Stephens News

22 Oct 2019

WFW Advises on Race Bank Wind Farm Deal

Image: WFW

Watson Farley & Williams (WFW), an international law firm based in London, said that it has advised Race Bank Wind Farm Limited on its USD 608 million sale of transmission system assets relating to the 573 MW Race Bank offshore wind farm to Diamond Transmission Partners.Race Bank is a joint venture owned by Ørsted (50%), Macquarie European Infrastructure Fund 5 (25%), a fund established by Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan (12.5%)


05 Sep 2019

Bahamians Struggle in Dorian's Devastating Wake

A file image of Equinor's South Riding Point storage terminal (CREDIT: Equinor)

Stunned residents of the Bahamas surveyed the wreckage of their homes and officials struggled to assess the number killed by Hurricane Dorian, as the storm bore down on the South Carolina coast, threatening record flooding on Thursday.The United Nations said 70,000 people in the Bahamas needed immediate humanitarian relief after the most damaging storm ever to hit the island nation.Aerial video of the worst-hit Abaco Islands in the northern Bahamas showed widespread devastation


22 Mar 2019

Teekay Joins SRTI

Image: Teekay

Teekay Shipping Corporation, the global marine energy transportation, storage & production company, has signed up to the Ship Recycling Transparency Initiative (SRTI).The Canadian shipowner thus  joined A.P. Moeller-Maersk, the China Navigation Company, Wallenius Wilhelmsen and other major maritime players and becomes the eighth to make public their approach to ship recycling.“Teekay is committed to helping the ship recycling facilities that we work with elevate their skills and performance to increase safety and sustainability


06 Mar 2019

Stepping Up Transparency on Ship Recycling

Image:  Ship Recycling Transparency Initiative

The first report of the Ship Recycling Transparency Initiative (SRTI)  clearly indicates that there is a growing movement stepping up the pressure on shipowners to disclose their approaches to ship recycling.Since the SRTI online platform went live just over two months ago eight large shipowners – operating a combined total of more than 1,800 vessels – have voluntarily shared data on their company’s ship recycling policies and practice.All disclosing shipowners have a written policy on ship recycling for their own vessels covering issues related to the environment


03 Jan 2019

Moore Stephens: Leaner, Greener Shipping Will Attract Investment in 2019

Richard Greiner (Photo: Moore Stephens)

Accountant and shipping adviser Moore Stephens says shipping will continue to attract investors in 2019 if it fulfills its ESG (environmental, social and governance) responsibilities.In the latest issue of Bottom Line, the Moore Stephens shipping sector newsletter, Richard Greiner, a partner in the firm’s Shipping & Transport team, says, “It has been suggested that the future is very much like the present, only longer. Should that prove to be the case for the shipping industry


14 Dec 2018

Moore Stephens: Shipping Confidence Dips

Image: Moore Stephens UK

Shipping confidence dipped slightly in the three months to end-November 2018, according to the latest Confidence Survey from international accountant and shipping adviser Moore Stephens.The average confidence level expressed by respondents fell to 6.0 out of a maximum  score of 10.0, compared to the 6.3 recorded in August 2018.Confidence on the part of all main categories of respondent was down, with the exception of brokers, where the rating increased from 4.9 to 5.2. Owners’ confidence fell to 6.4 from 6.8


10 Dec 2018

Ship Recycling Transparency Initiative Launched

Pic: Ship Recycling Transparency Initiative

Industry leaders and non-profit the Sustainable Shipping Initiative announced the launch of the Ship Recycling Transparency Initiative’s (SRTI) online platform - a tool for sharing information on ship recycling to drive responsible practice.According to a press release, the platform comes nine months after a group of shipping companies first announced their collective effort to use the market-drivers that transparency brings to make responsible ship recycling the norm. Demanding transparency holds the shipping industry to account


25 Oct 2018

Moore Stephens: Ship Operating Costs to Rise in 2018, 2019

Richard Greiner, Moore Stephens partner, Shipping and Transport

International accountant and shipping consultant Moore Stephens says total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.Responses to the firm’s latest annual Future Operating Costs Survey revealed that drydocking is the cost category likely to increase most significantly in both 2018 and 2019, accompanied in the latter case by repairs and maintenance. The cost of drydocking is expected to increase by 2.1% in 2018 and by 2.3% in 2019


