EU Ports, Port of Los Angeles Address Atlantic Issues
The EU Commissioner for transport, Violeta Bulc, visited the Port of Los Angeles as part of a longer mission to the US and Costa Rica on Thursday 27 September.The European Sea Ports Organisation (ESPO) was invited to support the visit and contribute to the roundtable discussion with Violeta Bulc, Gene Seroka (CEO of the Port of Los Angeles), Santiago Garcia Mila, (Deputy Director General, Port of Barcelona), Jens Meier (President of the Port of Hamburg), Victor Schoenmakers (Director Corporate Strategy, Port of Rotterdam).
Offshore Optimism is Cautiously on the Rise
Following the path of oil prices, consolidation also follows myriad financial crises. What happens next isn’t altogether clear, but the long, deep trough for offshore energy may finally be in our choppy wake.In mid 2017, financial turnaround and financial repairs specialist Alix Partners made a bold statement regarding the beleaguered Offshore Service Vessel (OSV) marketplace. In a July 2017 report, following an analysis of 44 participants in the business, the restructuring team wrote: “The industry faces grave financial pressure…
Kongsberg to Deliver Simulator Package to GasLog
Kongsberg Digital (KDI) will deliver to GasLog a comprehensive liquefied natural gas (LNG) simulator package designed to enable new levels of safety and operational training for the owner/operator’s professional crews.GasLog operates 27 LNG vessels through its subsidiary, GasLog LNG Services and has seven ships currently on order. The KDI contract represents a commitment and investment on GasLog’s part to provide a high-level training environment for their crews, solely focused on LNG operation.The scope of supply is based on an integrated…
OOCL Bags 2018 Singapore Environmental Achievement Award
Orient Overseas Container Line (OOCL) has received the 2018 Singapore Environmental Achievement Award (Regional) at a ceremony held by the Singapore Environment Council’s (SEC) recently.The SEAA (Regional) Award category recognizes local or international companies and organizations with outstanding environmental performance in Asia, and this year, the regional scope has been expanded to welcome companies from Greater China, Japan, South Korea, and ASEAN countries to take part in the awards scheme.In the review and evaluation process…
Wärtsilä: 'An Oceanic Awakening'
Wärtsilä has unveiled a global initiative that aims to transform the world’s marine and energy industry into a more efficient, ecologically sound and digitally connected ecosystem. The initiative, which Wärtsilä calls “An Oceanic Awakening”, was announced at the SMM maritime trade fair in Hamburg.Wärtsilä said its drive to activate a fully-integrated smart ecosystem aims to address major maritime inefficiencies that impose a significant negative impact on profitability and sustainability…
The Drones are Coming
Nimble and quick, unmanned aerial vehicles have evolved into a valuable tool for marine and offshore applications.When a U.S. oil tanker conducts a Critical Area Inspection Plan (CAIP) as required by ABS, it is an onerous process. For example, each tank requires seven days of set up with scaffolding and staging. An ABS inspector and UDT technicians must access, and be carefully lowered into the tank with instrumentation and tools. Inspection points in far reaching places are surveyed.
Pyxis Tankers Refinances Modern Tanker
Greece-based Pyxis Tankers announced that it had successfully completed the refinancing of a previous loan facility for the Pyxis Epsilon.The emerging growth pure play product tanker company said in a press release that after repayment of existing bank debt, the new 5 year secured loan provided us approximately $7.3 million of additional net proceeds for general corporate purposes. Valentios Valentis, our Chairman and CEO said:"We welcome a new lender to our company. Blue Ocean Maritime funds managed by EnTrustPermal provided us $24.0 million of new debt.
Seanergy Maritime Holdings Buys One Vessel, Sells Two
Seanergy Maritime Holdings has anounced that it has signed agreement to acquire one modern capesize vessel and sale of two supramax vessels to become the only US-listed pure-play capesize vessel owner.The international shipping company that provides marine dry bulk transportation services said in a press release that it has entered into definitive agreements with unaffiliated third parties for the purchase of a modern secondhand Capesize vessel and the sale of two Supramax drybulk vessels.The transactions are expected to be completed in the fourth quarter of 2018.
