Marad Taps Buono as USMMA Superintendent
Maritime Administrator Mark Buzby has announced Jack Buono as the new superintendent for the U.S. Merchant Marine Academy.Buono will take command at the Academy on November 9, having most recently served as President and CEO of ExxonMobil’s shipping subsidiary, SeaRiver Maritime, Inc.“As a Kings Point graduate who spent his entire career in maritime leadership roles, Mr. Buono will help educate and inspire the next generation of maritime cadets,” said Maritime Administrator Mark H. Buzby.Following his graduation from the U.S. Merchant Marine Academy, Buono worked his way up from a U.S.
Aker: 4 Tankers Now Underway at Phila. Shipyard
Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), celebrated two significant ship milestones this week. Today, the shipyard held a ceremonial Keel Laying for the second of four product tankers that it is building for its joint venture with Crowley. Early in the day yesterday, construction began on its fourth product tanker in the same series. At the Keel Laying ceremony, coins were placed on one of the keel blocks before the 580 ton unit…
Paterson Elected to Tidewater Board of Directors
Tidewater Inc. announced the election of Richard D. Paterson to its board of directors for a term beginning November 13, 2014 and expiring in July 2015. Richard D. Paterson is a certified public accountant who retired from Price Waterhouse Coopers LLP (PwC), an international network of auditors, tax and business consultants, in 2011 after 37 years of service. At the time of his retirement, Paterson served as the global leader of PwC's Consumer, Industrial Products and Services Practices comprising the automotive…
Aker Philadelphia Shipyard Ratchets Up Q1 2014 Profit
Aker Philadelphia Shipyard (AKPS) has reported its highest ever quarterly result, with an EBITDA of USD 24.2 million and net income of USD 17.8 million, an increase relative to Q1 2013 of 27% and 48%, respectively. The increase was driven by the gain recorded from the sale of AKPS’s profit sharing interests in Hulls 017 and 018 to Crowley in Q1 2014. “We are pleased to report both record earnings and a record dividend,” said Kristian Rokke, Chairman of AKPS. “Both highlight the…
ExxonMobil To Announces Q1 Earnings- Conference Call
ExxonMobil Corporation (NYSE:XOM) will release first-quarter financial results on Thursday, May 1, 2014. The earnings press release will be available at 7 a.m. David Rosenthal, vice president of Investor Relations, will review the results during a listen-only conference call at 10 a.m. CT. The earnings presentation can be accessed via webcast or by calling (888) 765-5547 (Domestic) or (913) 312-1443 (International). Please reference confirmation code 6532513 to join the call. An archive replay of the call will be available at http://ir.exxonmobil.com. exxonmobil.com
Aker Starts Building First Product Tanker for Crowley
Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), began production activities today on the first product tanker that it is building for its joint venture with Crowley. Crowley and APSI have signed contracts for the first four tankers, with a total contract value of approximately $500 million. A small ceremony with representatives from Crowley and APSI was held in the shipyard’s Fabrication Shop to commence cutting on the ship’s first steel plate. That plate will become part of the double hull of the tanker that protects the cargo tanks. When completed in 2015, the vessel will be 600 feet long and be capable of carrying 50,000 tons of crude oil or refined petroleum products.
Aker Philadelphia Welcome Back Governor Corbett
Aker Philadelphia Shipyard, Inc. (APSI) has welcomed Governor Corbett back for an update on the state of the shipyard and a tour to view progress on the current tankers APSI is building for SeaRiver Maritime. The last time Governor Corbett visited APSI was in September 2011 for the contract signing of the very same tanker program. Since Governor Corbett’s initial visit, the yard has reached its steady state employment of over 1,000 employees and has a backlog secured out Q3 2016, with two tankers for SeaRiver Maritime, Inc. underway and four product tankers for Crowley behind them.
Nordic American Tankers Remain Bullish
Nordic chairman, Herbjorn Hansson , in a letter to shareholders, believes that the tanker markets remain soft, due primarily to the excess supply of vessels; but the longer term outlook is more encouraging. "The order book for new vessels is declining and starting in 2014 we expect only a modest number of newbuildings will be launched. We also expect older vessels will continue to be scrapped. Consequently, the suezmax tanker markets should start tightening again. In early June…
Nordic American Tankers Extends Freight Contract with Major Oil Company
Orion Tankers Ltd., a 100% owned subsidiary of Nordic American Tankers Limited (NAT), and acting as agents for NAT, has recently renewed its commercial agreement with a subsidiary of ExxonMobil Corporation. Cementing a long-term relationship between the parties, the contract provides for a firm two-year extension to the initial one year agreement that took effect May 2012. The contract, which is based upon spot suezmax rates at any given time, has provisions for a world wide service. Given the present market conditions, it is of utmost importance that NAT continues to enjoy access to cargoes as outlined in the agreement.
RCRA Violation at Barge Cleaning Facility Settled for $11.2 Million
Joint Press Releases were issued by the U.S. Attorney for the Eastern District of New York and the Environmental Protection Agency stating that hazardous waste charges under the Resource Conservation and Recovery Act (RCRA) have been settled with ExxonMobil Corporation. ExxonMobil has agreed to pay $11.2 million, to perform cleanup at the facility, and to comply with applicable hazardous waste laws and regulations. The defendant operated a barge cleaning and vacuuming facility at Port Mobil on Staten Island, New York. Benzene-contaminated wastes were generated at the facility and some of that waste was discharged into Arthur Kill, part of the waters of the United States. Source: HK Law
Drilling Contract for Leiv Eiriksson
Ocean Rig ASA announced that it has executed a drilling contract with an affiliate of ExxonMobil Corporation for drilling services with the company's semi-submersible drilling rig Leiv Eiriksson. As earlier reported, the drilling contract reflects a drilling program of multiple wells (including firm and optional wells) offshore West Africa.
Teekay Awarded Four Long-Term LNG Contracts
Teekay Shipping Corporation announced that it has been awarded contracts to charter four 217,000 m3 liquefied natural gas ("LNG") carriers to Ras Laffan Liquefied Natural Gas Co. Limited (3) ("RasGas 3"), a joint venture company between a subsidiary of ExxonMobil Corporation and Qatar Petroleum. The vessels will be chartered to RasGas 3 at fixed rates, with inflation adjustments, for a period of 25 years (with options to extend up to 35 years), commencing in the first half of 2008. In connection with these charter contracts, Teekay has entered into agreements with Samsung Heavy Industries Co. Ltd. to construct four LNG carriers, representing a total contract price of approximately $1 billion.
LNG to be Delivered
According to officials from ExxonMobil Corporation, the LNG from Qatar will be delivered to the Gulf Coast to a terminal that is currently under construction on the border between Texas and Louisiana which connects it to major pipelines networks from which the gas can reach anywhere in the US. It is said that some of the LNG will be primarily consumed locally because of the large gas demand in the State of Texas and can also be delivered for consumption all the way up to the East Coast. He also said that the recently passed energy bill in the US would not change Exxon Mobil's focus in terms of the energy sources that it is already pursuing. Source: The Peninsula