Oglebay Norton Sells Six Vessels
Steamship Company, a wholly-owned subsidiary of GATX Corporation. Middletown, S/S Courtney Burton, and M/V Fred R. White. progressing with its negotiations for the sale of the M/V David Z. Earl W. Oglebay to an unidentified purchaser. Great Lakes through a favorable, long-term contract of affreightment.
American Steamship Charters ATB
American Steamship Compnay charter New Articulated Tug Barge American Steamship Company (“ASC”), a subsidiary of GATX Corporation (NYSE:GMT), announced its charter of a newly constructed Articulated Tug Barge (“ATB”). David W. Foster, president of ASC, said, “We are very pleased to add this new ATB, designed to transport dry-bulk commodities, to our fleet and look forward to commencing its operation on the Great Lakes during the upcoming sailing season. This U.S.-flagged 10,700 horsepower tug and 740 foot self-unloading barge with a cargo capacity of 34,000 tons, constructed by Donjon Shipbuilding and Repair, LLC of Erie, PA, will allow ASC to more efficiently serve our customers.”
Companies Partner to Protect the Great Lakes
American Steamship Company (ASC), a subsidiary of GATX Corporation, and Chicago’s John G. Shedd Aquarium are working collaboratively in pursuit of their common goal of protecting the Great Lakes, and now they’re taking that message to communities along the shores. One of ASC’s 1,000-foot vessels, the MV Indiana Harbor, is displaying each organization’s logo along with the slogan “Working Together to Keep the Lakes Great.” The vessel travels throughout the Great Lakes region including ports in western Lake Superior, southern Lake Michigan, Detroit and Cleveland.
NOL To Buy GATX Logistics For $210M
Shares of Singapore shipping and logistics firm Neptune Orient Lines (NOL) rose 7.5 percent on Tuesday, buoyed by its deal to buy U.S.-based GATX Logistics for $210.5 million in cash. "They (NOL) have always said logistics is going to be a growth area for them. So, having made a significant acquisition, people tend to look at it positively because they are moving in the right direction," said Seah Hiang Hong, head of research at Kim Eng Securities. NOL said the acquisition would boost revenues for the group's unit APL Logistics -- the vehicle used to buy GATX -- by 70 percent or more than $300 million. GATX, owned by GATX Corp. until last June, is the second largest warehouse-based contract logistic company in the United States with about 21 million sq ft of warehousing space.
As Banks Step Down, Equipment Finance Companies Step Up
Shipowners are known for having distinct differences of opinion, but the one thing that all agree on is the importance of having access to capital. In an industry in which assets are generally big-ticket items and operating margins can be thin, access to proper financing serves the dual purposes of fleet growing the generation of healthy operating returns. Most shipowners would also agree that financing for maritime assets generally isn't easy to find. There are various reasons for this. One reason is that few lenders focus exclusively on marine finance and a result most lending institutions are not familiar enough with marine assets to feel comfortable financing them.
People & Company News
Maritime Surveys Ltd., Shoreham, Sussex, U.K., recently took delivery of the first SeaBat 8160 multibeam echosounder system from RESON A/S. The SeaBat 8160 was installed on one of Maritime's survey vessels, the Scotian Shore. Alastair MacDonald, managing director of Maritime Surveys, commented on the success of the sea trials: "The SeaBat 8160 delivered the highest quality multibeam survey data in a swath width of 1,300 meters at 3,000 meters water depth, even when experiencing a near 20 degree roll and 12 degree pitch. The excellent data quality combined with the system's portability makes the 8160 extremely valuable for our operations." During these trials the system was supported by GSE Rentals of Aberdeen who supplied a TSS POS M/V 320 system.
Dumping "Dumb" Ships
BOURBON Corporation, like nearly every other player in the offshore oil and gas sector, is scrambling for its very existance as the dynamics in finding and producing energy from subsea plays have changed dramatically with the 4 year long global energy slump. While offshore activities remain depressed, companies like Bourbon are accelerating its transformation to meet the needs of the new reality in the market. "As the market cycle has bottomed out, BOURBON must focus more than ever on operational excellence, fleet utilization rates, cost reduction program and free cash flow preservation. However, we need to go even further, because market overcapacity is driving prices down sustainably and we believe that tomorrow will look very different from yesterday.
