Nv News

Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship financeThe Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.The Poseidon Principles are consistent with the policies and ambitions of the IMO, including its…

Frontline announced it has reached a deal to sell its five oldest very large cruse carriers (VLCC) to an undisclosed buyer for an aggregate net sale price of $290 million.The vessels, built in 2009 and 2010, are expected to be delivered to the new owner during the first quarter of 2024.After repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $207 million, and the Company expects to record a gain in the first quarter of 2024 in the range of approximately $68 million to $76 million…

The Supervisory Board of Van Oord intends to nominate Govert van Oord as the new CEO of Van Oord. The formal appointment will take place at Van Oord's Annual General Meeting of Shareholders on April 11, 2024.The Board is pleased to be able to transfer the leadership of the family business from the 4th to the 5th generation Van Oord family.Govert van Oord has been with Van Oord since 2002 and has worked for the company in the Middle East, Spain and Brazil, among others. He is currently responsible for the Dredging & Infra Business Unit as Managing Director.

Offshore wind installation company Havfram has signed a Senior Secured Green ECA Term Loan Facility to fund its two wind turbine installation vessels ("WTIVs"), currently under construction at CIMC Raffles in China. The Facility was entered into with a syndicate led by DNB Bank ASA (Coordinator, Bookrunner, Green Loan Advisor and Agent) with SpareBank 1 SR-Bank ASA, Credit Agricole, Sparebanken Vest and Rabobank as Mandated Lead Arrangers and with Export Finance Norway as ECA lender.

Kongsberg Maritime said Friday it had completed a live trial of autonomous shipping technology in Bornem, Belgium, demonstrating the company's progress in fully autonomous systems.The test vessel, Zulu 4, an inland waterway barge owned by Blue Line Logistics NV, is equipped for remote-operated and autonomous transport demonstrations for the AUTOSHIP project, which is part of Horizon 2020, an EU research program.As part of the test, Zulu 4 maneuvered and navigated on unrestricted waterways, and it demonstrated berthing and unberthing capability.

Norwegian shipowner Ocean Yield on Friday announced it has finalized order details for a series of new Newcastlemax bulk carriers.The company announced in December 2022 that it had agreed to acquire a minimum of five and a maximum of 10 vessels with expected delivery dates between Q1 2025 and Q2 2026.Ocean Yield now revealed it has agreed with the charterer that the final transaction scope will be eight or nine vessels, with expected delivery dates between Q3 2024 and Q4 2025.Upon delivery…

Climate change, rising sea levels, land reclamation and offshore energy are all factors underpinning business models at Europe’s dredge and marine engineering majors. They are adopting strong sustainability credentials as their operations come under closer environmental, social, governance (ESG) scrutiny and new opportunities open up in the US offshore wind sectorThe relatively small number of global marine engineering and dredge firms face more observation of their business models than ever before.

Belgian tanker operator Euronav has filed an application for urgent arbitration in relation to tanker firm Frontline’s unilateral termination of the previously proposed merger agreement.Frontline on January 9 said that a $4.2 billion deal to merge with rival Euronav NV was terminated, a combination that would have created the world's largest publicly listed tanker company."Euronav is requesting to suspend such termination pending a determination on the merits pursuing primarily the specific performance of the combination agreement.

Oil tanker company Frontline said on Monday a $4.2 billion deal to merge with rival Euronav NV was terminated, a combination which would have created the world's largest publicly listed tanker company.Frontline will not make a voluntary conditional exchange offer for Belgian oil tanker and storage operator Euronav's shares and will no longer seek a listing on Euronext Brussels, it said in a statement."We regret that we could not complete the merger as envisaged in July 2022, as that would have created the by far largest publicly listed tanker company," Chief Executive Lars Barstad said.The two companies announced the deal last year, aiming to create a market-leading oil tanker group with 146 vessels.

When the supertanker Young Yong sailed to the Chinese port of Qingdao in September last year, it had quality certificates for its cargo stating it was transporting Malaysian crude oil, according to the documents reviewed by Reuters.But satellite images and photos show the Chinese-owned ship had loaded the oil four months earlier in Venezuela, an OPEC nation in South America under U.S. oil sanctions.The Young Yong is one of three vessels identified by Reuters that were chartered by little-known companies to export Venezuelan oil and used false documents to conceal its origin, according to shipping documents and 11 sources with knowledge of the trade.Two of those tankers, including the Young Yong, were designated this month by U.S.

While the average person may have a little trouble placing the name Jan De Nul, as in “JDN Group”, that’s not necessarily the case throughout parts of Europe and in nautical circles. There the Belgium-based company is known for its dredging capabilities and high-profile projects in Dubai and the Suez Canal.In addition to dredging, JDN is building a reputation as a global player in its other business segments: offshore services, civil engineering, and environmental. Today, the company continues to invest heavily in all areas of the business.

Russian and Kazakh oil exports via the Caspian Pipeline Consortium's (CPC) Black Sea terminal face at least one month's disruption each once repairs begin on two of its three single point moorins (SPMs), CPC confirmed on Tuesday.Oil exports via the two SPMs have been suspended due to equipment damaged by bad winter weather, CPC said on Monday, confirming a Reuters report on Saturday.CPC added that a planned inspection of the third SPM at the Yuzhnaya Ozereyevka terminal would require it to be temporarily shut for a matter of hours.

Oil tanker operator International Seaways has sold its 50% stake in two floating storage and offshore (FSO) vessels, the FSO Asia and FSO Africa, to its joint venture partner Euronav NV. The purchase price values the two FSO vessels at $300 million in total. Net of adjustments for working capital and expenses, International Seaways received approximately $140 million in cash from the sale.The transaction has been approved by North Oil Company (“NOC”), the operator of the Al Shaheen offshore oil field in Qatar, whose shareholders are Qatar Energy and Total E&P Golfe Limited.

