Lorentzen News

Gary Vogel, chief executive officer of Eagle Bulk Shipping Inc., has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2022.The 2022 Commodore Award, given each year to a person in the international maritime industry who has contributed to the growth and development of the industry, will be presented on March 31, at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and expo, in Stamford, Conn..Vogel has served as CEO and director of Eagle Bulk Shipping Inc. (NASDAQ: EGLE) since September, 2015.

Global drilling and engineering contractor KCA Deutag has annouced that its Norwegian operation, KCA Deutag Drilling Norge AS, has been granted an extension to its current drilling contract on the Ringhorne platform by operator Point Resources AS. The contract extension is for the provision of drilling operations and maintenance services on the Ringhorne platform operating in the Norwegian North Sea. It has an initial term of four years with the option to extend by two further periods of two years each. Rune Lorentzen, President of Offshore commented: "KCA Deutag is delighted to have been awarded this contract extension. With over 40 years of platform drilling experience, KCA Deutag is one of the world's largest platform services operators.

Award to be presented March 14, 2018 at the conclusion of the CMA’s Shipping 2018 Annual Conference and Exposition. Ms. Sabrina S. M. Chao, Executive Chairman of Wah Kwong Maritime Transport Holdings Ltd. has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2018. Ms. Chao follows a long succession of influential maritime industry leaders as Commodore. The 2018 Commodore Award will be presented on March 14, 2018 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, USA. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.

This morning CMA announced that Mr. John D. “Jack” Noonan, CEO of Chembulk Tankers, has been named as the CMA Commodore for the year 2017. Noonan joins a presigious list of previous award winners, including Ole Skaarup, Jacob Stolt-Nielsen, George Livanos, Phil Loree, Thomas Moran, Gregory Hadjieleftheriadis, Helmut Sohmen, Gerhard Kurz, William O’Neil, Richard du Moulin, Per Heidenreich, Marc Saverys, Frank Tsao, Stelios Haji-Ioannou, Peter Georgiopoulos, C. Sean Day, Torben Jensen, Morten Arntzen, John Fredriksen, Capt.

Award to be presented March 23, 2016 at the conclusion of the CMA’s Shipping 2016 Annual Conference and Exposition. Mr. Paddy Rodgers, CEO of Euronav NV has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2016. Rodgers follows a long succession of influential maritime industry leaders as Commodore. The 2016 Commodore Award will be presented on March 23, 2016 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, USA. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.

China COSCO Holdings Company Limited says its operations at Tianjin port have been unaffected by the blasts that killed 114 people here also put a deep dent in the compact between China’s government and its middle class. "Our assets have not been materially affected. Our vessels at the anchorages close to Tianjin Port were not affected by the incident and the ships and crews are safe," says a stock market announcement from the company. There has however been some damage to land-based assets and some disruption of operations, although Cosco does not expect that to have any significant impact. "The shapes of some containers (which are non-dangerous containers) were spoiled and a few employees were slightly injured.

SEACOR Holdings Inc.informed that Oivind Lorentzen their Chief Executive Officer has stepped down as Chief Executive Officer, but will continue as a director and non-executive Vice Chairman of the Board of Directors. Charles Fabrikant, Executive Chairman, assumed the position of Chief Executive Officer. In addition, the Company has appointed John Gellert and Eric Fabrikant as co-Chief Operating Officers. Mr. Gellert will oversee Offshore Marine Services and Mr. Eric Fabrikant will oversee Transportation Services, Witt O'Brien's and CLEANCOR Energy Solutions. Matthew Cenac, Chief Financial Officer, and Paul Robinson, Chief Legal Officer, have been elevated to the position of Executive Vice President.

Capt. Panagiotis N. Capt. Panagiotis N. Tsakos, Founder of the Tsakos Group, has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2015. The award, given each year to a person in the international maritime industry who has contributed to the growth and development of the industry, will be presented on March 25, 2015 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut. Captain Tsakos has dedicated his life to the sea, to the welfare of the people at sea, to caring for and protecting the environment and building a successful commercial shipping company.

