Industrial Shipping News

Shipping companies that transport the world's coal are in the crosshairs of some financial backers who are cleaning up their businesses in the absence of a truly global drive by nations to renounce the dirtiest fossil fuel.In a sign of investors taking the initiative, six European firms collectively representing over 5% of the estimated annual $16 billion capital financing requirements of the dry bulk industry told Reuters they were either reducing their exposure to vessels that…

Weather intelligence and decision support services provider StormGeo said it has appointed Kim Hedegaard Sørensen as the new Chief Operating Officer for its shipping division effective immediately.Sørensen has an extensive portfolio of global C-level leadership positions in shipping and transportation, including CEO of Nordics Nagel-Group, Blue Water Shipping, and TransAtlantic Industrial Shipping. He also brings with him 17 years’ experience with Danish integrated shipping and container logistics company A.P.

Knutsen NYK Offshore Tankers (KNOT), owner and operator of shuttle tanker operator, announced that it has been awarded a contract to build two  liquefied natural gas (LNG) fueled Shuttle Tanker.According to the fully integrated industrial shipping company, the two new 124,000 DWT LNG fueled shuttle tankers will be built by Daewoo Shipbuilding & Marine Engineering Co. Ltd shipyard in Korea with delivery mid-2022 and the vessels will operate in North Sea under time-charter contract for a maximum 10 years period.The vessels will be able to reduce emissions of CO2 equivalents significantly compared to conventional oil-fueled shuttle tankers…

Russia's state-owned tanker carrier Sovcomflot (SCF Group) reported improvements on both the top and bottom line in the third quarter benefiting from a stronger tanker market.The energy shipping company posted a net profit of  $26m as revenue increased in the third quarter.Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot, said: “We are satisfied with the Group’s performance over the third quarter. Sovcomflot steadily follows through on its strategy of increasing the share of large-scale industrial shipping projects in its portfolio."He added: "During the reporting period, Sovcomflot achieved a major strategic milestone when we agreed with NOVATEK to establish a new joint venture, SMART LNG.

On September 24, 2019, the Board of Directors of PAO Sovcomflot elected Sergey Frank as its new Chairman. Igor Tonkovidov was appointed as the company's new Chief Executive Officer. Both appointments are with immediate effect.The meeting was attended by Maxim Akimov, Deputy Prime Minister of Russia, who noted in his address: "Through consistent implementation of Sovcomflot's Strategies 2005-2011 and 2012-2018, the company has transformed itself into a global leader in energy shipping and offshore services. Over the past 15 years, Sovcomflot fleet has grown more than threefold.

While nothing lasts forever, the cruise industry – and particularly the ‘expedition’ cruise sector – remain on a historic run with no indication of a near-term slowdown.The leisure travel sector, of which expedition cruising is a part, offers numerous possibilities for delivering new “experiences” unlike industrial shipping businesses (or even conventional ferry and passenger transport), which can only grow as fast as the demand in a particular sector.Though there is no precise definition of “expedition”…

Norway-based ship owning company Ocean Yield ASA announced that it has taken delivery of the very large crude carrier (VLCC)  "Nissos Rhenia".The tanker was delivered from the yard Hyundai Heavy Industries in South Korea and is the first in a series of four VLCCs that will be delivered to the company in 2019.Upon delivery, the vessel commenced a 15 years' bareboat charter to Okeanis Eco Tankers Corp with a 5 years' sub-charter to Koch Shipping Pte. Ltd.Okeanis Eco Tankers was established in 2018 by the Alafouzos family to take over its fleet of modern tanker vessels and tanker newbuildings.With seven tankers built 2015 to 2018 and eight VLCCs for delivery in 2019, the company will focus on eco-designed vessels fitted with scrubbers.