CMA CGM Celebrates 40 Years of Entrepreneurialship
40 years ago, on September 13th, 1978, Jacques R. Saadé launched the first maritime line between Marseilles and Beirut, with only one ship and 4 employees. The day marked the beginning of an extraordinary humane and entrepreneurial adventure, said a press release.According to the statement, 40 years later, CMA CGM has become a recognized world leader, with 34,000 employees and a presence in more than 160 countries. History: It is amid the Lebanese war that Jacques R. Saadé decided to settle in Marseilles to protect his family.
GE Shipping Adds VLGC Jag Vasant to its Fleet
The Great Eastern Shipping Company Limited (G E Shipping) took delivery of secondhand Very Large Gas Carrier "Jag Vasant" of about 83,270 cbm. The company had contracted to buy the vessel in Q2 FY19.The Company's current fleet stands at 49 vessels, comprising 35 tankers (12 crude carriers, 17 product tankers, 6 LPG carrier) and 14 dry bulk carriers (1 Capesize, 8 Kamsarmax, 5 Supramax) with an average age of 10.90 years aggregating 3.98 mn dwt.The Great Eastern Shipping Company Limited is India's largest private sector shipping company which mainly transports liquid…
Liberia Calls for Early Reporting on 2020-compliant Fuel Availability
Liberia has submitted a paper to the IMO Marine Environment Protection Committee (MEPC) calling for early reporting on the availability of fuel oil that is compliant with the new 0.50 percent global fuel oil sulphur limit well in advance of January 1, 2020, the effective date the new fuel oil must be used on board ships.David Pascoe, Senior VP, Maritime Operations and Standards, Liberian International Ship & Corporate Registry (LISCR), the U.S.-based manager of the Liberian Registry…
MOL Readies for ICT-based Trends in Advanced Digitalization
Japanese shipping company Mitsui O.S.K. Lines (MOL) has signed a technology consulting agreement with Yokohama National University Professor Tomoharu Naga, a creator of the next-generation AI advanced machine learning and the percolative learning method.A press release from the maritime company said that MOL aims to become a "corporate group of competitive No.1 businesses," under the "Vision for the MOL Group 10 years from now" set out in the "Rolling Plan 2018" management plan…
OT&BE joins Hyperion Marine Engineering Group
Ocean Tug & Barge Engineering Corporation, a naval architecture and marine engineering firm specializing in AT/B or Articulated Tug/Barge design announced that it is now a member of the Hyperion Marine Engineering Group headquartered in Portland, Maine with offices in India, Dubai, Norway and the Netherlands.CT Marine & Buoyancy Consultants formed Hyperion three years ago recognizing a need for an integrated naval architectural & marine engineering firm to serve the inland and…
Panasonic Connectivity Services for TUI Cruises
Panasonic Avionics Corporation (Panasonic) announced that in partnership with its subsidiary, ITC Global, it has been awarded a four-year contract by TUI Cruises for connectivity services to two new-build cruise ships, Mein Schiff 1 and new Mein Schiff 2.The agreement establishes communication capabilities onboard the vessels serving guests and crew, enhancing the user experience during the cruise line's travels across international waters. Germany-based TUI Cruises is a joint venture between TUI AG and Royal Caribbean Cruises, Ltd.
Evergreen Group Celebrates 50th Anniversary
Evergreen Group celebrated its 50th Anniversary at the Chang Yung-Fa Foundation, home of the charity set-up by Evergreen Group Founder and Chairman Dr. Y.F. Chang, said a press release from the company.In addition to senior executives and employees of the Group’s businesses, the event was also attended by public officials, customers and business agents from both the shipping and airline industries as well as representatives of supply chain partners from more than fifty countries.The…
Zennor Petroleum Acquires Stake in Britannia Field
North Sea oil company Zennor Petroleum has entered into a Sale and Purchase Agreement with Mitsui E&P UK in respect of its interests in United Kingdom Continental Shelf Licences P.213, Block 16/26a, Area B and P.345 Block 16/27b Area B which represent an 8.97% working interest in the Britannia Field.Completion of the transaction is subject to customary regulatory and partner consents.The acquisition of the Britannia Field interest is strategic for Zennor given its 100% operated working interest in the nearby Finlaggan Field.
