Safe Bulkers Sells, Leasebacks 8 Vessels
The Monaco-headquartered provider of marine drybulk transportation services Safe Bulkers Safe Bulkers has sold and leased back eight ships to refinance $105.2m in loans coming due in 2023 and 2025.The New York-listed bulker owner said that it will receive $158.3m in proceeds from the transaction.Under the arrangements, two vessels were leased back, under bareboat charter agreements, for a period of six years and six vessels were leased back under bareboat charter agreements, for…
NY to Create Offshore Wind Training Institute
New York Governor Andrew Cuomo has announced plans to create Offshore Wind Training Institute to offer offshore wind training programs.The institute will provide benefits to workers across New York State through new job training programs, tailored college curriculum, and enhanced academic research opportunities.Atlantic Offshore Terminals (AOT), New York-based developer of offshore wind port and supply chain facilities, has applauded Gov's initiative."The creation of the Offshore Wind Training Institute is a critical step in developing the next generation of workers here in New York…
For Fireboats, The Heat is On
These days, cost-conscious municipalities across the fruited plain, from sea to shining sea, are ordering new waterborne assets to cover their many local responsibilities. When they do, they want ‘more bang for their buck,’ combining multiple missions – and the equipment that makes it all possible – onto one hull. That’s a tall order on the typically compact patrol boat style hulls that tend to be big on performance, but short on space for equipment that can demand a significant physical footprint.
Carnival Delays Launch of Mardi Gras Ship
Florida-headquartered international cruise line Carnival Cruise Line announced that the debut of its newest ship, Mardi Gras, will be pushed back until Nov. 14, 2020 after the Meyer Turku shipyard in Finland informed the cruise line “that the delivery will be delayed.”With this new schedule, Carnival will now take delivery of the ship in late October and its first revenue sailing will depart from Port Canaveral on Nov. 14, 2020. Consequently, the first eight sailings that were scheduled starting Aug.
Sandy Hook Pilots Issue Statement on Operational Fatality
Coast Guard responds to deadly New York harbor pilot accident.On December 30, 2019 at approximately 0430, Sandy Hook Pilot Captain Dennis R. Sherwood was involved in an incident while boarding a container vessel inbound to the Port of New York & New Jersey. He sustained injuries after falling from an accommodation ladder and was evacuated to a local hospital where his injuries proved to be fatal. Prior to the incident, Captain Sherwood had been piloting vessels in and out of the Port of New York & New Jersey for over 35 years.The incident is being investigated by the United States Coast Guard.
Hornbeck Offshore Delisted from NYSE
Hornbeck Offshore Services announced its common stock has been delisted from the New York Stock Exchange (NYSE) on December 20, 2019, and that the company began trading on the OTC Pink marketplace effective December 23, 2019.The NYSE announced that Hornbeck stock was was suspended from trading because the company did not maintain an average global market capitalization of at least $15 million over a consecutive 30-trading-day period, as required by NYSE continued listing standards.Hornbeck…
INSIGHTS: Niels Aalund
Niels Aalund was elected President of the International Propeller Club at their 93rd International Convention and Conference. The prominent maritime industry stakeholder will serve a two-year term, commencing from October 17th. Aalund, a well-known maritime subject matter expert and executive, also serves as an Officer and as Senior Vice President of the West Gulf Maritime Association (WGMA). WGMA communicates and coordinates with various governmental entities throughout the West Gulf…
Protecting Ports from Sea Level Rise
Coastal flooding disasters have occurred periodically through history often followed by construction of flood defenses to help ensure it does not happen again. One of the most well known was the 1953 North Sea Flood in the Netherlands when a storm surge occurred on top of astronomical high tides causing thousands of deaths, property and economic damages. The Dutch and UK reacted and increased construction of sea defenses including storm surge barriers, such as the Delta Works and River Thames barriers.
Five Common Mistakes in Maritime Contracts
“An ounce of prevention is worth a pound of cure.” – Henry de Bracton, DeLegibus, ~1240Often clients or prospective clients come to me with a commercial contract issue perched on the precipice of full-blown litigation or arbitration. When I ask to see the contract, often times I see errors in drafting that either (1) give rise to the problem before me or (2) could create a bigger problem for the client in the future.The risk of drafting error is higher for Europeans looking to contract with American companies.
St. Louis Regional Freightway: The Year in Review
The St. Louis Regional Freightway has compiled a summary of the major developments over the past year that either elevated the St. Louis region’s global status as a world-class freight hub or will help to advance the region’s position as the country’s freight nexus in the year ahead.“From mega projects breaking ground and global companies choosing to invest here, to newly formed partnerships that strengthen the bi-state region’s role in national and global supply chains, there was much to be excited about in 2019…
Risk & Reward of The Internet of (Maritime) Things
The Internet of Maritime Things (IoMT) is coming! Start planning now.The Internet of Things (IoT) is already with us. You can get a doorbell camera that allows you to see on your smartphone who is at or approaching your front door. You can also get a refrigerator that keeps track of items inside and will advise you when you are running low (maybe on beer). It can also automatically place orders with your local grocery store for replenishment. Your automobile will attempt to keep you in your lane and avoid collisions while keeping track of where you are…
Blount Boats: Ferries, Offshore Wind both Dominate Present, Future
MarineNews recently visited the Blount Boats facility in Warren, Rhode Island. While the year 2019 might be the ‘year of the woman’ in the eyes of the International Maritime Organization, the two women at the head of Blount Boats – Marcia & Julie Blount– have been a driving force in the U.S. boatbuilding market for decades. As Blount’s celebrates its 70th anniversary, read about the storied yard’s promising future.Founded in 1949, Blount Boats is a full-service with a customer base comprised of a variety of commercial and government entities including the U.S. Coast Guard, U.S.
