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Wednesday, January 24, 2018

Sterling Equipment News

SENESCO To Build Walking Spud Barge

The Southeastern New England Shipbuilding Corp. (SENESCO) will build a 165 ft. dredge barge that will have the ability to walk along harbor floors. Boasting a trio of vertical spuds operated by winches, the forward spud will allow the barge to move without tug assistance. The shipbuilding company formed the agreement with Sterling Equipment of East Boston, Mass.; the project's completion is scheduled for April 2001. A subsidiary of the Cashman Group - a major New England contractor - Sterling's contract is the 10th barge project for SENESCO.

SENESCO To Construct Walking Spud Barge

The Southeastern New England Shipbuilding Corp. (SENESCO) will build a 165 ft. dredge barge that will have the ability to walk along harbor floors. Boasting a trio of vertical spuds operated by winches, the forward spud will allow the barge to move without tug assistance. The shipbuilding company formed the agreement with Sterling Equipment of East Boston, Mass.; the project's completion is scheduled for April 2001. A subsidiary of the Cashman Group - a major New England contractor - Sterling's contract is the 10th barge project for SENESCO.

Donjon to Build Hopper Barges for Sterling

Photo: Donjon Shipbuilding

Donjon Shipbuilding and Repair, located in Erie, Pennsylvania, was recently awarded a contract by Sterling Equipment of Quincy, Massachusetts to construct two hopper barges, with an option for a third. The principal dimensions of these barges are 225’ long x 42’ wide x 12’ deep. Delivery of the barges is to be made by the middle to end of August 2013. Donjon Shipbuilding & Repair's facility, equipped with 1,250 ft. by 120 ft. by 22 ft. dry dock, is one of the largest shipyards of its kind on the Great Lakes. The facility includes 4,000 ft. of pier space and more than 200,000 square ft.

FirstWave/Newpark Awarded Trio of Contracts

Providing ship repair, conversion, new construction and related services for barges and other vessels, FirstWave/Newpark Shipbuilding has garnered three new contracts. Pleiades Shipping Agents awarded the company for collision damage repair of 55,000-dwt vessel, MT Nestos. The ship, which sustained damage on its port side near the bow and just above the waterline, underwent repairs at the company's East Pelican Island facility. FirstWave has also been granted a contract by East Boston-based Sterling Equipment for the construction of two 140 x 40 ft. offshore deck barges scheduled for delivery in 1999. In addition, the company will also repair the mat on the Phoenix VI rig for Rio Grande Supply Company. The jack-up rig was loaded on heavy lift barge Boa 16, to make the repairs.

Sterling Builds Massive Dredger

Deck barge Dale Pyatt sits in May Shipyard while construction is finalized. (Photo: Eric Haun)

Vessel’s crane is the centerpiece of this state-of-the-art, technologically advanced workhorse platform. Sterling Equipment, Inc., an East Coast marine construction rental company based out of Quincy, Mass., has more than 135 pieces of floating equipment in commission, but its newest barge, a 180- x 65- x 12-foot crane dredge, will be among its largest and most technologically advanced. In September 2012, Sterling, a subsidiary of Jay Cashman, Inc., contracted May Shipyard on Staten Island, N.Y.

Keppel to deliver third FPSO for Shapoorji Pallonji, Bumi Armada JV

Bumi Armada Courtesy Bumi Armada

Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Armada Madura EPC Limited (Armada Madura), a joint venture between Shapoorji Pallonji Group (Shapoorji Pallonji) and Bumi Armada Berhad (BAB). The spread-moored FPSO unit was named Karapan Armada Sterling III during a naming ceremony held earlier this month at Keppel Shipyard. The FPSO will be deployed to the Madura BD Field in Madura Strait East Java which is operated by Husky-CNOOC Madura Limited (HCML).

UK Urged to Change Capital Gain Calculation Methods

Moore Stephens tax partner Sue Bill.

Moore Stephens calls for rethink on capital gains exchange rate distortions on ships. International accountant and shipping consultant Moore Stephens has urged the UK government to remove exchange rate distortions when calculating capital gains on ships. Moore Stephens tax partner Sue Bill explains, “Currently, all capital gains and losses subject to UK corporation tax are calculated by reference to sterling, with the result that capital gains and losses arising on non-sterling assets, including certain ships, can be significantly distorted by exchange rate fluctuations.