Yang Ming Marine Offers Korea-Vietnam-Thailand Service
Taiwan-based ocean shipping company Yang Ming Marine Transport Corporation announcesdthat it will provide Korea-Vietnam/Thailand service (KVX) as of March 7th, 2018. The calling port rotation of KVX service is: Incheon–Ulsan–Busan–Shekou–Ho Chi Minh–Laem Chabang–Bangkok–Laem Chabang–Ho Chi Minh–Incheon. With the new KVX service and the existing CT2 service, YM will provide customers with more convenient and reliable services between Korea, Vietnam and Thailand. Two months ago…
St Lawrence Seaway Development Corp. Orders Tug Newbuild
Saint Lawrence Seaway Development Corporation (SLSDC) has awarded a construction contract for a new TundRA 3600 ice class tug to shipbuilder Gulf Island Fabrication, to be built at their yard in Jennings, La. The SLSDC is a wholly owned U.S. government corporation tasked with operating and maintaining the St. Lawrence Seaway between Massena, N.Y. and Lake Ontario, within the territorial limits of the United States. The tug, which will be based in Massena, N.Y., will primarily operate between the Snell and Eisenhower locks with typical duties including icebreaking/ice-management services…
NYK, NTT, MTI Conclude Joint Test of Next Generation Onboard IoT Platform
Nippon Yusen Kabushiki Kaisha (NYK), MTI, Nippon Telegraph and Telephone Corporation (NTT), and NTT DATA Corporation have successfully conducted a proof-of-concept experiment for a next-generation onboard IoT platform. The test was held aboard Hidaka, a domestic coastal vessel owned and operated by Kinkai Yusen Kaisha of NYK Group. The NYK Group (NYK and MTI) previously developed a ship information management system (SIMS) that enables the gathering, monitoring, and sharing of detailed data between ship and shore, with the aim to promote safe, efficient operations.
MOL Allies with NCC
Japanese shipping company Mitsui O.S.K. Lines (MOL) has signed a capital and business alliance agreement with chemical tank specialist logistics provider Nippon Concept Corporation (NCC). "MOL and NCC concluded the agreement with the objective of developing a comprehensive two-way strategic partnership including both partners' group companies, and steadily enhancing their businesses," said a statement from the company. The agreement gives NCC the opportunity to globally increase…
News: Signet Martime Inks Garrett Contract
Signet Maritime Corp. and Garrett Marine, Inc. executed agreements August 29, 2003, for charter and purchase of Garrett's Aransas tug business, finalizing plans that originated in 2002 to expand Signet's presence in the Aransas Pass/Ingleside region. The Garrett family, which has been serving marine tug needs in Texas for almost 50 years, agreed to terms for handing over responsibility for tug operations to Signet for marine and construction firms in the Aransas Pass/Ingleside region. Andy Garrett, Vice President of Garrett Marine, noted the consolidation of Garrett's tugs into Signet's fleet as "the most important task we have undertaken to enhance tug support to the Aransas Region and for our valued customers.
Canal Barge Orders Becker Flap Rudder Retrofit
The U.S. office of Becker Marine Systems announced the order for a retrofit of another set of Becker Flap Rudders placed by the Canal Barge Company, Inc. Canal Barge Company is a family-owned, independent marine transportation company headquartered in New Orleans. Chosen for retrofit is the 140-ft. boat Eugenie P. Jones, built in 1975 by the Dravo Corporation. She is a sister vessel of the Susan L. Flap Rudders since June of 2014. Canal Barge Company also has one more set of Becker Flap Rudders on order for a third sister boat.
Subsea 7 to Invest in Xodus Group
Leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry Subsea 7 S.A. and Chiyoda Corporation announced that Subsea 7 has agreed to acquire a 60% holding in Xodus Group, a leading energy consultancy, from Chiyoda. Yokohama-based Chiyoda, which provides services in the fields of engineering, procurement and construction on a global basis for gas processing, will retain a 40% holding as a joint venture partner. This investment…
Chance to Buy Carnival Shares at UK Bourse
Carnival Corporation to sell existing shares over time in the London stock market. Carnival Corporation and Carnival Investments Limited, a wholly owned subsidiary of Carnival Corporation, intend to sell existing Carnival plc ordinary shares that they hold in the UK market. Depending on market conditions, Carnival Corporation and Carnival Investments Limited over time will sell up to 32,000,000 ordinary shares of Carnival plc in this program. Under the terms of the articles of association of Carnival plc the ordinary shares sold by Carnival Corporation and Carnival Investments Limited will, once held outside of the Carnival Corporation group, become re-enfranchised for voting purposes.
