Marine Link
Tuesday, January 16, 2018

Frying Pan News

CG Sets Port Condition Whiskey in Preparation for Hurricane Joaquin

The Coast Guard set Port Condition Whiskey Wednesday for all navigable waters in the North Carolina Captain of the Port Zone in preparation for the anticipated weather impact of Hurricane Joaquin. Gale-force winds of 39 mph are predicted to reach Frying Pan Shoals Lighted Buoy 16 (LLNR 8355) within 72 hours, and pleasure craft are advised to seek safe harbor. To enter, transit or remain within this Captain of the Port Zone, vessels must comply with the following requirements. All self-propelled, oceangoing vessels more than 500 tons, all oceangoing barges and their supporting tugs, and all tank barges more than 200 tons desiring to remain in port must arrange safe mooring and shall complete and submit in writing…

Tug Sinks off Frying Pan Shoals, 3 Die

High seas off Frying Pan Shoals on the night of January 24 led to the sinking of a tugboat and the death of three crew members. The 125-foot tugboat Valour set its barge adrift to turn around and recover a crew member who fell overboard. During the search, the tug started taking on water and sank around 2:30 a.m. on January 25 about 39 miles off the Cape Fear coast near the Frying Pan Shoals light tower. The U.S. Coast Guard and the crew of another tugboat, Justine Foss, helped rescue six crewmen. One died after being rescued. One of the missing two is believed to have gone down with the tug. The Coast Guard searched more than 1,700 nautical square miles over a period of 16 hours for the other missing crew member before suspending its search. The U.S.

Coast Guard Sets Port Condition X-Ray in NC Waters

Image: NOAA

The Captain of the Port (COTP) North Carolina has set Port Condition X-Ray for all navigable waterways in the North Carolina COTP Zone in preparation for the anticipated weather impact of Tropical Storm Hermine, the U.S. Coast Guard announced. Gale Force winds of 34 knots or greater are predicted along the coast of North Carolina. All self-propelled oceangoing vessels over 500 gross-tons, all oceangoing barges and their supporting tugs and all tank barges over 200 gross-tons intending…

Coast Guard Sets Port Condition Whiskey in NC

Image: National Hurricane Center

The U.S. Coast Guard is urging mariners and members of the maritime community across North Carolina to prepare for Hurricane Matthew as Condition Whiskey is set for North Carolina Waterways. The Captain of the Port (COTP) has set Condition Whiskey for all waterways in the North Carolina COTP Zone in preparation for the anticipated weather impact of Hurricane Matthew. Gale force winds of 39 mph and above are predicted along the coast of North Carolina within 72 hours. During this…

ABS to Host Offshore Wind Seminar

ABS Group will host an Offshore Wind Farm Projects Seminar on October 8 at ABS House, 1 Frying Pan Ally in London. ABS Group advisors who are involved in solving technical issues in offshore projects will share their experience regarding issues throughout the entire life cycle of a project. Participants will have the opportunity to discuss industry wide technical issues, particularly in structural engineering, asset integrity management and risk management with ABS Group experts during the interactive sessions. Workshops will address safety engineering, risk management, quality engineering and technical specifications and the seminar will include discussions of the following topics: status overview of European offshore market…

USCG Sets Port Status Whiskey for Tropical Storm Arthur

Source: NOAA

The U.S. Coast Guard (USCG) Sector North Carolina port Captain has set the Port Condition Whiskey for all navigable waterways in North Carolina in preparation for the anticipated weather impact of tropical storm Arthur. Port Status Whiskey is normally set when gale force winds from a hurricane force storm are expected to arrive at the port within 72 hours. The USCG expects winds between 39 and 54 mph to reach Frying Pan Shoals Lighted Buoy 16 within 72 hours, and boaters are advised to seek safe harbor. All vessels are advised to use caution when transiting the area.

Coast Guard Secures Adrift Barge

A Coast Guard crew secured an adrift double-hulled barge carrying 5.5 million gallons of petroleum product off the southern coast of North Carolina. Members of Coast Guard Sector North Carolina's prevention department hooked towing gear to the tug Justine Foss, with the help of a rescue boat from Station Wrightsville Beach. Justine Foss is the same tug that responded to the original distress call of the tug Valour's crew. The Coast Guard team was lowered from a Marine Corps helicopter based in Cherry Point, N.C. The Marine helicopter was requested because of its proximity to the operating area. While adrift, the barge hit and displaced the #16 red buoy near Frying Pan Shoals off Wrightsville Beach, N.C. It does not appear that the buoy caused any damage to the barge.

