Cayman Islands News

15 May 2019

Bristow Files for Chapter 11 Bankruptcy

Image: Bristow Group

Offshore helicopter services provider Bristow Group filed for chapter 11 bankruptcy protection after reaching a deal with senior bondholders on a plan to slash its debt load.The struggling Houston-based helicopter operator for offshore oil and gas industry looks to cut debt after reaching deal with senior bondholders, as it attempts to restructure its crippling debt load.The Chapter 11 filing, dated 11 May, covers only six US- and two Cayman Islands-registered businesses, with…

17 Mar 2019

Vantage Drilling Sinks Into the Red

Pic: Vantage Drilling

Texas-based offshore drilling contractor Vantage Drilling International reported a net loss of  $52.2 million for the three months ended December 31, 2018 as compared to a net loss of $36.6 million for the three months ended December 31, 2017.For the year ended December 31, 2018, Vantage reported a net loss of $141.5 million or as compared to a net loss of $149.8 million for the year ended December 31, 2017.Vantage, a Cayman Islands exempted company, issued $350 million of new…

01 Mar 2019

Caribbean Commits to IMO Standards

Pic: International Maritime Organization (IMO)

Caribbean States and Territories have re-affirmed their commitment to implementing International Maritime Organization (IMO) standards for safe, secure and sustainable shipping.According to the UN body, this is part of wider efforts to intensify investments and harness the full potential of the oceans, rivers and lakes to accelerate economic growth, create jobs and fight poverty.Ministers responsible for maritime transport and other participants representing the Governments in the region met at a High Level Symposium (27 February) in Montego Bay…

05 Feb 2019

UK Holds Maritime Seminar

Delegates from the Overseas Territories visiting the UK Hydrographic Office. Pic: UK Govt

The UK Hydrographic Office (UKHO) yesterday (5th February) launched a five-day capacity building seminar to help UK Overseas Territories support safe maritime trade.The seminar, delivered as part of the Government’s Overseas Territories Seabed Mapping Programme, will focus on international regulations, with sessions on maritime safety information training, best practice governance and maritime law. This guidance, given by experts at both the UKHO and MCA, will help each of the…

01 Nov 2018

Cautious Consolidation for OSV Companies Brings Market Change

A Gulfmark offshore support vessel (CREDIT: Gulfmark)

Will a rising tide in the offshore oil markets float all the boats? In the U.S. Gulf of Mexico, that remains to be seen.Offshore services, exploration and production are on a roll. In early October, yet another business combination of big drillers was announced. In a sign of optimism, Ensco announced its plan for an all-stock acquisition of Rowan Offshore, worth around $2.4 billion. The new company will be domiciled in the United Kingdom, but will have a large presence in Houston.

08 Aug 2018

Seized Superyacht Linked to 1MDB Probe Arrives in Malaysia

© AK YAM / MarineTraffic.com

A $250 million superyacht, impounded as part of a hunt for assets linked to the multi-billion dollar investigation into 1Malaysia Development Bhd, arrived at a port in Malaysia on Tuesday about six months after it was seized.The Cayman Islands-flagged Equanimity was first seized in the Indonesian holiday venue of Bali in February at the request of U.S. authorities investigating 1MDB.The Malaysian state fund is at the center of money-laundering probes in at least six countries, including the United States, Switzerland and Singapore.

07 Aug 2018

Venezuela Dodges Oil Asset Seizures with Export Transfers at Sea

© Igor Groshev / Adobe Stock

Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures.But the OPEC member nation is still fulfilling less than 60 percent of its obligations under supply deals with customers.Venezuela has been pumping oil this year at the lowest rate in three decades after years of underinvestment and a mass exodus of workers. The state…

02 Mar 2018

Luxury Yacht Seized in Money Laundering Probe

Equanimity (File photo: Oceanco)

Indonesian police on Thursday questioned the captain and crew of a luxury yacht in Bali at the request of U.S. authorities, probing alleged money laundering at a Malaysian state fund, they said. The yacht was impounded in Bali on Wednesday amid a multi-billion dollar corruption investigation launched by the U.S. Department of Justice (DOJ) and tied to Malaysian state fund 1Malaysia Development Berhad (1MDB). Police seized the yacht, Equanimity, after receiving a letter on Feb. 21 from the U.S.

