HSH Nordbank Sold to Buyout groups Cerberus, Flowers
Germany's HSH Nordbank, formerly the world's largest ship financier, is being sold to private equity firms as it emerges from crippling writedowns and state bailouts…
Hapag Lloyd Triples 2017 Profit
Full-year operating profit up by 226 percent; full figures, guidance due on March 28. German container shipping firm Hapag-Lloyd on Wednesday reported its 2017 operating profit more than tripled…
Tanker Scrapping is on the Rise -Vessels Value
Tanker demolition is on the rise as 3.5 million DWT has been scrapped so far in 2018, according to Vessels Value. Each factor played a part as the decision to remove a ship from service varies depending on the financial situation of the owner. Some may be motivated as the $/t offered price offsets enough of their remaining mortgage on a ship to allow them to move out of a low cashflow market, while others may remove a ship after it completes a long-term storage contract.
First Daegu-class Frigate Delivered to Korean Navy
The Republic of Korea Navy (RoKN) has taken delivery of its first Daegu-class (FFX-II) frigate. South Korea’s defense procurement agency, Defense Acquisition Program…
SolstadFarstad, Yxney Maritime Roll Out Fuel Efficiency Software
SolstadFarstad and Yxney Maritime AS have completed a pilot project to develop and roll out the fuel efficiency and emission reduction software MarESS. During the pilot…
Unified Command to Tackle Oil Spill in Shuyak Strait, Alaska
Coast Guard and Alaska Department of Environmental Conservation have established a Unified Command in response to an oil spill 49 miles north of Kodiak in Shuyak Strait, Tuesday.
Solstad Farstad Bags New Contracts
Solstad Farstad ASA has entered into a contract with Fugro Netherlands Marine BV for the CSV, Normand Flower, for operations in North European waters. The contract period is 6 months firm.
DP World Moves Ahead with Suez Canal Industrial Zone
Dubai-based ports operator DP World has inked an agreement with the Suez Canal Authority and the Suez Canal Economic Zone (SCZone) to launch the first phase of an…
British Ports Association Comments on UK’s Future Border Arrangements
The British Ports Association has consistently supported the Government’s ambition for frictionless trade with the EU post-Brexit, said Mark Simmonds, Policy Manager at the British Ports Association.
Ship Finance International Bullish on 2018
Ship Finance International announced net income of $20 million and $152 million of total charter revenues for the fourth quarter ended December 31, 2017. The company…
Mitsui O.S.K. Lines Signs MoU with Russian Federation
Mitsui O.S.K. Lines (MOL) signed a Memorandum of Understanding (MOU) with the Far East Investment and Export Agency (FEIA) under the Ministry of the Russian Federation…
Flex LNG Reports 4Q Profit
Norway-listed shipowner Flex LNG reported a net profit of $1.3 million for the fourth quarter of 2017 compared to a net loss of $0.02 million in the corresponding quarter last year.
Ocean Yield to Acquire Five Handysize Dry Bulkers
Ocean Yield ASA announced that the Company has agreed to acquire five modern handysize dry bulk vessels with 10 -year bareboat charters to companies owned and guaranteed by Interlink Maritime Corp.
Star Bulk Carriers Posts USD 23.9 mln Profit 4Q
Greece-based Star Bulk Carriers Corp. sailed into a net profit of USD 23.9 mln for the fourth quarter and year ended December 31, 2017 from a loss of USD 33.1 mln…
Op/Ed: Safeguarding Our Marine Transportation System
The U.S. Coast Guard has the enduring responsibility to safeguard the MTS and enable the uninterrupted flow of maritime commerce. Our great Nation’s vast network of navigable waterways, deepwater ports and protected harbors are natural economic assets and provide unfettered access to the world’s two largest oceans. This powerful maritime capability sustains America’s national security and fuels economic prosperity through the 25,000 mile Marine Transportation System (MTS).
Peru Resumes LNG Exports after Pipeline Rupture
Peru has exported its first shipment of liquefied natural gas (LNG) in three weeks after a pipeline rupture in the jungle disrupted production, the state energy agency Perupetro said on Tuesday. The ship Barcelona Knutsen departed Peru for South Korea on Monday with 170,999 cubic meters (6,038,772 cubic feet) of fuel from the Pampa Melchorita plant, which is operated by the consortium Peru LNG, Perupetro said in a report. U.S.-based Hunt Oil has a 40 percent stake in Peru LNG.
Corvus Energy to Power Hybrid PSVs in GoM
Orca ESS from Corvus Energy has been selected to provide battery power for 3 additional SEACOR platform supply vessels. Corvus Energy is pleased to announce that it has been selected by SEACOR Marine and Rolls-Royce to provide lithium ion-based energy storage systems (ESS) for 3 new platform supply vessels (PSVs) being fitted with hybrid power systems. The brand-new PSVs were acquired by SEACOSCO, a joint venture between SEACOR and China Cosco Shipping Group (COSCO)…
MBTA Welcomes New Addition to Boston Ferry Fleet
As part of a continued effort to invest in Boston-area water transportation, the Massachusetts Bay Transportation Authority (MBTA) recently welcomed a new high-speed catamaran ferry…
Exxon Selling Stake in Terra Nova Oil Project
Exxon Mobil Corp is selling its entire stake in the Terra Nova oil project off the eastern coast of Canada, though the world's largest publicly traded oil producer said it was committed to remaining an investor in the region. The project, located about 217 miles (350 km) off Newfoundland and Labrador, produced about 5,000 barrels of oil per day in 2016. Exxon is selling all of its 19 percent stake in the project and initial bids are due March 30…
Texas LNG Gets OK from US Coast Guard
Texas LNG Brownsville LLC said it achieved another development milestone with the U.S. Coast Guard’s Letter of Recommendation to the Federal Energy Regulatory Commission (FERC) confirming the suitability of the Brownsville Ship Channel for the project’s marine traffic as it relates to safety and security. “After reviewing the information in the applicant’s [Letter of Intent] and Waterway Suitability…
