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Flying High

Offshore Stocks Flying High As Boom Nears

It appears that the long awaited, much antipated and greatly debated offshore boom part II is prepared to launch again, as offshore drilling stocks surged on Thursday as U.S. crude oil prices hit a fresh nine-year high of $32.15 a barrel, fueling a second day of strong gains on Wall Street for the oilfield services sector. Drilling stocks across the board were flying high, some posting high single and low double digit gains for the day. At mid-day R&B Falcon Corp. was 1-1/2 higher at 18-1/8 and Santa Fe International Corp. was up 3 at 32-15/16 -- gains of roughly 9 and 10 percent respectively. It was the second straight day of substantial gains for oilfield services stocks, though in a reversal of Wednesday's pattern, drilling contractors saw their stock rise more sharply than that of diversified service providers. Analysts say the sector is poised to reap the benefits this year and next of the strengthening of international oil prices which has been under way since March 1999, and a report from Salomon Smith Barney predicts that this is just the beginning of a multi-year growth phase. The analyst increased his share price targets for 11 offshore drilling contractors and said he saw average upside potential for their stocks of 70 percent in the next 12-18 months. Top recommendations in the sector include Global Marine Inc., Noble Drilling Corp. and Transocean Sedco Forex Inc.


Integrated Systems Awarded Navy Contract

Integrated Systems Solutions Inc.* Pomfret, Md., is being awarded a $64,073,299 ceiling-priced cost-plus-fixed-fee, indefinite delivery, indefinite quantity contract for research and development services to increase the government’s understanding of Lighter Than Air platforms and their usage for sensor technologies. Services to be provided include experimenting with outfitting commercial blimps with sensors and a tactical data link


SeaJets Take Off For Grand Bahama Island

SeaJets, the Palm Beach-based Jetfoil will leave the Port of Palm Beach on November 6, inaugurated regular service of the jets into Grand Bahama Island. SeaJet Kara will depart from the Port Thursday through Monday at 9 a.m. and 4:30 p.m. with scheduled arrivals on Grand Bahama Island at 11 a.m. and 6:30 p.m., respectively. Departures from the Island will be at 11:30 a.m. and 6:50 p.m., arriving in Palm Beach at 1:30 p.m. and 8:30 p.m., respectively.


Big E Underway to Conduct Carrier Qualifications

The nuclear-powered aircraft carrier USS Enterprise (CVN 65) transit the Philippine Sea during a Vertical Replenishment (VERTREP) with the Military Sealift Command (MSC) combat stores ship USNS San Jose (T-AFS 7). Enterprise and embarked Carrier Air Wing One (CVW-1) are currently underway on a scheduled six-month deployment in support of the global war on terrorism. U.S. Navy photo by Mass Communication Specialist Seaman Rob Gaston


Portuguese Flag Reports Strongest Growth Rate in Europe

Portugal’s second shipping register, the International Shipping Register of Madeira (MAR), is currently the strongest-growing flag in Europe. In the last six months, MAR’s fleet has increased by more than 60 new vessels representing net growth of 130% in terms of tonnage. Among the new entrants to the register are vessels owned by more than 20 of Germany’s leading companies. The growth has been achieved since Sociedade de Desenvolvimento da Madeira (SDM)


Paris MoU Reports Decrease in 'Bans'

2015 shows a large decrease in the refusal of access (“bans”) within the region 11 bans compared to 20 in 2014 Graphic by Paris MoU

Paris MoU reports that 2015 shows a large decrease in the refusal of access (“bans”) within the region: 11 bans compared to 20 in 2014. The detention percentage has remained stable at 3.33 percent. The number of deficiencies has decreased 10 percent related to 2014. The number of inspections carried out was 17,858, slightly less than 2014 (18,430). Over a three-year period of time, most cases of refusal of access involve ships which have been banned for multiple detentions (45)


Minoan Shares Performance Rated

Schroders Securities said in a research report that it rates shares of Greek shipping company Minoan Lines perform in line with the market, although anticipated industry activity may drive the shares to new highs. Analysts said shares were fairly valued on current fundamentals. On the issue of market consolidation, Schroders expects Minoan to continue its prudent acquisitions and not rush into consolidation The merger of Attica Enterprises and Strintzis Shipping Lines could have a direct


Motia Continues Product Tanker Expansion

Motia Compagnia di Navigazione has continued its expansion of modern product carrier tonnage with the delivery of the 29,000 dwt Elisa from STX Shipbuilding, Korea. The third of a series of four sister ships from the same yard building for Motia, the Elisa is an IMO II Product/Chemical Carrier and it will enter employment in the Handytankers Pool. Antonio Zacchello, managing director of Motia Compagnia di Navigazione,


Minoan Denies Reports Of Share Swap With P&O Princess

Greek ferry operator Minoan Lines dismissed press reports on Wednesday that cruise operator P&O Princess had expressed interest for its subsidiary Minoan Flying Dolphins (MFD). "I dismiss the content of the press reports. There is no official proposal by a foreign company for MFD. There is no proposal by P&O," a Minoan official said. It was reported on Wednesday that P&O Princess Cruises had expressed interest for a share swap


HMAS Launceston Assists Ill Mariner

The navy has provided medical assistance to a Chinese mariner who fell ill aboard a fishing boat.

