EU Mergers and Acquisitions
The following are mergers under review by the European Commission that could be of interest to the global maritime and energy communities. -- Austrian company Borealis, Canada's Nova Chemicals and French oil and gas major Total to set up a joint venture (notified Feb. -- British turnaround specialist Melrose Industries to acquire British engineering company GKN (notified Feb. -- German steel company ELG Haniel and and Spanish peer Iberinox 88 SA to set up a joint venture (notified Feb.
TOTE Completes Phase 1 of LNG Conversions
TOTE Maritime Alaska said it has completed the first of four conversion periods for the Orca class vessels, a process which will enable the ships to use liquefied natural gas (LNG) as fuel. TOTE Maritime’s North Star arrived in Anchorage yesterday, completing her first voyage after being outfitted with two LNG tanks immediately behind the ship’s bridge. In addition to the LNG tanks and accompanying infrastructure…
Sanmar Delivers New Tug to Abu Dhabi Ports
Turkish shipbuilder Sanmar Shipyards said it has delivered Al JIMI 1 (Yenicay VII), the latest addition to Abu Dhabi Ports’ growing tug fleet, which already includes two sister vessels, Al SHAHEED (Yenicay IV) and AlHILI 1 (Yenicay VI), which were delivered by Sanmar in 2017. The Yenicay Class tugs are based on the Robert Allan Ltd Rascal 1800 basic design and are equipped to service both Musaffah Port and Zayed Port and complement Abu Dhabi Ports’ existing fleet.
USS Little Rock Helps the Homeless in Montreal
A group of American sailors stuck in Montreal for the winter are pitching in to help the local community. The U.S. Navy’s new Freedom-variant littoral combat ship, USS Little Rock (LCS 9), which was originally scheduled to sail for its home port in Mayport, Fla. after its December 2017 commissioning in Buffalo, N.Y., is spending the winter in Montreal due to worse than expected weather and ice in the St. Lawrence Seaway.
Shipping Carriers M&A to Wane in 2018 - iContainers
Mergers and acquisitions activities for shipping carriers are expected to slow down in 2018, and instead will likely to pivot to freight forwarders, where the industry can expect to see an increase in M&A talks, says online freight forwarder iContainers. Following an unprecedented number of mergers and acquisitions over the past few years, iContainers says this trend can now be expected to ebb. “In terms of carriers, I doubt we will see anymore movements in the near future.
Seadrill, Creditors Reach Joint Restructuring Deal
Shipping tycoon John Fredriksen has reached an agreement with a majority of creditors over a restructuring plan for oil rig firm Seadrill, according to U.S. court documents on Monday. The company, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy protection with debt and liabilities of over $10 billion last September after a sharp drop in oil prices in 2014 cut demand for rigs.
Seadrill Rises as Creditors Reach Joint Restructuring Deal
U.S.-listed shares of oil rig firm Seadrill are up 10 percent at 28 cents in early trade. Seadrill, controlled by John Fredriksen, has reached an agreement with a majority of creditors over a restructuring plan according to U.S. court documents. Under an amended plan, the company will raise $1.08 billion in new capital via the issuance of new secured notes and equity. The company filed for Chapter…
Interlake Commences 2018 Sailing Season
The Interlake Steamship Company said its articulated tug-barge unit (ATB) Dorothy Ann-Pathfinder has departed winter layup on Saturday, February 24, to begin early-season shuttles of iron ore for ArcelorMittal, an integrated steel and mining company with blast furnaces at the head of the Cuyahoga River. A workhorse of Interlake’s nine-vessel fleet, the 700-foot Dorothy Ann-Pathfinder is one of Interlake’s two River-Class vessels…
Damen to Deliver Three Patrol Vessels for South Africa
Damen Shipyards Cape Town (DSCT) said it has received an order from Armscor – the acquisition agency for the South African Department of Defense – for three Inshore Patrol Vessels (IPV), 62 x 11 meters. The new vessels – the first of a Damen Sea Axe design to operate in South Africa – will form part of the South African Navy’s Project Biro. The project aims to develop South Africa’s maritime security…
Baltic Index Nears One-Month High
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, on Monday firmed to its highest in nearly a month on the back…
Vessel Docks at Maryland Cove Point LNG Terminal
Gemmata could be the first vessel to pick up fuel from the facility since the tanker came from Spain - a non-LNG exporting country - with less than a full cargo, according to the shipping data.
Disabled Bulker Towed to Seattle after Engine Room Blast
Main diesel engine components malfunctioned on board a 653-foot bulk carrier and caused a localized explosion, Thursday, about 120 miles west of the Columbia River entrance. According to the U.S.
Shell: LNG Supply Shortage Possible as Demand Surges
The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 million tonnes to 293 million tonnes in 2017…
Massachusetts Maritime Academy Launches Third Master's Degree
MMA Launches Third Graduate Degree, M.S. Maritime Business Management. The Massachusetts Maritime Academy has announced the launch of their third Graduate Degree…
All American Marine Wins Kitsap Ferry Contract
Kitsap Transit Approves $15 Million Contract for Two All American Marine High Speed Low Wake Ferries. Kitsap Transit’s board recently approved a $15 million contract with All American Marine, Inc.
NYK's Diagnostic Tool to Prevent Machinery Failure
NYK and MTI Co. Ltd. have jointly developed a diagnostic tool that records, visualizes, and analyzes the operational sounds of a vessel’s engine plant. The tool…
Nigeria to Automate Shipping Processes
The Federal Government of Nigeria is set to automate all shipping related administrative processes in order to reduce subjectivity and corruption, thereby promoting…
USNS Burlington (EPF 10) Christened
Austal celebrated the christening of Expeditionary Fast Transport (EPF) the future USNS Burlington (EPF 10) with a ceremony at its state-of-the-art shipbuilding facility this morning.
Norsea, Wilhelmsen Bag Offshore Wind Deal
NSG Wind and Wilhelmsen Ship Management have together won a five year frame agreement with TenneT, a leading European electricity transmission system operator. NSG…
Body of missing person from racing yacht located
The body of the missing crew member was located by the Department of Fire and Emergency Services (DFES) Dauphin helicopter at 12.30 pm AWST yesterday, and recovered by Fremantle Water Police.