Examining areas of change and growth in shipping is the focus of the 20th annual Hellenic-American and Norwegian-American Chambers of Commerce conference, often called the New York Shipping Conference. Entitled “Today’s Vision- Tomorrow’s Reality”, the conference will present a Macro Shipping and Economic Overview, a look at Shipping 2020, the challenges of balancing safety, regulatory compliance and costs, the current outlook and sources of dry bulk demand and supply, sourcing ship finance, and the commercial impacts of decisions regarding trade routes, chartering and futures.

Robert Bugbee, President of Scorpio has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2014. Mr. Bugbee follows a long succession of influential maritime industry leaders as Commodore. The 2014 Commodore Award will be presented to Mr. Bugbee on March 19, 2014 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, U.S. The Award is given…

KCA Deutag has won significant subsea drilling operation & maintenance contracts from core clients Total E&P UK, EnQuest & CNR International (CNRI). The company was awarded a contract with Total E&P UK to provide drilling operations and maintenance services on the Alwyn North and Dunbar platforms. Both contracts have already commenced and have a firm two year commitment with options for an extension of up to two years. Secondly, EnQuest has also signed a significant contract with KCA Deutag for a four year extension of its drilling operations and maintenance contract for both the Heather and Thistle platforms. Lastly, a substantial contract extension was awarded by CNRI.

Viking River Cruises (www.vikingrivercruises.com) set a world record with the christening of 10 new Viking Longships. “Today is a proud day for Viking and for river cruising. We are honored to showcase 10 of our revolutionary new Longships and to have had such a celebrated group of women helping us christen them,” said Torstein Hagen, Chairman of Viking Cruises. Guests at the christening ceremony enjoyed remarks by each godmother and a presentation on the growth of river cruising by Hagen.

Award to be presented March 20, 2013 at the conclusion of the CMA's Shipping 2013 Annual Conference and Exposition. Mr. Peter Evensen, President and Chief Executive Officer (CEO) of Teekay Corporation (Teekay) has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2013. Mr. Evensen follows a long succession of influential maritime industry leaders as Commodore. The 2013 Commodore Award will be presented to Mr. Evensen on March 20, 2013 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, USA. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.

The Exxon Valdez has been sold for scrap 23 years after causing the worst tanker spill in U.S. history, which led to new designs for oil carriers. Now called the Oriental Nicety, the vessel was sold for about $16 million, said Maryland-based Global Marketing Systems Inc., the world’s largest cash buyer of ships for demolition. Converted into an ore carrier in 2007, it changed owners and names four times since the 1989 accident, American Bureau of Shipping records show. The spill, which dumped 11 million gallons of oil into Alaska’s Prince William Sound, was the largest in U.S. waters until the 2010 accident at BP Plc.’s Macondo oil well in the Gulf of Mexico. It’s still the country’s largest leak from a tanker, and it led to the U.S. requirement for ships to have two hulls.

Øivind Lorentzen, III, CEO of SEACOR Holdings Inc. has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2012. Mr. Lorentzen follows a long succession of influential maritime industry leaders as Commodore. The 2012 Commodore Award will be presented to Mr. Lorentzen on March 21, 2012 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford,  Conn. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry. Lorentzen has served as CEO of SEACOR Holdings Inc. since September 2010.

INTERTANKO's Executive Committee and Council Autumn Meetings will take place in Athens 24-26 October 2001. In conjunction with the meetings, INTERTANKO will be hosting an Open Market Seminar on Wednesday, 24 October. Consultancy and Research Ltd. will speak on tanker investments. about oil trade developments in the Black Sea and Caspian region and the consequences of the new pipeline from Baku to Ceyhan. Martin Stopford, H. Clarkson & Co. Ltd. will concentrate on strategic issues in the tanker market against the background of recent events. Finn Engelsen jr, Lorentzen & Stemoco will present prospects for the product tanker market and Jarle Hammer, Fearnleys AS will concentrate on trade developments in the tanker market. Erik Ranheim, INTERTANKO, will introduce and moderate the seminar.

