Teekay LNG Partners Announces CFO Transition
Teekay LNG Partners L.P. has announced that Brody Speers, the current Chief Financial Officer (CFO) of Teekay Gas Group Ltd., a management services company that provides services to the Partnership and its subsidiaries, has been appointed as Vice President, Corporate Finance, of Teekay Shipping (Canada) Ltd. (Teekay) and Scott Gayton, who currently serves as a Vice President at Teekay, has been appointed to assume the CFO position from Mr. Speers. Gayton brings over 20 years of finance and accounting experience, including most recently serving as CFO of Tanker Investments Ltd. from the time of its initial public offering until its merger with Teekay Tankers Ltd. (NYSE:TNK). Gayton will also continue to oversee capital markets transactions across the Teekay Group.
MAN D&T Rebrands ‘MAN Energy Solutions’
MAN Energy Solutions represents a new vision, as reflected by a new, corporate design. The new branding embodies a strategic and technological transformation, a process the company had already begun back in 2017 by implementing its new strategy for the future: to expand its business with sustainable technologies and solutions such that they become its main source of revenue by 2030. This strategic realignment is supported by the expansion of MAN Energy Solutions’ product range to include hybrid…
Van Oord and Shell Marine Sign Five-Year Partnership
Global maritime contractor Van Oord has signed a five-year partnership agreement with Shell Marine covering the lubrication needs for its entire fleet of vessels.The all-inclusive agreement was acknowledged in a special ceremony, staged at the Van Oord headquarters in Rotterdam, where Jaap de Jong signed on behalf of Van Oord and Inbar van de Burg reciprocated on behalf of Shell Marine. The final deal evolved to reflect Shell Marine’s commitments to time-critical delivery of lubricants for use on Van Oord vessels worldwide…
Thoresen Thai Agencies Sells Bulk Carrier
Thoresen Thai Agencies Public Company reported the sale of M.V. Thor Enterprise, a general cargo vessel with a rated capacity of 42,529 deadweight ton (DWT) built in 1995. The Vessel was sold to a company which is not a connected person of the Company by Thoresen Shipping Singapore, a wholly owned subsidiary of the Company. Sources, quoting data provided by VesselsValue said that although Thoresen has not identified the buyer of the vessel, Thor Enterprise, renamed Asian Enterprise, was sold to India’s Hermes Maritime last month.
SeaBird Exploration Acquires Geowave Voyager
SeaBird Exploration announced it is in an exclusive process to acquire the seismic vessel Geowave Voyager and certain seismic equipment from Exploration Vessel Resources II AS, a wholly owned subsidiary of CGG S.A., for a cash consideration of $17 million.SeaBird intends to carry out a private placement of new shares in the company raising gross proceeds of minimum NOK 80 million and maximum of NOK 120 million. The subscription price in the Private Placement will be determined through an accelerated book-building process.
OOCL Wins Corporate Environmental Leadership Gold Award
Orient Overseas Container Line is very honored to be the first carrier in the international transportation and logistics industry to receive the Gold Award at the 2017 BOCHK Corporate Environmental Leadership Awards ceremony held at the Kowloonbay International Trade & Exhibition Centre on 31 May, 2018. This distinguished awards program aims to acknowledge outstanding participating organizations for their efforts in promoting environmental and low-carbon best practices in the…
C&C Marine and Repair Continues Shipyard Expansion
Belle Chasse, La. based C&C Marine and Repair said it has expanded its shipyard with the acquisition of another 1,000 linear feet of bulkhead, along with a 16,725 square foot Spooling Shop equipped with two 20 ton overhead cranes.With this latest expansion, C&C Marine and Repair now has 3,200 linear feet of continuous waterfrontage along the Gulf Intracoastal Waterway (Algiers Canal), and more than 470,000 square feet of area under roof. The C&C Marine and Repair facility sits on over 80 acres and includes eight large fabrication bays…
Offshore Ship Designers Changes Its Name to OSD-IMT
The Netherlands based naval architecture and marine engineering firm Offshore Ship Designers (OSD) announced it has changed its company name to OSD-IMT.The company said the name change aims to leverage the strength of both OSD and IMT. IMT is the signature brand-name for vessels designed by OSD’s U.K. branch, which was already named OSD-IMT. Using one name for all offices reflects the way the group already works - as one single organization, it said.“The name Offshore Ship Designers has served us well up to now…
Pacific Basin Closes USD 325 mln Credit Facility
Hong Kong-based dry bulk shipping company Pacific Basin has closed a USD 325 million 7-year reducing revolving credit facility secured over 50 of the company’s owned ships. The new facility is supported by a syndicate of eight leading international banks, refinances several of Pacific Basin’s existing credit facilities and raises fresh capital on previously un-mortgaged vessels. Borrowings under the facility will carry a very competitive interest cost of Libor plus 1.5%, significantly extend the Company’s overall amortisation profile and enhance its financial flexibility.
