Marine Link
Saturday, October 21, 2017

Gill Netting

Burger to Build 60-ft Research Vessel

Photo courtesy Burger Boat

Burger Boat Company and the Wisconsin Department of Natural Resources signed a contract for the construction of a 60-ft research vessel to support expanded study and survey work of the Lake Michigan fisheries. Named after the fish genus that includes: Lake Whitefish and Lake Herring, the new RV Coregonus will be capable of gill netting and allowing fisheries staff to continue the work done on the previous research ship—the RV Barney Devine. The RV Coregonus will also have expanded features including onboard laboratory equipment, water tight compartments and a semi-planning hull along with capabilities for scuba operations. RV Coregonus was designed by SeaCraft Design in Sturgeon Bay and will be built by Burger Boat Company. “Although the RV Barney Devine was well-maintained, it is now nearly 75 years old and has become technologically obsolete with an increasing maintenance expense,” WDNR Secretary Matt Frank said of the previous research vessel also built by Burger. DNR fisheries staff worked closely with SeaCraft to develop the design that would maintain the ability to use gill nets during all seasons but in the most extreme sea conditions, while expanding its capabilities for research. Its capabilities include trawling and deploying hydroacoustic equipment. RV Coregonus is expected to be ready for use in 2011.

Burger Launches 60′ Research Vessel “Coregonus”

Motor yacht “Coregonus” Launched – A 60’ Research Vessel by Burger Burger Boat Company

Manitowoc, Wisconsin, U.S.A. – April 8, 2011 Burger Boat Company launches the R/V Coregonus, a 60’ Research Vessel for the Wisconsin Department of Natural Resources. R/V Coregonus is replacing the R/V Barney Devine, a steel Fishing Tug built by Burger in 1937.  SeaCraft Design in Sturgeon Bay, WI designed the R/V Coregonus for the Wisconsin Department of Natural Resources to meet the demanding requirements of the department

Stolt Offshore Releases 2Q Results

Stolt Offshore S.A. reported results for the second quarter and six months ended May 31, 2002. The net profit for the quarter was $3.4 million, or $0.04 per share, on net operating revenue of $ 334.5 million, compared with a net loss of $6.3 million, or $0.07 per share, on net operating revenue of $282.0 million for the same period last year. The weighted average number of common share equivalents outstanding for the quarter was 85.1 million compared with 87

U.K. Property Tax Changes Affect Shipping Interests

Photo: Moore Stephens

International accountant and shipping consultant Moore Stephens said many overseas companies, including some connected to shipping interests, will be among those affected by draft legislation from the U.K. government proposing changes to the taxation of U.K. residential property valued at £2m or more. Among other things, companies resident outside the U.K. will, for the first time, be liable to capital gains tax (CGT) on such property, with effect from April 6, 2013.

US Fishermen Seek Federal Action against Illegal Fishing

Florida Rep. David Jolly listens to Mark Hubbard, CEO of Hubbards Marina in Johns Pass, Fla., explain how foreign illegal fishing in the Gulf of Mexico is hurting commercial fishing throughout the Gulf region. (Photo: Gulf Coast Leadership Conference)

Gulf of Mexico fishermen are threatened by a daily wave of foreign illegal fishing vessels and the U.S. fishing industry is calling on Congress to take action, Florida business owners said April 8 at an event hosted by the Gulf Coast Leadership Conference.   Mexican fishing boats enter U.S. sovereign waters and illegally poach hundreds to thousands of fish at a time. Although the U.S. Coast Guard and Gulf state maritime law enforcement agencies have taken aggressive action to find and

Moore Stephens: UK 2016 Budget to Impact Shipping, Offshore Sectors

Moore Stephens tax partner Gill Smith.

