Noble Group Gets Debt Lifeline
The striggling commodities giant Noble Group has secured a 120-day extension for its USD 400 million credit facility from June 20, 2017. According to Reuters, Noble Group, has over 100 vessels on charter, confirmed that its lenders had agreed to push back a repayment deadline by four months and said it continued to be in talks with potential investors about the sale of an interest in the company or parts of its business. The company had persuaded banks to extend the $2 billion credit line…
DOF Subsea Shelves IPO Plans
Norway's DOF Subsea has decided to hold off on launching its initial public offering (IPO), citing volatile market conditions. Company shareholders DOF ASA, with 51 percent, and a fund managed by First Reserve, with 49 percent ownership, announced in May that they were considering an opportunity for the company to apply for a listing on Oslo Stock Exchange. The shareholders have now decided to shelve these plans, instead opting to wait for market conditions to improve. “Since the review started…
Rosneft to Return to State Dividend Proposal
Igor Sechin, the head of Russian oil major Rosneft, said on Wednesday that his company would return to a government proposal for state-owned companies to pay out 50 percent of their profit in dividends for Rosneft's 2017 results. (Reporting by Denis Dyomkin; Writing by Jack Stubbs)
Fitch: Boxship Rates Rise, Capacity Still Key
Fitch Ratings' Report: What Investors Want to Know: Container Shipping. Container shipping companies have benefited from a modest increase in freight rates since the start of the year, but a sustainable recovery in the container market will only be achieved by reaching a viable supply/demand balance through capacity cuts, Fitch Ratings says. Container transport volumes outstripped capacity growth in 2016 for the first time since 2010-2011, helped by a higher rate of vessel scrapping and delayed deliveries.
Private Producer Aims to Ship Baltic's First Russian LNG Before Gazprom
LNG Gorskaya, a privately-owned Russian liquefied natural gas (LNG) producer, has launched a 340 million euro ($379 million) project to become the first LNG exporter from Russia's European coast, its CEO told Reuters. Russia expects to send LNG to Europe by the end of 2017 from its distant Arctic peninsula of Yamal but a plant on its Baltic coast could establish the country as a more immediate supplier of LNG in a region already dependent on piped Russian gas. The company will build a floating LNG plant off the port of Gorskaya, not far from Saint Petersburg, which will be fed by a 12 km pipeline from Gazprom. The LNG will then be shipped to seven Baltic ports outside Russia using three tankers already on order from Russia's United Shipbuilding Corporation.
China Grants 22.92 Mln T of Oil Import Quotas
China has issued a second batch of oil import quotas that will allow independent refiners and some state companies to import a total of 91.73 million tonnes of crude (1.83 million barrels per day) in 2017, a document obtained by Reuters showed on Monday. The Ministry of Commerce approved a second batch of quotas of 22.92 million tonnes and added three companies to the list of recipients, that is mostly comprised of independent refiners, the document said. Company officials at five independent refiners told Reuters that they have received a second batch of crude import quotas.
Vroon Says Talks with Banks ‘Constructive’
Troubled family-owned Dutch shipping group Redderij Vroon has dismissed media reports claiming the company’s future to be uncertain, as it may be unable to service its debt. The Dutch company specializing in offshore and shipping business has reached agreement with its creditors, the Telegraaf reported. The Breda-based concern has debts totalling EUR 1.1bn, and some activities will be trimmed down. A press release from the company said that Vroon has a substantial presence in the offshore-support-vessel market, through its subsidiary Vroon Offshore Services.
Faroe Islands Looks to Restart Hunt for Oil and Gas
Oil companies are interested in restarting the hunt for oil and gas in the scarcely explored seas off the Faroe Islands neighbouring the more mature UK North Sea, the head of the Faroese Geological Survey said. No economically viable discoveries have been made on the Faroese shelf but the tiny nation hopes to entice energy firms to restart exploration as it shows them new geological data in London on Wednesday. "Oil firms have in many ways shown interest. We are having meetings, they buy data from us, visit us on the Faroe Islands ... So there is an interest and they are looking at the possibilities," survey director Niels Christian Nolsoe said.
