Capital Product Partners Adds Two Vessels, Sells One
Greece-based international diversified shipping partnership Capital Product Partners announced the completed acquisition of the M/T ‘Aristaios’, as well as the sale of the M/T ‘Aristotelis’ and the acquisition of the M/T ‘Anikitos’. On January 17, 2018, the Partnership acquired the eco-type crude tanker ‘Aristaios’ (113,689 dwt, Ice Class 1C, built 2017, Daehan Shipbuilding Co. Ltd., South Korea) for a total consideration of $52.5 million from the Partnership’s sponsor…
ABS Excels in Marine Safety Standard
ABS announced it had zero work-related lost time incidents during 2017. The corresponding Lost Time Incident Rate (LTIR) of 0.00 represents a significant milestone in the organization’s continuing journey to safety excellence. “Safety is the heart of our mission and remains at the core of all we do, so we are thrilled to realize this exceptional safety record result,” said ABS Chairman, President and CEO, Christopher J. Wiernicki.
India Launches Third Scorpene Submarine 'Karanj'
The Indian Navy’s third state-of-the-art Scorpene class submarine, INS Karanj, was launched by Reena Lanba, wife of Chief of Naval Staff Admiral Sunil Lanba, , at the Mazagon Dock Shipbuilders Ltd (MDL) in Mumbai. This historic event reaffirms the giant strides taken by MDL in the ongoing ‘Make In India’ programme, which is being actively implemented by the Department of Defence Production (MoD). The new submarine is named after the earlier Kalvari class INS Karanj…
Hapag-Lloyd North America President Freese Retires
Wolfgang Freese, President Region North America, will be retiring after almost five decades with Hapag-Lloyd. Freese began his career in the shipping company in 1971 with an apprenticeship to become a shipping agent. In recent decades, he has held management positions in several locations, including Germany, Indonesia, Great Britain and the U.S. Since 2009, Freese has led this region headquartered in Piscataway, near New York City.
Data Models for Maritime E-Business
Effective global electronic data exchange for ships entering and leaving ports depends on standardized and harmonized practices for data exchange. This can include data models which define and format data which might be transferred between automated systems, such as for export, import and transit. IMO participated in the World Customs Organization (WCO) Data Model Project Team meeting (22-26 January) in Brussels, to receive updates on the latest work by the WCO.
GoodBulk Takes Delivery of Two Capesizes
Greek dry bulk owner Goodbulk announced that in January it took delivery of two Capesize vessels and sold another one Capesize. The Company took delivery of the Aquaproud, a 2009 built Capesize vessel of 178,057 dwt built by Shanghai Waigaoqiao Shipbuilding (SWS), China on On January 24, 2018. The purchase, which is the third to deliver of six option Capesize vessels acquired from funds managed by CarVal Investors on December 20…
Maritime Shipping Market Brightened: NYK Line
Japan’s Nippon Yusen Kabushiki Kaisha (NYK Line) said that conditions in the maritime shipping market were positive overall during the nine-month period of the fiscal year ending March 31, 2018. In the container shipping market, an upswing in spot freight rates stalled somewhat as the total supply of tonnage remained at similarly high levels as the previous year. Nevertheless, shipping traffic was brisk on the back of robust demand for container shipments.
Maersk Line to Start New Asia-Latin America Service
Maersk Line announced the launch of the new Asia – Latin America / West Coast South America services. The service will provide Maersk Line’s customers with new direct products for Colombia, the Caribbean and Pecem, Brazil. It will reduce transit times and offer greater port coverage, while maintaining the network’s leading reliability. The new service will begin operations at the beginning of April 2018.
Jason Marine CEO to Retire
Joseph Foo Chew Tuck will take over as chief executive officer at Singapore based marine electronics systems integrator Jason Marine Group, following the retirement of long-serving CEO Ronald Tan Lian Huat. On March 31, Ronald Tan Lian Huat will step down as a director of the Jason Marine and its subsidiaries and associated companies after more than 35 years with the group. Company founder Joseph Foo Chew Tuck…
China Seeks to Strengthen Financial Services to Maritime Sector
China’s central bank on Thursday issued guidelines to strengthen financial services for maritime sector development, part of China’s efforts to build the country into a maritime power. China will support maritime firms to raise funds through capital markets, according to the statement jointly issued by eight government agencies, including the People’s Bank of China and State Oceanic Administration.