18 Sep 2018

UK Aircraft Carrier Dodges Hurricane Florence

HMS Queen Elizabeth sails into Norfolk, Va. (Photo: U.K. Royal Navy)

British aircraft carrier HMS Queen Elizabeth arrived in Norfolk, Va. a bit later than planned on Monday after evading Hurricane Florence, which devastated large areas of the U.S. East Coast.The Royal Navy said HMS Queen Elizabeth skirted south of the hurricane, but sailed close enough for the effects of a four meter swell, five meter wave height and winds gusting 40 knots to be felt throughout the carrier, as the 65,000-metric-ton ship rolled around the Atlantic.The 'WESTLANT 18' Task Group


05 Sep 2018

Moore Stephens: Weak Spots in Shipping Risk Management

Image: Moore Stephens UK

Confidence in the ability of sound risk management to contribute to commercial success in the shipping industry has fallen in the last 12 months, according to the latest annual Shipping Risk Survey from Moore Stephens.Respondents to the survey rated the extent to which enterprise and business risk management is contributing to the success of their organisation at an average 5.9 out of a possible score of 10.0, compared to 6.8 in the 2017 survey.Brokers returned the highest rating, followed by ship managers.

07 Aug 2018

Australia Opens Up Opportunities for UK Shipping

Image: ASC Shipbuilding

A major investment in new frigates and submarines by the Australian government has created long-term opportunities for UK and European businesses with relevant intellectual property and expertise, said Moore Stephens. This summer the Australian government awarded UK firm BAE Systems a contract to build nine next-generation frigates – known as the ‘Future Frigates’ project – worth A$35 billion, said a research report written by Moore Stephens' Michael Simms & Grant Miles.The programme


11 Jul 2018

Shipping’s Half Year Report: Extra Classes Needed?

© donvictori0 / Adobe Stock

With the industry hoping for better “grades” after the “effort” of recent years, this week’s Analysis updates our half year shipping report showing a ClarkSea Index up 9% y-o-y but still below trend since the financial crisis (see Graph of the Week). After comments of “must do better” and “showing potential” in recent years, do the statistics suggest “extra classes” will again be needed over the summer holidays?Progress But No Time To Relax!Our ClarkSea Index (comprising tankers


02 Jul 2018

Harvey Gulf Emerges From Chapter 11 Proceedings

Shane Guidry, Harvey Gulf’s Chairman and CEO

Harvey Gulf International Marine announced that it has completed its financial restructuring and emerged from Chapter 11 Bankruptcy proceedings. This marks the completion of the Plan of Reorganization approved by the bankruptcy court, 77 days following Harvey Gulf’s prepackaged filing. Under the reorganization, Harvey Gulf has shed approximately $1 Billion in debt and emerges with a dramatically de-leveraged balance sheet. Additionally, the Company has kept its commitments to its trade vendors, paying all unsecured claims in full.

28 Jun 2018

Shipping Industry Confidence Holds Firm: Moore Stephens

Image: Moore Stephens

Shipping confidence held steady in the three months to end-May 2018 according to the latest Confidence Survey from international accountant and shipping adviser Moore Stephens. The average confidence level expressed by respondents was unchanged at the four-year high of 6.4 out of 10.0 recorded in February 2018. Confidence on the part of owners was also sustained at a four-year high, of 6.6, while managers’ confidence was up from 6.4 to 6.7. The rating for charterers was up to 6.7 from 5.0 and confidence in the broking sector was up from 6.1 to 6.3.

29 Mar 2018

Shipping Industry Confidence at Four-Year High

Greiner Richard (NS) Photo Moore Stephens LLP

Shipping confidence reached a four-year high in the three months to end-February 2018, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. The average confidence level expressed by respondents was up from 6.2 out of 10.0 in November 2017 to 6.4 this time. Confidence on the part of owners was also at a four-year high, up from 6.4 to 6.6, while managers’ confidence was up too, from 6.1 to 6.4. The rating for charterers


07 Feb 2018

WFW Advises NYK on LNG Carrier Charter

Photo:  NYK Europe

Watson Farley Williams  (WFW) advised NYK Nippon Yusen Kabushiki Kaisha  (NYK) on the execution on 26 January 2018 of its long-term charter contract with EDF LNG Shipping, a subsidiary of the electricity major, Electricité de France (EDF). The contract is for the chartering of a newly built liquefied natural gas (LNG) carrier for seven years, with optional extension periods for up to thirteen additional years. WFW also worked closely with the commercial and in-house legal teams at NYK, Hyundai Samho Heavy Industries and EDF on the construction arrangements for the vessel for the project.

