Dubai Maritime City Steams Forward
Dubai’s vision as a global maritime hub took another major step forward with the launch of the mixed-use Business District at Dubai Maritime City (DMC) under the patronage of HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Dubai World. HE Mohammed Al Shaibani, the Director General of HH The Ruler’s Court, Government of Dubai, Khamis Juma Buamim, Chairman Drydocks and Maritime World, senior company executives, government officials, representatives of developers participating in the project…
Maersk Line, Limited Seeks to Streamline Operations
Maersk Line, Limited (MLL) asked the U.S. Maritime Administration to confirm its eligibility as a Maritime Security Program (MSP) contractor under existing law so the company can more effectively and efficiently operate additional vessels under MSP. This action would increase from 4 to 19 the number of vessels currently under contract to the Maritime Administration. Under its operating contracts with Maersk Line, Limited, U.S. Ship Management, Inc. (USSM) has agreed to transfer direct operation of the vessels in question to Maersk should MLL elect to become the MSP contractor. Those contracts were reviewed and approved by the Maritime Administration in 1999. Under the new arrangement, the vessels will continue to be owned by the same "Section 2" U.S.
NOL Removes Foreign Shareholding Limit
Neptune Orient Lines Ltd. (NOL) shareholders approved the removal of the firm's foreign shareholding limit of 49 percent. A 50 percent limit on foreign directors on the NOL board was also removed. NOL officials said that the approval to remove the foreign ownership limit would enable the firm to broaden its shareholder base internationally. The global transportation and logistics company said its shareholders also agreed to introduce new share-based incentive plans for its employees.
Global Oceanic Carriers Acquires Bulk Carrier
Global Oceanic Carriers Limited, a global provider of marine transportation services for dry bulk cargoes, announces today that the company has entered into an agreement to purchase a Handymax vessel charter-free for $37m. The vessel, acquired from ABG Shipping Limited will be renamed to M/V â€œGO Friendshipâ€ and is scheduled for delivery in August 2007. The M/V GO Friendship was built in Korea in 1994 and has a carrying capacity of 44,875 dwt. The company intends to finance this acquisition with banking facilities. Upon delivery, the M/V GO Friendship will operate under a fixed-rate period time charter for 3 years with Samsun Global Corp. $26,850 per day.
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…
Shipbrokers, Oil Brokerage House Form Freight Forwards
BraemarTankers Ltd., Galbraith's Ltd., E.A.Gibson Shipbrokers Ltd., PVM Oil Associates Ltd. and Seascope Shipping Ltd. have formed Global Freight Forwards Limited. The company has been created initially to broker forward freight swaps for the tanker market segment in key trade routes. Contracts have been devised to meet multi-client needs and in response to Owners' and Charterers' requirements for freight protection without taking physical delivery. Global Freight Forwards Limited will be supported by four of the leading London based shipbrokers with a global client base together with PVM Oil Associates, the foremost oil brokerage house, which brings its years of experience of screen and paper oil markets.
BH Global Marine Wins Supply Contracts
BH Global Marine Limited has secured new contracts. These new contracts involve the supply of cables for two Anchor Handling Tug Supply (AHTS) vessels as well as the supply of specialized lighting for two oil rigs. BH Global will commence the supply of cables to the two AHTS vessels, which are being built by Jaya Holdings Limited by the end of 2006. In the early part of 2006, BH Global has successfully delivered a similar contract for Jaya. The other new contract is for the supply of specialized lighting products for two oil rigs, which are being constructed by one of the world's largest rig building companies. Besides the supply of lighting products…
MTN Signs Agreement With NCL
Maritime Telecommunications Network (MTN), a Verestar company, announced that they have signed a 3-year agreement with Norwegian Cruise Line Limited(NCL) to be the telecommunications provider for the Norwegian Star. MTN, the leader in maritime communications, provides communications facilities for the cruise line industry and maritime vessels by using total global satellite services including C-Band Global Satellite Service, KU-Band.
IOPCF Issues Update
The International Oil Pollution Compensation Funds (IOPCF) issued an Update reporting on its October 2002 sessions of the governing bodies. The 1992 Fund now has 82 members. The 1971 Fund Convention ceased to be in force on May 24, 2002. The Spanish Parliament has authorized the Minister of Finance to sign a global settlement agreement involving the owner of the AEGEAN SEA, the insurer, and the 1971 Fund. The Fund will pay the Spanish Government approximately £24 million. A global settlement has been approved involving the insurer of the NAKHODKA and the 1971 and 1992 Funds for payment in full of all claims. Payment of admissible claims involving the ERIKA will be maintained at the 80% level while claimants take legal action.