What Can Beijing Do if China-US Trade Row Worsens?
China and the United States sank into a deepening trade conflict that roiled financial markets Tuesday after U.S. President Donald Trump threatened to impose tariffs on an additional $200 billion of Chinese products, prompting Beijing to accuse Washington of starting a trade war.Trump said Monday his threat was retaliation for China's decision to raise tariffs on $50 billion of U.S. goods over the weekend, a move that itself was in response to additional U.S. tariffs on Chinese…
India's ‘Sagarmala’ Receives Gold Award
Indian Ministry of Shipping’s flagship program for port-led-prosperity ‘Sagarmala’ received the ‘Gold Award’ in infrastructure sector in the recently concluded 52nd Skoch Summit 2018 in New Delhi, recognizing the programmes’s contribution to India’s socio-economic transformation and it's role in propelling fast-track growth and infrastructure development. The Sagarmala Programme also received the ‘Order of Merit’ at the Summit. The Secretary (Shipping) Gopal Krishna shared the award with Minister for Shipping Nitin Gadkari.
HII Appoints Brady as Chief Operating Officer for SN3
Huntington Ingalls Industries (HII) (NYSE:HII) has appointed Sharon Brady chief operating officer of SN3, part of Huntington Ingalls Industries’ Technical Solutions division, effective June 4. In this new position, she plays a leading role in supporting SN3’s current portfolio and developing strategies for growth. Brady has been with SN3 since 2001, serving in various corporate and government contract positions. She most recently served as director of business services for the Savannah River National Laboratory (SRNL)…
Thyssenkrupp Hails 'Fair' Tata Steel JV
Germany's Thyssenkrupp called a landmark joint venture thrashed out with India's Tata Steel "fair" on Monday, although the updated terms disappointed some shareholders.After two years of at times fraught talks, the two steel firms finally signed a deal on Saturday to create Europe's No.2 steelmaker with 17 billion euros ($20 billion) in sales, marking the sector's biggest tie-up in more than a decade.Thyssenkrupp boss Heinrich Hiesinger had come under pressure from activist shareholders Cevian and Elliott to seek a better deal, who argued that a recent weakness in Tata Steel's European business meant terms needed to be changed in Thyssen's favour.That resulting value gap…
Workboats & SUB M: July 20, 2018 & Beyond
The bottom line is 46 CFR Subchapter M is drastically changing the landscape of towing operations within the United States. Some impacts we have identified and other will come to light as time passes.As the Subchapter M compliance deadline approaches on July 20, 2018, I have had the chance to discuss these new laws and their impact with a variety of Assured’s with diverse backgrounds and widely varying commercial tug operations.From my experience, there is still a great deal of confusion regarding the compliance requirements relating to Sub Chapter M.
Brazil Charges Former Vantage Drilling Chief with Corruption
Brazilian federal prosecutors on Thursday charged the former chief executive of U.S. oil services company Vantage Drilling with corruption and money laundering, accusing him of offering $31 million in bribes to public officials.Federal prosecutors said in a statement that the charges against former CEO Paul Bragg related to irregularities in a 2009 contract worth $1.8 billion to charter a drill ship to state-run oil firm Petroleo Brasiliero SA.Reuters was unable to locate Bragg or his representatives. Bragg was CEO of the Houston-based company from 2006 to 2016.
