Marine Link
Tuesday, October 17, 2017

Company News

Shreyas Takes Delivery of Three Vessels

Photo: Shreyas Shipping and Logistics

Indian flagged vessel owning unit of Dubai-headquartered Transworld Group Shreyas Shipping and Logistics (SSL) announced that the company has taken deliveries of its three vessels. In a stock exchange filing the container feeder owning and operating company said that it has taken deliveries of M.V. SSL Ganga (container vessel - 1500 teus), M.V. SSL Brahmaputra (container vessel - 4200 teus) and M.V. SSL Balaji (multipurpose vessel - 650 teus). The company has also entered into Memorandum of Agreement (MOA) for sale of one vessel - SSL Sagarmala.

Rigdon Named Interim CEO at Tidewater

Larry Rigdon

Larry T. Rigdon will serve as interim president and chief executive officer (CEO) of Tidewater Inc. while a search committee seeks a permanent successor to Jeffrey M. Platt, who has elected to retire from his role as director, president and CEO of offshore service vessels (OSV) owner and operator effective October 15, 2017. “Having successfully completed the financial restructuring of Tidewater at the end of July, which positioned the company to weather current industry conditions and achieve success in the future…

Q88 LLC Opens Office in Athens

Q88 LLC, a software as a service technology provider to the maritime industry, has opened an office in Athens, Greece. According t o the company, the new office further increases the its presence in Europe and will serve as a key hub for client relations and business development. “The Greek shipping community is so important to our success as a company and the industry as a whole. Having a presence in Greece is something we are very excited about. The Athens office will allow us to further strengthen relationships in the region and allow us to tap into the pulse of the industry,” said Fritz Heidenreich, president and founder of Q88.

UTLC Launches Service from China to Europe

Photo: Port of Hamburg

Russia's JSC United Transport and Logistics Company (UTLC) jointly with KTZ-Express launched a new transport product for the delivery of non-hazardous chemical goods in tank containers from China to Europe as part of the regular container service U West (Dostyk-Brest). The first train, consisting of 82 twenty-foot tank containers, loaded with butylene glycol produced by XINJIANG MARKOR CHEMICAL INDUSTRY, departed from Korla Station (China). The cargo transited through the territories of Kazakhstan…

Venkatraman Sheshashayee Resigns as CEO of Miclyn Express

Venkatraman Sheshashayee. Photo: Miclyn Express Offshore

Venkatraman Sheshashayee (Shesh), Chief Executive Officer of Miclyn Express Offshore (MEO), will relinquish his position at the end of March 2018. Shesh joined MEO in 2014. He was responsible for the promotion, development and extension of the business of the Group as well as the overall management of the Group’s operations. Shesh’s intention was to serve as CEO for three years and thereafter pursue non-business interests. In this regard, Shesh has confirmed that he will relinquish his position as CEO at the end of March 2018.

Hepburn and Sons to Help Boost Virginia Economy

(Photo: Hepburn and Sons LLC)

Twelve Virginia companies were recently selected by the Governor’s office to participate in the Virginia Economic Gardening Pilot Program (VEGPP) ,which aims to advance the local economy. One of the companies selected was the veteran-owned small business Hepburn and Sons LLC, a provider of maritime consulting and engineering support services. The VEGPP, administered by the Virginia Economic Development Partnership (VEDP), seeks out small business which have shown promise and offer strategic solutions to further company growth. Capt.

Hong to Take up New Role at Saltchuk

Glenn Hong (Photo: Saltchuk)

Young Brothers, Ltd president Glenn Hong will retire at the end of the year to undertake a new leadership role with parent company Saltchuk, focusing on Hawaii business initiatives effective January 1, 2018. Hong began at Young Brothers in 1991 as vice president of finance and government affairs, coming from Hawaiian Electric Industries. In 1992, he assumed the presidency and immediately set to work to infuse the organization with a customer-driven mindset. Hong joined the Saltchuk organization in 1999…

SUNY Maritime College to Host LNG Conference

© Александр Беспалый / Adobe Stock

As demand for liquefied natural gas (LNG) grows, so does the need for LNG carriers. Many shipping companies in recent years have placed orders for LNG ships, and shipyards are busy building them. The maritime industry is also exploring ships powered by natural gas, rather than more traditional sources. To address this topic, SUNY Maritime College will host a conference, LNG: Not just a cargo, on Thursday, November 2. The conference will include presentations and panel discussions from a wide variety of maritime companies…

Chevron Starts LNG Output at Wheatstone Project

Wheatstone Project in Western Australia. Photo: Chevron Corporation.

