S&P: More Shipping Companies Likely To Default
Depressed shipping market conditions are likely to cause more shipping companies to default on junk bond issues, according to Standard & Poors (S&P).
DP World Objects to S&P Rating
Rating agency Standard & Poors withdraws credit rating at DP World's request Standard & Poor's has withdrawn its credit rating on DP World following objections by the ports operator to the way the agency assessed its financial health, Reuters has reported. S&P said it pulled the ratings at DP World's request. The world's third biggest ports operator was rated 'BB/B' with a stable outlook by S&P, revised down in February from positive. The agency said DP World's financial risk profile was "aggressive" and the company would generate negative free operating cash flow in 2012 and 2013.
LNG to be Focus of Houston Conference
With the future of the natural gas domestic supply in the North America at stake, a vital part of the solution revolves around the continued growth, production, and shipping of LNG-liquified natural gas. But as LNG evolves into a global commodity, what will it take for the U.S. to get its fair share of LNG while competing with developing nations in an international market demand for natural gas? These questions and more will be answered at the leading LNG forum in the U.S., the 4th Annual LNG: Economics & Technology, to be held in Houston, TX on January 26-27, 2004 (www.srinstitute.com/LNG). The event will be chaired by Sara Banaskak…
Fitch Downgrades Shell, Citing Asset Sales Concerns
Credit rating agency Fitch on Thursday downgraded Royal Dutch Shell following its acquisition of BG Group, citing risks to its asset sales goals to finance the $53 billion deal. Fitch downgraded Shell's Long-term Issuer Default Rating to 'AA-' from 'AA' and put it on negative outlook. Rival rating agency Standard and Poors announced a similar downgrade earlier this month, warning of a further possible lowering. Shell completed on Feb. 15 the acquisition of its smaller British rival, making its the world's top liquefied natural gas trader and a major deep water oil producer.
Get Rational about Financial Ratios
By Richard J. Paine, Sr. Of the traditional five “C”s of credit: Capacity, Capital, Collateral, Conditions and Character, the first is foremost. It is the ability to repay debt. Financial ratios are the measure of that capacity. Derived from your company’s financial statements, ratios are key to determining your company’s credit rating. Your company’s credit rating will determine your success in securing financing or leasing for the projects needed to grow your business. It further determines a lender’s appetite for your debt and at what cost to you.
GustoMSC Evolves Chela the "Smart" Crane
Nearly two years ago GustoMSC introduced a smart crane for lifting and wireline operations under the drilling cantilever. Two years later, following industry feedback and further development, the equipment has evolved into Chela, named after the Greek word for a crab’s claw. Chela offers an extra hand in operations, and due to its crablike motion characteristics, it can reach below the cantilever as well as elevate towards the main deck, providing crane access to an area traditionally blocked by the cantilever when drilling.
Chinese Diesel to be Shipped 'west' in VLCC
Newly built vessel to load from Tianjin refinery a cargo of10ppm sulphur diesel meeting summer specs. In a rare shipment, a diesel cargo will be loaded into a very large crude carrier (VLCC) from a refinery at China's Tianjin port next month before heading to Europe or West Africa. The newly-built 'Maran Aphrodite', which can carry about 285,000 tonnes of diesel, has been chartered by oil major Total to load from Chinese state-run giant Sinopec's refinery in the northern port to head "west", two people familiar with the matter said.
Ocean Signal Introduces New AIS Transponders
Ocean Signal has rolled out its new ATA100 Class A and ATB1 Class B AIS transponders as fully compliant solutions to increase visibility, aid collision-avoidance and enhance navigational safety for a range of commercial workboats, support vessels and fishing boats. The AIS transponders were unveiled for the first time at Asia Pacific Maritime. The ATA100 is a combined SOLAS and Inland approved single-unit device capable of exchanging dynamic and static ship data with other AIS systems and developed to meet the latest IMO carriage requirements and IEC standards.