Shipping's most volatile market, the Caribbean upcoast trade, has seen rates cut in half over the last two weeks - a "bloodbath", according to Oslo broker Fearnleys. But other brokers were quick to point out that the market had bottomed-out and started to recover on Friday. They also observed that the slump was merely a normal part of the yearly cycle as Caribbean refinery turnarounds started to bite into the supply-demand balance. "At one point, rates for 70,000 tonners to the U.S. East Coast dropped below W140 ($1 per barrel), although... there appears to be some recovery with the last reported fixture at around W155," said London tanker broker Gibsons. At W140, the market hit a six-month low. As the plunge started to steepen on Tuesday, a U.S.

The recent frenzy in the oil market is unprecedented in modern history says Norway’s broking house Lorentzen & Stemoco. When prices have risen above US$45/b (Brent) in the past, this has been due to an imminent threat or outbreak of war. But the recent oil price rally has been driven by strong oil demand and not least by the perception that the world oil production reserve base is too small in light of the risk of further disruptions. This latter fear factor has been amplified by the problems in Venezuela, Nigeria and Iraq and the continued risk of terrorist attacks. For years there has been three main doctrines in the market. The first is that high prices will cause economic growth to stall and thus affect demand negatively.

Rates for clean tankers in the Pacific Basin are set to tumble, undermined by dwindling Atlantic Basin demand displacing a vast fleet of cut-price medium-range ships, according to Oslo broker Lorentzen & Stemoco (L&S). "The Atlantic weakness is certainly going to spread to the Asian markets, unless the U.S. related trade improves soon," L&S said in a market report this week. The build of U.S. gasoline and middle distillate stocks has somewhat narrowed arbitrages to the U.S. both across the Atlantic from Europe and across the Pacific from Asia, and this has eroded clean tanker rates in all regions. But L&S said Asian tankers markets had so far survived comparatively unscathed.

A fall in dry bulk freight rates is looming nearer as the impact of strong Latin American grain business fades, brokers said this week. "As the boost from the Latin American grain season recedes, the sector's overwhelming fleet supply problems will come to the fore once again," Oslo broker Lorentzen & Stemoco (L&S said in a market report. Panamax ships have been the main beneficiaries of the strength of grain trade. In its most recent monthly report London broker SSY noted that Panamax trades had experienced their strongest quarter since 1995 at around $11,650 per day. "The 5.25 million tons of wheat and coarse grains shipped from Argentina in January and February 2001 was up 49 percent on the same period in 2000 and the strongest start to any year on record," it added.

Tanker rates collapsed towards the end of last week as owners rushed to fix cargoes and move their Very-Large-Crude-Carriers (VLCCs) away from the Mideast Gulf where idle capacity was rapidly mounting. Brokers said they remained optimistic that rates would soon recover. "Last week proved to be another disappointing week for owners," said Oslo broker Lorentzen & Stemoco (L&S). The slump, which took the market back to 15-month lows of around W54 ($0.94 per barrel) for eastbound cargoes, was triggered by Far Eastern majors putting surplus capacity on the spot market while it was not needed during refinery maintenance programs. Owners of these "re-lets" had undermined the market by failing to stand their ground in negotiations, brokers said.

Owners of ships carrying liquefied natural gas (LNG) will have to accept spiralling salaries because their fleets are expanding faster than available crews, according to the Oslo-based shipbroker Lorentzen & Stemoco AS. , Bloomburg reported. The global fleet will reach 354 ships by 2010, from 207 now, requiring another 4,000 crew members, according to the report. "As shipowners attempt to lure officers away from their present employers, spiralling wages are definitely on the LNG shipping agenda," said the recent report. Global trade in LNG expanded 7.8 per cent last year. Global growth in demand is expected to be about 10 per cent a year through 2020, according to Royal Dutch Shell plc.

Stolt-Nielsen S.A. and Nutreco Holding N.V. today announced the completion of the merger of their worldwide fish farming, processing, and marketing and sales operations into a stand-alone new business entity, Marine Harvest. SNSA will hold a 25% share in the new company and Nutreco 75%. The signing of a Memorandum of Understanding for the merger by both parties was announced on September 13, 2004. Marine Harvest has over 6,000 employees worldwide and annual sales of approximately EUR 850 million in salmon, cod, halibut, tilapia and other farmed fish. Marine Harvest will be the leader in all of the markets in which it operates and will be led by a management with extensive industry experience. The new management of Marine Harvest has now taken control of the combined operations.