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MARINE LEASING

Martek Offers ECDIS Leasing Package

Martek Marine’s leasing package offers an option to adopt ECDIS early, which they said can help shipowners benefit from increased safety and lower costs. ECDIS product specialist Bentley Strafford-Stephenson said, “DNV research has shown that deploying ECDIS may reduce grounding frequency by at least 30%. Grounding is the third most frequent accident involving ships larger than 100GT and the fourth highest contributor to marine fatalities at 12%. Offering a leasing option is crucial to give shipowners the opportunity to increase safety and limit risk immediately. Early adopters also benefit from crew having longer to become accustomed to using ECDIS, allowing them to become competent and confident without the pressure of IMO’s deadline.” Martek believes early ECDIS adoption also offers savings in time and cost over paper charts, eliminating the logistical challenge of having paper charts delivered to ships and the time required to manually update them. Furthermore, route planning using current weather and tidal data can cut transit times and save fuel. They said, shipowners who lease, rather than buy, benefit from their ships always having the most advanced ECDIS systems as the difference between a two and five year old system can be significant due to technological developments.


How Specialty Lenders Can Propel Marine Operators

Eric Dusch

The surge in the shale gas industry in the U.S., as well as stepped up oil exploration in the Gulf of Mexico, is creating enormous demand for marine assets to transport fuels and supplies. To seize this growth opportunity, mid-size marine operating companies with annual revenues from $10 million to $1 billion must address several important issues. First, what is the most efficient way to finance equipment to keep up with the robust demand? Is ownership of the vessel through a loan structure


Radix Marine to Acquire Patrol Craft Prototype

Radix Marine, Inc, a marine vessel development company specializing in homeland defense initiatives, announced today that it has entered into an agreement to acquire, through an Equipment Lease and Purchase Agreement, the GB Challenger Class Craft, the working prototype of the company's high-speed unmanned patrol watercraft. Radix Marine will own the GB Challenger outright at the conclusion of the five-year lease with Blue Ribbon Leasing and Financial, Inc


Alphatron Marine VSAT Systems for 11 Workboats

Photo courtesy of Alphatron Marine

Alphatron Marine has signed a lease contract with Seacontractors for no less than 11 vessels to provide satellite hardware and data solution packages.   Alphatron Marine’s VSAT system will be installed alongside the existing IT infrastructure on nine Seacontractors B-Class workboats and two A-Class workboats, consisting of Anchor Handling Tug Supply (AHTS) and Multicats, mainly operating in Western Europe and the Middle East.  


DOI Issues FSEIS for Chukchi Sea Lease Sale

The U.S. Department of the Interior (DOI) released a Final Supplemental Environmental Impact Statement (FSEIS) for Chukchi Sea Lease Sale 193, moving the DOI a step closer to resolving federal court concerns regarding the 2008 oil and gas leases offshore Alaska. The FSEIS updates the Bureau of Ocean Energy Management’s (BOEM) estimates of the full range of production levels from offshore oil fields that might be developed in the Chukchi Sea as well as the related potential environmental


BOEM Seeks Comment on Proposed Energy Research

boem.png

As part of the Obama Administration's Climate Action Plan to create American jobs, develop domestic clean energy sources and cut carbon pollution, the Bureau of Ocean Energy Management (BOEM) announced today that it is seeking public comment as it prepares an Environmental Assessment (EA) to analyze potential impacts from proposed wind energy research activities offshore Virginia.   The Virginia Department of Mines


Coast Guard Publishes Supplemental NPRM

In the August 9, 2002, Federal Register, the Coast Guard publishes a Supplemental Notice of Proposed Rulemaking to solicit further comment on its previous NPRM entitled, "Vessel Documentation: Lease-Financing for Vessels Engaged in the Coastwise Trade." The regulations implement a 1996 federal law codified at 46 U.S.C. 12106(e), which was designed to enlarge vessel financing sources by allowing lease financing to be offered by companies which are less than 75% U.S.-owned


China Gets Port of Darwin

Photo: Northern Territory Government

 The Northern Territory (NT) Government in Australia announced the successful bidder for the Port of Darwin – Landbridge Group, based in the People’s Republic of China.    Chinese privately owned energy and infrastructure conglomerate Landbridge Group has won a $A506 million bid to run Australia's Port of Darwin for 99 years, NT's Chief Minister Adam Giles announced.   Under the terms of the agreement


Marine Link's Joe Keefe Sounds off on Oregon Public Broadcasting

Marine News and Maritime Logistics Professional editor Joseph Keefe

Marine News and Maritime Logistics Professional editor Joseph Keefe last week spent 10 minutes with Oregon Public Broadcasting to discuss the fate and the future of Oregon's only deep water port. Listen in to find out more. As ICTSI Oregon, Inc. and the Port of Portland mutually agreed to terminate a 25-year lease agreement to operate the container facility at the Port’s Terminal 6, the agreement allows ICTSI Oregon to be relieved of its long-term lease obligations effective


Naval shipbuilding gets booster shot in legislative chambers

The Conferees on the Defense Authorization Bill, S.1059, for fiscal year 2000 wrapped up their conference after providing "Extended Lease" authority of 20 years or more to the Secretary of the Navy for the services of non-combatant ships, and rejecting an attempt by Senator John McCain (R-AZ) to repeal the three-year waiting period before foreign-built ships are eligible to carry preference cargo. The House Armed Services Committee has been working for three years to provide the Secretary of


India Government Sops for Ship-Repairing Facilities

Indian Prime Minister, Narendra Modi. Photo: PIB

 In order to promote ship building and ship-repair industry in India, the government has formulated a policy of financial assistance for shipbuilding for a period of ten years for contracts signed between 1st April, 2016 and 31st March, 2026.   