UK Budget 2016 provides surprises for shipping and radical measures for offshore maritime sector. Leading accountant and shipping adviser Moore Stephens says the UK Budget 2016 contains a number of surprise developments which are likely to be of interest to the shipping sector, as well as a radical set of measures which it is hoped will assist the offshore maritime oil and gas sector.    The Government announced a further reduction in the rate of corporation tax

Stolt-Nielsen S.A. Reports Improved Third Quarter Results

Stolt-Nielsen S.A. (Nasdaq: SNSA; Oslo Stock Exchange: SNI) reported results for the third quarter and the nine-month period ended August 31, 2001. Net income for the latest quarter was $29.7 million, or $0.54 per share, on net operating revenue of $735.4 million, compared with a net loss of $0.3 million, or $0.01 per share, on net operating revenue of $607.8 million for the third quarter in 2000. The weighted basic average number of shares outstanding for the third quarter of 2001 was 54

Diana Shipping Nets 2Q Loss

Logo

  Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.7 million and net loss attributed to common stockholders of $7.2 million reported in the second quarter of 2014. Time charter revenues were $38.6 million for the second quarter of 2015, compared to $43.2 million for the same quarter of 2014

Transocean 4Q Revenue Up

Henry Goodrich Courtesy Transocean

Transocean Ltd. Reports Fourth Quarter And Full Year 2015 Results:- Revenues were $1.85 billion, up from $1.61 billion in the third quarter of 2015; Operating and maintenance expenses were $794 million, down from $880 million in the prior period; Adjusted net income was $615 million, $1.68 per diluted share, excluding $4 million of net unfavorable items. This compares with $316 million, $0.87 per diluted share, in the third quarter of 2015, excluding $5 million of net favorable items

SpeedCast Introduces SIGMA Net

Satellite communications and network service provider SpeedCast International Limited has announced the official release of SIGMA Net shipping and remote site network management designed specifically for VSAT and MSS.  SIGMA Net is a small but powerful industrial-grade VSAT and MSS network management device designed for ships and remote sites, providing automated and efficient management of multiple WAN links

MasterCraft Acquires NauticStar

Photo: MasterCraft

 MasterCraft announced that it has acquired NauticStar, a leading manufacturer and distributor of 18-28 foot, high-quality bay boats, deck boats and offshore center console boats for approximately $79.8 million.   Founded in 2002, NauticStar, located in Amory, Mississippi, is privately owned and operated. With more than 15 years of boat manufacturing experience—including a 200,000 square-foot manufacturing facility—NauticStar has a reputation for reliability

Exmar USD 23mln Richer After Excel Sale

Image: Exmar Shipmanagement NV

The Belgian gas tanker company Exmar has sold its liquefied natural gas (LNG) tanker Excel for $ 23 million.   "Exmar is pleased to announce the sale of the LNG carrier Excel (138,107 m³). The 2003 built Excel has been delivered to its new owners on 6th of October 2017," said a press statement from the company.   The net cash proceeds realized by Exmar  for its 50% share in the joint venture will be approximately USD 23 million, it added.  

Odfjell Divests Share in Singapore Tank Terminal

Odfjell Terminals B.V. has entered into an agreement with a fund managed by Macquarie Infrastructure and Real Assets to sell its 50 percent ownership in Oiltanking Odfjell Terminal Singapore Pte Ltd for a price around $300 million. This implies an enterprise value of around $330 million for Odfjell Terminals B.V.'s share in the Singapore terminal.   “This divestment is in line with our strategy to focus on the terminals where we have managerial control of the assets and to further

Legal Limbo: Risk Management in a Modern Marine Economy

© Currahee Shutter / Adobe Stock

Technology helps maritime companies do more with less. But today, technological advances are outstripping legal developments. As a result, many marine-based businesses operate in a legal limbo with many lawyers and insurance professionals confused about what laws will apply to what claims. While sometimes philosophical, the problem of what law will apply becomes stark and very real when a worker is injured.    Changing Seascapes

DVB Bank Losses on Shipping

Photo: CMA CGM

 DVB, the specialist in international shipping finance, reported a consolidated net loss before taxes of EUR 506.3 million in the first six months of 2017 (previous year: net income of EUR 14.1 million).   Ralf Bedranowsky, CEO and Chairman of DVB Bank SE's Board of Managing Directors, commented on the Bank's consolidated results: “The increase in allowance for credit losses was largely required for legacy exposures in the Shipping Finance portfolio

China Merchants Port's 1H Profit Soars 86%

Photo: China Merchants Port Holdings

 Hong Kong-Listed China Merchants Port Holdings reported an 86% surge in first-half net profit, thanks to a one-off gain and higher volume handled by the company's ports.   Net profit attributable to shareholders rose to HK$3.15 billion ($402.5 million) from HK$1.69 billion a year ago, the company said. Profit for core ports operation came in at HK$2.45 billion. Revenue for the period rose 5% to HK$4.05 billion.  