Carnival Pays Quarterly Dividend, Appoints New Director
At the annual shareholders meeting of Carnival Corporation & plc held in Miami Beach, Fla., shareholders elected a new member to the company's board of directors – Debra Kelly-Ennis, president and chief executive officer of Diageo Canada, Inc. Kelly-Ennis will serve in a non-executive capacity on Carnival Corporation & plc's 14-member board, effective immediately. Carnival Corporation & plc's board of directors also approved a quarterly dividend to holders of Carnival Corporation common stock and Carnival plc ordinary shares of $0.25 per share.
Tribon Signs Agreement With Hyundai
The Hyundai Corporation, the largest general trading company in Korea and independent company within the Hyundai group of companies, and Tribon Solutions recently signed a co-operation agreement whereby the Hyundai Corporation will support the marketing activities of tribon.com on the Korean market. The Hyundai Corporation is focusing on business to business trading, making strategic alliances with domestic and overseas companies following its "Hyundai Corporation Internet Business Master Plan" launched in year 2000. Hyundai Corporation intends to fully explore the possibilities of the Internet transforming itself into a "Global Network Digital Enterprise". tribon.com provides a neutral Internet service for the shipbuilding industry that centers around a database.
AVEVA Strategic Initiative in China
AVEVA has restructured its Chinese operations into two operational divisions. The move will dedicate AVEVA’s VANTAGE engineering solutions and personnel to the unique requirements associated with each of the industry sectors; delivering solutions, support and consultancy more effectively. The two divisions will be run from AVEVA's Asia Pacific operation and headed by: Ms Liu Xiao Bin, Vice President, for the Guangzhou-based China Process and Power Division; and Ms Zhou Chun, Vice President, for the Shanghai-based China Marine Division. The China Marine Division will be responsible for serving all aspects of marine engineering and construction (including both shipbuilding and offshore facilities)…
Volvo Penta Names Kelleher VP Customer Support, Training
Volvo Penta of the Americas announced the appointment of Tony Kelleher as vice president for customer support and training. Kelleher will be responsible to support both marine and industrial segments within the U.S., Canada, Mexico, Central America and the Caribbean. Kelleher was previously director of the marine leisure segment with responsibility for OEM and dealer sales and partnership development for North America. He has also served as head of the service department and purchasing director within Volvo Penta of the Americas.
Carnival Signs MOA for First New Cruise Ships Built in China
Carnival Corporation & plc has announced that its cruise joint venture in China has signed a non-binding memorandum of agreement (MOA) to order the industry’s first new cruise ships built in China for the Chinese market. The MOA is subject to several conditions including closing of the joint venture, financing and other key terms. As part of the new MOA, Carnival Corporation’s cruise joint venture in China agreed to order two new cruise ships to be built by a newly formed China-based shipbuilding joint venture between China’s largest shipbuilder…
Plan To Reduced Overhead Announced
BC Ferries' management is being restructured, resulting in a $5 million annual savings and a 20 percent reduction in non-fleet management and administration positions, President and CEO Bob Lingwood announced. Lingwood was joined in the announcement by Gordon Wilson, minister responsible for the corporation, and Michael Francis, chair of the corporation's board of directors. "This downsizing and re-organization is a substantial move forward in our efforts to get the corporation's financial and management house in order," said Lingwood. "The executive is serious about improving the corporation's performance for our customers and the taxpayers. -The corporation will be reducing its year 2000/01 overhead and administrative costs by $5 million.
BC Ferries Announces Reduction in Overhead Costs
BC Ferries' management is being restructured, resulting in a $5 million annual savings and a 20 percent reduction in non-fleet management and administration positions, President and CEO Bob Lingwood announced. Lingwood was joined in the announcement by Gordon Wilson, minister responsible for the corporation, and Michael Francis, chair of the corporation's board of directors. "This downsizing and re-organization is a substantial move forward in our efforts to get the corporation's financial and management house in order," said Lingwood. "The executive is serious about improving the corporation's performance for our customers and the taxpayers. · The corporation will be reducing its year 2000/01 overhead and administrative costs by $5 million.
ITT Corporation to Pay $100M Penalty and Plead Guilty
ITT Corporation, the leading manufacturer of military night vision equipment for the U.S. Armed Forces, has admitted sending classified materials overseas and will pay a $100 million penalty, Assistant Attorney General for the National Security Division Kenneth L. Wainstein and U.S. Attorney for the Western District of Virginia John L. Brownlee announced today, along with the Defense Criminal Investigative Service (DCIS) and U.S. Immigration and Customs Enforcement (ICE). The corporation will pay a total monetary penalty of $100 million, one of the largest penalties ever paid in a criminal case. ITT Corporation will also be the first major defense contractor convicted of a criminal violation of the Arms Export Control Act. According to the written plea agreement to be filed in U.S.