Seanergy Time Charter Contract for Partnership
Greece-based Seanergy Maritime Holdings announced that it has entered into a time charter contract with a major European utility and energy company for its recently delivered Capesize vessel. The 2012-built M/V Partnership will commence a period employment of about twelve to eighteen months and is expected to generate approximately $8.8 million of gross revenue, assuming the full 18 months employment. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, said: “We are pleased to announce a period employment contract for our most recent Capesize acquisition.
Steinsvik Updates Its ShipConstructor Suite
SSI announced the recent sale of more ShipConstructor software to the Vietnamese office of Steinsvik, the major Norwegian aquaculture firm. Steinsvik Vietnam Co. Ltd. has upgraded its ShipConstructor design/engineering software to the latest version to maximize efficiency and effectiveness. The company has also expanded its SSI software investment to accommodate increased work. Among the many products and services that the global firm Steinsvik provides is the development and construction of feed barges for all types of fish farming. Robust and reliable platforms are essential in the rough conditions faced by modern aquaculture and Steinsvik prides itself on developing reliable and functional solutions that contribute to efficient operations and safe and comfortable working conditions.
Emuge and Open Mind Establish Partnership
Emuge Corp. a manufacturer of high performance taps, drills, end mills and other rotary tools, announced it has established a partnership with Open Mind Technologies AG, a developer of CAM/CAD software solutions worldwide. Recently the companies, which have had a history of collaborating to influence their respective cutting tool and CAM software developments, formally agreed to partner. Both companies will continue to share technical data and best practices on machining applications and programs…
Nautican to Ship First IPU from Prince Edward Island
The Nautican Research and Development manufacturing facility in Summerside, Prince Edward Island, said it is now ready to ship the facility's first Integrated Propulsion Unit (IPU) to a client in Alaska. “Nautican is another excellent example of an emerging advanced marine technology company finding success right here on Prince Edward Island,” said PEI Minister of Economic Development and Tourism, Heath MacDonald, who was on site with Nautican representatives to review the Ocean Series Class 200 IPU system prior to shipment.
Truston Achieves ISO 9001:2015 Certification
Marine security services company Truston said its Quality Management System (QMS) achieved ISO 9001:2015 with Design Standard,. Truston partnered the West Virginia Manufacturing Extension Partnership to fine-tune its QMS to include all the enhancements in the latest 2015 standard. Truston leveraged the experience at Smithers Quality Assessments, an accredited quality and environmental management systems certification body, to perform the certification. Truston provides design, fabrication, installation and maintenance services, as well as inspections and repairs. The company's Port Security Barriers (PSB) systems protect waterside assets such as naval vessels and bases, commercial shipyards, LNG terminals, pipelines, oil rigs, nuclear facilities and dams.
Air New Zealand Wins Deal to Service US Navy Engines
Air New Zealand said its Gas Turbines business unit has been awarded four contracts from the U.S. Navy worth up to $42 million to service its fleet’s gas turbine engines. The contracts will see the Auckland based Gas Turbines team carry out maintenance and overhaul work of the General Electric LM2500 gas turbines that power much of the U.S. Navy fleet for the next few years. Air New Zealand Chief Operations Officer Bruce Parton said the contracts are an important win for the airline, and the company participated in aa competitive bidding process to secure the work. Air New Zealand Gas Turbines is a business unit of Air New Zealand, providing gas turbine overhaul and repair services to clients across a range of industries.
SENER Presents Its Latest Innovations
According to SENER, FORAN has been widely used in Norway for some time now, making this biennial event a great opportunity not just to meet new companies interested in FORAN – from Norway and other countries – but also to touch base with a lot of its clients and more particularly with users of this system. FORAN V80R2.0 is a development within the new generation of CAD/CAM/CAE systems for the design and production of ships and offshore platforms. FORAN has introduced improvements such as the possibility of managing series of ships…
Hunter Maritime Terminates Tender Offer for Bulkers
Marshall Islands based Hunter Maritime Acquisition revealed it has “mutually agreed” with Germany’s Oskar Wehr to terminate the master agreement and the memoranda of agreement (MOA) related to the acquisition of five Capesize dry bulk carriers. The Tender Offer expired on June 9, 2017, and as of that time, certain conditions to the consummation of the Tender Offer and the Acquisition were not satisfied, including the condition that not more than 8,233,100 Class A common shares shall have been validly tendered and not properly withdrawn at the Expiration Date.