Vietnam Arrests Ex-chairman of State Shipbuilding Firm
Vietnam has arrested a former chairman of state-owned Shipbuilding Industry Corporation (SBIC) for alleged abuse of power, police said on Friday, as the Southeast Asian nation cracks down on graft. A spate of high-profile arrests has shed light on graft, mismanagement and nepotism in state firms at a time of accelerating privatization, while spotlighting the ascendancy of a more conservative faction in the ruling Communist Party.
Rand Logistics Files for Chapter 11 Bankruptcy
Rand Logistics Inc, one of the largest bulk freight shipping providers in the Great Lakes region, filed for Chapter 11 protection on Tuesday after agreeing to a…
The Role of Safety in the Offshore Environment
On rigs and offshore vessels, the safety of crew and passengers is a top priority in the energy industry. However, with the particularly hazardous environments of remote offshore worksites, accidents can happen, and it’s up to the operators to ensure their crew members are well-equipped to handle an emergency situation. One of the ways they can provide safe conditions on their assets is to invest in the newest…
Shell Makes Big Deepwater Oil Discovery in Gulf of Mexico
Oil major Royal Dutch Shell said its U.S. unit had made one of its biggest oil discoveries in the past decade in the Whale deepwater well in the U.S. Gulf of Mexico.
Refurbished Tug James T Ready for Work
This winter will see the tug James T (ex PT Thompson) back at work after a major refurbishment. The James T, named for the founder of Campbell Towing, James T. Campbell, was built in 1982. The 85.4 by 32.3-foot tug had been powered by a pair of 1,000 HP Cat 3512 engines; these were replaced by a pair of bright red EPA Tier III-compliant 1,000 HP Cummins QSK38 mains. Both the old and the new engine sets turned into Twin Disc MG540 gears with 6.18:1 rations.
President Trump: "End Sequesteration"
In his first State of the Union Speech from the U.S. Capitol on January 30, 2017, President Donald J. Trump called for Congress to act to end Sequestration, freeing funds for the U.S. military to, among other things, build the 355-ship Navy. The Sequestration has been a hot-button topic for many years in U.S. shipbuilding circles, and in a recent interview with Maritime Reporter & Engineering News…
Uzmar to Build Escort Tug for Saam Smit Canada
Turkish shipbuilder Uzmar Shipyard has inked a deal with Saam Smit Canada Inc. (SST Canada), a joint venture partnership between Boskalis of the Netherlands and Saam S.A of Chile, for the construction of a new escort tug for operations in British Columbia, Canada. Designer Robert Allan Ltd. said the state-of-the-art RAstar 3200-W tug will be capable of safely performing all ship-handling roles, including berthing, unberthing and escort duties, including in heavier weather conditions.
BP Says Gas will Overtake Oil as Main Energy Source by 2040
BP expects gas to overtake oil as the world's primary energy source in around 2040 as demand for the least polluting fossil fuel grows, its vice president for strategic planning said on Wednesday. "We see it (gas) take over from coal in the early 2030s... We think there is a very good case for gas actually overtaking oil post 2040 or just before 2040," Dominic Emery told a gas conference in Vienna.
Subchapter M: Top 5 Moves to Make Now
In 2004 Congress reclassified towing vessels as vessels subject to inspection. Thus began a lengthy process of regulation drafting by the U.S. Coast Guard, with a great deal of input from the towing industry. In 2011, the Notice of Proposed Rule Making was published giving the public its first look at what has become known as Subchapter M. Over 3,000 comments were received by the Coast Guard on the Proposed Rule.
General Atomics Wins Navy Contract
General Atomics Electromagnetic Systems (GA-EMS) won a contract from the U.S. Navy through the Defense Ordnance Technology Consortium (DOTC) to develop advanced…