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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


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


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)


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.


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,


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.  


Subaru Air Freights Parts, Circumvents U.S. Port Delays

Fuji Heavy Industries Ltd , the maker of Subaru cars, said it would continue flying car parts to its U.S. factory beyond an initial arrangement through the end of February, as a labor dispute at U.S. West Coast ports delays shipments. The Japanese automaker had said earlier it was spending an extra 7 billion yen ($59 million) for one month from the end of January to fly components such as engines and transmissions on chartered cargo flights instead of shipping them.


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


DMA Cutting Back Special Rules for Danish Shippers

Photo: Danish Maritime Authority

A benchmark analysis shows that Denmark has 33 special requirements for ships flying the Danish flag, a number which the Danish Maritime Authority (DMA) seeks to scale back as it aims to create a more favorable environment for shippers. “Denmark is characterized by quality shipping and


Moran Lays Keel for New USFWS Vessel

Image: Moran Iron Works

Sparks are flying on the keel of the $1.9 million, 57-foot aluminum fisheries research vessel for the U.S. Fish and Wildlife Service (USFWS), at Moran Iron Works (MIW).   The project was announced in November of 2016 when the two parties met for an inaugural meeting in Onaway


Cruise Ship Comes to Rescue of Sinking Boat

MS Albatros (Photo: Phoenix Reisen)

A cruise ship crew came to the rescue of six men from a leaky Tongan fishing boat, who had not had water for three days.   The Rescue Coordination Centre of New Zealand organized for the German cruise ship Albatros to change course at 5 a.m


Togo Accedes to Treaties Covering Unlawful Acts at Sea and Anti-fouling

Photo: International Maritime Organization (IMO)

 Togo has acceded to two International Maritime Organization (IMO) treaties dealing with unlawful acts against the safety of maritime navigation, and the control of harmful anti-fouling systems on ships.   The SUA Protocol covers acts including the seizure of ships by force


Louis Dreyfus Orders Wind Farm Vessel from Cemre

Image: LOUIS DREYFUS ARMATEURS

Louis Dreyfus Armateurs  Group (LDA) said it has ordered a wind farm service operation vessel (SOV) from Cemre shipyard in Turkey.   The vessel will be delivered in Q4 2018 and chartered to DONG Energy Wind Power A/S for operations at four wind farms off the German coast (Borkum


Austal's EPF 8 Completes Acceptance Trials

Yuma (EPF 8) Clean Sweep. Yuma is slated for delivery to the U.S. Navy later this spring. Photo Austal

Austal successfully completed acceptance trials on USNS Yuma, Expeditionary Fast Transport (EPF 8), January 26, in the Gulf of Mexico returning with a broom flying from the mast indicating a “clean sweep”. Yuma is slated for delivery to the U.S


SSBN Launches Fleet Ballistic Missiles

Official U.S. Navy file photo of a Trident II D5 ballistic missile launch from an Ohio-class ballistic missile submarine during a missile test at the Pacific Test Range. Photo US Navy

An Ohio-class ballistic missile submarine assigned to Submarine Group 9 completed a Follow-on Commander's Evaluation Test (FCET) Feb. 16, resulting in four successful test flights of Trident II D5 missiles. Designated FCET-53, the operation spanned a three-day period.


POSH Takes Delivery of Two Singapore-built Tugs

Azistern 3270 Posh Husky  (Photo: OSD)

Two Azistern 3270 tugs designed by Offshore Ship Designers (OSD) have been delivered to their new owner, PACC Offshore Services Holdings Limited (POSH Singapore), the Asia-based international offshore support vessel operator.   Posh Husky and Posh Hardy were built at Paxocean Shipyard in


World's Oldest Aircraft Carrier Decommissioned

(Photo: Indian Navy)

 INS Viraat, the world’s oldest aircraft carrier and the flag ship of the Indian Navy, was decommissioned on Monday after serving for 30 years in the Indian Navy.    INS Viraat holds the world record as mentioned in the Guinness Book of records for being the longest serving


Marshall Islands Registry is "Number Two"

The Republic of the Marshall Islands (RMI) fleet now stands at 223,262,177 deadweight tons (DWT), making it the second largest registry in the world in terms of DWT. International Registries, Inc. and its affiliates (IRI) have provided administrative and technical support to the RMI Registry since


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.  






 
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