Moore Stephens Rues Missed Opportunity

International accountant and shipping consultant Moore Stephens says it is regrettable that changes announced for inclusion in the UK Finance Bill 2013 have failed to remove exchange rate distortions from the calculation of capital gains on ships. Currently, all capital gains and losses subject to UK corporation tax are calculated by reference to sterling, with the result that capital gains and losses arising on non-sterling assets, including certain ships, can be significantly distorted by exchange rate fluctuations.

Harley Marine Hires Adlakha as CFO

(Photo: Harley Marine Services)

Harley Marine Services is pleased to welcome Sterling Adlakha to its executive team where he will assume the role of Chief Financial Officer. A graduate of the U.S. Coast Guard Academy, Sterling served 10 years in the U.S. Coast Guard. He began his career as an engineer on a 210' cutter before moving to the West Coast and becoming a double-ended marine inspector and plank owner of the country's first Sea Marshal program following the 9/11 terrorist attacks. He later earned a Masters…

P&O Cruise Division Sees Strong Trading, Advances Plans For U.S Listing Next Year

The cruise arm of Peninsula and Oriental Steam Navigation Co. continues to experience excellent trading conditions, with total capacity up 14 percent this year, company officials said. P&O officials said the cruises division was fully booked at yields consistent on a like-for-like basis with last year's high levels. The outlook for the division next year is "highly positive," with capacity seen increasing by 21 percent, booking 70 percent full for the first half, and yields again good. "We are ending the year on a positive note with all of our core divisions performing well," Chairman Lord Sterling said. "We expect to achieve further significant progress in the first half of 2000".

Coast Guard Shuts Down 2 Casino Ships

Two casino cruises from Port Canaveral were temporarily shut down by the Coast Guard, reports said. Inspectors said they found 24 violations during a routine check of the Sun Cruz Casino. The problems found involved fire equipment on the ship and the cooling system, WESH 2 News reported. The other ship in trouble is Sterling's Ambassador 2. The Coast Guard ordered it out of U.S. waters because it didn't have the proper paperwork, so all bets are off for gamblers until the problems are fixed. The Coast Guard said it will inspect the boats again when the companies let them know the problems are fixed. source: WESH 2 News

Carnival Pays Quarterly Dividend, Appoints New Director

Carnival Cruise Liner: Photo credit Wiki CCL 'Rapidfire'

At the annual shareholders meeting of Carnival Corporation & plc  held in Miami Beach, Fla., shareholders elected a new member to the company's board of directors – Debra Kelly-Ennis, president and chief executive officer of Diageo Canada, Inc. Kelly-Ennis will serve in a non-executive capacity on Carnival Corporation & plc's 14-member board, effective immediately. Carnival Corporation & plc's board of directors also approved a quarterly dividend to holders of Carnival Corporation common stock and Carnival plc ordinary shares of $0.25 per share.

Sterling Shipping Adds Two Industry Veterans

Quentin Soanes and Jeremy Davies have joined the Sterling Shipping Services team. Having worked in the world of Sale & Purchase shipbroking for 36 and 30 years respectively, both Quentin and Jeremy bring with them a wealth of experience and are highly respected in the business. Quentin will also be well known to many as the current Chairman of the London Baltic Exchange. After commencing trading in September 2013, Quentin and Jeremy will further enhance the service Sterling Shipping Services provides to its clients on sale and purchase as well as other associated services such as valuations, consultancy and expert witness appointments. sterlingshipping.com  

BP's 3Q Interim Dividend for 2014

BP Logo

The Directors of BP p.l.c. announced that the interim dividend for the third quarter 2014 would be US$0.10 per ordinary share (US$0.60 per ADS). This interim dividend is to be paid on 19 December 2014 to shareholders on the share register on 7 November 2014. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. A scrip dividend alternative will be made available for this dividend allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.

BP's First quarter interim dividend for 2014 announced

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The Directors of BP p.l.c. announced that the interim dividend for the first quarter 2014 would be US$0.0975 per ordinary share (US$0.585 per ADS). This interim dividend is to be paid on 20 June 2014 to shareholders on the share register on 9 May 2014. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. A scrip dividend alternative will be made available for this dividend allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.

