Seacor Announces JV with Cosco Shipping Affiliates
Offshore services vessel operator SEACOR Marine Holdings Inc. said it has formed a jointly owned company with affiliates of the world’s largest ship owner, COSCO Shipping Group. The Marshall Islands company, SEACOSCO Offshore LLC, entered into contracts for the purchase of eight Rolls-Royce designed new construction platform supply vessels (PSV) from COSCO Shipping Heavy Industry (Guangdong) Co., Ltd. Six of the PSVs are of UT 771WP design (4,400 tons deadweight), and two are of UT 771CD design (3,800 tons deadweight).
Ludin Charters Simon Møkster PSV
Norwegian offshore vessel owner Simon Møkster Shipping AS said it has been awarded a contract with Lundin Norway AS for the platform supply vessel (PSV) Stril Mar. The 2016-built Stril Mar will be under firm contract until the summer of 2018, plus additional options.
Bibby Offshore Recapitalization Completed
Subsea services provider Bibby Offshore Holdings Limited said it has completed the recapitalization of its balance sheet announced on December 5, 2017. The agreement to recapitalize the balance sheet was approved January 10 by 98.7 percent of noteholders of the £175 million (approximately $243 million) 7.5 percent senior secured notes, and makes noteholders the new owners of the group. “The completion of the recapitalization will be transformational for Bibby Offshore and is a major milestone for our business,” said Howard Woodcock, chief executive of Bibby Offshore.
Asbestos: Maritime’s Ticking Time Bomb
The International Maritime Organization (IMO) should amend regulations banning the use of asbestos and asbestos containing materials (ACM) in ships, says John Chillingworth, senior marine principal at Lucion Marine. Regulations under the International Convention for the Safety of Life at Sea (SOLAS) state that if asbestos is found onboard a ship built after July 2002 then the vessel’s flag registry, in conjunction with its classification society, issues a non-extendable exemption certificate, providing the owner with a three-year window in which to remove the asbestos.
Myanmar Accedes to Treaty Covering Bunker Oil Pollution Damage
The International Maritime Organization (IMO) treaty ensuring that adequate compensation is available to persons that suffer damage caused by oil spills, when carried as fuel in ships’ bunkers, has been ratified by Myanmar. The International Convention on Civil Liability for Bunker Oil Pollution Damage (BUNKER) applies to damage caused on the territory, including the territorial sea, and in exclusive economic zones of States under the Convention. Under the Convention, the registered owner of a vessel is required to maintain compulsory insurance cover…
Yanmar Rolls Out New Marine Power Offerings
Yanmar has already introduced several new products for the marine market in 2018, including a new common rail inboard marine diesel engine touted as the world's smallest, higher horsepower offerings in its mid range series, and expanded joystick controls. Yanmar Marine International has launched the latest addition to its family of new generation common rail (CR) diesel engines, the compact Yanmar 3JH40 inboard engine, at boot Düsseldorf. The three-cylinder 3JH40 has been developed as the marine industry’s smallest CR inboard diesel engine, Yanmar said.
Union Maritime Tanker MT Barrett Disappeared in Gulf of Guinea
London-based tanker owner company Union Maritime vessel stated that, MT Barrett, a product tanker which was at anchor off Benin, West Africa has not been heard from since late on Tuesday 9th January. "On Wednesday we alerted local maritime authorities and are exploring all possible options and efforts as we continuously monitor the situation. Whilst we are tirelessly working to locate the vessel, our primary concern is for the 22 crew on board and ensuring their safety," said a press release from the company.
Seadrill Bondholders Post Cash Deposit for Rival Restructuring
Owners of unsecured bonds in rig firm Seadrill have posted a cash deposit to back an alternative financial restructuring, paving the way for talks with the drilling operator over its future, the two sides said on Monday. Seadrill, once the largest drilling rig operator by market value, filed for bankruptcy protection in a U.S. court on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices. The company's main owner, Norwegian-born billionaire John Fredriksen…
Crystal Nordic Sold to Essberger Tankers
Nordic Tankers and Embarcadero Maritime (a joint venture between Borealis Maritime and KKR) have signed and closed an agreement to sell the jointly held company Crystal Nordic to John T. Essberger in Hamburg, a leading owner and operator of chemical tankers in Europe. Crystal Nordic was established following the combination of Nordic Tankers’ inter-European stainless steel chemical tanker business with Crystal Pool in 2015. The parties have agreed not to disclose any financial information.
