ABS Issues Industry’s First Managed Pressure Drilling Notation
ABS, a leading provider of classification and technical services to the marine and offshore industries, issued a managed pressure drilling (MPD) notation to Seadrill’s West Capella ultra-deep water drillship, demonstrating system compliance with the ABS Guide for Classification and Certification of Managed Pressure Drilling Systems (MPD Guide). “As the industry drills in ever more complex and challenging…
Ship Operating Costs to Increase for 2017 and 2018
Vessel operating costs are expected to rise in both 2017 and 2018, according to Moore Stephens' survey. Repairs & maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years. The survey is based on responses from key players in the international shipping industry, predominantly shipowners and managers in Europe and Asia. Those responses revealed that vessel operating costs are likely to rise by 2.1% in 2017 and by 2.4% in 2018.
Shipping Industry 'Broadly Satisfied' with IMO Progress on CO2 Strategy
The International Chamber of Shipping (ICS), BIMCO, INTERCARGO and INTERTANKO represented the global shipping industry throughout this week's intensive discussions at the UN International Maritime Organization (IMO), which continued the development of a comprehensive CO2 reduction strategy for the international shipping sector. The international shipping industry associations say they are 'broadly satisfied' with the progress made at this week's critical IMO meeting.
Pangaea Adds to Fleet
Pangaea Logistics Solutions has executed a memorandum of agreement to purchase the vessel M/V Tenmyo Maru, 58,749 dwt., built in November 2008 at Tsuneishi Group (Zhoushan) Shipyard. The ship is expected to be delivered from its present owners in December, and will be re-named Bulk Pride. Pangaea had also taken delivery of two ultramax ice-class 1C dry bulk carriers from Japan's Oshima Shipyard in January, and purchased its Bulk Freedom, built 2005, in June.
WFW Advises BPM on Navigazione Refinancing
International law firm Watson Farley & Williams (WFW) advised Banca Popolare di Milano S.p.A. (BPM) regarding a US$28.8m loan facility granted to L.G.R. di Navigazione and secured by, inter alia, mortgages over two medium range ice class tankers, the “Cenito” and “Posillipo”. Founded in 1865 by future Italian Prime Minister Luigi Luzzatti, BPM was Italy’s second co-operative bank. It merged with Banco Populare on 1 January 2017…
Cosco Ports Q3 volume up 17%
Cosco Shipping Ports saw third quarter throughput rise 16.6% to 23.10m TEU from 19.81m TEU in the previous corresponding period. "Driven by the growth of international trade and the supports from shipping alliances and shipping fleets of parent company, the Group’s total throughput recorded satisfactory growth," said a company statement. For the nine months ended 30 September 2017, the Group’s total container throughput rose 13.5% to 64,885,641 TEU (corresponding period of 2016: 57,165,661 TEU).
GoodBulk Acquires up to 13 Capesize Vessels
GoodBulk, an owner and operator of dry bulk vessels announced that it has entered into an agreement to acquire 7 to 13 Capesize dry bulk carriers from entities managed by CarVal Investors. Delivery of the vessels is expected to occur during the 4th Quarter of 2017 and the 1st Quarter of 2018. “We are excited to partner with CarVal Investors in this transaction as we continue to execute upon the Company’s strategy of building an industry leading platform for investment in dry bulk vessels…
MPC Container Ships Adds Two More Boxships
Oslo-based shipping company MPC Container Ships has continued its fleet expansion with the addition of two more container vessels; to take delivery of the vessels next month. The expanding start-up company purchased a 2,564 TEU vessel, which will be named AS Petulia, and a 1,200 TEU ship, to be named AS Frida. The two container ships were built in 2008 and 2003, respectively. "MPC Container Ships AS is pleased to announce that it has acquired a 2…
U.S. Oil Exports Boom, Pushing Infrastructure to Limits
Tankers carrying record levels of crude are leaving in droves from Texas and Louisiana ports, and more growth in the fledgling U.S. oil export market may before long test the limits of infrastructure like pipelines, dock space and ship traffic. U.S. crude exports have boomed since the decades-old ban was lifted less than two years ago, with shipments recently hitting a record of 2 million barrels a day.
