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DONG Energy Narrows IPO Pricing Range

Photo: DONG Energy

Danish utility and offshore wind farm developer DONG Energy has narrowed the price target for the company's share sale in Copenhagen, cutting off the top end of range, one source with direct knowledge to the matter said.   The price range has been narrowed to 225 Danish crowns and 235 crowns ($34.39-$35.92) from an earlier target of 220-255 crowns.   "A message was sent to investors on Tuesday night that they are at risk of not getting any shares granted if they place orders in the low end of the new price range," the source said.   Shares in DONG Energy are set to trade on the bourse in Copenhagen on Thursday. The top of the range would value the company at 98.2 billion Danish crowns ($15 billion), potentially making it Europe's biggest initial public offering this year.   ($1 = 6.5421 Danish crowns) ($1 = 6.5428 Danish crowns) (Reporting by Ole Mikkelsen, editing by Jacob Gronholt-Pedersen and Louise Heavens)


Port Valdez and Valdez Narrows – security zones

The U.S. Coast Guard issued a temporary rule extending through October 31 its security zone encompassing the Trans-Alaska Pipeline (TAPS) Valdez Terminal Complex and TAPS tank vessels and a second security zone in the Valdez Narrows. Comments on this action should be submitted by June 30. 69 Fed. Reg. 28827 (May 19, 2004). The U.S. Coast Guard also issued a proposal to make these security zones permanent. Comments on this proposal should be submitted by July 30. 69 Fed. Reg. 28871 (HK Law)


Russian Navy Blocks Channel Between Crimea, Russia

Reuters - Russian navy ships have blocked off the Kerch Strait which separates Ukraine's Crimea region and Russia, the Ukrainian border guard service said on Tuesday. The border guards have said that Russian servicemen are in control of the Crimean side of the narrow channel and that Russian armoured vehicles have been sighted on the Russian side. "The Kerch Strait is blocked by two Russian ships - from the north and from the south," Pavel Shishurin


Supertankers Pose No Danger to Bay of Fundy

Proponents of a controversial liquefied natural gas plant in Maine say a study ordered by the Canadian government has found there is no reason to ban supertankers from the Bay of Fundy, as Ottawa has threatened to do if the U.S. approves the project. Downeast LNG said the environmental study found there were no immediate risks of having LNG supertankers go through the Bay of Fundy, part of which is split by the New Brunswick-Maine border, to the proposed plant.


Alaskan Cruises a Success

Photo credit American Cruise LInes

American Cruise Lines’ first Alaskan cruises aboard 'American Spirit' applauded American Cruise Lines  announce that its inaugural season in Alaska aboard the American Spirit has begun, with its opening 11-night Seattle-to-Juneau cruise having just been successfully completed. Weekly roundtrip cruises from Juneau will now run through early September. Featuring a complimentary shore tour package and pre-cruise hotel stay


World Economy Poised for Faster Growth Says Oil Report

The prediction comes from NYC-based PIRA Energy Group in its latest 'Oil Market Recap', as follows: The world economy is set for faster growth now that it has achieved escape velocity. Current low oil inventories and stock declines are supporting strong prices. Key light product inventories are low, with distillate vulnerable to a spike with very cold weather. Brent-Dubai will be fairly wide in January and February before narrowing sharply in April


Shell Employs Concordia P-MAX Tankers

Photo: Concordia Maritime

Concordia Maritime has signed an agreement with Shell Tankers Singapore Private Ltd. covering the employment of the P-MAX tankers Stena Penguin and Stena Progress. “Generally speaking, the product tanker market is developing well and in accordance with our planned fleet disposition. We are of course happy to have concluded this business,” said Kim Ullman, CEO of Concordia Maritime. The Stena Penguin (built in 2010) and the Stena Progress (built in 2009) are 2 of the ten


Bosphorus Strait Closed after Vessel Allides with Villa

A cargo ship ran aground and smashed into a villa on Turkey's Bosphorus Strait on Tuesday, forcing maritime authorities to close the key waterway to transit traffic, shipping agency GAC said. The 105 metre Sierra Leone-flagged Majed & Randy had no pilot on board when it suffered a rudder malfunction before hitting the villa, located on the Asian side of the waterway near Istanbul's Fatih Sultan Mehmet Bridge, GAC said.


Two Rescued from Vessel Taking on Water

The crew of the U.S. Coast Guard Cutter Anacapa rescued two men from a vessel taking on water approximately one mile southwest of Petersburg, Alaska, Tuesday. A smallboat crew from the Anacapa took the 24-foot pleasure craft Deborah K under tow and safely transported its passengers to the port in Petersburg. Coast Guard command center watchstanders at Sector Juneau received a call from passengers aboard the Deborah K reporting they had struck a rock and were taking on water near Wrangell


Brisbane Marine Pilots Train at MSI-Newport

Stephen Cummings and David Harris of the Brisbane Marine Pilots attended an Emergency Shiphandling course conducted September 13-17, 2004, at MarineSafety International's simulator training complex in Newport, RI. Topics covered included ship maneuvering in narrow channels and docking operations in tight quarters under difficult circumstances of wind and current. The pilots were also able to practice procedures for employing escort tugs using a computer model of the port of Brisbane


US Crude Sails to Asia as OPEC Weighs More Cuts

© sarojmornparn / Adobe Stock

Oil tankers carrying around 10 million barrels of U.S. crude are en route to Asia, according to shipping data and trade sources, as U.S. producers take advantage of favorable prices to ship to the region while OPEC ponders further supply cuts next week.  