BP Announces 2Q 2014 Interim Dividend

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On 29 July 2014, the Directors of BP p.l.c. announced that the interim dividend for the second quarter 2014 would be US$0.0975 per ordinary share (US$0.585 per ADS). This interim dividend is to be paid on 19 September 2014 to shareholders on the share register on 8 August 2014. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. A scrip dividend alternative has been made available for this dividend allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.

Moore Stephens: UK Budget "encouraging" for Shipping

Moore Stephens tax partner Sue Bill

INTERNATIONAL accountant and shipping adviser Moore Stephens says the UK Budget 2012 contains some encouraging signs for the shipping industry. The government has stated that it will consult later this year on whether to introduce a rule allowing companies with a non-sterling functional currency to compute their capital gains and losses in such functional currency, rather than in sterling, as is currently the case. Moore Stephens tax partner, Sue Bill, says, “This is of particular relevance for UK companies which own vessels outside the UK tonnage tax regime…

Carnival Increases Quarterly Divident by 25 Percent

Carnival Corporation & plc announced that it has declared a quarterly dividend of $0.25 cents per share -- an increase of 25 percent. The dividend is payable on December 9, 2005, to shareholders of record on November 18, 2005. With today’s announcement – combined with previously announced dividend increases in April 2005 and October 2004 – Carnival’s quarterly dividend has doubled in just over 12 months. In April 2005, Carnival’s quarterly dividend increased 33 percent from $0.15 cents per share to $0.20 cents per share; in October 2004 the company increased its dividend 20 percent to $0.15 per share from $0.125 per share. Holders of Carnival Corporation common stock or Carnival plc ADSs will receive the dividend payable in U.S. dollars.

Carnival More than Doubles Quarterly Dividend

Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) announced an increase in its regular quarterly dividend to $0.25 per share from $0.10 per share. "Considering the current economic climate, our ability to more than double our dividend just a year after its reinstatement is a remarkable testament to the resilience of our global cruise brands and our confidence in the future of our business," said Micky Arison, Carnival Corporation & plc chairman and CEO. "Given our projected increase in cash from operations, expected to exceed $4 billion in 2011, combined with lower capital investment commitments due to the slower pace of our newbuild program, the company will begin generating significant free cash flow in 2011 and beyond," he added.

Indian FPSO Finance Secured by Malaysian Operator

Bhumi Armardi FPSO: Photo courtesy of Bumi Armada

Bumi Armada Berhad secures syndicated Indian banks term loan facilities of up to US$276.4-million for FPSO 'Armada Sterling'. Malaysia-based international offshore oil and gas services provider, company Bumi Armada Berhad announced today that its jointly controlled entity, Armada D1 Pte. Ltd. (Armada D1) has secured syndicated term loan facilities of up to USD276.4 million (facility) from Allahabad Bank, Bank of Baroda, Bank of India, Indian Bank, Indian Overseas Bank, UCO Bank and Union Bank of India.

BP's First Qtr Interim Dividend For 2014

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The Directors of BP p.l.c. announced that the interim dividend for the first quarter 2014 would be US$0.0975 per ordinary share (US$0.585 per ADS). This interim dividend is to be paid on 20 June 2014 to shareholders on the share register on 9 May 2014. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. A scrip dividend alternative has been made available for this dividend allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.

UK Budget 2012 Includes Good Signs for Shipping Industry: Moore Stephens

International shipping adviser Moore Stephens said the UK budget for 2012 contains some encouraging signs for the shipping industry. The government has stated that it will consult later this year on whether to introduce a rule allowing companies with a non-sterling functional currency to compute their capital gains and losses in such functional currency, rather than in sterling, as is currently the case. “This is of particular relevance for UK companies, which own vessels outside the UK tonnage tax regime, either because the company did not elect into tonnage tax, or because the ship does not qualify for tonnage tax - for example, because it is chartered out on a long-term bareboat charter…

BP's Interim Dividend for 2014

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On 28 October 2014, the Directors of BP p.l.c. announced that the interim dividend for the third quarter 2014 would be US$0.10 per ordinary share (US$0.60 per ADS). This interim dividend is to be paid on 19 December 2014 to shareholders on the share register on 7 November 2014. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. A scrip dividend alternative has been made available for this dividend allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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