Subsea 7 Buys-back Shares
With the market looks upbeat, Luxembourg-based subsea services vessel owner Subsea 7 announced a share buy-back programme."Reflecting Subsea 7’s strong financial and liquidity position and improving market outlook as well as a rebalancing of cash returns to favour share repurchases, the Board of Directors authorised a new share repurchase programme of up to USD 200 million," said a press release from the subsea engineering, construction and services company serving the offshore…
MOL, Total Make Refueling Europe Easier
Japanese logistics giant Mitsui O.S.K. Lines (MOL) and French multinational integrated oil and gas company Total S.A. signed an agreement which will make travelling across Europe easier for their corporate customers.The agreement provides for acceptance of MOL Group Cards by Total in its network of stations in France, Belgium, Luxembourg, The Netherlands and Germany. At the same time, the Total fuel cards will be accepted in the MOL’s and Slovnaft’s network of stations in Hungary…
Stranded Migrants to Leave Rescue Ship - Italian PM
Italian Prime Minister Giuseppe Conte said 47 migrants who have been blocked at sea off Sicily for 11 days on a rescue ship will be allowed to come ashore on Wednesday, ending the latest migrant standoff."In a few hours, they will begin to disembark," Conte told reporters in Milan. The migrants have been on the vessel since they were rescued off the Libyan coast.Italy's populist government, which took office last year, has closed its ports to humanitarian vessels in a bid to force European Union partners to take a share of those rescued in the Mediterranean.The Dutch-flagged Sea-Watch 3, which is run by a German humanitarian group, has been moored off the coast of Sicily as it waits for a safe port.
Malta Allows Migrants to Disembark Ahead of EU Redistribution
Malta will allow 49 migrants who have been stranded at sea for weeks to disembark in Valletta, Prime Minister Joseph Muscat said on Wednesday, adding that they will then be re-distributed among eight European Union countries.The Sea-Watch 3, a vessel run by a German humanitarian group, plucked 32 people from an unsafe boat off the coast of Libya on Dec. 22. Another German charity, Sea-Eye, rescued 17 others on Dec. 29.They have both been sailing back in forth in Maltese waters for days after Italy, Malta and all other EU countries refused to offer them a port of safety."The migrants will be transferred from the ships to Maltese patrol boats and brought to Malta.
Lamprell Wins Offshore Wind Project
Lamprell announced that it has been selected by GeoSea Procurement & Shipping Luxembourg SA, a wholly owned subsidiairy of GeoSea NV, the lead engineering, procurement, construction and installation contractor on the Moray East offshore wind farm, to fabricate jacket foundations for the project.Lamprell, the provider of fabrication, engineering and contracting services to the offshore energy industry, said it will fabricate 45 out of approximately 100 jacket foundations required for the wind farm…
Jan De Nul Names Newest Offshore Installation Vessel Taillevent
Luxembourg-based dredging and offshore contractor Jan De Nul Group named its newest offshore installation vessel Taillevent in the Belgian port of Ostend.Miss Pauline Stassijns, granddaughter of Director Dirk De Nul, baptised the vessel and wished her success and a safe journey. The De Nul family, employees and their guests attended the christening.Jan De Nul Group acquired this offshore installation vessel, at that time MPI Discovery, from the Dutch company Vroon Group on 18…
Standard Club and Strike Club to Merge
The London-based marine insurers the Strike Club and the Standard Club have announced plans for the Strike Club to join the Standard Club group.According to a press statement Strike Club will continue as a member-controlled dedicated mutual delay insurer, operating as class of Standard Club and supervised by existing board.Both mutual insurers are managed by companies within the Charles Taylor group.The Standard Club will create a new Strike class in each of the Standard companies, into which The Strike Club business would transfer.