Coal Carrier Enters Service for Okinawa Electric Power
A new coal carrier, Shinryo Maru, was delivered at Oshima Shipbuilding Co. Ltd. on March 9. The new coal carrier is the second ship to take the name Shinryo Maru. The first-generation vessel was delivered in 2003 and began transporting coal for OEPC 15 years ago. The new ship, which replaces the previous one, has been registered in Okinawa prefecture, Japan, the same as the first-generation vessel, and will transport coal mainly from Australia and Indonesia to generate electricity for OEPC.
Ship Design: New Partners Join ‘Digital Twin’ Project
New partners have joined the Open Simulation Platform (OSP) initiative, which aims to create an open source digital platform which will allow the creation of so called “digital twins” in the design of ships. The initiative was launched this week at the Norwegian Maritime Competence Centre in Ålesund. In July last year Rolls-Royce Marine, The Norwegian University of Technology Science (NTNU), research organization SINTEF Ocean and classification society DNV GL signed a memorandum…
Kuwait Oil Tanker Signs Financing Deal for 8 Tankers
Kuwait Oil Tanker Company (KOTC) said on Thursday it had signed a 140 million dinar ($467 million) financing deal with three local banks for eight oil tankers, state news agency KUNA reported. The 10-year financing was obtained from Warba, Ahli United and Kuwait International banks, KUNA said. Earlier, KOTC and South Korean construction firm Hyundai Heavy Industries have co-signed a contract worth USD 213.36 million to build three immense gas tankers, as part of a major KOTC fleet overhaul.
CEMEX UK Orders Dredger Newbuild
CEMEX UK has signed a contract with Damen Shipyards Group to build the first in a new generation of Marine Aggregate Dredgers, the owner’s first newly commissioned dredger in 20 years. Steel cutting will take place later this year, and the vessel is expected to be delivered at the end of 2019 from Damen Shipyards Galati, in Romania. The vessel has been designed to maintain operations in North Sea conditions, with capability to extract sand and gravel from the sea bed at depths up to 55m.
Medicine on Danish Ships Abroad
Denmark introduces new regulation, simplifying the handling of medical supplies for survival craft and the handling of medicine on board Danish ships abroad. The requirement for ships’ medicine to be bought from a Danish pharmacy will be abolished when the new regulations become effective on 1 July 2018. This is a considerable advantage when ships located far from Denmark are switching to the Danish flag. The new regulations will also make it easier for Danish survival craft manufacturers and service stations to import the medicine required on board.
Sea Tel 9711 Triband Maritime Antenna System Launched
Satellite 2018 marks the launch of Cobham SATCOM’s Sea Tel 9711 Triband maritime antenna system, which leverages unique technology and capabilities from global communications company Viasat Inc. The Sea Tel 9711 Triband is the world’s first and only 2.4m maritime stabilized antenna capable of delivering full 2.4m gain performance across any C-, Ku-, or Ka-band network to maximize high-speed, high-quality broadband connectivity for high-demand maritime segments, such as Cruise, Energy and Government.
Emissions Regulations: 'It's Not Easy Being Green'
Nor is it getting any easier to understand when, how and why to comply. Whether your marine operation is a major corporation or a family “mom and pop” company, the type of fuel you now burn or for that matter what emanates from your stack each day after the burn has now become a major source of confusion. As Kermit the Frog once said, we will now know what its like to be green. Some believe the discussion is a new subject. It is not. Those of us that work the oceans, rivers and sounds for a living always had a concern of how much fuel we burn and what the quality of that fuel was.
Ørbeck-Nilssen Sets Out Transformation of IACS at CMA
Speaking at Shipping 2018, the Connecticut Maritime Association’s (CMA) annual conference, Knut Ørbeck-Nilssen, CEO of DNV GL – Maritime and IACS Chairman, looked at some of the initiatives taken at the International Association of Classification Societies (IACS) that were changing the organization. “It is my duty and honor to encourage the world’s biggest classification societies to pull together to adapt to this rapid pace of change and create a strong foundation for IACS as the leading maritime technical association,” Ørbeck-Nilssen said.