Roberts: NY Tug Races Back on, Probably

Capt. Jerry Roberts (L) presides over the tattoo competition during the 2003 tug races. Tattoo must be on a part of the anatomy "that can be shown in public." (Don Sutherland.). Capt. Jerry Roberts, master architect of the Intrepid Tug Challenge of the past thirteen years, has announced plans to bring the Labor Day event to the National Lighthouse Museium at St. George, Staten Island, where he recently signed-on as executive director. "We'd have preferred announcing this earlier," said Capt. At presstime, Capt. Roberts expressed hope the event could be held at the Lighthouse Museum's pier on the traditional Labor Day date. "There's an enormous amount to be done, and only a short time.

McDonald's Japan Rations Fries as U.S. Port Labor Dispute Continues

McDonald's Holdings Co (Japan) Ltd has embarked on the emergency measure of only offering small-sized french fries to customers as a protracted labour dispute at U.S. West Coast ports has contributed to long delays in imports. The fast-food chain said it was importing more than 1,000 tonnes of frozen fries by air, which began arriving last Monday and had begun routing another 1,600 tonnes through ports on the U.S. East Coast which should begin arriving in late January. Those steps alone, however, are not sufficient to prevent a shortage. "Unfortunately without this sales restriction step, we would run the danger of running out of fries at some of our stores around the end of the year or beginning of the new year," said McDonald's Japan spokeswoman Kokoro Toyama.

General Dynamics Names Marzilli President of C4 Systems

General Dynamics announced that, effective January 1, 2006, Chris Marzilli will become president of subsidiary General Dynamics C4 Systems. He will report to Jerry DeMuro, General Dynamics executive vice president and group executive for Information Systems and Technology. Marzilli will succeed Mark A. Fried, 59, who is retiring. Marzilli has worked in the defense information systems and technology industry for more than 20 years, the past 15 of which have been largely dedicated to bringing advanced command, control, communications, computing and intelligence, surveillance and reconnaissance (C4ISR) solutions to the tactical battlespace. Since Nov. 2003, Marzilli has been senior vice president and deputy general manager of General Dynamics C4 Systems.

Pan United Shipyard Lands $38 Million Vessel Contract

Singapore's Pan United Corp Ltd said on Tuesday its unit Pan United Shipyard Pte Ltd won a $38 million shipbuilding contract from Shanara Maritime. The contract was for a diving construction and support vessel, which would be delivered in the first half of next year, Pan United said in a statement to the Singapore Exchange.

Pan Ocean on Recovery Path

Photo: Pan Ocean Co.

S. Korea’s Pan Ocean Co. is expected to see its earnings improve amid rising Baltic Dry Index (BDI) that affects spot contracts accounting for more than half of the South Korean bulk carrier’s total shipping contracts, reports the Pulse. It has also resumed container services in Southeast Asia for the first time since it exited receivership in early 2015. Pan Ocean’s resumption of services came via a slot-sharing agreement with Hanjin Shipping to share space on Hanjin’s Korea Haiphong Express service.

Rejig at Pan Ocean

Image: Pan Ocean

South Korean bulker operator Pan Ocean re-sumitted its rehabilitation plan to the South Korean court that will see discount rate of cash repayment and decision of reduction of capital. The shipowner will see it reduce payments to creditors as it raises KRW 850bn ($785m) through a new share sale. Pan Ocean went into receivership after incurring over $ 5 billion in debts in 2013, after being battered by tonnage overhang following the global financial crisis. A series of debt-to-equity swaps saw Korea Development Bank become Pan Ocean's biggest shareholder.

STX Pan Ocean Orders $215M LNG Carrier

STX Pan Ocean has ordered an LNG carrier from Korean shipbuilder Hanjin Heavy Industries and Construction. The vessel will be built at a cost of $215 million. Delivery is expected before 2010. STX Pan Ocean recently reported a 71 percent jump in full-year earnings to $279.8 million on a 20 percent increase in sales to $2.7 billion. Source: ChannelNewAsia

STX Pan Ocean Orders LNG Carrier

STX Pan Ocean has ordered a LNG carrier from Korean shipbuilder Hanjin Heavy Industries and Construction. The 153,000 cubic meter vessel will be built at a cost of $215m. Delivery is expected before 2010. STX Pan Ocean recently reported a 71 percent jump in full-year earnings to $279.8m on a 20 percent increase in sales to $2.7b. Profits had been driven by a strong growth in its core dry bulk shipping business. (Source: Channel News Asia)

Pan-United Marine Wins $64m Contracts

Pan-United Marine , a Singapore shipbuilder, has won two shipbuilding contracts worth a total of $64m. Delivery of the vessels is expected to be at the end of 2009, Pan-United said.

