Marine Link
Friday, October 20, 2017

Grand Banks

Grand Banks Yachts Moves

Grand Banks Yachts has moved its worldwide offices to Seattle while worldwide sales headquarters remain in the company’s long-standing Norwalk, Conn. Facility. Global marketing services, headed by recently-appointed VP Marketing Rob Livingston, are now situated at 2100 Westlake Avenue North, Suite 107, Seattle 98109, located directly on the west side waterfront of Lake Union. Vice President of Sales Ed Roberts continues to manage the Norwalk offices, overseeing worldwide sales along with the American service support staff. Grand Banks also maintains both west coast and European sales offices.

First Orphan Basin Oil Exploration for mid-August

In mid-August, Chevron Canada will drill the first exploratory well in the Orphan Basin. According to industry experts, the exploration of the Orphan Basin could mean the beginning of a new and potentially lucrative phase of Newfoundland and Labrador’s offshore oil industry. The basin is in an area that has not been explored before, where the weather is harsh and the water is deep. However, the potential is massive — the Orphan Basin could hold more oil than the Jeanne D'Arc Basin on the

Halifax Wins Another Order

Halifax Shipyard won another offshore contract. The Irving Shipyard in Halifax, Nova Scotia has landed a contract to modify and refit the Glomar Grand Banks semi-submersible drill rig. The work will be completed at the Irving facility in Woodside. The job, which was commissioned by Global Sante Fe of Houston, Texas, will employ 350 people for a minimum of three months starting in January. The Rig will tie up at Woodside Facility on the December 19, and prepare for the upgrade

International Ice Patrol Opens Annual Ice Season

A Coast Guard International Ice Patrol team conducts initial ice patrols for the 2015 ice season on Feb. 5, 2015. The International Ice Patrol opened the annual ice season on Feb. 3, 2015. (U.S. Coast Guard photo contribute

The U.S. Coast Guard International Ice Patrol opened the annual ice season February 3 to detect and track icebergs in the North Atlantic Ocean. The IIP deployed its first Ice Reconnaissance Detachment (IRD) to Newfoundland, Canada, to meet with Canadian partners and to conduct the initial aerial patrols of the season. The IIP conducts iceberg reconnaissance using HC-130J Hercules aircraft from U.S. Coast Guard Air Station Elizabeth City, North Carolina

Grand Banks Yachts Swings Back into Black

Photo: Grand Banks Yachts

 The builder of luxury yachts Grand Banks Yachts swung to a net profit of $1.2 million for the first quarter ended Sept 30 compared to a net loss of $1.3 million for the year-ago period.   Following restructuring efforts after a major acquisition, gross profit margin increased to 24.5% from 9.5% a year ago.    The SGX Mainboard-listed builder yachts said net profit rose after introducing initiatives to integrate design

TGS, PGS Team Up on Eastern Canada Seismic

Eastern Canada 2016_Landscape Image courtesy TGS

TGS announces the expansion of its multi-client library offshore Eastern Canada with plans to acquire more than 36,000 km of 2D seismic data, in partnership with PGS, utilizing two vessels during the 2016 acquisition season. The M/V Sanco Spirit and M/V Atlantic Explorer, utilizing the PGS GeoStreamer technology, will acquire seismic and gravity data in the Labrador Sea, Newfoundland Orphan-Flemish Pass basins and Grand Banks areas. Data acquisition will commence during late May 2016

GlobalSantaFe Reports 2Q Earnings

GlobalSantaFe reported net income for the quarter ended June 30, 2002, of $73.4 million, or $0.31 per diluted share, on revenues of $501.7 million, versus $84.3 million and $0.69 per diluted share for the corresponding 2001 quarter. For the six months ended June 30, 2002, GlobalSantaFe reported net income of $150.5 million, or $0.63 per diluted share, on revenues of $990.4 million. This compares to net income of $125.0 million, or $1.03 per diluted share, for the six months ended June 30, 2001

Grand Circle Cruises Buys 'MV Corinthian'

MV Corinthian: Photo courtesy of Grand Circle

Vince Cook, CEO of Grand Circle Cruise Line, informs that the company has acquired the 'M/V Corinthian', a 98-passenger, ocean-going vessel that currently operates in Antarctica.  They had chartered the ship for the past year and intend to expand the Corinthian's operations with the launch of three new small ship cruise itineraries in 2015. The ship was acquired for an undisclosed price from Travel Dynamics International, an operator of educational programs aboard small cruise ships

Detroit Agencies Perform Maritime Security Exercise

Detroit Coast Guard members are participating in a Southeast Michigan Area Maritime Security Committee multi-agency table-top exercise Wednesday at the Detroit Fire Department Regional Training Center. The purpose of this exercise is to test plans and policies of federal, provincial, state and local area agencies in response to a transportation security incident. In accordance with the Homeland Security Exercise and Evaluation Program, a table-top exercise is a discussion based exercise

Is it a Ship or Iceberg?