Novacavi Cables for Seascape

(Photo: Novacavi)

 Italy-based cable manufacturer Novacavi reports an additional supply of special fishing tow cables for long-term customer Seascape BV.   Already tested with full satisfaction, these fit for purpose cables are used onboard special equipped Dutch vessels for flat fish fishing with electric pulse system in North Sea. Cables have to be continuously pulled backward and forward over a pulley connecting winch, gear and nets on the same place for a 24 hours service six days per week.

MPC Containerships to Use USD 100mln Bond Proceeds for Fleet

Image: MPC Container Ships Invest B.V

 MPC Container Ships Invest B.V., a wholly owned subsidiary of Oslo-listed MPC Container Ships AS, has successfully completed the issuance of a new senior secured bond issue of USD 100 million.    The bond issue has a 5 year tenor, carries a floating interest rate of 3m LIBOR + 4.75% and has a borrowing limit of USD 200 million. The bond issue received strong demand and was oversubscribed.   The net proceeds from the bond issue will be used to finance acquisitions of

Hedge Funds Watch U.S. Refinery Restarts

File Image (CREDIT: AdobeStock / (c) Jason Lee)

Hedge funds are betting crude oil stocks will adjust quickly to the aftermath of Hurricanes Harvey and Irma but gasoline and distillate inventories may take more time to normalise.   Hedge funds and other money managers increased their combined net long position in the five major petroleum contracts linked to crude, gasoline and heating oil by 46 million barrels in the week to Sept. 5, according to the latest regulatory and exchange data.  

CMA CGM Reports Better Result in Q2 2017

Photo: CMA CGM

 CMA CGM  recorded a net income of $219 million on revenues of $5.55 billion for the second quarter of 2017, with volumes rising 33.3 percent year-over-year. Volumes carried grew with the integration of APL, the launch of OCEAN ALLIANCE and the industry dynamism, the company said.   The French ocean carrier said  its net income is $219 million for the second quarter of 2017, compared to a net loss of $129 million for last year’s second quarter.  

ES Group Terminates Charter Contracts

Pic: ES Group (Holdings)

 Singapore-based ship builder ES Group said its unit ES Shipping has terminated a five-year demise charter contract for bunker vessel, Sea Tanker I, with Sea Hub Tankers.  "Under the five-year demise charter contract  entered into on 23 November 2012, between the Company’s wholly-owned subsidiary, ES Shipping, and Sea Hub Tankers, ES Shipping had agreed to demise charter Sea Tanker I to Sea Hub Tankers for a monthly charter fee

Shipping Confidence Continues to Climb -Report

© weerasak / Adobe Stock

A recent survey found that shipping confidence reached its highest rating in the past three years in the three months to end-August 2017.   According to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens, the average confidence level expressed by respondents to the survey was up slightly from the 6.1 out of 10 recorded in the previous survey in May 2017 to a three-year high of 6.2

GOGL Sells 6 Vessels

Photo: Golden Ocean Group Ltd

 Golden Ocean Group has  announced that it has entered into agreements to sell six Ultramax vessels built at Chengxi between 2015 and 2017 en bloc for USD 142.5 million to an unrelated third party.    The net cash proceeds from the sale after the repayment of $39.2 million of associated debt will be slightly in excess of $100 million. All vessels are expected to be delivered to their new owner during the fourth quarter of 2017.  

Navios Takes Delivery of Three Bulkers

File Photo: Navios

 Navios Maritime Partners, an international owner and operator of container and dry bulk vessels, announced today the delivery of three dry bulk vessels into its fleet.   The Navios Symphony, a 2010-Chinese-built Capesize vessel of 178,132 dwt, was delivered on September 20, 2017.  The vessel has been chartered out at a rate of $17,575 net per day until March 2018.   The Navios Aster, a 2010-South Korean-built Capesize vessel of 179,314 dwt, was delivered on August 21

Euroseas Acquires New Vessels

File Pic: Euroseas Ltd

 Euroseas  announced that it took delivery of M/V EM Athens, a feeder containership of 2,506 teu built in 2000 that the Company agreed to acquire last month from Euromar, a wholly-owned subsidiary of the Company that previously was partially owned by the Company.    M/V EM Athens was acquired along with EM Oinousses, a feeder size containership also of 2,506 teu built in 2000.   The Company also announced today that it exercised its option to purchase from Euromar

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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