Hempel Launches New Coatings
Hempel is launching two new antifouling coatings, Globic 9500M and Globic 9500S. According to the manufacturer, the coatings offer customers a potential 2.5% reduction in speed loss, meaning a significant fuel savings and lower CO2 emissions improving the operational efficiency of a vessel and minimising the operator's environmental footprint. This coating series builds on Hempel's Globic technology to deliver superior antifouling performance for new buildings and dry-dockings…
Ivy Marine Obtains SUB M Certification
Helm Operations assisted Ivy Marine, LLC obtain its SUB M TSMS Certification. Ivy Marine, LLC, a two-towboat company out of Mobile, AL is now the third and smallest company in the United States to obtain their TSMS Certificate. Ivy Marine’s President. “Before Helm CONNECT, we used a paper-based system for all of our required forms and reports on the boats. Helm CONNECT allowed us to increase efficiency across the business…
Diamond Offshore Shares Buoyant
As the offshore energy market continues to search for signs of recovery, latest news from Diamond Offshore points to better times ahead. On Monday, October 30, 2017…
Brent Oil Stays Above $60
Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices.
Unsafe Mixed Migration by Sea
Unsafe mixed migration by sea continues to claim many lives, despite the strenuous efforts made by Governmental and naval rescue services, often supported by merchant vessels, abiding by the long-standing tradition and legal obligation to go to the rescue of persons in distress at sea. The complexities of this humanitarian challenge were discussed on Monday (30 October) at a meeting hosted by the International Maritime Organization (IMO)…
Star Bulk Rolls Out Logistics Venture
Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, announced the expansion and diversification of the Company's commercial activity with the launch of the new subsidiary Star Logistics Management S.A. Star Logistics will focus on servicing the end user by connecting origination and destination of dry bulk commodities. The move is expected to further expand…
MOL Develops Mariner Safety Education Tool
Mitsui O.S.K. Lines announced that it has developed a mariner safety education tool goggle, which uses virtual reality (VR) technology created by Tsumiki Seisaku. The tool relies on VR technology to replicate various training scenarios and work operations, until now a difficult task, offering a new level of realism and immersion. It works on easily portable VR goggles, which make it possible for seafarers to train safely regardless of location, onboard or in an office or training center.
Progress in Developing GHG Strategy
The second meeting of the Intersessional Working Group on Reduction of Greenhouse Gas (GHG) Emissions from Ships (23-27 October) has made progress in starting to shape a draft initial IMO GHG strategy including refining the vision for IMO, which will express IMO's further commitment to reducing GHG emissions from international shipping. While the structure of the strategy has been largely agreed, the detailed text to be included is still under discussion.
Sojitz Buys Spanish LNG Terminal
Japan's Sojitz Corporation has acquired full ownership of First State Regasificadora (FSR), subsequently changing the company’s name to Sojitz Regasificadora (SR). SR owns a 15% stake in Regasificadora del Noroeste (Reganosa), whose assets include the LNG terminal located in Mugardos, located in the northwest of Spain. This makes Sojitz Corporation (Sojitz) the first Japanese trading company to enter into the LNG terminal business in Europe.
Cosco to Raise $2 billion to Build Ships
Chinese container carrier Cosco Shipping is thirsty for expansion and will raise CNY 12.9billion (USD 2billion) in new capital, according to Reuters report. The money will go to the construction of 20 new vessels. The carrier will use the raised fund to fund the building of six 21,237 TEU ships and five vessels of 20,119 TEU, with the remaining nine comprising five 13,800 TEU and four 14,568 TEU ships.
Swire, Siem Sign Vessel Bareboat Charter
Swire Seabed has signed a three year bareboat charter with Siem Offshore for the LCV Siem Stingray. The vessel, which will be re-named Seabed Stingray, is an Inspection, Maintenance and Repair (IMR), Construction and Survey vessel of the VARD design. She is 120.90 metres in length with a deck space of 1350 m² and is equipped with a 250 tonne offshore crane. She will also have two heavy duty work class ROVs.