Small iceberg off the port bow of Canadian Coast Guard ship Louis St-Laurent. (Photo: Canadian Coast Guard)

Developing the capability to discriminate between ships and icebergs in northern latitudes is a common interest shared by Canada’s Department of National Defense (DND) and the oil and gas industry. For DND, the focus is on ship detection for maritime security, whereas oil and gas companies are interested in detecting icebergs to ensure primarily the safety and also the productivity of offshore exploration and production operations.   Polar Epsilon

WFW Advises Berenberg on Shipping Loan

Photo by International Chamber of Shipping (ICS)

 International law firm Watson Farley & Williams (WFW) has advised private bank Berenberg on its acquisition, jointly with a Japanese financial institution, of a circa US$460m performing shipping loan portfolio from the Royal Bank of Scotland (RBS).    WFW previously advised Berenberg on the acquisition of a similar US$300m portfolio from RBS in February 2017.   Hamburg-based international investment and private bank Berenberg was founded in 1590 and is the

Vitol Returns for $8 Bln Loan Refinancing

Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday.   The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn.   ABN AMRO Bank, Commerzbank, Credit Agricole CIB

San Diego Expecting Larger Cruise Season

Photo: Port of San Diego

 The Port of San Diego is preparing to welcome 83 cruise calls during the 2017-2018 cruise season, with a wide variety of itineraries visiting this inspiring destination. This season Holland America Line remains a strong presence on San Diego Bay along with continued growth from Disney Cruise Line. On Thursday, October 5, the Disney Wonder will be in port, along with Holland America Line’s Nieuw Amsterdam.  

US Charters Cruise Ship to House Hurricane Relief Workers

Carnival Fascination (Photo by Andy Newman/Carnival Cruise Lines)

 The U.S. government has chartered another commercial cruise liner to serve as a floating hotel for relief workers in the U.S. Virgin Islands in the aftermath of hurricanes Irma and Maria.    Carnival Cruise Line said it reached an agreement with the Federal Emergency Management Agency (FEMA) that will see the 2,052-passenger vessel Carnival Fascination docked in St. Croix to provide housing and meals for relief workers during a four-month charter from October 15 to February 3

Merchant Vessel Aground in Saint Marys River

A 629-foot U.S. cargo ship ran aground on the north side of Sugar Island in the St. Marys River, Wednesday at 11:40 p.m.    The merchant vessel Calumet departed ESSAR Steel in Sault Ste. Marie, Ontario and was transiting downbound in the St. Marys River to its next port of call in Brevort, Michigan, when it ran aground.   The U.S. Coast Guard is on scene and no injuries have been reported. The vessel is currently aground and stable

SJSB Launches Caribbean Landing Craft

(Photo: St. Johns Ship Building)

Florida based shipbuilder St. Johns Ship Building (SJSB) launched a newly built 190-foot landing craft vessel for owner Bahamas Ferries on July 28.   Designed for transport in the Bahamian islands, the vessel the Grand Master II is outfitted for Caribbean transport with a forward, hydraulic bow ramp and 6,400 square feet of cargo space.   Twin 700 HP Cummings QSK19 with Schottel rudder propellers power the Grand Master II

Cargo Ship Runs Aground in Saint Marys River

The 629-foot cargo vessel Calumet sits hard aground in the St. Marys River southeast of Sault Ste. Marie, Michigan, while a Coast Guard response boat - medium encircles the vessel, August 10, 2017. The vessel was heading to its next port of call in Brevort, Michigan when it ran aground. (US Coast Guard photo)

 The St. Marys River is closed to commercial vessels from the Soo Locks to 6 Mile Point, after a 629-foot U.S. cargo ship ran aground on the north side of Sugar Island, Wednesday, at about 11:40 p.m.   The merchant vessel, Calumet, departed Essar Steel in Sault Ste. Marie, Ont. and was transiting downbound on the St. Marys River to its next port of call in Brevort, Mich., when it ran aground. The vessel was not carrying any cargo.  