07 Nov 2017

Vantage Gets Extension of Contract for the Emerald Driller

Emerald Driller. Photo: Vantage Drilling International

Vantage Drilling International announced that it has been notified that its drilling services contract for the Emerald Driller will be extended for two years, beginning in May 2018. Ihab Toma, the Company’s Chief Executive Officer, commented, “We are very pleased that we will continue to work with one of our esteemed clients and keep our rigs working in this challenging environment. Vantage Drilling International, a Cayman Islands exempted company, is an offshore drilling contractor…

18 Oct 2017

Ocean Rig Withdraws Winding Up Petition

Photo: Ocean Rig

Ocean Rig UDW Inc., an international contractor of offshore deepwater drilling services, has announced that pursuant to an order of the Grand Court of the Cayman Islands Simon Appell of AlixPartners Services UK LLP and Eleanor Fisher of Kalo (Cayman) (formerly AlixPartners) have been discharged as joint provisional liquidators of the Company and its subsidiaries. The subsidiariesare Drill Rigs Holdings Inc. (DRH), Drillships Financing Holding Inc. (DFH), and Drillships Ocean Ventures Inc., (DOV) and together with UDW, DRH and DFH, the Scheme Companies.

16 Aug 2017

DoJ Closes Vantage Probe Over Petrobras Deal

Photo: Vantage Drilling International

Vantage Drilling International, announced  that it has received a letter from the United States Department of Justice (DOJ) acknowledging Vantage's full cooperation in the DOJ's investigation concerning possible violations by Vantage of the Foreign Corrupt Practices Act, and indicating that the DOJ has closed its investigation without any action. The investigation arose in 2015 from allegations of improper payments to former officials of Petróleo Brasileiro S.A (Petrobras) in connection with the contracting of the Titanium Explorer drillship to Petrobras.

19 May 2017

Idwal Marine Secures Ten Year Contract for Flag Services

Pic: Idwal Marine Services Limited

Idwal Marine announced the signing of a new contract after tender process with the Isle of Man Ship Registry, for the provision of maritime support services, which has been inked for a 10 year term. The Ship registry has developed a new General Inspection regime which is being carried out by the Ship Registry’s own team of surveyors and is supported globally by Idwal Marine in locations such as China, Singapore, Philippines, Brazil, Germany, UK, France, Spain and the USA by the Idwal Marine surveyor network.

08 Nov 2016

Boom at Port Everglades Continues

Port Everglades Exceeds One Million TEU Mark for Third Consecutive Year Photo Everglades  Port

Broward County's Port Everglades exceeded one-million TEUs (20-foot equivalent units, the industry's standard container measurement), for the third consecutive year, reporting a total of almost 1.04 million TEUs and maintaining its status as Florida's number one container port, according to preliminary data for the fiscal year ending September 30, 2016. Compared to the prior fiscal year 2015, total TEUs were down by 2 percent from 1.06 million, which Port officials attribute to market fluctuations.

09 Sep 2016

Supporting Maritime Women of the Caribbean

Photo:  International Maritime Organization (IMO)

Work to support women in the Caribbean maritime industry is underway with the first conference of the Women in Maritime Association Caribbean (WiMAC) taking place in Grand Cayman, Cayman Islands (5-9 September). Under the theme "Charting the course for generations of women" the conference is drafting a strategic and regional agenda to support WiMAC’s mission to foster the development and participation of women in the maritime sector and contribute to the growth of the industry within the region.

19 May 2016

Can Shipping Help Greece Ride out the Storm?

Photo: Greg Trauthwein

Greece is considered to be the world’s first ship-owning country in terms of tonnage. The Greeks are known to control 17.7% of world fleet and gaining share except in crude tankers. Even recession in the dry bulk market has not had much effect on the Greek-owned fleet with the fleet size touching 5,226 vessels last year with a total DWT of 334 million. For debt-laden Greece, shipping – a key element of Greek economic activity since ancient times – is considered a knight in shining armor at this crucial juncture.

30 Mar 2016

Republic of the Marshall Islands Maintains Qualitative Edge

Image:  International Registries, Inc

The Republic of the Marshall Islands (RMI) received preliminary information regarding the United States Coast Guard’s (USCG’s) Qualship 21 list during Intertanko’s North American Panel meeting. The meeting, which took place on day one of the Connecticut Maritime Association’s (CMA’s) Shipping 2016 conference, was the largest attended North American Panel meeting to date. Rear Admiral Paul Thomas, Assistant Commandant for Prevention Policy, USCG presented the preliminary results showing the RMI on the Qualship 21 list for 2016.

