Solstad Offshore, Creditors Agree on Draft Restructuring Plan
Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday.The large majority of stakeholders, including secured lenders, leasing companies, industrial shareholders and key bondholders plan to sign a binding agreement by the end of April…
V.Group Names Traaholt CFO
Ship management and marine services company V.Group announced it has appointed Petter Traaholt as Chief Financial Officer and a member of the V.Group Board.Traaholt joined V.Group from Eltel Group where he was Group CFO, based in Stockholm. Prior to joining Eltel in 2017, he held a number of senior operations and finance roles in Wilhelmsen Holding ASA; initially combining roles as CFO and Deputy CEO of Wilhelmsen Maritime Service…
Navico Inks US Coast Guard Contract Through 2025
Navico announced it has signed a five-year agreement with the U.S. Coast Guard (USCG) to provide C-MAP cartography under the USCG’s Small Boat Product Line (SBPL). Navico was selected for a competitive award by the USCG for products that met all of their technical needs. Navico’s C-MAP will deliver cartography cards to 300 different stations across America, twice a year.The SBPL aligns all boat support…
'Sailors Do Not Need to Die,' Warns Captain of Coronavirus-hit US Aircraft Carrier
The captain of the U.S. aircraft carrier Theodore Roosevelt, in a blunt letter, has called on Navy leadership for stronger measures to save the lives of his sailors and stop the spread of the coronavirus aboard the huge ship.The four-page letter, the contents of which were confirmed by U.S. officials to Reuters on Tuesday, described a bleak situation on board the nuclear-powered carrier as more and more sailors test positive for the virus.The Navy puts the ship’s complement at 5…
Oakland Dockworker Killed in Containership Fall
A longshore laborer at the Port of Oakland reportedly fell to his death from the deck of a containership at berth in the early hours on Tuesday.The International Longshore and Warehouse Union confirmed that the accident victim was one of its members. The port said the fatal accident was under investigation by local authorities.“This is a tragedy that strikes everyone very deeply,” said Port of Oakland Maritime Director John Driscoll.
Greece to Sell Majority Stakes in Four Ports
Greece plans to sell majority stakes in four ports as part of a privatization plan agreed with its lenders after the country exited the bailouts in 2018, a document of its privatization agency (HRADF) showed on Tuesday.HRADF will sell majority stakes in the share capital of Alexandroupolis, Igoumenitsa, Heraklion and Volos ports, the agency said in an invitation to hire financial advisers for the sales released on this website.China's COSCO has bought a 51% stake in Piraeus Port…
Contracted Rates to Fall Long-term Due to Conoravirus -Xeneta
The container shipping segment appears to have caught coronavirus, with the industry suffering its first monthly fall in long-term contracted ocean freight rates since October 2019. According to the latest XSI Public Indices report from Xeneta, March 2020 saw a small dip of 0.5% in rates after a sustained period of growth. Although these symptoms look mild, the future is characterized by growing uncertainty…
Wärtsilä Translink Receives DNV GL, IEC Certificates
The technology group Wärtsilä said it has been awarded a DNV GL type-approval certificate and cyber security certification by the International Electrotechnical Commission (IEC) for its Translink solution, part of the company’s connected ECDIS concept. The cyber security verification has been issued according to the updated DNV GL rules and the internationally recognized standard for cyber security for bridge and navigation systems, IEC61162-460.
Huisman Crane for Penta-Ocean's Wind Turbine Installation Rig
Dutch offshore equipment manufacturer Huisman has signed a contract with PaxOcean Engineering for the delivery of a 1,600mt Leg Encircling Crane. The crane will be installed on the new self-elevated platform (SEP) of Japanese company Penta-Ocean Construction, which ordered the unit from PaxOcean earlier this year.With this Huisman crane, the new jack-up unit will be capable to install 12 MW wind turbines and various foundations including monopiles.
Outlook for India's Ship-breaking Turns Negative
The outlook for India's ship-breaking industry has turned negative amid volatile scrap prices and a falling rupee, says ICRA.The country's ship-breaking activity, while tepid during CY2019 due to subdued demand and depressed scrap prices, gathered momentum at the start of CY2020 following the implementation of the International Maritime Organization (IMO) sulphur cap regulations from January 2020.