  HMAS Launceston assisted in the medical evacuation of a critically ill Chinese mariner from a Chinese fishing vessel, 80 nautical miles south-east of Christmas Island in the Indian Ocean on the afternoon of 1 January, 2015.   The request for Launceston’s assistance came from the Australian Maritime Safety Authority, and the patrol boat embarked a civilian medical officer prior to departing.  


MLC, 2006 Inspections Yield Positive Results

© momentscatcher / Adobe Stock photo

Aiming to verify that the minimum standards for working and living conditions have been implemented for crews working on board commercial vessels, as well as generate more awareness, Port State Control Officers in the Paris MoU region have carried out a Concentrated Inspection Campaign (CIC) on


Updated ShipArrestor System Delivered to NCA

Image of ShipArrestor deployment (Photo: Miko Marine)

An improved and upgraded version of the Miko Marine ShipArrestor system has been delivered to the Norwegian Coastal Administration (NCA).  The system has been developed to give nations the ability to protect their coastlines from the danger of ships that have lost engine power and from the


HMAS Newcastle Visits India

Able Seaman Boatswains Mate Glen Cameron throws a heaving line from the forecastle of HMAS Newcastle in Kochi, India. Photo: Royal Australian Navy

 Making her way north to commence duties as part of Operation MANITOU, HMAS Newcastle made a port visit to Cochin, India, further strengthening relationships recently made on exercise off Fremantle.   As a continuation of Exercise AUSINDEX


Acorus Denied Access to Paris MoU Region

Photo: Paris MoU

 M/V Acorus vessel was detained in Port of Asprogirpos (Elefsis) - Greece on 6 July 2017. This is the third detention in the Paris MoU region within the last 36 months.    The ship flies the flag of Moldova Republic, which is black on the current Paris MoU WGB list.  


Princess Cruises Takes Ship Delivery from Fincantieri

(Photo: Fincantieri)

Majestic Princess, the third Royal Princess class cruise ship built by Fincantieri for ship owner Princess Cruises, was delivered at the Monfalcone shipyard in Italy. Princess Cruises, a Carnival Group brand, will deploy the new vessel on the Chinese market.  


Protecting Captive Seafarers’ Wages

Pic: International Maritime Organization (IMO)

The issue of protecting captive seafarers' wages is on the agenda at an International Labour Organization (ILO) meeting in Geneva, Switzerland (3-5 April).    IMO has taken part in the ILO Working Group of the Special Tripartite Committee


Navy Maritime Tactical Unmanned Air Systems

The Schiebel Camcopter S100 Unmanned air System on display at the Australian International Airshow at Avalon. Photo: Royal Australian Navy

 Images of remotely piloted aircraft soaring over a naval fleet might seem like an ultramodern picture. But unmanned aircraft are nothing new to the Fleet Air Arm, which has provided remotely piloted targets for gunnery practice since 1953.  


HMAS Arunta Small Weapons Go Technical

Photo: Royal Australian Navy

 Navy’s deployed ship in the Middle East, HMAS Arunta, has had its small arms weapons inspected, serviced and certified during a recent port visit.   HMAS Arunta is serving on a nine-month Operation MANITOU deployment which has necessitated an all-important maintenance period.


Indian Warships Visit France

Indian warships INS Aditya (left) and  INS Trishul arrived at Toulon, France. Photos: Indian Navy

 In continuation of the Indian Navy’s overseas deployment to the Mediterranean Sea and West Coast of Africa, three Indian warships INS Mumbai, Trishul, and Aditya, arrived at Toulon, France for a three day visit.   The ships were warmly received by the Administration in


Inland Shipping Expands in India

© Savvapanf Photo / Adobe Stock

Integrated cargo transport along multiple waterways begins in India from the banks of Rupnarayan to the shores of Ganga.  V. V. Giri, a vessel of the Inland Waterways Authority of India (IWAI) began a landmark pilot movement on April 23


Martek Marine Hire Head of UAV Operations

Paul Forster. Photo: Martek Marine

 Martek Marine announced the official appointment of highly-acclaimed aviation expert Paul Forster as their Head of UAV Operations. Paul brings over 30 years’ unparalleled aviation experience to Martek, in both high-profile operational and leadership roles.  


New Orleans Joins Cold Treatment Pilot Program

Photo courtesy of Port of New Orleans

The Port of New Orleans announced a new opportunity for shippers looking to transport perishable cargo from South America. Port NOLA received approval by the U.S. Department of Agriculture for inclusion in the Southeast U.S. In-Transit Cold Treatment Pilot Program


New MC-275D Flagship Dredge Launched

MC-275D auger dredge (Image: Mud Cat)

 Ellicott Dredge Technologies (EDT) has introduced its new Mud Cat MC-275D as the flagship auger dredge to lead its Mud Cat product line.   The modernized Mud Cat MC-275D is a modular system that offers unique cutting, pumping, and propulsion features at an affordable price


Saudi, UAE Ports Bar Qatari Flagged Ships

Ports in Saudi Arabia and the United Arab Emirates' barred ships flying Qatari flags after the two countries broke off diplomatic ties with Doha, in a move that raised fears of disruption to oil and gas shipments from the Gulf OPEC member.  


Abu Dhabi Port Eases Restrictions on Tankers Going to and from Qatar

Abu Dhabi port authorities have eased restrictions on oil tankers going to and from Qatar, according to industry sources and shipping circulars seen by Reuters on Wednesday. Abu Dhabi Petroleum Ports Authority issued a new circular on Wednesday removing previous restrictions on non-Qatar owned






 
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