Exmar Refinances 10 Ships
Belgian gas transport and floating solutions specialist Exmar has received a firm commitment for the refinancing of its ten owned pressurized vessels.The fleet is currently 100% chartered out and will be refinanced through several sale and leasebacks with unnamed Japanese owners for a period of up to six years, the company said in a press release.The refinancing will generate approximately USD 60 million of free cash to Exmar.The transaction is subject to documentation and expected…
OOCL Expands GHG Reporting and Verification Scope
Hong Kong-based container shipping and logistics service company Orient Overseas Container Line (OOCL) said that it has been taking concrete, meaningful and progressive steps in our long-term commitment to protecting the environment and reducing emissions in the communities where it operates by meeting our Greenhouse Gas (GHG) verification targets spanning from Scopes 1 to 3.A press release from OOCL stated: "We are pleased to announce that our GHG Scope 3 reporting and verification…
Diana Shipping Issues USD100mln Bond
Diana Shipping announced the pricing of a US$100 million private placement of senior unsecured bonds maturing in September 2023 and callable beginning three years after issuance.In addition, the global shipping company specializing in the ownership of dry bulk vessels may issue up to an additional US$25 million of the bonds on one or more occasions.The bond offering was priced with a U.S. dollar fixed-rate coupon of 9.50%. Interest will be payable semi-annually in arrears in March and September of each year.
Marco Wirén Appointed President at Wärtsilä
Marco Wirén, M.Sc. (Econ.), has been appointed President of Energy Solutions, Executive Vice President and member of the Board of Management of Wärtsilä Corporation, effective October 1, 2018.In this position, he is responsible for Wärtsilä's Energy Solutions business globally, and will report to President & CEO Jaakko Eskola.Wirén is currently the Chief Financial Officer of Wärtsilä, holding this position since August 2013. Prior to joining Wärtsilä, he had broad-ranging experience of financial management and international business management from the steel manufacturer SSAB…
Marine Technology: Top Five New Products @ SMM 2018
The SMM 2018 scheduled to take place September 4-7, 2018, in Hamburg, Germany, is held every two years and is the traditional launching platform for a variety of commercial shipping and shipbuilding technologies. Five new marine technologies to look for in Hamburg include:Dredging TechCompany: HydrexBooth: B7.505Product: Dredging innovationHydrex will unveil a new concept developed to protect the marine environment from the spread of contaminated sediments during dredging operations.
Golden Ocean Group Appoint Two New Board Members
Norway based dry bulk shipping company Golden Ocean Group Limited IGOGL) has announced that Ulrika Laurin and James O'Shaughnessy have been elected as new board members.Ulrika Laurin has been the Executive Chairman of ship-owning company Anglo-Atlantic Steamship Co. Ltd. and the Chairman of Laurin Shipping AB, an international ship-management company.She has served as the CFO of Anglo-Atlantic Steamship Co. Ltd. and as Commercial Manager of Laurin Maritime (UK) Ltd. Prior to that, she worked with fund manager Tufton Oceanic Ltd. and with management consultant Karlöf & Partners.
INSIGHTS: John Rynd / President , CEO and Director, Tidewater Inc.
Mr. John Rynd graduated from Texas A&M University with a Bachelor of Arts degree in Economics. He previously served as Chief Executive Officer and President, and as a director of Hercules Offshore from 2008 through 2016. Prior to his time with Hercules, Mr. Rynd spent 11 years with Noble Drilling Services, Inc., where he served in a variety of management roles. Earlier in his career, he served in various roles of increasing levels of responsibility with Chiles Offshore and Rowan Companies. Beyond this, Mr.