Environmental DNA Emerging in the Ocean Science Community
There is a new buzzword in the ocean science/sensing community. The word is eDNA, an abbreviation for environmental DNA. This refers to DNA that can be extracted from environmental samples without first isolating any target organisms. In the maritime community such samples are taken from water. All living organisms leave traces of DNA in their environments which is an indicator of their presence over time.
Abu Dhabi's Gulf Marine Services Reaches Debt Restructuring Deal
Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure its debt that will help it weather the coronavirus crisis.London-listed GMS provides support vessels for offshore oil and gas and other energy installations. It has been hurt by a downturn in the oil and gas services industry triggered by a prolonged slide in oil prices…
ABS to Class Silver Eagle's New Jack-Ups
ABS, a classification services provider to the marine and offshore industries, will provide classification for a series of "highly innovative Self-Elevating Drilling Units (SEDU)" for Silver Eagle Global.Silver Eagle, of Manama, Bahrain, says the self-propelled design is capable of working at greater water depths and in harsh environments. According to Silver Eagle Global, the Silver Eagle SEDU 430WC-4 will have the industry’s largest deck area and deck load capacity…
Oil Economics: Freight Rate Surge Cuts into Trader's Profits
A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever, trade sources said.While a sharp rebound in spot crude differentials could lift traders' profits, a broadening slump in global demand is stretching out the time that markets will need to digest bulging inventories and spark a price recovery…
Ship with COVID-19 on Board Piloted Remotely through Suez Canal
A cruise ship with at least reported 65 cases of coronavirus on board was piloted remotely through the Sueaz Canal.On March 23, a pilotage team aboard two escort tugs remotely piloted Italian passenger ship Costa Diadema during a northbound convoy through the new Suez Canal, while the ship was sailing without passengers from from the United Arab Emirates to Italy. In addition to four senior pilots to guide the vessel on two escorting tugs…
Carnival Brands Pause Cruises for Another Month
Four of Carnival Corp’s cruise lines said on Monday they would extend the suspension of all voyages by a month to May due to the coronavirus crisis that has worsened over the past few weeks.The brands - Holland America Line, Carnival and luxury cruise ship operators Seabourn and Cunard - together operate 49 ships.Carnival Corp, also the operator of two coronavirus-stricken Princess cruises, has already temporarily suspended several of its ships due to concerns over the rapidly spreading COVID-19
Brazil Blocks Costa Cruise Crew from Coming Ashore Due to Coronavirus
A Brazilian court has barred crew members from disembarking from the Costa Fascinosa cruise ship anchored with no passengers at the port of Santos after some of their mates developed coronavirus symptoms, city authorities said on Monday.All passengers on the ship, which has a capacity for 3,800 passengers and crew, were disembarked on March 17 at Santos and only the crew remained in quarantined.Santos…
Japanese Destroyer and Chinese Fishing Boat Collide
A Japanese destroyer and a Chinese fishing boat collided in the East China Sea on Monday night and no one was injured, Japan’s defense minister said, but China said…
MSC Cruises Spain President Emiliano González Passes Away
Emiliano González, President of MSC Cruises Spain passed away on March 25 in Madrid at the age of 68.González joined MSC Cruises Spain as Commercial Director in 2002, becoming Country Manager in 2004. He restlessly worked to turn MSC Cruises into one of the country’s most popular cruise lines and witnessed the entry into service of the 17 innovative cruise ships in MSC Cruises’ fleet. In 2017 he moved on to become President of MSC Cruises Spain.
Coast Guard Corrals Wayward Buoy in Long Island Sound
Built to guide mariners through safe waters, the Valiant Rock Lighted Whistle Buoy 11 was dangerously adrift in the Long Island Sound.When ferry operators traveling between Orient Point and Fishers Island, New York, first reported the buoy off station on Jan. 17, the U.S. Coast Guard Cutter Oak (WLB-211) was already underway but foul weather kept the cutter from removing it.This was the beginning of a two-week saga that would involve several Coast Guard units.