TEN Sells, Leaseback Two Suezmax Tankers
Greece-based Tsakos Energy Navigation (TEN) has announced that it has sold for $65.2 million gross, through a five-year sale and leaseback transaction, the 2005-built Suezmax tankers Eurochampion 2004 and Euronike. The sale proceeds have been used to reduce debt and add $16.0 million of cash to TEN’s balance sheet. The vessels were delivered to their new owners in late December 2017. “Following the 15-vessel renewal program that was completed last quarter, the sale and purchase of vessels remains an integral part of TEN’s strategy to maintain its owned fleet modernity and enhance liquidity…
French SMART PORT in Med Soon
The members of the SMART PORT steering committee adopted a first series of projects designed to take advantage of the digital transition with a view to affirming and consolidating the importance of the Aix-Marseille Provence Metropolis as a seaport. The steering committee also supported the creation of a program focusing on research and innovation: the Brain Port Community. This partnership will be based on a multi-party agreement between Aix-Marseille Université, the Port of Marseille Fos, the CCIMP, Métropole Aix-Marseille, and the PACA region.
Hong Kong to Host Global Maritime Forum Inaugural Annual Summit
Hong Kong is chosen to host the Global Maritime Forum’s inaugural Annual Summit on 3-4 October 2018. The high-level meeting will convene key industry leaders with policymakers, experts, NGOs and other influential decision-makers and opinion shapers. Their task will be to share their ideas on the challenges facing the maritime industry and to develop practical proposals to optimise global seaborne trade, thereby increasing sustainable long term economic development and human wellbeing. “We look forward to welcoming the world’s maritime decision-makers to Hong Kong.
Royal IHC Launches TSHD Newbuild
A new multipurpose 5,450m3 trailing suction hopper dredger (TSHD) was officially named and launched during a ceremony on January 11 at Royal IHC’s shipyard in Krimpen aan den IJssel, The Netherlands. The dredger, named DC Orisant, is being built for a joint venture between Den Herder (Reimerswaal Dredging) and Group de Cloedt and is slated for delivery in mid-2018 for work in the dredging and offshore wind markets. “The DC Orisant is a TSHD with full system redundancy and can perform a wide range of projects.
European Owners Lead in Buying Up Secondhand Tonnage
With European owners leading the pack in buying up vessels, the sale and purchase market appears to have been notably active in recent years, reveals Clarkson Research Services Limited. While Europe has been the main buyer region, the picture between owner countries in each region remains mixed. Greek owners have been the key European buyers, while Chinese and Japanese owners have taken very different approaches to S&P activity. The sale and purchase market has seen firm activity since the start of 2014, with 3,313 vessels of a combined 117.7m GT reported sold during this time.
Global Ship Lease Eyes Acquisitions
The London-based Global Ship Lease (GSL) said that it is well-positioned as one of few publicly listed containership leasing companies to acquire attractive portfolios of ships, attract growth capital or find a complementary merger partner. The containership charter owner has engaged Evercore to act as financial advisor to assist in reviewing strategic alternatives focused on maximizing shareholder value. GSL has successfully refinanced of all of the its indebtedness in October 2017 and with a strengthening market backdrop.