US Built Refrigerated Liquefied Gas Carrier Launched
U.S. shipbuilder Vigor has launched The Harvest, the first complex liquefied ammonia transport barge built in the U.S. for Jones Act trade since 1982. The vessel was constructed to support the operations of The Mosaic Company, an integrated producer and marketer of concentrated phosphate and potash. The Harvest will be operated by a subsidiary of Savage Companies as part of an articulated tug and barge (ATB) unit. “This is a significant project for both the maritime industry and our community,” said Vigor CEO, Frank Foti.
Charters Joins NOAI Staff
Tim Charters has joined the staff of the National Ocean Industries Association (NOIA) as Senior Director of Governmental and Political Affairs. Charters comes to NOIA from the National Stripper Well Association (NSWA) where he represented more than 18,000 small business men and women in America’s upstream energy industry as Vice President of Governmental and Regulatory Affairs. Charters brings nearly 20 years of Congressional experience to NOIA. From 2008-2015, he served as Staff Director of the Energy and Mineral Resources Subcommittee of the House Natural Resources Committee under Chairman Doc Hastings (R-Wash.). During his tenure…
Martek Appoints Appel as UAS Technical Manager
Martek Marine (Martek) has appointed drone specialist Martin Appel as UAS Technical Manager, joining the rapidly expanding number of drone and aviation experts that make up the company’s UAS Division. The appointment of Appel follows the assignment of highly-acclaimed aviation expert Paul Forster as Head of UAS Operations. Both Appel and Forster joining the team is pivotal to Martek’s strategy, which will help to cement them as leaders in Unmanned Aerial Systems (UAS) and achieve the company’s mission to, ‘Change the world using drones.’
Latvian Shipping Company Adds 25th Tanker to its Fleet
The JSC Latvian Shipping Company subsidiary LSC Shipmanagement (LSCSM) supplemented the fleet under its full technical management with a newbuilding “Elandra Falcon”, which is the 25th tanker managed by LSCSM. The new tanker is intended for transportation of oil products. Her total length is 268.25 meters and deadweight – 157’000 tons. “We are delighted that LSCSM is able to expand the fleet under its technical management, which is a sign of quality that attests to the professionalism and skills of our crews and ship management team.
Qatargas to Supply LNG to Shell
Qatargas and Shell have signed a memorandum of understanding (MOU) that will lead to the two companies jointly researching liquefied natural gas (LNG) logistics. Through this joint logistics research collaboration, Qatargas and Shell aim to develop new ways to optimize supply chains to deliver to LNG global markets. The research will be conducted at the Qatar Shell Research & Technology Centre at the Qatar Science & Technology Park. The MOU was signed by Faisal Al Suwaidi, Chairman and Chief Executive Officer of Qatargas Operating Company…
CEFC Bags Bunker Licence for Zhoushan Free Trade Zone, China
CEFC China Energy was awarded a licence by Zhoushan Free Trade Zone for supply marine bunker fuel off the east coast of China to vessels on international voyages, reports Reuters. The report quoted two CEFC officials saying that the license is to supply bunker fuel from bonded storage to vessels that call at the Zhoushan area. The Zhoushan Free Trade Zone is in the coastal province of Zhejiang and is a new free trade zone the Chinese government approved earlier this year to boost commodities trade.
Maersk Sells Mercosul Line to CMA CGM
An agreement between two container carrier giants will see CMA CGM acquire Maersk Line owned Mercosul Line, a player in Brazil’s domestic container shipping market. The price of the sale was not made public. The transaction is subject to Brazilian regulatory approval as well as the closing of Maersk’s recent Hamburg Süd acquisition. At the earliest, Mercosul's integration within CMA CGM is expected to start in Q4 2017 at the same time as the Hamburg Süd integration. Until then, Mercosul Line will continue business as usual.