Iron ore shipments on the Great Lakes reached their highest level so far this year in November. The trade totaled 4.6 million net tons, an increase of 27 percent over the preceding month. The upturn reflects higher operating rates at the nation’s steel mills that, in turn, have required the sailing of some U.S.-Flag lakers that had been idled. The most recent reactivation was on November 25 when the American Republic returned to service. The vessel was designed specifically to shuttle iron ore on the twisting Cuyahoga River in Cleveland, Ohio. Comparisons with a year ago and the month’s five-year average illustrate the depth of this recession. November loadings were six percent off the pace of a year ago, and nearly 14 percent behind the month’s five-year average. For the year, the Great Lakes iron ore trade stands at 27.5 million tons, a decrease of 50.1 percent compared to a year ago. The decrease is only slightly less when compared to the trade’s five-year average for the January-November timeframe – 49.3 percent.
FMC Technologies, Inc. (NYSE: FTI) announced that it has signed a multi-year frame agreement with BG Norge, a subsidiary of BG Group, to provide subsea systems for offshore projects. The five-year contract includes provisions for two additional five-year extensions. The agreement also includes an immediate call-off to perform a detailed engineering study related to equipment and services to support the Jordbaer field, located in the Norwegian North Sea.
New research released by energy business analysts Douglas-Westwood reveals the world offshore wind market will see expenditure of $60.7B over the next five years. By 2015, annual expenditure will be in excess of $19B. With over 3GW of capacity online by the end of 2010 and a further 2GW under construction at present, the offshore wind industry is growing extremely quickly. Over the five year period to 2015, more than 11GW of new capacity will be installed
Panama Canal administrators and the waterway's most important human resource, the pilots, reportedly agreed on a five-year contract, ending 13 months of labor negotiations.
The Senate Committee on Homeland Security and Governmental Affairs conducted a hearing entitled Homeland Security: The Next Five Years. As explained in her opening statement, Senator Susan M. Collins (R-ME) wants to assess the homeland security challenges the next five years will bring. Michael Chertoff, Secretary of Homeland Security, discussed those challenges, including port and maritime security. He noted that not every risk can be eliminated
In their latest analysis, shipbrokers & marine transport consultants, McQuilling Services, in their latest analysis discuss observations, current and historical, for the clean tanker market, specifically MR tankers. The report concludes that they believe the current MR secondhand asset market will adjust to reflect the weak TCE (Time Charter Equivalent) environment over the longer term. Excerpts as follows: " In Figure 1 [shown here] we display the price movements over the last 15
IBISWorld report indicates that government & private funding is expected to boost revenue for the US dredging industry. Excerpts from the report are as follows: A weak economy has made growth for dredgers slower than expected. Nevertheless, increased government and private-sector funding is expected to boost revenue for the industry over the next five years. While lacking in prominence, the Dredging Services industry is an essential part of the US economy
Iron ore shipments on the Great Lakes totaled 5,026,477 net tons in October, a 6.1% decrease compared to September, but a 30.5% improvement over a year ago. Even so, loadings were still 8.6% below the month’s five-year average. October loadings at U.S. Great Lakes ports increased 28.3% compared to a year ago. Shipments from Canadian ports along the Seaway were up 46%. Year-to-date the Lakes ore trade stands at 44 million tons
Farstad Shipping ASA has been awarded a five-year framework agreement by Technip Norge AS for delivery of ROV support operations, light construction work, IMR and other subsea related activities. The agreement gives Technip the right to utilize the vessel up to 320 days per year, and to extend the contract with a further up to five-year period. Commencement of the framework agreement will be first quarter 2017.
Brazilian mining company Vale SA plans to double its iron ore exports to China within five years, Jose Carlos Martins, the company's head of ferrous metals, told reporters on Thursday. Rio de Janeiro-based Vale is the largest producer and exporter of iron ore, the main ingredient needed to make steel. Martins also said the company plans to export about 400 million tonnes of iron ore a year within five years, nearly 50 percent more than the 270 million tonnes it exported in 2013.
World Energy Reports has released its midterm five year forecast of production floater orders. The forecast, detailed in the March 2017 WER report, reflects positive and negative developments in underlying business drivers since WER’s five year forecast last October.
The U.S Navy has awarded General Dynamics Electric Boat a $95.5 million contract modification to continue development of the Common Missile Compartment for the U.S. Navy’s Columbia-class submarine and the Royal Navy’s Dreadnought-class ballistic-missile submarine.
The U.S. Department of Energy announced that it has signed an order authorizing Golden Pass Products LLC to export domestically produced liquefied natural gas (LNG) to countries that do not have a free trade agreement (FTA) with the United States
Survitec Group has announced a five-year contract award with Total E&P UK Ltd for the provision of lifesaving equipment maintenance services. The contract, which adds to an existing contract for lifeboat maintenance services
The Switch received an order from WE Tech to deliver its permanent magnet (PM) shaft generators to two 18,600 dwt chemical tankers currently under construction for Sweden’s Ektank AB. Sweden's Ektank AB is family-owned with a modern fleet of five chemical tankers in size ranging from 13
Californian Port of Los Angeles has seen its volumes increase by 10 percent in the first quarter of 2017 as it handled a total of 2.23 million TEUs in the three-month period, compared to 2 million TEU seen in the same quarter a year earlier.
Great Lakes Shipyard was awarded a drydocking contract by Kelleys Island Ferry Boat Line for the M/V Carlee Emily. Maintenance work includes five-year drydocking, U.S. Coast Guard (USCG) inspection and surveys as well as miscellaneous routine repairs.
ABB’s Marine Academy has been recognized by classification society DNV GL for meeting its standards for maritime training. Operating in six locations around the globe, ABB’s Marine Academy aims to reduce vessel downtime and improve safety through education
Demand for ocean and air freight has been better than expected this year, with increasing volumes and rates finally improving after years in the doldrums, executives from freight forwarding company DHL, part of Deutsche Post DHL Group, said.
The technology group Wärtsilä has been contracted to provide both equipment and maintenance for FSRU and LNG carrier vessels of Norway based operator, Höegh LNG. The orders were booked in the first quarter of 2017. Two new 170
Seanergy Maritime Holdings Corp reports financial results for the fourth quarter and twelve months ended Dec. 31, 2016. For the fourth quarter and twelve months ended December 31, 2016, the Company generated net revenues of $10.9 and $34.7 million respectively
FLIR Maritime announced recently that it has been awarded a $50 million indefinite delivery, indefinite quantity contract to provide marine electronics systems under the U.S. Coast Guard’s Scalable Integrated Navigation Systems 2 (SINS-2) program over a five-year period providing the
LOUIS DREYFUS ARMATEURS Group (LDA) has signed a Memorandum of Understanding (MOU) with palm oil plantation company Golden Agri-Resources (GAR) to develop maritime logistics business opportunities in Indonesia. The MOU signed between GAR and LDA focuses on developing logistics in
Following another poor year for multipurpose shipping with further erosion of rates making it the worst market in over 10 years, signs of recovery are now evident with momentum expected to build over the next few years, according to the latest Multipurpose Shipping Market Annual Review and
A coalition of maritime business and industry organizations sent a letter to key Members of Congress on Friday, March 24 urging funding for the Great Lakes Restoration Initiative (GLRI) to further support efforts undertaken by the State of Illinois to slow