Rolls-Royce Chief Sets Ambitious Targets
Rolls-Royce (RR.L) said it would exceed its 2020 guidance as it announced new ambitious mid-term goals, sending its shares to four-year highs and reflecting investor faith that CEO Warren East can transform Britain’s best known engineering firm.The maker of engines for civil planes, military jets and ships has been in turnaround mode since 2015. Having on Thursday announced plans to cut 4,600 jobs as part of cost-saving measures…
New Coal Carrier Ordered in Japan
A new vessel has been ordered from Japanes shipyard Oshima Shipbuilding Co. Ltd. for delivey in 2021. The 98,500 dwt ship will mainly be used for transporting coal…
Seaspan Shipyards Starts Construction Canada’s Joint Support Ships
Canada’s shipbuilding and ship repair company Seaspan Shipyards (Seaspan), joined by representatives from industry and government, celebrated the start of construction on the first Joint Support Ship (JSS) for the Royal Canadian Navy (RCN). The steel cutting ceremony held at Vancouver Shipyards is a significant milestone for Seaspan, the National Shipbuilding Strategy (NSS) and Canada’s shipbuilding industry.
Navios Maritime Containers Acquires Five Boxships
Navios Maritime Containers announced that it has agreed to acquire five containerships for a total purchase price of $246.0 million. The Company expects to take delivery of all five vessels in the third quarter of 2018. Based on existing charters and the current rate environment, the five containerships are expected to generate approximately $35.3 million of aggregate EBITDA over the next twelve months.
Navios Maritime Partners Sells Hyundai Hongkong
Navios Maritime Partners, an international owner and operator of container and dry bulk vessels, announced that it has agreed to sell the Hyundai Hongkong, a 2006-built, 6,800 TEU containership for a total net sale price of $36.0 million to the group company Navios Maritime Containers. The vessel is chartered out at a weighted average net daily charter rate of $28,523 until December 2023. Navios Containers…
DryShips Sells Two Older Panamaxes
DryShips announced that it has entered into agreements with unaffiliated buyers, for the sale of two of its older Panamax drybulk carriers, built in 2002. The diversified owner and operator of ocean going cargo vessels said that the sale took place for an aggregate gross sales price of $18.8 million. The vessels are scheduled for delivery to their buyers during the third quarter of 2018. The Company is a diversified owner and operator of ocean going cargo vessels that operate worldwide.
Hyundai Merchant Marine Signs LoI for 20 Vessels
South Korea's Hyundai Merchant Marine (HMM) has selected country’s three major shipbuilder and signed letters of intent (LOIs) with them to build 20 container carriers by mid-2021, reported Yonhap. According to company sources, as quoted by Reuters, the South Korea’s largest shipper believes that through the acquisition of the most technologically advanced mega container ships, it can strengthen cost competitiveness and react rapidly to the international environmental regulations.
Noble Group Sells Kamsarmax Dry Bulker to Aeolian Spirit Shipping
The commodity trader Noble Group has entered into an agreement with Aeolian Spirit Shipping, a Cyprus company, to dispose a vessel registered in Hong Kong for a consideration of US$23.79 million. Noble said in a press annoucement that its indirect wholly-owned subsidiary, Core Forte, had on June 15 entered into a memorandum of agreement with Aeolian Spirit Shipping and Transmed Shipping for the proposed sale of a Kamsarmax dry bulk carrier vessel.
