SPII Holdings Bids for DryShips
Greece-based dry bulk shipping company DryShips Inc said announced it has received a non-binding offer letter from SPII Holdings, which proposes a transaction pursuant to which the Company would be merged into a subsidiary of SPII Holdings.SPII Holdings is controlled by DryShips' Chairman and Chief Executive Officer, George Economou.The board of directors of the diversified owner and operator of ocean going cargo vessels has formed a special committee consisting solely of disinterested directors to consider the proposal.As of June 13…
SHI Wins Order for 2 LNG Carriers
South Korean shipbuilder Samsung Heavy Industries (SHI) has received an order for the construction of two liquefied natural gas (LNG) carriers.The shipbuilder said in a stock exchange annoucement that it had secured a deal worth KRW 450bn ($381m) with a Bermuda-registered client.The newbuilds are planned to be delivered by the end of June 2022. With the addition of the latest order, SHI has seen its orders for LNG carriers reach 10 units. SHI revealed that its orderbook for 2019 now stands at eleven vessels…
LR Approves HHI's VLCC 'Eco-Tanker' Design
Lloyd's Register (LR), international provider of classification, compliance and consultancy services to the marine industry, has presented Hyundai Heavy Industries (HHI) with approval in principle (AiP) for a Very Large Crude Carrier (VLCC) ‘eco-tanker’ design, capable of using a combination of volatile organic compounds (VOC) mixed with LNG as fuel and Norsepower’s rotor sail solution for wind-assisted propulsion.This development was the result of a joint development project (JDP) collaboration between HHI…
SHI receives AiP from LR for LNG-fuelled VLCC
The maritime classification society Lloyd's Register (LR) has presented SHI with approval in principle (AiP) for an LNG-fuelled Very Large Crude Carrier (VLCC) equipped with a 6,000 cubic metre LNG fuel storage tank, a two-stroke dual-fuel diesel engine and an LNG fuel supply system.This AiP was a result of joint development project with SHI named VLCC2020, said a press release from the technical and business services organisation, wholly owned by the Lloyd’s Register Foundation.LR assessed the technical feasibility of the LNG fuel supply system and energy saving technologies…
MISC Group Q1 Financial Results
MISC has announced its financial results for the financial period ended March 31, 2019.Financial Highlights:Group revenue for the quarter ended March 31, 2019 was higher than the corresponding quarter ended March 31, 2018.Group profit before tax for the quarter ended March 31, 2019 was higher than the corresponding quarter ended March 31, 2018.Group Revenue, Operating Profit and Profit Before Tax for the Quarter Ended March 31, 2019Group revenue for the quarter ended March 31,2019 of $544 million was 12.7% higher than the corresponding quarter’s revenue of $482 million.
Saudi Tankers Among Those Hit off UAE Coast
Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates and said it was an attempt to undermine the security of crude supplies amid tensions between the United States and Iran.The UAE said on Sunday that four commercial vessels were sabotaged near Fujairah emirate, one of the world's largest bunkering hubs lying just outside the Strait of Hormuz, but did not describe the nature of the attack or say who was behind it.The UAE had not given the nationalities or other details about the ownership of the four vessels.
Varde Buys VLCC from Landbridge
Global alternative investment firm Värde Partners and Landbridge VLCC International, a Hong Kong-based subsidiary of Chinese industrial company Landbridge Group, announced a sale and lease back transaction of a very large crude carrier (VLCC).The vessel, Landbridge Prosperity, is a modern, fuel-efficient tanker built in 2016. Landbridge will continue to operate the vessel under a bareboat charter, before repurchasing the vessel at the conclusion of the charter period.“We are pleased to begin a financing relationship with Värde, a firm with diverse expertise and a long history in shipping.
Ocean Yield Takes Delivery of New Ship
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…
DryShips Acquires Newcastlemax Drybulker
Greece-based dry bulk shipping company DryShips Inc announced that it has agreed to acquire from an entity that may be deemed to be beneficially owned by its Chairman and CEO, George Economou, one Newcastlemax drybulk carrier built in 2017, for a purchase price of approximately $50.0 million. The purchase price was based on the average fair market value of the vessel, as determined by independent third party broker valuations, and the transaction was unanimously approved by the…
Mercator Sells VLCC Nerissa
India's Mercator, which has diversified from being only a “Shipping” company to an “Energy focused conglomerate”, has clinched a deal to sell its last very large crude carrier (VLCC).In a stock exchange announcement, the company has confirmed that it has sold its VLCC 'Nerissa', which was built in 2006, for a total net consideration of USD 27.5 million.The company said that the proceeds from this sale will be utilised to bring down its debt and other liabilities.The company further…
MOL Adds VLCC 'Phoenix Jamnagar' to Fleet
Japanese logistics major Mitsui O.S.K. Lines (MOL) announced, the delivery of a Very Large Crude Carrier (VLCC), "Phoenix Jamnagar" on April 24, which was built at Japan Marine United Corporation (JMU) Ariake works and will be placed under control of Phoenix Tankers (Phoenix) based in Singapore, a 100% subsidiary of MOL.The vessel was designed and developed by JMU as a next-generation Malacca Max Type VLCC with utilizing its accumulated knowledge and technology as gained through…
KR Responds to RMI Report on Stellar Daisy Casualty
Korean Register (KR), its Chairman, management and entire staff offers sincere sympathies to the families and loved ones of the seafarers who tragically lost their lives due to the sinking of Stellar Daisy. KR reaffirms its commitment to investigating the causes of the sinking, sharing its knowledge and implementing any changes necessary to avoid a similar loss in the future. The factsStellar Daisy was a 266,141 dwt Very Large Ore Carrier (VLOC) owned by Polaris Shipping and flagged with the Republic of the Marshall Islands (RMI).