29 Jan 2016

Microsoft Mogul's Yacht Destroys Coral Reefs

MV Tatoosh. By Comiquaze

The anchor chain of 303-foot mega-yacht, the Tatoosh, belonging to Microsoft co-founder Paul Allen has been blamed for destroying a large area of protected coral reef in the Cayman Islands. It destroyed almost 14,000 square foot, or about 80 per cent,  of reef in a protected area in the West Bay area of the Cayman Islands, according to the islands' Department of Environment (DoE). Allen's Seattle-based Vulcan Inc organisation, which manages his fortune, said on Wednesday that…

07 Mar 2016

Maritime Cook Islands Enhance Registry Growth

Glenn Armstrong (Photo: PDMS

PDMS Maritime has announced that it has been awarded a new contract to deliver its international ship registry and seafarer management platform (MARIS) to Maritime Cook Islands (MCI) Limited, the corporate administrators of the Cook Islands international ship registry. MARIS will replace MCI’s existing legacy systems to provide the registry with a new, modern and complete enterprise system which covers all the key aspects of their business including: registry, survey, seafarers and service operations. The platform will also help the MCI to prepare for the IMO’s mandatory audit scheme (IMSAS).

02 Aug 2015

LR First to Certify Small Caribbean Ships

Surveyor Umar Ali from LR’s Trinidad office carries out an inspection of the tugboat Trafalgar

After becoming the first classification society to issue Cargo Ship Safety and Small Commercial Safety Certificates to two Trinidad and Tobago vessels LR was recently authorised by several Caribbean flag administrations to carry out surveys and issue certificates under new codes on their behalf. Code of Safety for Caribbean Cargo Ships (CCSS). This applies to ships of under 500gt. The administrations authorising LR are: The Bahamas, Belize, Cayman Islands, Trinidad & Tobago and St. Kitts & Nevis Code of Safety for Small Commercial Vessels operating in the Caribbean (SCV).

27 Oct 2015

No Cruise Ship Tendering In Cayman Islands

Image: Royal Caribbean Cruises

Moses Kirkconnell, the Cayman Islands’ minister of tourism said that future off-shore tendering of cruise ships is out of the question in lieu of building a $150 million cruise pier and terminal in the Cayman Islands. Given that in 2014 approximately 82% of Cayman’s cruise business came from Carnival and Royal Caribbean Cruise Line , he asked them about their future plans and was told that tendering is not something they are willing to consider. Royal Caribbean Cruise Line has informed the tourism minister that they will not tender their mega cruise ships, says a report in Cayman News Service.

08 Nov 2015

Triton 1650/3 LP Introduced at Boat Show

New Triton Submarines 1650 -Low Profile- designed to Fit in a Superyacht Tender Garage

Triton Submarines LLC, America’s leading builder of personal submersibles designed for yacht deployment, provided details of its new Triton 1650/3 LP (Low Profile) submersible model at a press conference at the Fort Lauderdale International Boat Show today. This lightweight, low-profile version of Triton’s most popular acrylic personal submersible model is designed and engineered to take a pilot and two passengers to depths of 1,650 feet (500 meters) in air-conditioned comfort – and to fit in a standard Superyacht tender garage.

17 Dec 2015

6 Missing in Singapore Strait Collision

Six crew members are still missing after a general cargo freighter sank in the Singapore Strait following a collision with a chemical tanker at 8:14 p.m. (1214 GMT) on Dec. 16. The 10,385 deadweight tonne (dwt) cargo freighter Thorco Cloud, operated by Danish shipper Thorco Shipping and registered in Antigua and Barbuda, had a crew of 12. Singapore's Police Coast Guard, supported by the Maritime and Port Authority of Singapore (MPA), rescued five of the crew members, while the chemical tanker picked up a sixth, the MPA said. The rescued seamen were sent to Singapore General Hospital for observation, it said. Search and rescue operations continued for the six missing crew members, said an MPA spokesman in an update.

23 Dec 2015

Mission to Seafarers Responds to Singapore Strait Tragedy

Photo: The Mission to Seafarers

Global maritime welfare charity The Mission to Seafarers outlines emergency support work with surviving crew members of the Thorco Cloud – a general cargo vessel which sank in the Singapore Strait after a collision on December 16. The other vessel involved, chemical tanker Stolt Commitment, received only minor damage and is in a stable condition. Cayman Islands-registered Stolt Commitment and freighter Thorco Cloud bearing the Antigua and Barbuda flag collided in the eastbound lane of the Traffic Separation Scheme (TSS) in the Singapore Strait.

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