Kvaerner, Longview Power Reaches Settlement
Kvaerner North American Construction Inc. (a subsidiary of Kvaerner) has executed agreements today, with each of Longview Power, LLC, Siemens Energy Inc. and others regarding the disputes between them in both the arbitration proceedings concerning the Longview Project and the subsequent bankruptcy cases of Longview Power, LLC. Under the agreements, Kvaerner North American Construction Inc. will receive an aggregate amount of USD 48 million from various parties. In consideration, Kvaerner North American Construction Inc. will settle certain claims and release the Mechanics' Liens filed against the Longview power plant properties in Maidsville, West Virginia, and will waive all objections in the ongoing Longview Power, LLC bankruptcy proceedings. The settlement is subject to approval in the bankruptcy proceedings. The approval is expected to take place in January 2015 with the receipt of the above-referenced amounts anticipated to occur in February 2015. The financial effects of the agreement will be recognised in Kvaerner's first quarter 2015 accounts. The main financial effects will be reduction of retained assets in the group's balance sheet of USD 48 million. The agreements, upon approval, significantly reduce Kvaerner's uncertainty regarding the final financial outcome of the arbitration and resolve all counterclaims from Longview Power, LLC.
Herschler Joins North American Marine Consultants
Captain Casey M. Herschler Joins North American Marine Consultants. Captain Casey M. Herschler has been named Director of New Business Development for North American Marine Consultants. Capt. Herschler will be responsible for developing new business ventures including new vessel and barge construction as well as conducting vessel, structure, facility and cargo surveys, insurance assessments and monitoring new construction, conversion and repair processes for clients.
K-Sea Signs Barge Contract Extension
K-Sea Transportation Partners LP, said it signed a $40m contract extension for barge construction with the manufacturing arm of American Commercial Lines. The company said the construction of four 50,000 barrel tank barges will begin in first quarter of 2009, with delivery of the first vessel scheduled for December of that year. The three other vessels will be completed in three month increments after that, K-Sea said. The contract extends the barge construction agreement through 2010.
American Club Elects First China Director
Members of the American P&I Club have elected the first director to come from The People’s Republic of China (PRC). At the annual meeting in New York, Lianyu Zhu of CCCC International Shipping Corporation, Tianjin, was elected to the board for the forthcoming year. Mr. Zhu’s company is a subsidiary of China Communications Construction Company, a major state-owned enterprise (SOE) which is, among other things, the largest port construction and design company in the PRC
Great Lakes Shipyard Winter Season Contracts
Great Lakes Shipyard contracted by Interlake Steamship Company to perform winter work services on two vessels. Two more vessels have arrived: Interlake Steamship vessels, the ATB Dorothy Ann and the Pathfinder, are in Cleveland and docked at Great Lakes Shipyard's facility. A variety of work is to be done, including: miscellaneous steel work, generator maintenance, main drive unit maintenance, and other miscellaneous tug and barge repairs and maintenance.
ACL Acquires Interest in Environmental Firm
American Commercial Lines Inc. (ACL) has invested in a 30 percent stake in a newly formed entity with environmental services contractor Summit Contracting, Inc. The financial terms of the investment were not disclosed but are not material to the company. The new company, Summit Contracting, LLC will provide emergency response, environmental remediation, industrial and civil construction services. In addition to continuing to service its established customer base of major transportation
Braemar Sub-Licenses FSP Containment System
Braemar LNG BV, the wholly owned subsidiary of Braemar Shipping Services PLC, has issued a sub-license to FSP LNG BV for the design and construction of a new Flat-panel, Semi-membrane, Prismatic-shaped (FSP) containment system, under the terms of the license it holds with General Dynamics NASSCO to utilize its patents in the design and construction of FSP LNG containment systems. FSP technology has been developed for marine LNG transport and can also be used in a range of
Congress Promotes Commercial Shipbuilding
The House Armed Services Seapower and Expeditionary Forces Subcommittee received testimony on the Federal Ship Loan Guarantee Program, also known as Title XI, which facilitates financing of commercial ship construction in U.S. shipyards. Cynthia L. Brown, President of the American Shipbuilding Association, testified on the importance of funding and improving the program to increase commercial ship construction in the U.S.
Schechtman Promoted at Parsons Brinckerhoff
Jeffrey Schechtman has been named Deputy Regional Business Manager for the Southeast region of Parsons Brinckerhoff, a global infrastructure strategic consulting, engineering and program/construction management organization. In his new position, Schechtman will work with managers in the nine states that comprise Parsons Brinckerhoff’s Southeast region to enhance relationships with key clients, expand business development opportunities, and invigorate marketing and pursuit efforts
American Cruise to Build New Coastal Cruise Ship
American Cruise Lines, operator of the newest cruise ships in the United States, announced today that it has begun construction on a new coastal cruise ship, yet to be named. The news of this addition is the most recent in a series of announcements pertaining to American Cruise Lines’ continued expansion of their all-American made fleet. The ship is scheduled to begin cruising in spring of 2017.
Global Logistics to Reach US$12 trillion by 2025
Global logistics is expected to reach US$12 trillion in value by 2025, recording a 6% CAGR over the period, says a research report. According to Wiseguyreports, 2015 was a difficult year for global logistics companies. However, accelerating Asia Pacific economies and recovering manufacturing in Western Europe are expected to have a positive effect on global logistics, which started to recover in 2016 and is expected to continue solid growth in the next 10 years.
Subsea 7 Acquires Normand Oceanic
Subsea 7 S.A. has announced an agreement to acquire the remaining 50% shareholdings in its equity accounted joint ventures, Normand Oceanic AS and Normand Oceanic Chartering AS, from Solstad Farstad ASA for a nominal cash consideration. Effective from the date of the transaction, the Group will become the sole owner of Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstad while under long-term charter to a third party.