Sanmar Orders 42 Rolls-Royce Thrusters
Rolls-Royce said it has secured an extensive supply order from long-time collaborator Sanmar Shipyards for propulsion and deck equipment for tugboats the Turkish shipyard is building for various customers. The scope of supply includes 42 Rolls-Royce US 205/255 azimuth thrusters for 21 harbor/terminal/escort tugs in the 60-, 70- and 80-metric-ton bollard-pull range and high-pressure hydraulic towing winched for the 80-metric-ton models. All vessels are based on new designs developed by Canadian naval architects Robert Allan Ltd., exclusively for Sanmar.
British Ports Association Calls for ‘Frictionless’ Brexit
The British Ports Association has published a new strategic report - ‘A Brexit Dividend’, which calls on the UK Government to deliver on the Prime Minister’s pledge of ‘frictionless’ trade after Brexit. Following Monday's (March 19) agreement between UK and EU negotiators on the terms of a transition deal and ahead of the EU Council meeting later this week, the British Ports Association has published ‘A Brexit Dividend’. Ports are calling for a pragmatic deal with the EU on both…
Wilhelmsen Ship Management Pact with WestEast Marine
Wilhelmsen Ship Management (WSM) has sealed a strategic newbuilding supervision partnership with WestEast Marine Consulting (WEM) to strengthen WSM’s newbuilding supervision offering. Wilhelmsen Ship Management’s experienced newbuilding team will offer newbuilding supervision services to the mass market with reinforced technical expertise from WestEast Marine Consulting, said a press statement. “We are delighted to work with WEM as we look to grow our newbuilding supervision arm and offer a more comprehensive solution to our customers.
De Nora BALPURE BWTS Submits USCG Type-Approval Application
De Nora, a supplier of electrochlorination equipment, confirmed that submission for United States Coastguard (USCG) type approval for its BALPURE ballast water treatment system (BWTS) was made shortly after completion of testing late in 2017. Independently verified by Lloyd’s Register, the results of all shipboard, land-based, and environmental testing, plus documentation, engineering design and final drawings associated with De Nora BALPURE are with the USCG. Don Stephen, Managing Director…
Commercial Marine Engine Emission Standards Finalized
EPA Administrator Carol Browner signed a final rule establishing new emission standards for commercial marine diesel engines at or above 37 kW (approximately 50 hp). EPA's final rule aplies emission standards to new engines only, beginning with the 2004 model year. Vessels and engines built before 2004 will not be subject to emission control requirements. However, if a vessel is subsequently modified such that 50 percent of the modified vessel's value is derived from new material or components, the vessel will be considered new and will be required to meet engine emission standards in effect at the time the modifications are made. EPA believes this will prevent companies from re-using parts from used vessels to avoid emission standards.
California Releases Report on Ballast Sater Discharge Standards
The California State Lands Commission (SLC) released its Report on Performance Standards for Ballast Water Discharges in California Waters . The report and its accompanying Appendix recommend that the state adopt stringent performance standards and a phased implementation schedule based on the ballast capacity of the vessel and whether it is an existing vessel or new construction. The report recommends interim standards (based largely on the size of the organism) and a long-term standard of ballast water containing no detectable living or culturable organisms. These proposals exceed the standards currently envisioned by the IMO or by pending legislation in the U.S. Congress. The Appendix states that existing technologies are capable of achieving the recommended standards.
New Standard gets Revised Program for Cooper Basin Approved
New Standard Energy Limited (New Standard) advises that it has received approval for amendments to its five year work program in PEL570 in the Cooper Basin. As part of the revised program, New Standard now has seismic and drilling to commence in Year Two before the new deadline of March 2016, with only minor expenditure on geological studies in Year One required before then. New Standard requested a suspension of the work program for PEL570 acreage and a deferral of the planned seismic due to the uncertainty surrounding the ownership of the Company’s PEL570 joint venture partner…