Trump Administration Approves Eni Plan to Drill Offshore Alaska

Image of sea ice in the Beaufort Sea, acquired on 3 June 2017 by the Moderate Resolution Imaging Spectroradiometer (MODIS) instrument, on board the Aqua satellite. (Photo: NASA)

Eni US will become the first energy company allowed to explore for oil in federal waters off Alaska since 2015 after the Trump administration this week approved a drilling plan on leases the company has been sitting on for 10 years.  


Aegean Marine Strengthens Presence on the U.S. East Coast

Photo: Aegean Marine Petroleum Network Inc.

 Aegean Marine Petroleum Network has announced the launch of a new service center in Savannah, Georgia, the third largest container port in the United States.       The operations in Savannah will be managed by the existing Aegean U.S. team


SBM Offshore Awarded Liza FPSO Contract

SBM Offshore said it has secured contracts from ExxonMobil to construct, install, lease and operate a floating production, storage and offloading vessel (FPSO) for the next phase of the Liza project in Guyana.    The contracts follow completion of front-end engineering studies and the


SeaBird in Debt Restructuring Proposal

Photo: SeaBird Exploration Group

 SeaBird Exploration will propose to its bondholders and certain of its other creditors a debt restructuring of the SeaBird group that if successfully completed will facilitate a comprehensive restructuring of the group's balance sheet.  


Pacific Radiance, Allianz JV in Middle East

Photo: Pacific Radiance Group

 Crest Offshore Marine (COM), the wholly owned subsidiary of Pacific Radiance, has entered into a Joint Venture (JV) Agreement  with Allianz Offshore Middle East (AOME).  According to JV agreement, both companies are jointly incorporating a company in Singapore known as Allianz


BOEM Offers Cook Inlet Blocks Offshore Alaska

Pic: BOEM

 The Bureau of Ocean Energy Management (BOEM) announced it will offer approximately 1.09 million acres off Alaska’s southcentral coast in a lease sale scheduled for June 21.   Cook Inlet Oil & Gas Lease Sale 244 will offer 224 blocks toward the northern part of the federal


Wagenborg Signs Multi-year Contract with Castor

Photo courtesy of Castor Marine

Castor Marine, the Netherlands based maritime communications and IT services provider, has announced that it has been awarded a multi-year contract with Wagenborg Shipping. The contract covers the delivery of 40+ new VSAT systems with satellite Internet based on Castor’s global VSAT network


Global Ship Lease Report Q1 Financials

Image: Global Ship Lease

The containership charter owner Global Ship Lease (GSL) has reported first-quarter net income of $6.8 million. Its revenue stood at $39.6 mln for the Quarter.   Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "During the first quarter of 2017


Banned at Sea: Venezuela's Crude-stained Oil Tankers

File photo (© Jose Gil / Adobe Stock)

In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters.   The vessel is among many that are constantly contaminated at two major export terminals where they


FSL Aframax Tanker Enters Teekay RSA

FSL Hong Kong (Photo: FSL Trust)

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), announced that the Trust has agreed to employ the 115,000 DWT Aframax crude oil tanker FSL Hong Kong, post dry docking, in the Teekay Group Revenue Sharing Agreement (RSA).


The 2007 Act: Highways to Waterways

© icarmen13 / Adobe Stock

The Energy Independence and Security Act of 2007 (the 2007 Act) authorized a Short Sea Transportation (SST) Program. As passed by the House, the legislation would have authorized $2 billion for the Maritime Administration (MARAD) Title XI Program and have extended the Capital Construction Fund


NOIA Applauds Proposed Repeal of Royalty Valuation Rule

NOIA President Randall Luthi. Photo provided by NOIA

 National Ocean Industries Association (NOIA) President Randall Luthi issued the following statement on DOI’s proposal to repeal recent amendments to the Federal Royalty Valuation Rule:   “NOIA supports repeal of Interior’s 2017 Royalty Valuation Rule


Shell Signs 3-year Contract to Lease Oil Tanks in Panama

Oil company Royal Dutch Shell has signed a three-year contract to lease storage tanks at a large terminal in Panama that had been used by U.S. refining company Tesoro Corp, sources involved in the deal told Reuters. The facility, designed for storage and transshipment of crude oil to tankers


Jones Act LNG-powered ConRo Ship Launched

El Coquí launched at the VT Halter Marine shipyard in Pascagoula, Miss. (Photo: Crowley)

Crowley Maritime Corp.’s newest combination container/Roll on-Roll off (ConRo) ship has been launched at the VT Halter Marine shipyard in Pascagoula, Miss. for the Crowley’s service between Jacksonville, Fla., and San Juan, Puerto Rico.  






 
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