Dry Bulk Carrier Segment Revival Seen by Analyst
Freight rates are set to rise across all dry bulk carrier segments as the global economic recovery gains momentum, ending the sector’s most bearish run since the start of the economic crisis in 2008/2009, according to Newport Shipping’s 'Dry Bulk Market Outlook 2014 Q2'. Seaborne trade in bulk commodities is expected to pick up after almost two years of slow to moderate economic growth to almost 9% this year, after which it will ease off slightly to an annual growth rate of about 7%.
CEO Lone: China, India to Dominate Oil Trade
China and India will account for about 35% of global oil trade in the next 10 to 15 years, according to predictions by Harald Lone, Chairman and CEO of Newport Shipping Group. Many traditional global shipbuilding patterns are in flux with the proliferation of oil and gas coming from the U.S. shale, and oil supplies traditionally bound for the U.S. will have to find new markets. Lone contends that China and India will become “very important” to the crude oil markets. “There is no doubt that shale oil and gas is changing the oil industry and it will have a major impact on trade flows…
Ship Efficiency a Priority, Even with Low Crude Prices
Ship efficiency is just as relevant and important in a bearish oil market as when shipowners have to pay over $600 for a metric ton of heavy fuel oil, Newport Shipping avows. Hakan Ozcan, the Chief Financial Officer of Ecoships, the technical ship management arm of Newport Shipping Group, said, “With crude oil prices at their lowest since April 2009, the temptation is to put your foot on the gas and speed up a bit but this is not the way forward. Ozcan continued, “Admittedly bunker fuel will continue to be the largest single operational cost for shipowners…
Freight Rate Peak Forecasted for 2016
The supply/demand imbalance that drove dry bulk markets down to 2009 levels during the first half of the year is set for adjustment, with Newport Shipping Group predicting an improved tonnage balance over the next couple of years, resulting in a freight rate peak in the 2016/2017 period. “The dry bulk markets during the first half of 2014, especially Panamax, Supramax and Handysize, have not been at these low levels since the financial crisis in early 2009,” said Harald Lone, Chairman of Newport Shipping Group.
Bulk Carrier Freight Rates Predicted to Peak in 2016
“A fundamental and sustainable dry bulk market recovery is expected in the second half of 2015 and throughout 2016, when the total dry bulk market balance could peak at 88%, with peaks during the fourth quarter close to 92%. The supply/demand imbalance that drove dry bulk markets down to 2009 levels during the first half of the year is set for adjustment, with Newport Shipping Group predicting an improved tonnage balance over the next couple of years, resulting in a freight rate peak in the 2016/2017 period.
Newport Shipping Upbeat on Dry Bulk Segment
Freight rates are set to rise across all dry bulk carrier segments as the global economic recovery gains momentum, ending the sector’s most bearish run since the start of the economic crisis in 2008/2009. According to the latest edition of Newport Shipping’s Dry Bulk Market Outlook, seaborne trade in bulk commodities is expected to pick up after almost two years of slow to moderate economic growth to almost 9% this year, after which it will ease off slightly to an annual growth rate of about 7%.
Navy's Newest Expeditionary Fast Transport Ship Named
The U.S. Navy’s next Expeditionary Fast Transport (EPF) ship will be named USNS Newport (T-EPF 12), announced Secretary of the Navy Richard V. Spencer. The new vessel, currently under construction at Austal USA in Mobile, Ala., is the fourth ship named in honor of the Rhode Island city which serves as home to several Navy activities, including Naval Station Newport and the Naval War College. USNS Newport is the 12th and final vessel in the EPF in the series, formerly known as the Joint High Speed Vessel (JHSV).
New Bulk Carrier Design Puts Ecoships in the Lotus Position
Ecoships, the technical shipmanagement arm of Newport Shipping Group, has introduced a next generation bulk carrier design, developed to set the standard in ecologically compatible marine transportation. Inspired by the low friction to water flow and self-cleaning properties of the lotus flower – a symbol of purity and beauty in Buddhist and Hindu philosophy – Ecoships’ Greenlotus 32, is a 32,500dwt geared, wide hatched, handy-size bulker, designed to meet existing and future CO2 (carbon dioxide) NOx (oxides of nitrogen) and SOx (oxides of sulphur) emissions regulations.
