Product Tanker Purchase Assisted by CIT Group Financing
CIT Group Inc has provided a senior secured credit facility to Tanker Solutions, a joint venture between funds managed by TPG Credit Management and Prime Tanker Management, to support the purchase of 'MT Pike' (formerly the 'M/T Starling'), a 73,700 DWT LR1 product tanker built in 2008. The financiers say that the vessel represents the first asset acquisition by Tanker Solutions and will be operated by Prime Tanker Management. “With this transaction, we continue to build relationships with industry-leading operators and investment firms, further expanding our footprint in the marketplace. Financing was provided by CIT Bank , the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed.
SSS: Separate Storage Shuttling
The advent of FPSO and Shuttle Tankers serving the deepwater fields of the Gulf of Mexico is drawing closer, as oil companies study the most economical means to move product from point A to B, particularly from remote and deepwater portions of the Gulf of Mexico. The GOM region, which has one of the more complex subsea piping systems in the world, is ripe for the shuttle tanker solution as the search for oil and gas pushes further from the shore. The question then does not center on "if," but rather "when." American Shuttle Tankers (AST) is touting its S-S-S, or Separate Storage Shuttling solution. The system is unique in that it works with any floating production system — a key point given the fact that there are zero FPSO projects currently underway — including semisubmersibles…
Wärtsilä Launches Fuel-Saving Pre-Swirl Stator
EnergoFlow is a new energy saving solution that will return ship operators’ investment in less than two years, according to its developer Wärtsilä. By reducing the power losses which occur in the propeller’s slipstream with an optimised inflow, Wärtsilä’s solution improves fuel efficiency by up to 10 percent. The technology group Wärtsilä launches the newest solution in its propulsion efficiency portfolio during November. The product will be introduced at the Europort event in Rotterdam, the Netherlands, on Tuesday, November 7.
Ellis Named Chembulk Tanker CEO
Chembulk Tankers appointed David Ellis as Chief Executive Officer (CEO), succeeding Jack Noonan who will retire after 10 years of leading the team at Chembulk Tankers. Effective November 1, 2017, Jack will take on the role of CEO Emeritus through the balance of the year and will continue to advise and counsel Chembulk as part of the leadership transition. Ellis has more than 30 years in chemical and petroleum transportation experience, including over 20 years with Odfjell SE in various leadership roles culminating in the global leadership position in Odfjell’s joint venture with Lindsay Goldberg. He most recently served as CEO of Waypoint Solutions LLC, a Houston-based company he founded in 2016 to develop, buy, and operate midstream assets.
Maersk Line Stays in Profit
In Q3, the revenue of A.P. Møller - Mærsk A/S’ continuing operations increased by 14% year on year driven by higher freight rates in Maersk Line. The underlying profit was USD 248m, with an improvement of USD 290m in Transport & Logistics and a decline of USD 15m in Energy. For A.P. Møller - Mærsk A/S, the third quarter of the year was a defining quarter of major change, where strong and viable solutions were found for Maersk Oil and Maersk Tankers. Furthermore, today A.P. Møller…
De Nora BWTS Concludes USCG Testing
De Nora announced that it has completed shipboard testing for its BALPURE ballast water treatment system (BWTS), and intends to make its submission for United States Coast Guard (USCG) Type Approval by the end of 2017. The shipboard testing of De Nora BALPURE was conducted on a US-flagged Aframax tanker operating in the west coast of the United States in the regulated waters of California and Alaska. The tanker is in normal trading and has been ballasting and deballasting with BALPURE system on a regular basis.
Sovcomflot Reports Loss for 9M 2017
PAO Sovcomflot (SCF Group) reported a $6.8 million loss for the first nine months of 2017, citing the adverse impacts of low spot market freight rates in the conventional tanker sectors. “This year has proven to be a very challenging period for the tanker industry and the situation now faced by many conventional tanker ship owners is especially severe,” said Sergey Frank, President and CEO of PAO Sovcomflot. “An oversupply of tonnage and reduced demand, resulting from oil capacity cut-backs led by OPEC…
BMT Bags Contracts from Samsung Heavy Industries
BMT Group’s fleet and vessel performance management company BMT SMART said it has secured a contract with shipbuilder Samsung Heavy Industries (SHI) to supply vessel performance monitoring systems for four very large crude carriers (VLCC) being built for a Greek ship owner. This latest contract comes on the back of current orders already received from SHI for seven vessels (Suezmax and Aframax tankers) for Norwegian and Singapore owners, BMT said. BMT will provide SHI with its modular vessel performance monitoring solution…
Crude Tanker Shipping Market to Get Hurt in 2018
Crude tanker freight rates are expected to decline further in 2018 following a sharp decline in 2017, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry. Although tonnage supply growth in the crude tanker market is expected to be low next year after surging in 2017, this will not be enough to push tonnage utilisation rates higher as demand growth is expected to be sluggish. A slowdown in global oil demand growth and a likely decline in China’s stocking activity will keep growth in the crude oil trade moderate next year.