Chevron Corporation announced it has started producing liquefied natural gas (LNG) at the Wheatstone Project in Western Australia. The first cargo is on track to be shipped in the coming weeks. “First LNG production is a significant milestone and is a credit to our partners, contractors and the many thousands of people who collaborated to deliver this legacy asset,” said Chevron Chairman and CEO John Watson. At full capacity, the Wheatstone Project’s two train LNG facility will supply 8.9 million metric tons per year of LNG for export to customers in Asia.

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. Exmar Shipmanagement NV provides management services for a range of ships such as gas carriers…

Metal Shark Delivers Potomac Riverboat Passenger Vessels

The first two passenger vessels built by Louisiana-based shipbuilder Metal Shark for Entertainment Cruises’ Potomac Riverboat Company division have been delivered to Washington, D.C. and are now in service. The  two 88’, 149-passenger high speed aluminum catamaran vessels “Potomac Taxi I” and “Potomac Taxi II” departed Metal Shark’s Franklin, Louisiana shipyard in mid-September, traveled the Gulf of Mexico coastline and crossed Florida via Lake Okeechobee before proceeding northward up the Atlantic coast to Washington, D.C.

Orest Sychenikov, First Head of Novorossiysk Shipping Company, Passed Away

Orest Sychenikov. Photo: PAO Sovcomflot

It is with great sadness that the Sovcomflot management and team must announce a monumental loss to the Russian shipping community. On 9 October 2017, Orest Sychenikov, first Head of Novorossiysk Shipping Company, passed away at the age of 95. On 9 October 2017, we lost a highly educated man, a talented leader who made a massive contribution to the strengthening and development of Russian maritime navigation. Orest Sychenikov was born on 28 June 1922. In 1941, he was called up to the Red Army to fight in the Second World War, during which was seriously wounded in 1943.

Diana Containerships to Sell Up to Seven Vessels

Diana Containerships Inc. (NASDAQ: DCIX), a shipping company specializing in the ownership of containerships, has announced that it has entered into an agreement to sell up to seven of its containership vessels for an aggregate purchase price of up to $104.0 million to an unaffiliated third party. Separate Memoranda of Agreement will be signed for each vessel. The sale and purchase of the vessels is subject to the purchaser obtaining certain minimum financing. Depending on the level and timing of financing the buyer is able to obtain, the actual number of vessels to be sold to the buyer may be fewer than the seven, and will in each case be at prices that have been agreed to by the company and the buyer as of the date hereof.

Bahri Rolls Out BahriBunge Dry Bulk

Following announcement in Feb 2017, new joint venture plans to ship over 5 million metric tons of dry bulk commodities in its first year of operation. Photo: Bahri

Following the announcement of the joint venture agreement by Bahri, a global leader in transportation and logistics, and Koninklijke Bunge, a wholly-owned subsidiary of Bunge Limited, a global agribusiness and food company, the two companies recently inaugurated the offices of BahriBunge Dry Bulk Ltd. in Dubai, UAE. In celebration of the occasion and reveal of the new company’s logo, Mr. Abdulrahman M. Al-Mofadhi, Chairman of Bahri hosted a special ceremony at Burj Al Arab in the presence of several Bahri board members…

Daly Joins Sea Machines as COO

Boston-based smart ship technology company Sea Machines Robotics has hired Jim Daly as Chief Operating Officer. Daly was previously Chief Operating Officer and an early member of the leadership team at Rethink Robotics, where he scaled operations from technology concept through first and second-generation products. He most recently led the Sawyer robot product development project from conception through design, launch and global customer deployment. He held earlier senior leadership roles at startups Zeemote, Tea Forte and Handspring, and as a Division Manager at Solectron Corporation. Daly earned a BS from Worcester Polytechnic Institute and an MBA from Santa Clara University. He serves on the Advisory Board for Robotics Engineering at WPI. Michael G.