STX Pan Ocean to spend $810

STX Pan Ocean a South Korean shipping firm, said on Wednesday it would spend about $810 million in 2008 on new vessels including bulk ships and containers. STX Pan Ocean , listed in Seoul and Singapore, also said in a filing to the Korea Exchange it would buy four bulk ships for 143.9 billion won ($153.2 million) by 2010.

Harim to Expand Pan Ocean with Grain

Firm aims to hike Pan Ocean sales to over 10 trln won in 5-6 years. South Korea's Harim Group aims to grow sales at the country's largest bulk shipper Pan Ocean Co Ltd, which it plans to acquire, seven times to more than 10 trillion won ($8.97 billion) annually within five to six years. The livestock and animal feed group plans to add a grains trading business to shipper Pan Ocean with the aim of building it into it a major dealer in the sector, Harim chairman, Kim Hong-kuk, told Reuters on Thursday. "Those who had previously owned Pan Ocean did only shipping, but we will add grain trading," Kim said during an interview in his office in Seongnam, south of Seoul. "We have done lots of business in livestock sectors requiring grains as raw materials.

STX Corp to Be Sold to Chinese Firm

Image: STX Corporation

AFC Korea,  a subsidiary of Chinese private equity fund AFC, has been selected as the preferred bidder for cash-strapped STX Corp, according to a Business Korea report. AFC Korea has reportedly offered a price tag above 70 billion won (US$65.62 billion) for an 86.28 percent stake owned by STX creditors. STX creditors include Korea Development Bank (KDB), which holds a 39.59 percent stake, and NongHyup, which has 10.07 percent. AFC beat three other potential bidders including Pan Ocean, which was once a part of STX, and textile manufacturer Global SAE-A.

Harim Acquires Pan Ocean

Photo: Pan Ocean

South Korean poultry processor Harim Corp. is set to wrap up its purchase of troubled dry bulk carrier Pan Ocean Co. after creditors and shareholders approved a rescue plan for the country's biggest bulk carrier. Harim, partnering with JKL Partners, participated in the bid last year and was picked as the preferred bidder in December. The company paid over 1 trillion won ($895.5 billion) for the deal earlier this month. Singapore and Seoul-listed Pan Ocean’s rehabilitation plan has been approved by the Seoul Central District Court…

Korean Dry Bulk Carrier Share Plunge Verified

A Singapore stock exhange error was at first suspected as shares in STX Pan Ocean Co. plunged 64%. The Singapore Exchange said there was no trading error behind the recent 64 percent plunge by shares of STX Pan Ocean Co. (STX), South Korea’s biggest dry-bulk carrier, during the final few minutes of trading Saturday, reports Bloomberg. Two lots totaling 300 STX Pan Ocean shares changed hands at S$1.595 apiece at 5:04:25 p.m., according to data compiled by Bloomberg. The stock was trading at S$4.25 about five minutes earlier. There was no error reported by the parties to the transactions, the exchange said. Source: Bloomberg    

No Bidders for Korean Bulkship Owners STX

The sale of STX Pan Ocean Co. fell through as the Easter financial markets closed. No potential bidders expressed their interest in South Korea's leading bulk carrier, raising the possibility that the shipping line may be taken over by a state-run policy lender, reports Yonhap News Agency. According to industry sources, no potential bidders have submitted letters of intent for STX Pan Ocean yet. Source: Yonhap News Agency

Hong Kong Strictly Enforcing Pre-Arrival Notification Requirement

The Hong Kong Marine Department issued a statement outlining that it is strictly enforcing the requirement that vessels must submit a Pre-Arrival Notification (PAN) at least 24 hours before arriving in Hong Kong waters. Four ships were recently found to be in violation – their masters subsequently brought into court and charged. Failure to submit a timely PAN subjects the owner and the master both to a potential fine of $5,000 (HK$40,000).

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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