Global to Install Platforms and Pipelines for ChevronTexaco
Global Industries, Ltd. announced its subsidiary Global Industries Limited Mauritius has executed a contract to undertake platform and pipeline installation work in the Gulf of Thailand for Chevron Offshore (Thailand) Ltd., a subsidiary of ChevronTexaco Corporation. This work forms part of ChevronTexaco’s Minimum Facilities Project (MFP) to expand oil and gas production in Thailand. Global will be responsible for installing five wellhead platforms and four pipelines as well as performing associated tie-in, free span correction, and testing activities. The offshore work will be performed in two phases to accommodate ChevronTexaco’s construction schedule and optimize Global’s barge utilization.
Global Marine Sold to Bridgehouse Marine Ltd.
Global Marine Systems Limited (Global Marine), a subsidiary of Global Crossing Inc, and a provider of subsea engineering solutions, has been sold to Bridgehouse Marine Ltd. Bridgehouse Marine is a specialised business that acquires and manages companies providing marine services to the telecommunications and energy industries. Andy Ruhan, Bridgehouse Capital's Managing Director and an investor in Bridgehouse Marine, will become the Chairman of Global Marine. Peter Ford will take over as acting CEO, and both appointments are made with immediate effect. Phil Metcalf, Global Marine's outgoing CEO, said: "The investment represents a great deal both for Global Marine and Global Crossing.
GLM's Rose: Dayrates To Hit 3-Year Highs
Global Marine Inc. Chief Executive Bob Rose expects daily rental rates, or dayrates, for offshore oil and gas drilling rigs to surpass their highs of three years ago in 2001. "We will see rates exceed the 1997-98 high levels. That will very definitely be this year," Rose said. Dayrates are currently running at about 74 percent of their 1997/98 highs, Rose said, with the West African and North Sea markets now showing signs of recovery as a longer-established natural gas drilling boom continues in the U.S. Gulf of Mexico. Rose said that as a result of a recent expansion of its fleet of rigs, Global Marine was capable of annual earnings per share of about $3.25 if market conditions matched those of 1997.
Global Marine Announces Two Long-Term Drilling Contracts Offshore West Africa
Global Marine today announced it received a letter of commitment from Elf Petroleum Nigeria Limited, a subsidiary of TotalFinaElf, for two-year contracts for both the Glomar Adriatic I and Glomar Baltic I jackup rigs to work on the Amenam/Kpono field offshore Nigeria. Producing Nigeria Unlimited operates this field development project. The contracts for the two units include key rig upgrades, which are anticipated to cost about $23 million in total. The two contracts are expected to generate combined revenues of approximately $121 million to Global Marine. for extension of up to one year. four operating offshore Nigeria," Marion Woolie, president of Global Marine Drilling Company, said. 410 feet of leg.
CP Ships CEO to Speak at Conferences
CP Ships Limited's CEO Ray Miles is scheduled to speak at two investor conferences this month. On May 12, Miles will address Scotia Capital's Industrials Conference in Toronto, and on May 13, he will speak at Bear Stearns' Global Transportation and Logistics Conference in New York at 2:20 pm.
Barwil, Denholm Form Partnership
Barwil, the Wilh.Wilhelmsen Group's global provider of Port & Marine Services has acquired a 40 percent stake in Denholm Shipping Services Ltd. (DSS), owned by the UK-based Denholm Group. The company will be rebranded as Denholm Barwil Limited and managed by the existing DSS management team led by Niall Denholm.
IBIA Calls on Industry to Comply
meeting the specific technical requirements laid out in the legislation. the maximum sulphur content in bunker fuel. indeed if we hear reports of fuel exceeding that very conservative limit". bunker fuel. note specifying density, viscosity and sulphur content. present these at a future port state control inspection. compliance with the requirements," says Gregory. form of sulphur emission control areas (SECAs). active in the North Sea on May 19th 2007. have agreed to enforce the legislation. and taking an approved bunker sample. years after the date of the bunker stem. signatories to Annex VI.
