Multipurpose Cutter Suction Dredger Delivered in UAE
Dredge Yard delivered a multipurpose cutter suction dredger ECO 200 to a real estate developer in the United Arab Emirates for the reshaping and maintenance of existing islands. The dredger, delivered completely assembled and launched into the water by mobile crane, will be used for connecting some of the islands and deepening the sea entrance between the islands.Due to current and erosion, the coast of the islands changes with the years. For this reason, it is necessary to perform periodical maintenance to keep the shape of the islands and maintain its beaches.
Singapore's Offshore Industry Recovering
A big drag on Singapore's growth in recent years, the embattled offshore and marine industry, has broken a three-year losing streak. Yet industry executives aren't betting on a return to the glory days anytime soon.The industry, along with a top-class finance sector, has been a key pillar of Singapore's economic transformation into a first world economy since independence from British colonial rule in 1965 and a source of national pride. But a 2014 collapse in oil prices has resulted in thousands jobs lost…
'Hyundai Town' Grapples with Slowed Shipyard and Grim Future
When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day and night and workers could make triple South Korea's annual average salary.But the 52-year-old was laid off in January, joining some 27,000 workers and subcontractors who lost their jobs at Hyundai Heavy between 2015 and 2017 as ship orders plunged.To support their family, Lee's wife took a minimum wage job at a Hyundai Motor supplier.
Seized Superyacht Linked to 1MDB Probe Arrives in Malaysia
A $250 million superyacht, impounded as part of a hunt for assets linked to the multi-billion dollar investigation into 1Malaysia Development Bhd, arrived at a port in Malaysia on Tuesday about six months after it was seized.The Cayman Islands-flagged Equanimity was first seized in the Indonesian holiday venue of Bali in February at the request of U.S. authorities investigating 1MDB.The Malaysian state fund is at the center of money-laundering probes in at least six countries, including the United States, Switzerland and Singapore.
ATCO Buys 40% Stake in South American Port
Calgary-based natural gas, electrical and real estate giant ATCO is getting into the transportation business after buying a 40-per-cent stake in a South American port operator Neltume Ports for about CAD$450 million (USD$340 million).Neltume Ports, a subsidiary of Ultramar, operates in 16 port facilities and three stevedoring businesses primarily located in Chile and Uruguay. “This acquisition represents an important milestone in the execution of ATCO’s long-term strategy to diversify…
TNPA Focuses on Ship Repair
Transnet National Ports Authority (TNPA) appointed Preston Khomo, previously Richards Bay Port Manager, as Executive Manager: Ship Repair, to manage and administer the organization’s ship repair resources nationally.Thamsanqa (Thami) Sithole has been appointed as the new Port Manager for Richards Bay. Both appointments are effective July 1.Khomo joined TNPA in 2004 as Head of Infrastructure Development: Port Operations and Consulting at Portcon (the then international arm of Transnet)…
Avondale Yard to Be Repurposed as a Multimodal Hub
The former Avondale Shipyard facility in Louisiana will be redeveloped into a logistics and intermodal hub under a joint venture group that took ownership of the shuttered shipyard today.The Avondale site, located just upriver from New Orleans, built and repaired commercial and military vessels for more than 75 years, most recently as part of Huntington Ingalls Industries’ (HII) Ingalls Shipbuilding division, until the facility ceased operations in December 2014.New development plans announced today will see the 254-acre site repurposed as a multimodal…
Port of Oakland to Begin Seaport Logistics Complex
A freight distribution center placing high-demand logistics capability inside a global trade gateway will soon take shape here. The Port of Oakland said today that work should begin this fall on a long-awaited Seaport Logistics Complex.The complex is envisioned as a cargo-handling campus that could change the trajectory of Port business. Currently a West Coast terminus for Transpacific trade vessels, Oakland could eventually double as a major freight distribution point.“This is our future,” said Port of Oakland Maritime Director John Driscoll.
