, south of Socotra, Yemen. The Iranian coast guard called U.S. Naval Forces Central Command (NAVCENT) to report the incident and seek assistance for the fishing vessel.
UK Launches Free Online Course for Maritime Law
The UK Chamber of Shipping and its partners Addleshaw Goddard and the Law Society of Scotland have launched a free online introductory course in maritime law. The course, titled ‘Maritime Law: an Introduction to Shipping Transactions’, launches on Monday 30th October and will outline the unseen legal and transactional structures behind the shipping industry. The course is open to anyone looking to develop their understanding of maritime law or who has an interest in shipping and maritime trade.
Training for Spill Response in East Africa
The question of how to manage emergency preparedness and response in the oil and gas sector was on the agenda at a workshop in Zanzibar, United Republic of Tanzania (17-20 October). Participants from countries across the East Africa region gathered to highlight good practices in developing national preparedness and response systems, as well as how to improve understanding of risk assessments related to oil and gas development and potential impacts on environment.
Nimitz Carrier Strike Group Enters 7th Fleet
The aircraft carrier USS Nimitz (CVN 68) with embarked Carrier Strike Group (CSG) 11 and Carrier Air Wing (CVW) 11, and Destroyer Squadron (DESRON) 9 arrived in the U.S. 7th Fleet area of operations (AOO) Oct. 25, after concluding operations in U.S. 5th Fleet. While in 7th Fleet, the Nimitz Carrier Strike Group (NIMSG) is scheduled for a port visit and will be ready to support operations throughout the AOO before transiting back to their respective homeports.
ABS’ Wiernicki Delivers Keynote at SNAME Convention
Speaking at this year’s Society of Naval Architects and Engineers (SNAME) Annual Meeting and Expo in Houston, ABS Chairman, President and CEO, Christopher J. Wiernicki, detailed how the maritime industry’s “new norm” is characterized by sweeping and disruptive changes in technology, skill sets and leadership. “Normal means rapid and impactful change – it’s no longer business as usual,” Wiernicki said in his keynote address.
US Marine Sanctuary Oil Drilling Report Sent to Trump, Not Public
U.S. Commerce Department Secretary Wilbur Ross sent a report to the White House on Wednesday containing recommendations on whether to change the boundaries of 11 marine sanctuaries to allow more oil and gas drilling, but the report was not made public. Commerce reviewed sanctuaries containing 425 million acres of coral reefs, marine mammal habitats and pristine beaches, as part of an administration strategy to open new areas to oil and gas drilling.
Minor Lube Oil Discharge in Baltimore
U.S. Coast Guard and Maryland Department of the Environment personnel are investigating and overseeing cleanup of a lube oil discharge near Baltimore’s Inner Harbor Monday.
Foreship: A Guiding Design Light amid a Quagmire of Regulations
As the maritime regulatory regime evolves quickly, ship owners increasingly require guidance to help them navigate an ever-changing technical quagmire. Finland-based Foreship is a force in this regard. Finnish maritime prowess is legendary, particularly when it comes to the cruise ships and polar vessel sectors. Foreship aims to continue this legacy, an employee-owned company with a specialty in ship design and engineering.
Robert Allan Receives Meritorious Achievement Award
Rob Allan was presented with the Meritorious Achievement Award as one of the President’s Awards conferred by Engineers & Geoscientists British Columbia (EGBC) on October 20, 2017 at their Annual Award Gala held in Whistler, BC. This award is given annually to a member of the Association who has achieved distinction and outstanding goals associated with his/her profession. Allan has over 45 years of experience in the design of commercial workboats of all types…
Brazil Delays Estimate for First Oil Cargo from Libra
Brazil on Wednesday pushed back its forecast for a first oil shipment from its promising offshore Libra prospect to the first quarter of next year, months after…
Arneson Surface Drives Enhanced with Master Trim
Twin Disc, manufacturer of technologically advanced marine transmissions, has announced an expansion to its line of Arneson Surface Drives. Select models of the innovative propulsion solution now interface with MasterTrim, an automated trim control system. The device is debuting at the Fort Lauderdale International Boat Show, Nov. 1–5. By use of exacting sensors, the programmable MasterTrim control…
MES Delivers 60,000 DWT Bulk Carrier
Mitsui Engineering & Shipbuilding Co., Ltd. (MES) said it has completed and delivered a 60,000 dwt bulk carrier M.V. Venezia (MES Hull No. 1959) at its Tamano Works on October 25…
Aerial Drones Take Flight in Maritime
Flights of Fancy? No longer a pipe dream, aerial drones find a home in maritime. Price Waterhouse Cooper estimates the global commercial drone market at $127 billion. Shipyards, offshore wind-farm developers, cruise lines, blue water cargo agencies, maritime marketing departments, first responders, admiralty lawyers, shore-to-ship package couriers, insurers, classification societies, salvors, container…
Simwave Hires Hoorn
As of September 2017 Aat Hoorn has joined Simwave as manager engine room and high voltage simulators. These state of the art simulators comprise various engine room models presented on workstations, big views as well as a full mission engine room environment. Besides a Certificate of Competence Chief Engineer All Ships, Hoorn carries a professional Master’s degree in Education. Prior to joining Simwave Hoorn worked at various (managing) positions at a.o. Nedlloyd and AVR waste management center.
Marine Finance for Brown Water Operators
A primer for navigating the ‘ups and downs’ of marine money for domestic stakeholders. Vessel financiers are resourceful and adaptable to changing markets. On the domestic side, financiers of Jones Act and “brown water” assets have continued to serve their customers through shifting shoals in both broader capital markets and in the marine markets – both known for their ups and downs. Marine finance can take many forms.