Newport News Shipbuilding Bags US Navy Submarine Contract
The U.S. Navy has given Newport News Shipbuilding a $106 million contract to provide engineering and industrial support for submarines. Huntington Ingalls Industries, parent company of Newport News Shipbuilding, said the contract will be worth a total of $564 million, as the special mission submersibles, submarine support facilities and related programs are also covered by the contract. Newport News Shipbuilding is one of only two U.S. shipyards capable of building nuclear-powered submarines and has completed hundreds of ship repair projects for the government…
Northrop Grumman Awarded Contract for Sub Work
Northrop Grumman Corporation announced that it received a contract award for dry docking work on the nuclear-powered submarine USS Minneapolis-St. Paul (SSN 708). Newport News sector in Newport News, Va. and repairs to the sail, pressure and non-pressure hulls. of availability. Maintenance. and the performance completion is scheduled for mid-June.
Three Exec Appointments at Newport News
Northrop Grumman Corporation announces the following three executive appointments in its Newport News sector: Becky Stewart, currently vice president, Surface Ship and Submarine Fleet Maintenance Program has been named head of the Submarine Program; Irwin F. Edenzon, currently vice president, Business and Technology Development, has been named vice president, Technology Development and Fleet Support; and John J. promoted to vice president, Business Development. All appointments are effective Feb. 1, 2004. Grumman corporate vice president and president of the Newport News sector. As vice president, Submarine Program, Becky Stewart will be responsible for all new submarine construction projects.
General Dynamics To Buy Newport News Shipbuilding
General Dynamics Corp. said it would buy rival Newport News Shipbuilding Inc. for $2.1 billion in cash, creating the only U.S. builder of aircraft carriers and submarines for the U.S. Navy. General Dynamics' bid comes amid renewed consolidation in the defense industry, following Northrop Grumman Corp.'s $3.8 billion purchase last year of shipbuilder Litton Industries. The deal, if approved by regulators, would leave only two major U.S. contractors for naval military ships. Under terms of the transaction, General Dynamics will pay $67.50 for each of Newport News' 31.9 million shares outstanding and assume about $500 million in Newport News debt. The offer represents a 23 percent premium to Newport News' closing stock price of $55.05 on Tuesday.
Northrop Grumman Announces Leadership Appointments
Irwin F. Edenzon, vice president and general manager for the Gulf Coast for Northrop Grumman Shipbuilding. Corporation announced two newly created and key positions at its Shipbuilding sector. Matthew J. Mulherin has been appointed sector vice president and general manager of Newport News, and Irwin F. Edenzon has been appointed sector vice president and general manager for the Gulf Coast. They will report to Mike Petters, corporate vice president and president of Northrop Grumman Shipbuilding…
Northrop Grumman Moves Ahead With Hostile Takeover
Northrop Grumman Corp. started its exchange offer for shares of Newport News Shipbuilding Inc., moving forward with its hostile bid despite Newport's planned merger with rival General Dynamics Corp. Northrop said it would immediately enter negotiations with Newport News if the maker of nuclear-powered aircraft carriers and submarines allowed Northrop to conduct a due diligence review. A spokeswoman for Newport News said the board would review the offer and make its recommendation. A General Dynamics spokeswoman said the company had not yet reviewed Northrop's bid. Northrop's offer gives Newport shareholders the option to receive $67.50 per share in cash or shares of Northrop common stock.
Northrop Grumman Newport News to Lay Keel
Northrop Grumman Corporation's Newport News sector is teamed with Electric Boat to build the first four ships of the Virginia-class. Texas is the second ship of the class and the first one that will undergo final assembly and delivery at Newport News in 2005. The keel that will be laid for Texas is part of the stern section of the ship. The keynote speaker for the ceremony will be U.S. Sen. John Warner of Virginia. Corporation Chairman and Chief Executive Officer Kent Kresa, Northrop Grumman Newport News President Tom Schievelbein, Virginia Gov. Mark R. Warner, Secretary of the Navy Gordon England, U.S. Sen. Boat President Mike Toner. Ceremony attendants will include both Northrop Grumman Newport News and Electric Boat employees who are building Texas, U.S.