06 Feb 2018

PVA Elects 2018 Leadership

Gus Gaspardo (Photo: PVA)

Gus Gaspardo, President of the Padelford Packet Boat Company, was elected Passenger Vessel Association (PVA) President for 2018 at the PVA Annual Convention at MariTrends 2018, held January 28-31 in Savannah, Ga. Gaspardo is President of Padelford Packet Boat Co. Inc., St. Paul, Minn. Founded in 1969 by Capt. William Bowell Sr., Padelford provides a wide variety of public cruises and private events on the Mississippi River with three passenger subchapter K vessels at Harriet Island Regional Park in downtown St. Paul.

09 Jan 2018

BMT and MSI in Joint Alexandroupolis FSRU Terminal Project Award

Photo: BMT

BMT and Metocean Services International (MSI) have been jointly awarded a contract by Gastrade to deploy an Environmental Monitoring System (EMS) and develop metocean criteria to be utilized for the design of the offshore moored FSRU and the subsea pipeline to shore. The Alexandroupolis FSRU will be located offshore Greece in the northern Aegean Sea in approximately 40m water depth and will connect to shore via a 24km subsea pipeline. The FSRU is part of the Alexandroupolis Independent Natural Gas System which aims to create a new natural gas gateway to central and south-eastern Europe.

04 Jan 2018

Moore Stephens: Optimism to Outweigh Shipping Pessimism in 2018

© Shane Cotee / Adobe Stock photo

International accountant and shipping adviser Moore Stephens expects optimism to triumph over pessimism in the shipping industry during the next 12 months. Writing in the latest issue of Bottom Line, the newsletter of the Moore Stephens shipping industry group, partner Richard Greiner says, “According to a recent study, pessimists live longer than optimists, and shipping is short of neither. But the industry has always valued longevity as well as new blood, and it certainly ended 2017 in more optimistic mood than it closed the previous year.

21 Dec 2017

Second-hand Ship Sales Reach 10-year High

File Image (CREDIT: AdobeStock / (c) Lucasz Z)

Shipping struggles to recover from worst crisis in 30 years; market for new ships remains weak. Sales of second-hand ships reached a 10-year high on cautious optimism that one of the shipping industry's worst ever downturns is nearing an end. An increase in cargo demand has helped revive confidence this year in a sector that is starting to emerge from a 10-year slump fueled by owners splurging on thousands of new ships. "Second-hand purchases go up when optimism is thriving. 2017 has certainly been a year that has lent optimism a hand


19 Dec 2017

Shipping Confidence Rises to 3.5 Year High -Survey

© yaniv / Adobe Stock

Shipping confidence held steady at its highest rating in the past three-and-a-half years in the three months to end-November 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. The average confidence level expressed by respondents was unchanged at the level of 6.2 out of 10 recorded in the previous survey in August 2017. Confidence on the part of charterers was significantly up, from 4.7 to 7.7, the highest


27 Oct 2017

Ship Operating Costs to Increase for 2017 and 2018

Image: Moore Stephens UK

Vessel operating costs are expected to rise in both 2017 and 2018, according to Moore Stephens' survey. Repairs & maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years. The survey is based on responses from key players in the international shipping industry, predominantly shipowners and managers in Europe and Asia. Those responses revealed that vessel operating costs are likely to rise by 2.1% in 2017 and by 2.4% in 2018.

26 Oct 2017

Vessel Operating Costs on the Rise -Moore Stephens

© Big Face / Adobe Stock

Vessel operating costs are expected to rise in both 2017 and 2018, according to the latest survey by international account and shipping consultant Moore Stephens. Repairs and maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years. The survey is based on responses from key players in the international shipping industry, predominantly shipowners and managers in Europe and Asia. Those responses revealed that vessel operating costs are likely to rise by 2.1 percent in 2017 and by 2.4 percent in 2018.

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