John Deere Rolls Out Trio of Marine Engines
John Deere Power Systems has expanded its lineup with three new marine engines available for order from early 2018. The new 4.5L PowerTech 4045SFM85 offers high power to weight ratio for repowering and new vessel construction, and is ideal for planing and semi-displacement hulls, the manufacturer said. It has two ratings for light-duty commercial vessels, high-speed governmental applications and high-speed pleasure craft, which includes an M4 rating with 205 kW (275 hp) at 2
Hong to Take up New Role at Saltchuk
Young Brothers, Ltd president Glenn Hong will retire at the end of the year to undertake a new leadership role with parent company Saltchuk, focusing on Hawaii business initiatives effective January 1, 2018. Hong began at Young Brothers in 1991 as vice president of finance and government affairs, coming from Hawaiian Electric Industries. In 1992, he assumed the presidency and immediately set to work to infuse the organization with a customer-driven mindset.
Op/Ed: ASTRO Act Shoots For the Stars
National Ocean Industries Association (NOIA) president Randall Luthi weighs in after the House Natural Resources Committee held a hearing on offshore development and introduced the Accessing Strategy Resources Offshore (ASTRO) Act. Today’s hearing was a slam dunk by the House Natural Resources Committee. Not only did the Committee bring in experts and stakeholders with their own unique offshore perspectives to the hearing
Inland Marine Insurance: Assuring Property and Goods Move Forward
Though water covers more than 70 percent of the Earth’s surface, businesses engaged in marine shipping operations and logistics, and other businesses that manufacture and ship product still have a lot of ground to cover getting their various goods to their final destinations. The ocean marine insurance market, the oldest insurance market in the world, was initially developed to protect these goods while crossing the ocean’s open waters
Conrad Shipyard Awarded Contract by Power Engineering
Conrad Shipyard of Morgan City, Louisiana has been awarded a contract by Power Engineering Construction Company of Alameda, California to build several components for the Water Emergency Transportation Authority’s (WETA) San Francisco Ferry Expansion Project. Construction will be completed at Conrad’s Orange, Texas shipyard. Johnny Conrad, Chairman, President and CEO made the announcement: “This new business is in addition to a barge that we currently have under
BV Approves Braemar’s LNG Containment System
Braemar Technical Services announced that Bureau Veritas (BV) has issued a General Design Approval for the FSP Type B LNG Containment System (FSP). Starting with the General Dynamics NASSCO-patented tank design, for which the American Bureau of Shipping (ABS) and Lloyd’s Register had issued Approval in Principle (AiP) several years prior, Braemar engineered a new and improved containment system that meets the demands of LNG storage in marine, offshore and onshore applications
Uotinen Joins Robert Allan Ltd.
Sami Uotinen will join naval architecture firm Robert Allan Ltd. on October 1, responsible for European Business Development initiatives, operating from Turku, Finland. Uotinen, a graduate naval architect, joins Robert Allan Ltd. from Rolls Royce, where he has worked since 2000, most recently as North American Sales Manager for Z-Drive propulsion. He has also held positions at Aquamaster, Kamewa and Kvaerner Masa Yards.
IMO for Spreading Cyber Security
Cyber security awareness on board ships plays an important role in ensuring the safety and security of shipping around the globe. International Maritime Organization (IMO) has issued Guidelines on maritime cyber risk management, in addition to a resolution on Maritime Cyber Risk Management in Safety Management Systems – adopted by the Organization's Maritime Safety Committee in June this year.
ESG Awarded LLTM for USCG Offshore Patrol Cutter Program
The U.S. Coast Guard has awarded Eastern Shipbuilding Group (ESG) a Long Lead Time Material (LLTM) contract for the first Offshore Patrol Cutter, USCGC Argus (WMSM 915). The LLTM contract awarded on September 7, 2017 allows Eastern to move forward on an aggressive schedule to deliver a capable and affordable platform to meet the Coast Guard’s mission needs. The award includes main propulsion, machinery control
Giaever to Take Over as CFO at NAT, NAO
Bjorn Giaever will take up his position as the new chief financial officer (CFO) at Nordic American Tankers Limited (NAT) and Nordic American Offshore Ltd. (NAO) from October 16, 2017. Giaever joins NAT/NAO from maritime focused investment bank Fearnley Securities AS, where he served as a director and partner in the Corporate Finance division. Giaever has served as a corporate advisor in the John Fredriksen group in London
US Seeks Faster Approval of Small-scale Natural Gas Export
The United States is proposing to speed up approval of small-scale exports of natural gas, including liquefied natural gas (LNG), the U.S. Department of Energy said in a statement released on Friday. The department said the proposed rule would "expedite the review and approval of applications to export small amounts of natural gas in the emerging small-scale LNG export market," which it said includes the Caribbean, Central America and South America.
Fishing Vessel Owner Convicted for Pollution
A fishing vessel company that operated in and around American Samoa was convicted and sentenced for maintaining false and incomplete records relating to the discharge of oil and garbage, announced Acting Assistant Attorney General Jeffrey H. Wood of the Environment and Natural Resources Division and United States Attorney Channing D. Phillips. The company, Yuh Fa Fishery (Vanuatu) Co. Ltd., owned the F/V Yuh Fa No. 201, the vessel that was responsible for the pollution.
NAT CEO Hansson Buys 180,000 Company Shares
Nordic American Tanker (NAT) says a company owned by chairman and CEO Herbjorn Hansson and his immediate family on August 31 bought 180,000 shares in NAT at an average price of $4.61 per share. As of August 31, immediate Hansson family holds 3.6 million common shares of NAT. Nordic American Tankers is a shipping company focused on Suezmax crude tankers, each of which can carry up to 1 million barrels of oil.