Keppel on Track to Deliver Rig for Caspian Drilling

Photo credit: Keppel Offshore & Marine

Keppel Offshore & Marine Ltd (Keppel O&M) through its subsidiary in Azerbaijan, Caspian Shipyard Company (CSC), is on track to deliver a semisubmersible drilling rig to Caspian Drilling Company Ltd, a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR).


Russian Intelligence Ship Sinks, All 78 Crew Rescued

A Russian naval intelligence ship sank off Turkey's Black Sea coast on Thursday after colliding with a vessel carrying livestock and all 78 personnel on board the navy ship were evacuated, Turkish officials said.   The rescued crew members of the Russian ship Liman were in good health after


Long-haul Arbitrage Trades to Benefit VLCCs

© donvictori0 / Adobe Stock

The OPEC production cuts since the start of 2017 has tightened supplies of medium and heavy sour crudes, leading to a narrowing Brent-Dubai EFS. This has made long-haul crude trades from the Atlantic Basin to the Far East economically viable


Container Shipping: New Networks in Focus

File photo: Hapag-Lloyd

Container shipping: new networks come into focus as the supply side holds the key to improvements   Demand The most recent available data show that demand for the container shipping grew by 2.7 percent in 2016. With the supply side growing by only 1


DSME Deal Non-starter

File Photo: Daewoo Shipbuilding and Marine Engineering

 The creditors of Daewoo Shipbuilding & Marine Engineering (DSME) still remain undecided over afor the shipyard's latest deal, further complicating troubles for one of the country's major shipyards, Yonhap reported.   DSME  clinched a US$250 million deal to build three very


Weak Gasoline Prices Prompts US-bound Tanker to Alter Course

A tanker of gasoline en route to New York Harbor from Europe has been diverted to a Caribbean storage hub because a narrow window of opportunity for shipping profitably to the U.S. East Coast appears to have shut, traders said.   At least 16 tankers carrying some 600


High-tech VTS System to Guide Iron Ore Giants

John Sugarman (Photo: Australian Maritime Systems Group)

One of Australia’s most important economic gateways will soon house a state-of-the-art shipping management control system to be installed at Port Hedland, the world’s largest bulk export port.    The system includes a command and control system integrated with advanced radar


Acquisition of Nor Lines Rejected

Photo: Nor Lines

 The Norwegian Competition Authority has today rejected Eimskip’s acquisition of the Norwegian shipping and logistics company Nor Lines AS. The result of this decision is that Eimskip is not allowed to acquire Nor Lines.   The potential acquisition of Nor Lines was not taken into


China-bound Norwegian Joy Sets Sail

Photo: Norwegian Cruise Line

 Norwegian Joy, Norwegian Cruise Line’s first custom-designed ship for the Chinese cruise market, began her journey to her home port of Shanghai, China this week, as she departed the Meyer Werft shipyard in Papenburg, Germany on Sunday


Marine Coatings Evolve for the Better

High performance underwater hull coatings are always in demand, driven by continuous pressure to reduce operational fuel costs while staying environmentally compliant. (Photo: Sherwin Williams)

Innovation and new technology continue to shape the marine coatings market. A narrowing field of global coatings manufacturers offer new products while improving existing ones to meet customer demand. Ultimately, customer demand, along with environmental compliance pressures are all driving the


Tech File: Harken’s TR31 Tight Radius Rail and Trolley System

Photo: Harken

Being safe on board any workboat has never been easier. That’s because when the Sabine Pilots in Port Arthur, Texas took delivery of their all new all-aluminum pilot boat, the Port Arthur, in May of last year, the vessel came with all the bells and whistles that operators have come to expect


Arctic Ice Loss Driven by Natural Swings, Not Just Mankind -Study

© z576 / Adobe Stock

Natural swings in the Arctic climate have caused up to half the precipitous losses of sea ice around the North Pole in recent decades, with the rest driven by man-made global warming, scientists said on Monday.   The study indicates that an ice-free Arctic Ocean


OPEC's Hope for Goldilocks Price Fade: Kemp

File Image: CREDIT GearSTD AdobeStock

CERAWeek has exposed all the contradictions at the heart of OPEC’s attempt to rebalance the oil market without rekindling the shale boom or conceding too much market share to rivals.   The oil industry conference in Houston started with a celebration of higher prices


Safe Bulkers Reports 4Q Loss

Photo: Safe Bulkers

 Greece-based Safe Bulkers (SB) has reported a loss of $4.6 million in its fourth quarter. On a per-share basis, it has a loss of 9 cents.   Net revenues for the fourth quarter of 2016 increased by 6% to $31.7 million from $29.9 million during the same period in 2015.   






 
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