Interferry Conference Reviews Issues with Financial Impact

The challenges and opportunities posed by alternative fuels, safety management and social media dominated Interferry’s 42nd annual conference in Split, Croatia, where a record 370 delegates shared insights on ship technologies, safety issues including cyber security and the customer experience. Attendance at last week’s conference represented 210 ferry operators and suppliers from 27 countries. Mediterranean ferry operators voiced their concerns on meeting the 0.5 percent sulphur emissions cap due in 2020. Minoan Lines managing director Antonios Maniadakis complained that using low sulphur fuel would increase costs by €2 million per year.

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 two additional container vessels…

Clipper Bulk Consolidates

(File photo: Clipper Group)

Denmark based Clipper Group said it will simplify its operational and administrative setup in its core business area, the dry bulk market. Clipper will concentrate its bulk business in Copenhagen, Houston and Hong Kong going forward, closing its offices in Stamford, Sao Paulo, Rio de Janeiro, Singapore and Beijing. The company's offices in Barranquilla, Tokyo and Nassau will remain unchanged. “We want to make communication more effective and our response time to market changes shorter.

GE's Chairman Jeff Immelt Retires

U.S. industrial conglomerate General Electric Co's chairman Jeff Immelt retired earlier-than-expected on Monday, with the company naming Chief Executive John Flannery as his replacement. Immelt, who was expected to retire by the end of this year, had resigned as GE's CEO in June amid amounting pressure from activist-investor Nelson Peltz's Trian Fund Management for operation changes. GE said Immelt also retired as director and chairman of the board of directors of Baker Hughes, a GE company. Baker Hughes' CEO Lorenzo Simonelli will succeed Immelt as chairman of the company's board. W. Geoffrey Beattie was also appointed as lead independent director at Baker Hughes, GE said.

Wärtsilä to Acquire Puregas Solutions

Wärtsilä said it has reached a deal to acquire a Sweden based provider of turnkey biogas upgrading solutions, Puregas Solutions. The transaction is valued (enterprise value) at SEK 280m ($34.5 million) with an additional maximum sum of SEK 70m ($8.6 million) to be paid based on the performance of the business in the coming year. Puregas, a leading player in its field with subsidiary companies in Germany, Denmark, the U.K., and the U.S., utilizes a unique CApure process to convert raw biogas to biomethane and renewable natural gas. According to Wärtsilä, the acquisition will provide added equipment and expertise in biogas upgrading, and will complement well the company's existing position in the biogas liquefaction market.

Shipbuilding Shows the Way for Sustainability Management

Wärtsilän Marines Solutions -yksikön ympäristöliiketoiminnan johtaja, DI Juha Kytölä väittelee perjantaina Vaasan yliopistossa. Kytölä on tutkinut kestävän kehityksen yhdistämistä laivanrakennuksen innovaatioiden johtamiseen. Kuvaaja: Mikko Lehtimäki

A new dissertation has been made at the University of Vaasa, Finland that shows how sustainable development can efficiently be combined into company businesses. The dissertation gives company leaders practical tools for guiding and managing the processes. Combining sustainability into business is often felt as a challenge, if not even impossible. Environmental aspects and social responsibility are seen as opposite requirements compared to financial targets of a company. The ever…

Deutz Buying Binge Continues

Michael Wellenzohn, member of the Board of Management of DEUTZ AG for Sales/Service & Marketing

In the wake of its acquisition of the electric drive specialist Torqeedo GmbH, Deutz announced today that it will acquire IML Motori, an Italian sales and service partner based in Lomagna near Milan, a move which simultaneously strengthens its presence in Italy and gives the company market penetration in the service segment. The subsidiary IML Service and the Romanian sales and service company IML Motoare also form part of the acquisition. Deutz is looking to drive growth in its profitable service business and increase its proximity to customers in the Mediterranean.

U.S. Insured Losses from Hurricane Nate around $500 mln

Insured losses in the United States from Hurricane Nate will be close to $500 million, catastrophe modelling company Karen Clark & Company (KCC) said on Monday. The U.S. National Hurricane Center (NHC) said on Monday that the former hurricane has become a post-tropical cyclone that continues to pack heavy rain and gusty winds. Hurricane Nate caused flooding in Mississippi, but spared the state from catastrophic damages. On Monday, it was expected to continue tracking northeastward, moving through the Ohio Valley and into the lower great lakes. KCC said the estimates included insured wind and storm surge losses to residential, commercial, and industrial properties and autos.

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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