Boskalis Nominates van Noort as New CFO
Royal Boskalis Westminster N.V. has nominated Carlo van Noort to be appointed as Chief Financial Officer (CFO) of Boskalis at the Annual General Meeting of Shareholders (AGM) in May 2019. The term of the current CFO, Hans Kamps, expires on the date of that same AGM.van Noort is currently financial director of Boskalis Nederland. He has held various finance positions within the three divisions of the Group over the last 12 years and is currently financial director of Boskalis Nederland. Following his accounting and auditing degree from Nyenrode Business University, van Noort worked as an auditor with EY followed by finance positions at among others ING Real Estate and DHL Express.
Kalmar to Open North American Customer Experience Center in North Charleston
Kalmar, part of Cargotec, broke ground on a Class A industrial build-to-suit project in North Charleston, S.C., with developer Landmark Enterprises on August 15, 2018. The new Customer Experience Center (CEC) will serve as a showroom, training facility, demonstration area and customer service center for Kalmar's North American mobile equipment business, including counterbalance and container handling products."The Kalmar sales team is eager to open this facility in the critical Charleston market," said Steve Cianci, Vice President, Mobile Equipment Solution Sales.
Catching a Jones Act Seaman’s 'Golden Parachute'
A challenging offshore environment produces a different but equally difficult development. Will you be ready when it comes to your fleet? Unfortunately, our industry continues to suffer due to the depressed oil prices that started in 2014. When the price of oil initially dropped, the industry’s outlook remained positive, and I remember hearing the mantra: “Stay lean for 2015.” Everyone thought that oil prices would rebound in short order and that we were only weathering a short downturn.
Managing the New Panamax Containerships
The explosive growth of international boxships is challenging not only the physical infrastructure of North American ports, but also the very nature of the existing supply chains that they impact. The recent dialogue on container shipping has been all about so-called “mega-ships;” those vessels that with larger capacity than those that are already in service at any point in time. In the container trades, as in tanker and drybulk arenas, ocean-going vessels are one link, albeit an important component, within broader supply chains.
The Challenge of Marine Asset Appraisal
While large shipping asset deals are often financed through the major capital markets, loans for most oilfield service marine equipment are funded with asset based lending. For such asset based lending, a domestic U.S. bank, with some exceptions, will be asking for an appraisal that is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP). Due to blatantly false appraisals that caused the collapse of the savings and loan industry in 1988, it became mandatory for real estate appraisers to provide transparent, verifiable and unbiased appraisals of real estate.
A New Breed of Tug
When markets expand niches are created, goes the logic. For builders of tugs, that market is “floating gas” and the expanding use of liquefied natural gas, or LNG, as a fuel. In support of LNG, there’ll be more oceangoing tug duty — the new floating storage and regasification units, or FSRUs, mean busier LNG carriers, and LNG cargo owners have an interest in tug escorts that share their “carbon footprint”. Still, new emissions rules offer ways to keep using refinery products, and the work of master tug designers suggests the new breeds of tugs are about more than fuel.
Preparation Propels Financial Peace of Mind
Like marine coatings, preparation is everything when it comes to sourcing and attracting marine finance support. If you’re familiar with the maritime industry at all, this won’t come as a shock: we’ve seen better days. Like many industries, this is one that goes up and down and, right now – depending of course on sector your focus resides – we’re pretty far down. This severe downturn began in late 2014 and we’ve seen many financing sources exiting the offshore market since. It seems that lenders have zero interest in lending into the U.S. Gulf of Mexico.
Foss Names Sumner CFO
Bryceon Sumner has joined Foss Maritime as chief financial officer, hired to oversee all aspects of the organization's financial function and performance. Sumner brings to the role years of experience gained at a number of organizations ranging from education technology and real estate, to architecture and financial services. Prior to joining Foss, Sumner served as COO and CFO for public and private companies, family offices and as a senior financial officer of a $60 billion government banking insurance fund.