HAL Holding said Thursday it intended to launch an offer for the Dutch marine services and dredging giant Boskalis' all issued and outstanding ordinary shares of Boskalis, at €32.50 per share.HAL, which currently holds 46.2% of the issued Boskalis shares, said it supported Boskalis’ current strategy, and that it has no intention to change its management or governance, "and is committed to the long-term interests of Boskalis and its stakeholders, including its employees."The company…

PAO Sovcomflot (SCF Group) signed a $110 million credit facility, for 10 years, with ING BANK N.V., SMBC BANK EU AG and UNICREDIT BANK AG, to finance two new ice-class shuttle tankers.The ships, scheduled to be delivered in Q1 2022, will serve the Sakhalin-1 project (oil and gas development in the Sea of Okhotsk, on the north-eastern shelf of Sakhalin Island, Russia. Exxon Neftegas Ltd. (an affiliate of Exxon Mobil) is the project’s operator and acts as the charterer for the vessels.

Exxon Mobil is in discussions with Dutch contractor SBM Offshore NV to build a fourth multibillion-dollar production unit to develop its Guyana oil discoveries, two people close to the negotiations said.The talks include the potential for some future platform assembly in Guyana, the people said. Guyana hopes to develop an oil industry infrastructure to boost the economy and job growth. Officials are under pressure to show the potential oil bonanza will be shared with its citizens.The South American country is home to the world's biggest offshore discoveries in years…

Grandweld shipyard has won a contract with offshore support vessel firm Stanford Marine to build two 42-meter GrandSuperior crew boats with the keel-laying ceremony recently completed. These are Grandweld’s 11th and 12th vessels built for Stanford Marine.Jamal Abki, General Manager of Grandweld Shipyards said “In 2021, we have secured multiple shipbuilding contracts worth $30 million. Although 2020 was difficult for the industry as a whole, we saw a surge in business. This has continued in 2021 and we now have a solid order book until the end of 2022.

Effective July 1, 2021, Carlos Maenhout is retiring from his position as Founder and Managing Director of BMT Belgium, the company that he and his wife founded in 1991, a company subsequently sold to the BMT Group in 2005.Carlos Maenhout qualified with a Master of Science in Naval Architecture and Marine Engineering from the University of Ghent, and with an Honors Degree in Maritime Science from the University of Antwerp. His consultancy career in maritime has spanned over four decades…

On May 10, 2021, the methanol-dual fueled chemical tanker Takaroa Sun, owned by NYK Bulkship (Asia) Pte. Ltd. participated in what is touted as the world’s first barge-to-ship bunkering of methanol fuel. The bunkering of methanol fuel was conducted in Rotterdam port under the leadership of the charterer Waterfront Shipping Company Limited, together with the cooperation of the Port of Rotterdam, Royal Vopak N.V., and TankMatch B.V.Methanol fuel produces up to 15% less carbon emissions during combustion than conventional fuel oil and reduces sulfur oxide (SOx) emissions by approximately 99%.

Ukrainian shipping company PJSC Ukrainian Danube Shipping Company (UDP) signed a letter of intent (LOI) with Belgian engine manufacturer Anglo-Belgian Corporation NV (ABC) to modernize its pushboat fleet.The LOI signed under the auspices of the Embassy of Belgium in Ukraine provides UDP with the possibility to install hybrid engines with equipment provided by ABC for up to 33 UDP pushboats. The fleet modernization would enable UDP to prolong the life of outdated fixed assets and…

CCGS Terry Fox, one the largest icebreakers in the Canadian Coast Guard (CCG) fleet, has returned to service with new Thordon propeller shaft bearings after concluding that fitting laminate phenolic bearings would extend drydock time and costs.The 88-meter-long vessel, built in the 1980s, had been operating Thordon’s water lubricated elastomeric polymer bearings on both shafts for 24 years. Then in 2018 the port shaft was retrofitted with a European made laminate phenolic-type bearing as part of a shaft alignment contract with the manufacturer.In December 2020…

Singapore-headquartered shipping company Eastern Pacific Shipping (EPS) said on Friday that it signed a memorandum of understanding (MOU) with OCI N.V. (OCI) and MAN Energy Solutions (MAN) to develop methanol and ammonia as marine fuels to aide in industry-wide decarbonization and environmental preservation efforts.The partnership involves using select conventional vessels from EPS’ existing tanker fleet that use MAN engines to be retrofitted, allowing them to be powered by methanol and ammonia which will be supplied by OCI. Also, EPS will construct newbuild vessels with MAN engines powered by the same two alternative marine fuels. OCI intends to charter the first retrofitted vessel from EPS.The announcement is in line with EPS’ agnostic approach to its alternative marine fuel program.

A liquefied petroleum gas (LPG) carrier struck a Washington State wharf in 2019 because the pilot approached with excessive speed and at too steep an angle, resulting from poor bridge resource management by the Puget Sound pilot and the ship’s bridge team, the National Transportation Safety Board said Thursday.The 741.5-foot partially loaded tanker Levant struck the Petrogas Ferndale Wharf in Puget Sound, near Ferndale, Wash., on December 15, 2019, causing more than $6.75 million in damage to the wharf and $1.5 million in damage to the vessel. The wharf’s south mooring dolphin, and the catwalk connecting it to the wharf, were destroyed and the Levant’s forward ballast tank was penetrated and flooded.