GOGL Acquires New Vessel
Norway based dry bulk shipping company Golden Ocean Group Limited (GOGL) has taken delivery of the second vessel, Sea Monterrey (to be renamed Golden Monterrey). On October 16, 2017 GOGL announced that it has entered into agreements to acquire two modern Capesize vessels from affiliates of Hemen Holding Limited, a company indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family (Hemen), the Company's largest shareholder, at a purchase price of USD 43.0 million per vessel. The first vessel, Golden Behike, was delivered in November 2017.
SFI Operational in U.K., Pakistan and Honduras
Southampton Container Terminals, United Kingdom, Port Qasim, Pakistan (both managed by DP World) and Puerto Cortez, Honduras will become the first seaports to implement the Secure Freight Initiative (SFI) beginning October 12 by scanning all maritime containers destined for the U.S. for nuclear or other radiological materials. These ports fulfill the requirements set out in the Security and Accountability For Every (SAFE) Port Act of 2006, which establishes a program that couples Non-Intrusive Inspection (NII) and radiation detection technology. Data from these systems is then provided to U.S. officials at U.S. Customs and Border Protection’s National Targeting Center for analysis.
APL: Port Infrastructure Deter India’s Progress
A lack of infrastructure and high port and inland costs continue to limit India’s economic progress, a senior executive of global container transportation leader, APL, told a high-level shipping industry gathering this week. with world-class efficiency in port infrastructure. services sector, the sky is the limit in terms of its economic potential. does not yet have a port that can handle this class of ship. type of global class facilities, it will not fulfill its cargo carrying potential," said Mr Glenn. of the world’s top 100 container ports at number 36, with Chennai next at 109. insufficient scale," said Glenn. accounts for around 60% of total Indian volumes, is creating acute congestion. answer, citing a recent analysis conducted by leading industry analyst Drewry for APL.
Report: Deepwater Development Will Outpace Equipment Supply
The booming global deepwater oil industry is on course to outpace supply of offshore development hardware in the next two years, according to an analysts' report. "Deepwater construction capacity will be insufficient to handle anticipated demand requirements in 2002 and particularly 2003-04," said an oilfield and equipment services report by Schroder Salomon Smith Barney. "We believe a rush of field development plans will be sanctioned in 2001, followed by major contract awards to marine contractors," it added. With oil prices having tripled in 18 months, companies are loosening constraints on exploration and development spending imposed during a price slump in 1998 and early 1999. But a backlog of potential developments could grow as limits emerge to equipment supply.
Construction of Cable System in Africa
According to allafrica.com, the construction of the 42650 ft. Sea Cable System connecting the South and East Africa countries of South Africa, Mozambique, Madagascar, Kenya and Tanzania with India and Egypt has commenced. SEACOM Limited and its supplier -Tyco telecommunications, a business segment of Tyco Electronics Limited and an industry pioneer in undersea communications technology and marine services are carrying the project. SEACOM attained full and unconditional financial close on November 9, 2007. SEACOM and Tyco Telecommunications brought the construction contract for the full delivery of the system in force on November 13, 2007.
Pacificat Trials For Potential Buyers
BC Ferries’ PacifiCat Explorer will be operated on limited trials between the end of January and early March to enable interested buyers to experience the vessels in operation. The trials will be conducted between Departure Bay and Horseshoe Bay and will be open to legitimate, potential bidders only. Interested buyers must contact Ritchie Bros. at (604) 273-7564 to participate in the trials. Additional trials will also be made available to registered bidders who have made a deposit of $2 million US. On January 9, BC Ferries announced that Ritchie Bros. Auctioneers had been selected to sell the three PacifiCat fast ferries at an international unreserved auction in Vancouver on March 24, 2003. Marine consultant, Stephen Phillips, managing director of Seaspeed Technology Limited, of the U.K.
Ho Named to LASCO Board
Lasco Shipping Co.’s Chief Executive Officer Kenneth M. Novack announced that Steven T. Ho has joined the Lasco Board of Directors. Ho, President of Fairmont Shipping (Canada) Limited, headquartered in Vancouver, B.C., Canada, joins George Wood and Anthony Gurnee as outside directors of Lasco. “We’re extremely pleased that Steven Ho has joined our Board,” commented Novack, calling attention to Ho’s over twenty-five years of global shipping experience, including senior management positions in New York, Tokyo and Hong Kong. Over the years Ho has been involved in many aspects of shipping, from sales to brokering, technical management to operations, project development to financial management.