Migrant Rescue Ship Arrives in Malta Following Standoff
The Mediterranean rescue ship Aquarius arrived at Valletta harbour in Malta on Wednesday to disembark 141 migrants, ending a five-day tug-of-war between European Union countries which had seen the vessel banned from docking in several ports.The ship, run by the Franco-German charity SOS Mediterranee and Doctors without Borders (MSF), was allowed in after France, Germany, Luxembourg, Portugal and Spain agreed on Tuesday to take in the migrants.(Reporting by Chris Scicluna Editing by Sarah White and Matthew Mpoke Bigg)
London P&I Club Setting up Cyprus Office over Brexit
British ship insurer London P&I Club is setting up a new subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access, the group told Reuters on Friday.Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector."We have … chosen Cyprus to establish our new post-Brexit EU subsidiary, and we are currently going through the process of setting it up and obtaining the necessary license," London Club said in a statement.London Club is one of 13 major global P&I insurers and Europe accounts for over 60 percent of the group's activities.The six P&I clubs regulated in Britain are estimated to account for over half t
d'Amico International Shipping Sells MT High Trust
Luxembourg-based d’Amico International Shipping announced that its operating subsidiary d’Amico Tankers signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Trust for a consideration of US$ 29.5 million. The marine transportation company operating in the product tanker market said that High Trust is a 49,990 dwt medium-range product tanker vessel, built in 2016 by Hyundai-Mipo, South Korea. Thistransaction allows d’Amico Tankersto generate at the vessel’s delivery around US$ 11.9 million in cash…
Vryhof Anchors Announces Stevshark Rex Contracts
Vryhof Anchors, a Vryhof company, has announced a number of contracts for its’ Stevshark Rex anchoring solution with Anglo-French independent operator Perenco and its Congolese subsidiary Perenco Congo SA; Maersk Drilling in Trinidad; and international EPC contactor CNGS Group. In addition, two Stevshark Rex’s will also be deployed by Jan De Nul Group, a dredging, offshore, civil and environmental contractor.The contracts confirm the Stevshark Rex - with versions ranging from three to 60 metric tons (mT) - as the new industry standard in hard soils…
World's Largest Short Sea Ro-Ro Vessel Named in Dublin
MV Celine, the world’s largest short sea Ro-Ro ship, will today be christened in a ceremony at Dublin Port with guest of honour, An Taoiseach, Leo Varadkar TD, Godmother to the new ship, Geraldine O’Reilly, and the port’s chaplains. The formal ceremony is a long-held tradition intended to bring good fortune to the ship and involves breaking a champagne bottle against the hull as the ship is christened. To mark today’s occasion, new Irish music commissioned by Dublin Port and performed by John Sheahan of the Dubliners and Colm Mac Con Iomaire of the Frames will premiere at the ceremony…
Diana Shipping TC Contract for Melia with United
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with United Bulk Carriers International S.A., Luxembourg, for one of its Panamax dry bulk vessels, the m/v Melia. The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$12,000 per day, minus a 5% commission paid to third parties, for a period of minimum s 17 months to maximum 20 months. The charter is expected to commence on April 20, 2018.
Torvald Klaveness Extends Shipping Deal with Arcelor Mittal
Norwegian shipping company Torvald Klaveness has extended its shipping agreement with Luxembourg-based steel and mining firm Arcelor Mittal. "We are pleased that Arcelor Mittal, one of the leading steel and mining companies have chosen to continue their long-lasting relationships with Klaveness," said a press statement from the company. This entails 10 cargoes on Panamax from south America to continent, and 10 cargoes on supramax from the West Africa-continent. A total volume of 1.4 mill tonnes of iron ore in 2018.
EU Member States Ask to End Crippling Reporting Formalities for Ships
Led by Denmark, 13 EU Member States have called on the Commission to present an ambitious proposal on revising the Reporting Formalities Directive. Danish Shipping strongly supports the ambition to sufficiently eliminate the huge administrative burdens on maritime carriers in the EU. The current directive introduced the concept of National Single Windows as a way to harmonise reporting obligations from ships to a single electronic system in each Member State but failed to harmonise data requirements or the mechanisms for sending them thus creating more burdens on maritime carriers in EU.