Eye-share Partners with Eiger Marine
Eye-share and Eiger Marine form a partnership to offer the best invoice automation system to maritime customers in Greece and Cyprus. Eye-share partners with Eiger Marine. This partnership forms part of our strategy to partner and co-operate with leading providers of business process improvement solutions for the maritime sector in order to reach new, important customer segments. The alliance will offer customers in the maritime sector a complete solution for invoice and document automation with Eye-share’s main product; eye-share Invoice.
ABB Outlines Its Plan for Shipping's Future
“We are living through one of the most exciting periods in the history of the maritime industry,” said Juha Koskela, Managing Director, ABB Marine & Ports. ABB, a company with its sights set on spurring the next step change for vessel and fleet management, has laid out its new approach “harnessing the full potential of its power, control and automation solutions” via digital integration. “We believe the next generation of ships will be electric, digital and connected as the industry moves towards the use of new energy sources and automated ship operations,” Koskela said. “Electric. Digital.
Deal for Floating LNG Powerplant in China
As the proliferation of LNG use spreads rapidly in the maritime and energy sectors, word from China is that Wison Offshore & Marine has signed an MoU with Shanghai Electric Power Generation Group, on a joint effrot to develop medium to large-scale floating LNG power generation barges. Wison brings a wealth of experience and integration capability in floating LNG facilities, while Shanghai Electric is a leader in core gas power equipment and EPC services for international power projects. Based on the Floating LNG Storage Regasification and Power Generation (FSRP) solution developed by Wison earlier on, both parties will join forces to build up capabilities throughout FSRP project life cycle from product development…
Cruise Ships & Environmental Risk: ‘No Silver Bullet’
LONDON - “Sustainability is core to the cruise industry; but there is no silver bullet or one solution to fit all.” This was the key message that echoed across the panel of speakers at Thursday, November 16, 2017, IMMEDIASEA Shipping Debate Forum in London. The lively discussion between representatives of Carnival Corporation, Wartsila Marine Solutions, Bellona, DNV GL, Jotun and Hurtigruten highlighted a shared vision of a green and sustainable future for the industry. There are concerns with the rise in popularity of remote and environmentally delicate destinations such as Norway…
Speedcast, SRH Marine Pact for Maritime Solutions
Speedcast International, provider of reliable, fully managed, remote communication and IT solutions, today announced a strategic alliance with SRH Marine. The strategic agreement redefines the management of navigation and communications across the Maritime industry by providing a fully integrated shipboard solution delivered by a single supplier. “The alliance between Speedcast and SRH Marine is a giant leap forward in addressing the fragmented nature of vessel technical management”, said Tim Bailey, Executive Vice President, Products, Marketing and Business Development, Speedcast.
Odfjell, Sinochem Form Chemical Tanker Pool
Odfjell SE said it has signed Framework Agreement with Sinochem Shipping Singapore Pte. Ltd whereby the Norwegian ship owner will take four vessels on long-term bareboat charter and together form a pool of eight 40,900 dwt chemical tankers. The four chemical tankers are part of Sinochem’s series of eight ordered from Hantong Wing Shipyard in China. Sinochem will retain ownership of the series’ four other vessels, which together with the bareboat vessels will form a pool managed by Odfjell SE and trading as part of the Odfjell Tankers fleet.
WE Tech to Equip Ektank Vessels
WE Tech Solutions said it has received an order to deliver its permanent magnet shaft generator solution to two new 18,600 dwt chemical tankers with an option for another two. The tankers are built by China State Shipbuilding Corporation (CSSC) Chengxi Shipyard for the Swedish ship owner Ektank AB. WE Tech’s equipment delivery to Hudong Heavy Machinery Co., Ltd. will commence in October 2017. WE Tech’s solution is based on variable frequency drive technology (WE Drive) and the direct drive Permanent Magnet Shaft Generator. The solution allows the main engine to run at variable speed while the electrical network is generated by the Shaft Generator. Therefore, there is no need to run the auxiliary engines or generators when sailing.