DNV GL First Type Approval for Aluminium Cables Onboard Ships
As the competitive and economic pressure on the shipping and offshore industries continues to grow, owners, operators and yards are searching for every efficiency. To support its customers, DNV GL has developed the first type approval scheme for the use of aluminium cables and connectors onboard vessels. “This type approval represents another first for the DNV GL rule set and demonstrates our commitment to moving classification forward to help our customers…
FAO on Fishing Vessel Safety Work
While exact figures are hard to come by, preliminary, conservative estimates of fatalities in fishing are now over 32 000 people annually. The UN Food and Agriculture Organization (FAO) says that the number of fishers injured or suffering from work-related illnesses are much higher. Fatalities and accidents have major impacts on fishers' families, fishing crews and fishing communities. These stark…
Bolidt Eyes Polar Cruise Sector
Bolidt Synthetic Products & Systems' position for decking and flooring in mainstream cruise ship and superyacht markets has been quickly converted into a series of business wins in the fast-emerging polar expedition cruise ship sector.The most recent contract for the Dutch manufacturer’s hardwearing, environmentally friendly and visually attractive products covers the Hurtigruten newbuildings, Roald Amundsen and Fridtjof Nansens…
China to Impose 25% Tariffs on 659 US Goods
China will impose additional 25 percent tariffs on 659 U.S. goods worth $50 billion in response to the U.S. announcement that it will levy tariffs on Chinese imports, the Chinese commerce ministry said.Tariffs on $34 billion of U.S. goods including agricultural products such as soybeans will take effect from July 6, the ministry said. Soybeans are China's biggest import from the United States by value.The tariffs will also be applied to autos and aquatic products…
Trump Announces 25% Tariff on Chinese Technology
President Donald Trump on Friday announced that the United States will implement a 25 percent tariff on $50 billion of goods from China related to intellectual property and technology, and pledged to impose further levies if the Asian nation takes retaliatory measures.Trump said the tariff list includes goods from China's "Made in China 2025" strategic plan to dominate high-technology industries that will "drive future economic growth for China, but hurt economic growth for the United States and
DNV GL Releases First Cyber Security Class Notations
At the Posidonia trade fair last week, classification society DNV GL introduced its first class notations to help shipowners and operators protect their assets from cyber security incidents. The new class notations – Cyber secure – help owners and operators protect vital systems from cyber security threats. They will be published on the DNV GL rules page on July 1, 2018.“Whether in machinery, navigation or communication systems…
Learn to Weld with a Virtual Personal Trainer
The Fohnsdorf Training Center is located in Styria, Austria. To train welders, it uses a virtual welding system – the Virtual Welding simulator from Fronius, the Austrian technology leader. The simulator employs a virtual trainer to provide 1:1 training for the center’s students, an approach that has a positive impact on training quality.A young student carefully guides the welding torch. The weaving motions she makes as she welds the single-V butt weld in front of her appear very composed…
Corpus Christi Gearing Up to Handle US Shale Export Boom
Port officials on Tuesday are expected to consider $300 million in financing that would prepare the country's largest oil-export port - Corpus Christi, Texas - to handle a surge in U.S. shale production over the next five years.International buyers would like more U.S. crude but are unable to get it because of infrastructure constraints along the U.S. Gulf Coast. Terminals originally designed for imports…
China Surprises with Threat on US Energy Exports
Beijing surprised oil markets with threats to levy tariffs on imports of U.S. crude oil, natural gas and other energy products on Friday, just as China has risen to the top of the list of importers of oil from the United States.China responded to $50 billion in tariffs imposed by U.S. President Donald Trump with a similar amount of levies on a variety of U.S. goods. But China also said it would impose tariffs on U.S.
Iridium-7 Target Launch Date Set
Iridium Communications Inc. announced that the seventh Iridium(r) NEXT mission has been targeted by SpaceX for launch on July 20, 2018, from Vandenberg Air Force Base in California.The Falcon 9 rocket will launch 10 Iridium NEXT satellites to low Earth orbit (LEO) from Vandenberg Air Force Base (VAFB) in California at approximately 5:12 am PDT (12:12 UTC). An exact instantaneous launch window time will be available closer to the launch date.
Tiny Japan Shipping Shares Jump on North Korea Detente Hopes
Shares of small Japanese shippers jumped this week after the historic summit between U.S. President Donald Trump and North Korean leader Kim Jong Un sparked hopes of news business ties with the reclusive country.Japanese retail investors are snatching up shares of the firms that may benefit from a potential thaw between Tokyo and Pyongyang, even though the Japanese government has been a staunch supporter of "maximum pressure" on North Korea.Shares of Rinko Corp…
Industry Presents on Marine Accidents and Salvage
A series of presentations organized and presented jointly by Resolve Marine Group and the SNAME - Greek Supper Section was held Wednesday, June 6 at the Posidonia 2018 exhibition in Athens.The two-hour event included a total of four presentations – two from SNAME and two from Resolve – focused on the issues of direct and prompt response to merchant vessels’ accidents and damages that have shaken the…