North Sea Canal Ports Transhipment Hits Record 100 MT
The positive economy led to a 2.5 percent increase in the transhipment of goods at the Port of Amsterdam to 81.3 million tonnes in 2017. Together with the other seaports in the North Sea Canal Area, transhipment rose to a record level of 100.8 million tonnes. In IJmuiden, transhipment was up 7 percent to 18.5 million tonnes. Beverwijk saw transhipment increase to 800,000 tonnes (up 6 percent). Zaanstad booked an increase of 35 percent to 300,000 tonnes. The increase at the Port of Amsterdam was mainly due to higher transhipment of oil products and agribulk.
Port of Oakland Targets 2.6 mln 20-foot Containers by 2022
The Port of Oakland released a new 5-year strategic plan today that pairs business expansion with community benefits. Called “Growth with Care,” the plan envisions more jobs and economic stimulus as the Port grows. According to the strategic plan, Oakland cargo volume should reach 2.6 million 20-foot containers by 2022. The Port’s Oakland International Airport is expected to serve 14-to-15 million passengers annually by then. Both would be all-time highs for Oakland. Growing business volume should lead to more hiring, the Port said.
Hong Kong's Richest Man Li Ka-shing Retires
Li Ka-shing to retire after annual general meeting on May 10; will stay on as senior adviser to the group. Hong Kong's richest man, Li Ka-shing, announced his retirement as chairman of CK Hutchison Holdings Ltd on Friday, bringing to a close a rags-to-riches story that made him a hero in the freewheeling capitalist hub. Li, 89, will retire after the annual general meeting on May 10, the ports-to-telecoms conglomerate said in a filing to the Hong Kong bourse, passing the mantle to his eldest son Victor Li, who was named successor several years ago.
DP World Acquires Cosmos Agencia Maritima in Peru
Dubai-based DP World, , one of the world's largest port operators, said it had bought a logistics firm Cosmos Agencia Maritima (CAM) in Peru for $315.7 million, giving it a 50 percent stake in the country's second largest container terminal. "CAM owns a fully integrated logistics service business (Neptunia S.A and Triton Transport S.A)that offers end-to-end solutions to its customers. The logistics division offers an integrated platform of solutions in activities related to foreign trade…
AAPA Elects William Friedman As 2018-19 Board Chairman
Friedman is Port of Cleveland's President & CEO. At its 2018 Spring Conference on March 20, the American Association of Port Authorities (AAPA)—the unified and recognized voice of seaports in the Americas—elected William D. Friedman, president and chief executive officer for Northeast Ohio’s Cleveland-Cuyahoga County Port Authority, to serve as the association’s chairman of the board for the 2018-19 activity year that begins in October. Mr. Friedman is slated to be installed as chairman for a one-year term on the final day of AAPA’s 2018 Annual Convention, set for Oct.
Share Holders Okay Macquarie, Goldman Sachs to Acquire HES International
Riverstone Holdings and The Carlyle Group jointly announce that they intend to sell HES International to a consortium of Macquarie Infrastructure and Real Assets (MIRA) & Goldman Sachs. Macquarie European Infrastructure Fund 5, which is managed by MIRA, and West Street Infrastructure Partners III (WSIP), which is managed by the Merchant Banking Division of Goldman Sachs, have reached an agreement in principle with Riverstone Holdings and The Carlyle Group to acquire HES International.
Allum Holding, Ferncliff Sell Stake in Saga Tankers
Norway-based shipping company Saga Tankers ASA said in a stock exchange announcement that Allum Holding AS and Ferncliff AS have today sold all of their 47,726,655 shares in Saga Tankers, representing approximately 17.9% of the share capital. Ferncliff AS has sold 6,235,316 shares in the Company and Allum Holding AS has sold 41,491,339 shares in the Company. The price per share in the Secondary Sale was NOK 1.65. DNB Markets, a part of DNB Bank ASA, acted as sole bookrunner for the Secondary Sale.