Two Swedish shipping companies - Wallenius and Swedish Orient Line (SOL) - have formed a shipowning joint venture that will sail from ports in Sweden and Finland.The company has five ships so far and plans to order four LNG-powered newbuilds to operate ice-class vessels for the forestry product trades in the Gulf of Bothnia and Baltic Sea area.The new Nordic joint venture, named WALLENIUS SOL,  is to strengthen the infrastructure for the needs of Finnish and Swedish industry. The first customers to sign long-term agreements are Stora Enso and Metsä Board.”Together we can offer a strong mix of experience and competence, which can support a growing forest industry”…

The energy shipping company PAO Sovcomflot (SCF Group) has managed to increase its revenue base and achieved a profit of USD 11.9 million against a USD 106.2 million loss in 2017.The annual results reflected a strong contribution from the industrial shipping business (comprising offshore services and LNG transportation). These activities now account for 57.2 per cent of the Group’s TCE revenues (up from a 50.9 per cent share in 2017).Taking into account the challenging conditions in the conventional tanker markets, and in accordance with IFRS accounting standards, SCF Group undertook an impairment review of vessel values for the year ended 31 December 2018.

Norwegean ship owning company Ocean Yield ASA has announced that the Company has agreed to acquire a modern Suezmax tanker for a consideration of USD 56.0 million with 13-year bareboat charter to Okeanis Eco Tankers Corp.The purchase price includes a seller's credit of USD 7.0 million, giving a net purchase price of USD 49.0 million, said the owner of vessels within oil-service and industrial shipping areas in Norway.The vessel, "Milos", was built in 2016 by Sungdong Shipbuilding in Korea and is a sister vessel to "Poliegos", another Suezmax vessel owned by Ocean Yield. The vessel will be delivered to the Company during Q1 2019. Okeanis…

Norway-based company engaged in the investment in vessels within oil-service and industrial shipping Ocean Yield ASA has entered into a standstill agreement with Solstad Offshore for two anchor handlers built in 2013, the Far Senator and Far Statesman.Ocean Yield said in a stock exchange annoucement that it has entered into a 6 month standstill period with respect to payment of interest, instalments and charter hire."To the extent the cash in these subsidiaries exceeds NOK 300 million on a consolidated basis, the excess amount will be used for settlement of the delayed payments on a pro rata basis," it said.During the standstill period…

PAO Sovcomflot (SCF Group) reported a $6.8 million loss for the first nine months of 2017, citing the adverse impacts of low spot market freight rates in the conventional tanker sectors. “This year has proven to be a very challenging period for the tanker industry and the situation now faced by many conventional tanker ship owners is especially severe,” said Sergey Frank, President and CEO of PAO Sovcomflot. “An oversupply of tonnage and reduced demand, resulting from oil capacity cut-backs led by OPEC…

Greece-based Tsakos Energy Navigation (TEN) said that its 15-vessel newbuilding program is nearing completion with the final three aframax tankers expected to be delivered in the coming months. In the second half of the year, with all vessels delivered and 77% of the fleet on full utilization contracts, TEN's industrial shipping strategy will be at full throttle. In line with the programmed deliveries, in January 2017 the VLCC Hercules I was delivered from Hyundai Heavy Industries in South Korea and was subsequently chartered for a period of up to 18 months. In February and April 2017, the aframax tankers Marathon TS and Sola TS were delivered from Daewoo Mangalia Heavy Industries, the fifth and sixth in a series of nine aframaxes built against long-term contracts.

Tsakos Energy Navigation (TEN), a leading diversified crude, product and LNG tanker operator, today announced an up to 18 months time charter with minimum and profit sharing provision for the newly delivered VLCC Hercules I to a major US oil company. "All 15 new vessels in TEN's growth program, including the five for the rest of this year, have full long-term employment. This new time charter announced today with minimum base rate and profit sharing arrangements protects the Company's bottom line and ensures participation on the upside," stated Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO. "Long-term business with first class clients is an important part of our industrial shipping strategy…

Louis Dreyfus Armateurs  Group (LDA) said it has ordered a wind farm service operation vessel (SOV) from Cemre shipyard in Turkey. The vessel will be delivered in Q4 2018 and chartered to DONG Energy Wind Power A/S for operations at four wind farms off the German coast (Borkum Riffgrund 1&2, Gode Wind 1&2). The vessel has been designed in cooperation with Salt Ship Design to enable technicians to perform maintenance on wind turbines. The ship has an accommodation capacity of a minimum of 60 technicians (in addition to the crew)…

Tsakos Energy Navigation Limited (TEN), a leading diversified tanker owner, has announced new time charter contracts for four vessels, an aframax, two panamaxes, and a handysize product tanker, all to major end users. The average contract length of all four fixtures is 14 months which bring the aggregate fleet gross revenues to a minimum of $1.4 billion. "The new time charters increase TEN's fleet under secured revenue employment to 68%. With seven more vessels delivering in 2017, six of which under long term charters, the coverage will well exceed 70%. Responding to our charterers' appetite, we will be reaching our long term coverage goal well ahead of schedule," stated Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO.