Navios Acquisition Disposes Oldest VLCC
Navios Maritime Acquisition Corporation, an international shipping company, said that it has sold the oldest vessel of its fleet, the C. Dream.According to a press release from the US-listed, Greece-based company, the 299,000-dwt very large crude carrier (VLCC) C. Dream (built 2000) is sold for $21.75m.The 323,967 cbm vessel, with a length of 332 meters and a width of 60 meters, was built in Hitachi shipyard in Japan.Navios Acquisition is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.
Euronav planning LSFO STS at Malta
Euronav has chartered a tanker to bring a 30,000 tonne cargo of low-sulphur fuel oil from northwest Europe to Malta, where its megatanker, Oceania, has been parked offshore since Jan.
Sentinel Midstream Mulls Offshore Terminal
Dallas-based oil and gas company Sentinel Midstream is planning to develop a deepwater crude oil export terminal, located near Freeport, Texas. The completed facility will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.Texas GulfLink will include an onshore terminal with up to 18 million barrels of storage, an offshore 42-in. pipeline, and a manned offshore platform to facilitate port operations with two Catenary Anchor Leg Mooring (CALM) Single Point Mooring (SPM) buoys.
Bahri Refutes U.S. Charges on VLCC
The National Shipping Company of Saudi Arabia (Bahri) on Sunday clarified that its very large crude carrier (VLCC) tanker Abqaiq was not breaching the US sanctions on Venezuela.Earlier, the US Senator Marco Rubio accused Bahri of trying to sell diluents to the Venezuelan regime."Abqaiq is in ballast condition with no cargo onboard and on her way from the Red Sea to pick up a cargo from the Port of Jose Terminal in Venezuela for one of its regular customers in India," said a statement…
Hyundai Merchant Marine Names New VLCC at Daewoo Shipbuilding
South Korean container line Hyundai Merchant Marine (HMM) has named its new very large crude carrier (VLCC) at the Daewoo Shipbuilding & Marine Engineering (DSME).The 300,000 dwt vessel was named the Universal Leader during the ceremony held at DSME’s Okpo shipyard in Geoje on January 29, 2019.About 100 distinguished guests attended the ceremony including C.K. Yoo (President & CEO of HMM), Ho Seon Hwang (President of Korea Ocean Business Corporation(KOBC)), and Sung Leep Jung (President & CEO of DSME).Additionally, Mrs. Jang Mi No, Mr.
Keppel Wins New Marine Contracts
Singaporean conglomerate Keppel Offshore & Marine said that it has secured new marine contracts with a combined value of S$300 million (USD 220 mln) through its subsidiaries. According to a press release from the company, the first contract is by Keppel Singmarine with Shturman Koshelev LLC for the design and construction of an ice-class LNG bunker vessel. When completed in 4Q 2020, the vessel will be chartered to Gazpromneft Marine Bunker Ltd (Gazpromneft) for operations in the Baltic Sea.
Shell Confirms Oil Leak in Brazilian Waters
A small amount of crude oil belonging to Royal Dutch Shell Plc leaked during a ship-to-ship oil transfer in Brazilian waters last month, the company confirmed to Reuters on Monday.About 200 milliliters of crude were released on Nov. 30 during the maneuver, which was halted after the drip was detected, Shell said, adding that authorities were notified and the incident left no trace of oil in the sea.However, a letter obtained by Reuters and sent to Brazilian environmental regulator…
BW Offshore Recycling FSO Belokamenka
The provider of floating production services to the oil and gas industry BW Offshore has signed an agreement to dispose of the FSO Belokamenka for recycling in compliance with the Hong Kong Convention.The Oslo-listed company said in a press release that the FSO Belokamenka is an Ultra Large Crude Carrier (ULCC) of 360,700 deadweight-ton capacity built in Japan in 1980.The vessel is 340.5 meters long, 65 meters wide and has a depth of 31.5 meters. It is flagged and registered in Panama and classed by DNVGL…
Training Day: Cruden’s pioneering Fast Craft Simulator
Marine simulators are commonplace in the training and development of crew for large vessels. Not so much for small, fast patrol and attack craft.From the mid to late 1970s, marine simulators developed into a viable training tool for trainee mariners. Their initial popularity developed as opportunities for practical training became scarcer and a lot costlier, too. Since then, however, the advancement of the technology has brought a new dimension to professional crew training for small, fast craft.
IOC: 5-year Tender on Scrubber-fitted Tankers
Indian Oil Corp (IOC) issued a global tender to charter scrubber-fitted oil tankers for at least five years to import Iraqi oil, a tender document seen by Reuters showed.The tender says Indian shippers will be given first right of refusal for the contract as the nation seeks to boost its shipping industry. It is seeking bids from vessels that are less than 10-years old.A scrubber is a product that strips out sulphur emissions and, in doing so, can allow shippers to use dirtier fuel oil but still meet new global requirements for lower emissions.IOC and the country's second biggest state-owned refiner, Bharat Petroleum Corp (BPCL), last year also issued similar tenders seeking vessels for five years.The two refiners…
MOL Plans to Install Voyage Information Display System Using AR Technology
Mitsui O.S.K. Lines (MOL) announced plans to launch the experimental use of a system that supports ship operation during voyages using augmented reality (AR) technology, jointly developed by Furuno Electric and MOL Techno-Trade on a very large crude carrier (VLCC) subsequently to car carrier.In this project, information, such as other ships sailing around the vessel and landmarks like buoys at sea, can be shown on tablets and other displays, based on data from the Automatic Identification System (AIS).Images of landscapes taken from the bridge can also be shown on the same tablets…