Steamship Mutual Opts for Dutch Hub as Brexit Hedge
British ship insurer Steamship Mutual plans to set up a new Dutch subsidiary to ensure continued access to trade in the European Union in case Britain loses single market access. "We are about to apply for a licence to establish a subsidiary company in the Netherlands," Steamship Mutual's executive chairman Gary Rynsard told Reuters in an email, adding it would opt for the port city of Rotterdam. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector. Steamship Mutual, which employs around 150 people in the UK, is one of 13 major global P&I clubs and Europe represents more than 30 percent of the insurer's global business.
D'Amico Announces Sale & Lease Back of MR Vessel
D'Amico Tankers (Ireland) signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Freedom, a 49,990 dwt medium-range product tanker vessel, built in 2014 by Hyundai-Mipo, South Korea for a consideration of US$ 28.0 million. D'Amico Tankers is an operating subsidiary of d’Amico International Shipping S.A., an international marine transportation company operating in the product tanker market. This transaction allows d’Amico Tankers to generate around US$ 13.4 million in cash…
Cruise Ship Collides with Bridge in Germany
River cruise ship Swiss Crystal struck a motorway bridge over the Rhine River in Germany, injuring at least 25 on board, according to local media. The 100-meter-long Swiss river cruiser was carrying 129 passengers from Belgium, the Netherlands and Luxembourg when it struck a pillar of the bridge head on near Duisburg on Tuesday evening. The vessel’s bow suffered significant damage. Police said most of the injuries were minor, and the four people taken to the hospital were released on Wednesday. Passengers were able to continue their journey to the Netherlands on a second vessel.
EVAC to be Acquired by Bridgepoint
Evac is to be acquired by private equity group Bridgepoint. Headquartered in Espoo, Finland, Evac was established in 1979 and to date has successfully completed over 20,000 marine, 2,000 offshore, and 2,000 building projects for customers around the world. The company has offices in Brazil, China, Finland, France, Germany, South Korea, Norway, Sweden, and the USA, as well as representatives in more than 40 countries. Since 2014 Evac has been owned by the IK VII Fund. In the course of the fund’s ownership…
Arjen Uytendaal Suceeds Francis Vallat as President of ENMC
Francis Vallat, originally co- founder and 1st Vice-President of the European Network of Maritime Clusters (ENMC), which was created in 2005 in his Paris office, and current Chairman since 2011, decided to resign from his chairmanship on the occasion of the annual meeting which was held in Elsinore, Denmark from October 25th to 26th. After six years at the head of the network, he thinks it is time to give a younger highly reputable maritime personality a chance to allow new ideas and blood into the ENMC.
IMO Trains New Audit Team Leaders
The auditing of International Maritime Organization (IMO) Member States to assess how effectively they administer key IMO instruments is an important part of the Organization’s work to create a regulatory framework for the shipping industry that is universally adopted and implemented. To support this process, new audit team leaders are being trained under IMO’s Member State Audit Scheme (IMSAS) at a course being held at IMO Headquarters, London (6-10 November). The course involves…
Brexit Prompts North P&I Club to Set up Dublin Subsidiary
British ship insurer North is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the first of these specialised providers to announce such a move. Insurers are making contingency plans after Britain’s vote to leave the EU means they could risk losing “passporting” rights that allow UK financial services firms to trade in Europe without the need for locally regulated entities. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs like North could weaken other parts of the country’s multi-billion pound shipping services sector.
Ship Insurer Britannia Sets Up Subsidiary for EU
Following Britain’s decision to leave the European Union, British ship insurer Britannia plans to set up a subsidiary in Luxembourg, Reuters reported. It is to ensure it can continue to trade in Europe, the company said. According to company data Europe accounts for over 40 percent of Britannia’s global business. The report said that insurers are making contingency plans because when Britain leaves the EU on March 29, 2019, they could lose “passporting” rights that allow UK financial services firms to trade in Europe without the need for locally regulated entities.