TORM Product Tankship Deal With Oaktree Capital
Denmark's TORM agreed to sell five MR product tankers to a company controlled by Oaktree Capital Management as part of an earlier restructuring agreement. The sale is a consequence of the specific option rights, which one bank group exercised in connection with the Restructuring Agreement. Oaktree will place the five vessels under TORM’s commercial management in a revenue sharing scheme, and utilize TORM’s integrated operating platform for technical management.
U.S. Military Biofuel Development Contract Placed
BioProcess Algae LLC awarded $6.4-Million U.S. Department of Energy grant to develop advanced drop-in biofuels for military jets & ships. BioProcess Algae LLC has…
Deepwater Seabed Minerals Exploration Project
Keppel Corporation forms, Ocean Mineral Singapore Pte., to explore for polymetallic nodules several kilometres beneath the ocean's surface. Polymetallic nodules contain copper…
Valuable Maritime Services Contract Continuation for CDI
CDI Corp. gets a new U.S. Navy SEAPORT task order to continue to provide watercraft engineering & marine services for the Naval Surface Warfare Center. The watercraft…
Unpaid Crew Wages: New Seacurus Insurance
Seacurus has launched a new insurance policy to indemnify seafarers in the event of the financial default of their employers. CrewSEACURE is a new insurance product now available to all employers of seafarers required to satisfy new regulatory obligations under the Maritime Labour Convention 2006 and the International Guidelines on Seafarer Abandonment. The new policy, CrewSEACURE, provides up to USD10m of cover in the event of an employer’s financial default.
Greek J/V to Acquire HSH Debtors' Fleet
Navios Maritime Holdings & Navios Maritime Acquisition Corp. in J/V sign LOI to buy 10 ships from debtors of HSH Nordbank. The new Joint Venture company, named Navios JV…
Crime on Board: IMO Legal Committee Draft Guidelines
The Legal Committee of the International Maritime Organization (IMO), has drafted advice for masters of ships on preservation & collection of evidence. Draft guidelines on the preservation and collection of evidence following an allegation of a serious crime having taken place on board a ship, or following a report of a missing person from a ship, and on pastoral and medical care of victims were approved by the Legal Committee of the International Maritime Organization (IMO)…
Wreck Removal Costs More Nowadays
Insurers, Lloyd's of London, say in a new report that the cost of dealing with shipwrecks is rising as ships grow in size. The report, 'The challenges and implications…
MAN & Statoil Sign Turbo-machinery Agreements
MAN Diesel & Turbo, Switzerland, signs to provide Norway's Statoil with new subsea compressor equipment & maintenance services. The Zurich-based MAN Diesel & Turbo…
U.S. Earth Day Award for Port of Long Beach
The Port of Long Beach wins Federal Maritime Commission 'Earth Day' Award in recognition of its mitigation & sustainability efforts. The Port has been named one…
Catherwood Buys Tugboat, Side-swaps Engines
Catherwood Towing's owner, Ernie Catherwood, adds another tugboat to his 14-boat fleet that operates in and around Canada's Fraser River. The 39-year old boat was at a shipyard undergoing a scheduled Canadian Steamship Inspection. Ernie had marine surveyor Mark McAllister and his port engineer Trevor Sexton check the boat out, and they reported the boat sound with excellent 1/2-inch hull plating. But the old 12V149 Jimmies were tired…
UAE Navy Receives Fincantieri Patrol Boat
Fincantieri Muggiano (La Spezia) shipyard in Italy has delivered the patrol boat 'Salahah' to the United Arab Emirates' Navy. The new ship's sister the Ghantut was delivered last January together with an "Abu Dhabi Class" corvette. The two patrol vessels – whose names come from an area of the Emirates near Abu Dhabi – were ordered in 2010 within the “Falaj 2” program. The contract provides for an…
Maersk Deepwater Rig's Incident Free Year
The crew of the 'Maersk Deliverer' has achieved a ‘One-Year Free of Accidents’ award during operations offshore West Africa. Maersk Deliverer has been operating in six different countries in West Africa for eight different clients over the past two years and is currently on a two year contract with Chevron, Angola. Maersk Offshore say that the crew received the award due to a relentless pursuit of keeping a safe and incident-free environment on-board the rig.
Omega Introduces KFH Series Prewired Strain Gages
Omega introduced its new series of prewired strain gages. Each gage for the KFH series has 50 mm of PTFE cable before transitioning to AWG 28 leads to prevent leads from adhering during installation.
Construction Update: Mein Schiff 3 and Mein Schiff 4
TUI Cruises President and CEO Richard Vogel is in Finland this week reviewing the status of the construction of the company’s two ship orders, Mein Schiff 3 and Mein Schiff 4, and provided an update. Mr. Vogel noted that construction on Mein Schiff 3 at STX Finland is now 25% complete, and the main engines have completed their acceptance testing. Formal keel-laying has been set for Friday May 24, 2013 with delivery almost exactly one year later.
Large BC Fishing Boat Orders WESMAR Sonar
WESMAR (Western Marine Electronics) has announced an order for their powerful Model HD860 sonar for installation on 44-meter factory trawler FV Raw Spirit, the second largest fishing vessel in British Columbia. Built in 1998 in Norway and refitted in Iceland, the FV Raw Spirit is billed as fuel-efficient by her owners, Andersen Seafoods Ltd., Fisher Bay Seafood Ltd, and Canadian Fishing Company. Her Captain…
General Dynamics Awarded $20 Million for Submarine Maintenance
The U.S. Navy awarded General Dynamics Electric Boat a $20 million contract modification for nuclear-maintenance work for submarines homeported at the Naval Submarine Base in Groton.
Weizhou 6-12 Oil Field Starts Production
CNOOC Limited announced that Weizhou 6-12 oil field has recently commenced production. Weizhou 6-12 oil field is located in Beibu Gulf Basin in the north part of…
Strachans Launches Alternative to Refrigerated Containers
Strachans, a specialist distributor of food and chandlery supplies to the offshore and marine industry, announced the pilot of a new container capable of maintaining…
JK Fabrication’s Emergency Towing Reel
You’ve got an emergency towing wire. Of course you do. It’s rusted beyond belief, probably retired from primary service two years ago when it developed that kink and those nasty fishhooks.