MISHA to Install DESMI BWMS Fleet-wide
Danish firm DESMI Ocean Guard A/S said it has finalized a contract to supply CompactClean ballast water management systems (BWMS) to the entire fleet of Turkish ship owner MISHA Shipping. The contract includes delivery of 10 CompactClean BWMS in sizes from 340 to 750 m3/h, with the first system to be delivered later in 2018 for the m/v Mohican currently under construction. MISHA Shipping is a privately held company with both shipping and shipyard activities. Its vessels are shallow-draft dry cargo vessels primarily designed for operations in Russian inland waters…
Canada Fines another Vessel for Speeding
Transport Canada has issued a $6,000 fine to the owner of Panama flagged bulk carrier Federal Cardinal after the supramax vessel allegedly failed to comply with vessel speed restrictions in the Gulf of St. Lawrence. In August Canada put in place a temporary mandate for vessels of 20 meters or more to slow to a maximum of 10 knots due to the increased presence of whales in the western Gulf of St. Lawrence, between the Quebec north shore and just north of Prince Edward Island – a rule that will remain in effect until the whales have migrated away from the area.
Enforcement of Charter Party Cargo Lien
The U.S. Court of Appeals for the Fifth Circuit ruled that a ship owner must perfect a cargo lien arising under a charter party before the cargo owner pays its freight. In the instant case, the cargo owner contracted with a middleman for the transport of various shipping containers. The middleman chartered a ship owned by defendant. The cargo owner paid the middleman, who neglected to pay the ship owner. The ship owner asserted a lien on the cargo. The court held that, in order to enforce a lien on cargo carried under a charter, the ship owner must perfect the lien by providing actual notice to the cargo owner before the cargo owner has paid under its bill of lading. Lykes Lines Limited v. M/V BBC SEALAND, No. 04-20057 (5th Cir.) (HK Law)
MAN's Part-Load Optimization a Fuel Saver
MAN Diesel & Turbo’s Part-Load Optimization is a tuning method designed to optimize fuel-oil consumption during the part-load operation of four-stroke, small-bore MAN auxiliary engines. “Part-Load Optimization works on the principle that fuel consumption is reduced at low and part load at the expense of a higher fuel consumption in the high-load range, without exceeding the IMO NOx limit,” explained Finn Fjeldhøj – Head of Small-Bore, Four-Stroke Engineering – MAN Diesel & Turbo. “We can deliver new engines pre-optimized or retrofit as necessary.
GasLog: New Shipbuilding Order with SHI
GasLog , an international owner, operator and manager of liquefied natural gas (LNG) carriers, has announces that it has ordered a newbuild 180,000 cubic meter vessel with XDF propulsion from Samsung Heavy Industries (SHI) that is scheduled to deliver in the third quarter of 2019. This vessel is currently unchartered but its early delivery means that it is expected to deliver into a strong LNG shipping market. Paul Wogan, Chief Executive Officer of GasLog Ltd., commented, "I am very pleased to announce this expansion in our fleet.
Invoicing Error Lays Massive Bill on Shipbroker
ITIC revealed how an invoicing error led to a shipbroker being asked to foot the bill for a bunker supply amounting to more than three-quarters of a million dollars. In its latest Claims Review, ITIC cites the case of a chartering broker which arranged a fixture for a voyage from the Black Sea to Singapore. The recap showed the identity of both the registered owner and the disponent owner with whom the negotiations had been concluded. The disponent owner asked the broker to arrange the purchase of bunkers, and an order was placed with a supplier. The cost of the bunkers was $777,278.
Norway SWF Dumps 3 Shipping Firms
The Norwegian Central Bank has decided to exclude ship owners Evergreen Marine Corporation, Precious Shipping, Korea Line Corporation and Thorensen Thai Agencies from the Government Pension Fund Global (GPFG). The exclusion is based on the companies’ poor management of their end-of-life ships and the sale of these for dirty and dangerous shipbreaking on the beaches of Gadani, Pakistan and Chittagong, Bangladesh. The Norwegian Council on Ethics directs the Norwegian Central Bank…
Global Ship Lease Extends TC with CMA CGM
Global Ship Lease, a containership charter owner, announced that it has agreed to an extension of its charter with CMA CGM for the GSL Tianjin, a 2005-built, 8,063 TEU containership. The vessel will be chartered for a period of eight to twelve months (at the charterer's option) at a fixed rate of $11,900 per day, commencing in direct continuation from its current charter on January 26, 2018. Ian Webber, Chief Executive Officer of Global Ship Lease, commented, "We are pleased to have secured this extension with CMA CGM for the continued employment of the GSL Tianjin.