Yang Ming Wins the 2017 Blue Circle Awards
Taiwanese ocean shipping company Yang Ming Marine Transport Corp was granted the “2017 Blue Circle Awards” by Vancouver Fraser Port Authority (VFPA). This is the third time Yang Ming being recognized for its environmental commitment by VFPA since 2015. Bella Yang, President of YANG MING SHIPPING (CANADA) LTD., represented Yang Ming to receive the honor. The Blue Circle Awards is a recognition reserved for the highest level of participation in the EcoAction Program by VFPA intended…
Liberian Registry, China Classification Society Sign MoU
The Liberian Registry has signed a framework cooperation Memorandum of Understanding (MoU) with the China Classification Society (CCS) as the latest step in its strategy to collaborate with long-term key industry stakeholders.Under the terms of the MoU, the Liberian Registry’s technical competence will be employed to help shipyards and shipowners improve their innovative strategies. The CCS MoU has a particular focus on innovation and technology within the international regulatory framework and maritime sector projects.
CMA CGM Signs MoU to Drive Digitalization in Shipping
CMA CGM’s Ze Box and PSA unboXed have signed a Memorandum of Understanding (MoU) to drive digitalization and innovation in the shipping and supply chain ecosystem.Ze Box is CMA CGM’s corporate venture capital arm that invests in startups with innovations that bring strategic value to the CMA CGM Group, while PSA unboXed is PSA International’s external innovation and corporate venture capital arm. The collaboration builds on the commercial partnership between CMA CGM Group and PSA International…
GAC Greece Joins Green Award Foundation
GAC Greece has become the latest GAC company to sign up to the Green Award (GA) Foundation’s scheme, underlining its commitment to environmental issues. Under the scheme, GA-certified ships that use GAC's ship agency services at Greek ports can claim a 10% discount on the company’s agency fees. By joining the incentive scheme, GAC Greece demonstrated its commitment to applying and promoting measures to encourage green shipping. The Green Award Foundation is a non-profit, independent international platform for the maritime industry to stimulate safer…
Stena Line Looks to Cut Fuel Consumption Using AI
Stena Line has partnered with Hitachi’s European subsidiary to implement onboard artificial intelligence (AI) technologies engineered to minimize the shipping company’s fuel consumption costs and environmental impact.In recent years, Stena Line has embarked on a number of projects to reduce its environmental footprint, including launching the world's first methanol-powered ferry and connecting its ships to shore power when in port. Between 2013-2016, the company slashed its fuel consumption by 6.5 percent and carbon dioxide emissions by 6.2 percent per nautical mile.Now…
GoodBulk Launches USD 140 Million IPO
GoodBulk, incorporated in Bermuda and headquartered in Monaco, announced that it has launched its initial public offering of 8,500,000 common shares at an anticipated initial offering price between $15.50 to $17.50 per common share. In connection with the Offering, the Company intends to grant the underwriters the option to purchase up to 1,275,000 additional common shares. The Company intends to use the net proceeds of the Offering, together with cash on hand and additional borrowings under the Company’s credit facilities…
DP World Joins World Ocean Council
Global trade enabler DP World has become the first company in its sector to join the World Ocean Council (WOC) as part of its leadership journey to actively engage in the protection of the world’s oceans. By becoming a member of the growing international multi-industry alliance on “Corporate Ocean Responsibility” DP World will commence, enhance and advance our role as a responsible leadership company. The WOC is a global, cross-sectoral business leadership alliance with a network of over 35,000 stakeholders addressing corporate ocean responsibility.
ONE’s First Magenta Newbuild Delivered
A naming ceremony was held Monday at Japan Marine United Corporation’s (JMU) Kure shipyard for the first newly built containership painted in Ocean Network Express' (ONE) corporate color.The new magenta box ship, named ONE Stork, is the 10th of 15 new 14,000 twenty-foot equivalent unit (TEU) vessels ordered by Nippon Yusen Kabushiki Kaisha (NYK). It will be chartered by Singapore-based ONE, which began operations on April 1 by integrating the container businesses of Japanese ocean carriers Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K.