ONE Joins NYSHEX Expanding Carrier Network
Ocean Network Express (ONE) has joins a group of innovative carriers who use the New York Shipping Exchange (NYSHEX) to offer their customers the ability to enter digital and mutually enforceable contracts.With seven of the leading global ocean carriers on NYSHEX, over 60% of global capacity is represented. The member carriers also represent all three container shipping alliances: 2M, Ocean Alliance and THE Alliance, providing NYSHEX shipper members a broad array of service options to choose from.“NYSHEX enables us to offer our customers an additional platform to contract with us…
Most NY Waterway Ferries Back in Service
The majority of NY Waterway ferries taken out of service for safety violations last month have returned to regular operations, the U.S. Coast Guard said.On November 24, the Coast Guard revealed that Sector New York marine inspectors determined that 23 of NY Waterway's 32 ferries had damage or discrepancies significant enough to warrant a suspension of service. Findings included inoperable fixed fire extinguishing systems and bilge alarms; expired lifesaving equipment; and structural damage affecting watertight integrity.As of December 12…
Offshore Wind: Decisions Needed Sooner, not Later
On September 26, the State University of New York Maritime College hosted a conference on the emerging east coast offshore wind industry. “Offshore Wind Power, Planning for America’s Ocean Energy” focused on four fundamental topics:• East Coast Wind Farm Overview – Status of the Industry.• Jobs and Supply Chain Technical Working Group.• Wind Farm Port Development.• Offshore Wind Maritime Operations.In some ways, actually clocking in for a day’s work on an offshore wind turbine is tantalizingly close. Ditto for power flowing from an offshore substation to a mainland interconnection.
OSG Extends AMSC Charters for Tanker Quartet
Florida-based tanker shipping company Overseas Shipholding Group (OSG) has exercised options to extend its bareboat charter agreements with Norwegian-American shipowner American Shipping Company (AMSC) for four vessels currently under charter from AMSC.The New York-listed Jones Act player said each bareboat charter agreement was extended for additional three-year terms, commencing from December 2020 and ending in December 2023.OSG previously exercised its options to extend charter agreements for all of the six other vessels that it leases from AMSC.
Maritime Schools Must Prep for Offshore Wind Jobs
The offshore wind industry in the United States is growing exponentially, with multiple projects in the development stages off of the Atlantic coast. The total megawatt capacity of U.S. offshore wind farms is anticipated to reach 22,000 by 2030 and 43,000 by 2050. To support this growth, U.S. Department of Energy reports estimate over 40,000 new jobs will be created by 2030.The new jobs anticipated to support the offshore wind industry include a wide range of types, including engineers, trade workers, surveyors, scientists, technicians, managers, and seafarers.
Prysmian Wins Equinor's Empire Wind Gig
Norwegian energy company Equinor has contracted Italian cable manufacturer Prysmian to supply the submarine inter-array cable system for the 816-MW Empire Wind project off the coast of New York.Prysmian will provide the 66kV insulated array cables and ancillaries that will transmit power from the wind turbines which will have a capacity in the range of 10-15MW.The cable system will undergo continuous fabrication at Prysmian’s centres of excellence in Montereau (France) and Nordenham…
CME Adds Two Delivery Points to WTI Houston
CME Group on Thursday said it would add two more delivery points for its WTI Houston crude futures contract, pending regulatory review, as it seeks to provide customers with additional options to hedge physical price risk.* Beginning with the March 2020 contract, customers can take delivery of U.S.
Interview: Ed Grimm, CEO, Southern Towing Company
“In God we trust. All others must have data.”When Ed Grimm took the helm of Southern Towing Company (STC)as President and CEO, he inherited an enviable team of leaders, engineers, mentors, communicators and analysts. Today STC is a clear leader on the inland waterways, pioneering and proving the business and safety value of Z-Drives on the river towboats.How did you come to the top spot at Southern Towing Company?I started in the energy industry at 16 working at an oil storage depot in New York Harbor, working there through high school and putting myself through college.
Safety Shortfalls Halt NY Ferry Service
The U.S. Coast Guard said it ordered 23 New York Waterway ferries to suspend service over the last week after a series of inspections found the vessels to be operationally unfit.Coast Guard Sector New York marine inspectors determined the 23 ferries had damage or discrepancies significant enough to warrant suspension of operations. So far, two of those vessels have been reinspected and returned to normal operations.“The safety of the public is our top priority, and we expect our ferry operators to uphold the highest standards,” said Capt. Jason Tama, commander of Coast Guard Sector New York.
Metal Shark Delivers 30th Passenger Vessel
USA shipbuilder Metal Shark has delivered its 30th passenger vessel since June of 2017. Built at Metal Shark’s Franklin, Louisiana shipyard, the newest ferry delivery, a 97-foot, 350-passenger, USCG Subchapter “K,” welded-aluminum, high-speed, low-wake catamaran, was handed off to its operator last week and will soon enter service.“To achieve this extraordinarily high volume production of passenger vessels, we adapted and incorporated the now-proven serialized production methods that we initially developed to build patrol boat fleets for the US military…
Gunvor to Charter Flex LNG Newbuild
Commodity trader Gunvor Group will charter a liquefied natural gas (LNG) carrier from shipping firm Flex LNG for up to 10 years, the two companies said on Monday.Geneva-based Gunvor, which has said it wants to take a lead in energy transition by investing in cleaner natural gas, last year became the biggest trader in the burgeoning LNG market.The initial contract is for five years, with options to extend to 10, the firms said. The vessel, with capacity to transport 173,400 cubic meters of LNG, is under construction at Korean yard Daewoo Shipbuilding & Marine Engineering."We look forward to taking delivery of one of the most technologically advanced LNG vessels in the world to serve our long term portfolio…