Northrop Grumman Awarded $1.94B Contract
The U.S. the aircraft carrier USS Carl Vinson (CVN 70). hundreds of systems. and another 600 will be overhauled in various ship systems. the island. and support a new antenna mast designed for more modern sensors. News. span. major life-cycle milestone. News sector on Nov. 11. project. Named for former U.S. Rep. built at Northrop Grumman Newport News and christened in 1980. first living American to have a Navy ship named in his honor. was commissioned by the Navy in 1982.
Newport News Shipbuilding and Avondale Industries to Merge
The boards of directors of Newport News Shipbuilding (NNS) and Avondale Industries have approved a definitive agreement to combine the two companies. The transaction creates a leading, broad-based shipbuilding company with estimated 1999 revenues of $2.6 billion and nearly 24,000 employees. The combined company will be known as Newport News Avondale Industries. "The combination of Newport News and Avondale brings together two highly skilled and tremendously capable shipbuilding companies,'' said William P. Fricks, chairman and CEO of Newport News. Albert L. Bossier, Jr., chairman and CEO of Avondale, said, "This merger is about building a stronger combined company.
Newport News Selects Paramarine Design Software
QinetiQ’s Paramarine Ship and Submersible Design Software has been selected by Newport News Shipbuilding (NSS) as its primary naval architectural software. QinetiQ Paramarine Software will be used for all ships designed and built at its shipyard, including use on the U.S. Navy’s latest class of aircraft carriers and to support submarine research and development. As the sole designer, builder and refueler of U.S. Navy aircraft carriers, and one of two providers of U.S. Navy submarines…
Steven Palazzo Visits HII, Newport
Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi, which includes Newport News' sister shipyard, Ingalls Shipbuilding. The visit provided an opportunity for Palazzo to see nuclear shipbuilding at Newport News and understand the value that Mississippi suppliers contribute to ship construction in Newport News. Palazzo's visit included a tour of aircraft carrier Gerald R. Ford (CVN 78), which is about 85 percent complete and scheduled for delivery in 2016.
Leadership Changes at Newport News Shipbuilding
Huntington Ingalls Industries (HII) announced several leadership changes at the company’s Newport News Shipbuilding division. Lucas Hicks has been promoted to vice president of construction for the aircraft carrier John F. Kennedy (CVN 79), and Charles Southall has been promoted to vice president of engineering and design. Southall succeeds Jennifer Boykin, who previously served in the role before being named president of Newport News Shipbuilding. Mike Shawcross, who currently serves as Newport News’ vice president…
HII Wins USS Columbus Submarine Repair Work
Huntington Ingalls Industries (HII) announced that its Newport News Shipbuilding division has been awarded a $219 million modification to a previously awarded contract to execute maintenance and modernization efforts on the submarine USS Columbus (SSN 762). Contract work includes maintenance, repair, alterations, testing and routine work on the ship’s hull structure, tanks, propulsion systems, electric plant, auxiliary systems, armament and furnishings. Work will begin immediately and is expected to be completed in August 2019.
Northrop Grumman Redelivers USS Enterprise
Northrop Grumman Corporation’s Newport News sector has successfully redelivered the world's first nuclear powered aircraft carrier, USS Enterprise (CVN 65), to the U.S. Navy after an Extended Drydock Selected Restricted Availability (EDSRA). The redelivery took place May 7 after successful sea trials. "This accomplishment is the result of a lot of hard work by the shipbuilders of Northrop Grumman Newport News and by the Navy," said Bob Gunter, senior vice president, Aircraft Carrier Programs, Northrop Grumman Newport News. electrical systems. Va. Shipyard, which was responsible for a portion of the work performed. sea," said Capt. Eric Neidlinger, Enterprise's commanding officer. personnel find Enterprise in her best condition in decades. defending the United States for more than 41 years.
USS Dwight D. Eisenhower Redelivered
Northrop Grumman Corporation redelivered to the Navy the nuclear-powered aircraft carrier USS Dwight D. Eisenhower (CVN 69) after completing its one and only refueling and complex overhaul in a 50-year life span. two nuclear propulsion plants are fully mission capable. carrier program at Northrop Grumman Newport News. undergo this major life-cycle milestone. spaces, and laundry and berthing spaces. of new paint. another 600 were overhauled in various ship systems. systems and the island house. better radar capabilities. a new radar tower aboard the ship. christened on October 11, 1975 by Mrs. the ship's namesake, President Dwight D. Eisenhower. commissioned by the U.S. the Mediterranean Sea in January 1979. mid-life refueling and complex overhaul.