Sea IT Inks ICT Deal with Veritas Tankers
Sea IT has signed a long-term ICT agreement with Veritas Tankers including installation of the BlueCLOUD Office platform at Veritas Tankers’ headquarters. BlueCLOUD Office is a cloud-based solution which fully integrates the fleet and the office communication as a one-stop-shop. BlueCLOUD Office is a dynamic service that enables Veritas Tankers management to instant access where they can easily add and remove users or change user rights. Besides BlueCLOUD Office, Veritas Tankers also benefit from the module BlueCONNECT, a virtual software that acts as mail server and carrier controller. Sea IT has previously entered a Fixed BlueCORE ICT agreement with Veritas Tankers to upgrade all its vessels - Astina, Astral and Astoria - during a three-year period.
CMA Ships Selects PAL E3 from MariApps
CMA Ships (part of the CMA CGM group) selected PAL e3, the flagship marine ERP software from MariApps Marine Solutions, Singapore. Ludovic Gerard, Executive Vice President, CMA Ships and Sankar Ragavan, CEO, MariApps Marine Solutions signed the agreement in Marseille, France to implement PAL e3 across CMA Ships’ offices and on more than 170 vessels. "CMA Ships is expecting a smooth and quicker implementation so that we can move to a single, integrated solution across the organization," said Ludovic Gerard, EVP, CMA Ships.
Aker Solutions to Supply Loading Systems for Shuttle Tankers
Aker Solutions has been awarded contracts for the supply of Pusnes offshore loading systems for ten shuttle tankers that will operate in Brazil and Norway. The total contract value for Aker Solutions is approximately NOK 150 million. Several major South Korean shipyards have awarded Aker Solutions contracts for the supply of Pusnes bow loading system for 10 suezmax shuttle tankers. Eight of the shuttle tankers are being built for various ship-owners, and will operate in Brazilian waters. Two of the shuttle tankers will operate for a Norwegian ship-owner at the Goliat field in the Barents Sea. The Pusnes bow loading system enables a safe and secure connection for the hose to the shuttle tanker.
Corvus to Supply Energy Storage for Hybrid Chemical Tanker
Corvus Energy Inc. has announced that it has been selected as the supplier of the lithium ion based energy storage system (ESS) for a new hybrid chemical tanker being built for Rederiet Stenersen AS of Norway. The chemical tanker will be the first vessel of its kind to utilize an ESS for propulsion. Corvus Energy will supply its next generation Orca Energy ESS solution to integrate with WE Tech Solutions’ propulsion system, which will deliver industry environmental performance for this new vessel.
Sea IT Secures ICT Contract with Maersk Tankers
Sea IT informs it has signed a long term strategic ICT contract with Maersk Tankers covering all vessels operated within its fleet. The four-year-long ICT contract includes a unique modification of BlueCORE which has been customized to fit Maersk Tankers' global business operations and security standards. Under the contract, Sea IT will install a customized solution of its flagship product BlueCORE, a complete IT system including Wi-Fi, on the Maersk Tankers fleet, which includes approximately 100 vessels around the globe.
RHL Hamburger Lloyd Selects KVH Broadband Service
To meet growing bandwidth usage and Internet demand onboard its tanker fleet, RHL Hamburger Lloyd Tanker GmbH & Co. KG, of Hamburg, Germany, an international shipping company known for managing sophisticated, innovative tankers, has chosen KVH Industries, Inc., for its mini-VSAT Broadband satellite communications solution. Twelve oil and chemical tankers will be outfitted with KVH’s TracPhone V7-IP satellite antenna systems in the next month, with a potential for 16 additional container vessels to receive KVH systems.
Stolt Upgrades VSAT Connectivity Across Tanker Fleet
Stolt Tankers has chosen Marlink to upgrade its entire fleet of deep sea and regional tankers to the Sealink Global Ku-band VSAT service. The contract, signed in April 2013, covers the provision of Sealink to 90 tankers, resulting in significant bandwidth enhancements across the fleet, meeting Stolt’s changing connectivity requirements for operational and crew communication. As the owner of one of the world’s largest and most sophisticated global tanker fleets, Stolt Tankers required a global VSAT service to enable faster…