Honeywell has announced that it has received a contract to supply its Experion Process Knowledge System (PKS) automation controls and tank gauging systems for Finland’s first LNG import terminal. The new terminal will efficiently supply natural gas to marine vessels and industrial facilities in Finland, helping to replace other fuels that have higher emissions. Honeywell’s technology will help to efficiently supply natural gas to marine vessels and industrial facilities in Finland from Skangas Oy’s LNG facility in Pori. In addition, Honeywell’s Enterprise Buildings Integrator (EBI) will connect and power comfort, safety and security systems within the LNG terminal itself.

Russia’s biggest shipping company PAO Sovcomflot (SCF Group) surpassed its own expectations and went forward on both revenue and net profit in the first six months. It has posted a gross revenue increase of 11.8 per cent in the first half of 2015 worth USD 754.9 million against last year’s equivalent of USD 675. 2 million. In addition, the company’s net profit marked a hike from USD 63.6 million in 2014 to USD 216.3 million in the first six months of this year. “Sovcomflot achieved very strong results exceeding our own forecasts for the period and reflecting a sustained contribution from both the conventional tanker and industrial shipping segments.

The Board of Viking Supply Ships AB (under name change from Rederi AB Transatlantic) has decided to appoint Christian W. Berg as CEO of the company with immediate effect. Christian will in parallel continue as head of the Viking Supply Ships business area just as today. Christian W. Berg is born 1968 and has since 2011 been head of the business area Viking Supply Ships, coming previously from Chief Commercial Officer in Siem Offshore (2008-2011) which is a company listed on the Oslo Stock Exchange. From 1999 to 2008, Christian has had various leading positions at several companies, such as Promarine Ltd and Promarine AS, NavTech AS in Egersund and Horizon Mobile Communications in Singapore. Christian has had various board engagements within the scope of his employments.

Odfjell SE held a general meeting November 12, 2014 at which the nomination committee elected Annette Malm Justad as its new director of the board. Annette Malm Justad is a Norwegian citizen born in 1958. She has a master's degree in chemical engineering from the Norwegian Institute of Technology (NTH) and a master in technology management from MIT Sloan School of Management. She has a broad experience in logistics, marketing and purchasing within manufacturing and industrial shipping in Europe…

Kleven’s Myklebust Verft in Gursken, Norway, has signed a modification contract with Ocean Yield ASA, a ship owning company with investments within oil-service and industrial shipping, to convert the Aker Wayfarer into a deepwater subsea equipment support vessel (SESV). The vessel is presently under long term charter with AKOFS Offshore. The modifications made at Myklebust Verft will enable the deepwater subsea equipment support vessel to install and retrieve deepwater subsea equipment; subsea trees and modules, including subsea structures and manifolds.

With investment support from the Finnish Government of 185 million NOK Skangass has decided to build a new import terminal for LNG. The terminal will be completed in 2016. Skangass plans to create an efficient LNG logistics chain in the Pori area. When the terminal is ready in Autumn 2016 it will have a capacity of 30,000 cubic meters. Skangass has already selected the main contractor and suppliers for the project. ”The investment decision will result in speedy progress in the construction project. It is highly important that the Pori terminal is completed on schedule and that we can launch deliveries to our existing and new customers.

PPG Industries' protective and marine coatings business is fulfilling growing demand for "ice class" marine coatings for hull protection with SIGMASHIELD® 1200 coating. Developed from research conducted in PPG’s own facilities, SIGMASHIELD 1200 coating delivers exceptional abrasion and impact resistance in ice, combined with very low friction properties. The coating, developed for very high abrasion and impact applications on decks and hulls, combines a top-of-range phenolic epoxy with carefully-selected pigments to provide exceptional performance in icy waters. SIGMASHIELD 1200 coating has already seen more than a decade of service on ships operating in areas of heavy ice formation, including the Baltic Sea and St. Lawrence Seaway/Great Lakes system.