Maersk Wants Trade Finance Role

(File photo: Maersk Line)

Maersk Line, the world's biggest container shipper, is venturing into trade finance, as it seeks to fill a lending gap left by indebted banks pulling out of the crisis-hit shipping industry.   Moving into traditional bank territory and further down the shipping value chain, Maersk Line, part of A.P. Moller-Maersk, is offering to finance shipments and remove the paper trail from financing deals.   Maersk says it has no need to ask for collateral - one of the biggest headaches for

Diana Containerships Reports 1-for-7 Reverse Stock Split

Photo: Diana Containerships Inc

 Diana Containerships, a global shipping company specializing in the ownership of containerships, today announced that its Board of Directors has determined to effect a reverse stock split of the Company’s common shares, par value $0.01 per share, at a ratio of one-for-seven.    The Company’s shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the

OOCL Germany Delivered

From L to R: Mr. D Y Park, President & Chief Executive Officer of Samsung Heavy Industries; Mrs. Akiyo Moue, Sponsor; Mr. Nozomi Moue, Managing Executive Officer of Shinsei Bank and Guest of Honor; Mr. Andy Tung, Chief Executive Officer of OOCL. Photo: OOCL

 OOCL celebrated the christening of Hull H2173, a 21,413 TEU newbuilding constructed at the Samsung Heavy Industries shipyard on Geoje Island.     Named as OOCL Germany, this mega containership is the second of the six 21 thousand TEU class vessels on order at the shipyard and they are an important part to enhancing the competitiveness and efficiency of our modern fleet.   As with many of our newbuildings

MOL Joins Blockchain Consortium

MOL Logistics (Hong Kong). Photo: Mitsui O.S.K. Lines

 Mitsui O.S.K. Lines (MOL) has announced its determination to participate in the "Consortium to develop trade data sharing platform using blockchain technology," in which NTT DATA Corporation serves as the administrative office.    The consortium is comprised of 14 trade-related companies such as banking, insurance, total logistics providers and export/import companies.   Current trading practices rely heavily on bills of lading and other documents

OW Bunker Investors to Sue IPO banks

Institutional investors to sue Morgan Stanley, Carnegie.   A group of institutional investors in OW Bunker said they plan to sue Morgan Stanley and Carnegie for about $80 million, accusing the two investment banks of misleading them ahead of the 2014 listing of the now bankrupt marine fuel oil supplier.   Denmark's OW Bunker was valued at $1 billion when it floated in March 2014, but the company filed for bankruptcy in November that year after suffering hedging losses of almost

Irma forces Bahamas Borco Terminal to Close

Buckeye Partners LP's Bahamas terminal, also known as Borco, has been closed for vessel traffic and will shut all operations by the end of the day due to Hurricane Irma, a source familiar with operations said on Thursday.   That terminal, located in Freeport, on Grand Bahama Island, has more than 26 million barrels of storage capacity for crude, fuel oil, gasoline and other products.   Hurricane Irma has already killed several people after hammering the Caribbean as a category 5

Statoil's Bahamas Oil Terminal to Shut ahead of Irma

File photo: Statoil

Norway's state-run oil company Statoil began making preparations on Thursday to shut its South Riding Point storage and transshipment terminal in the Bahamas ahead of Hurricane Irma, traders close to the facility told Reuters.   South Riding Point in Grand Bahama has the capacity to store up to 6.75 million barrels of oil.   A neighboring terminal in the Bahamas, Buckeye Partners' BORCO, was also expected to halt all operations on Thursday, the company said.

Seadrill Files Chapter 11 Bankruptcy Protection

WEST GEMINI. Photo: Seadrill Limited

 Seadrill Limited, one of the world’s largest offshore drilling companies, has filed for Chapter 11 bankruptcy protection at the Southern District Texas court, Reuters reported.   The indebted oil rig firm controlled by Norwegian billionaire John Fredriksen is seeking to restructure its roughly $10 billion  debts as the petroleum industry continues to grapple with low prices.   Seadrill announced that the court overseeing the Company's chapter 11 restructuring

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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