Stolt-Nielsen to Buy 3 Used Tanker Ships
The AP has reported that Stolt-Nielsen SA is buying three used tanker ships for about $40 million. The company said its wholly owned subsidiary, Stolt-Nielsen Transportation Group, has exercised an option to purchase the tankers, currently on charter, from Montana Ship Holding AS. According to Stolt-Nielsen, it chartered the ships in December 2001 with an option to buy at any time. The company said the three ships are to be converted at a cost of $7.5 million to meet new safety regulations that will take effect Jan. 1 next year. Stolt-Nielsen said it anticipates the ships will allow it take advantage of growth prospects for the parcel tanker market. It also said the used vessels will help it save money since the cost of shipbuilding is at historic highs.
J.P. Morgan Raises Distressed Shipping Fund
J.P. Morgan Global Alternatives has closed a $480 million fund to invest in distressed shipping assets, attracting capital from pensions, endowments and insurance companies, reports Financial News London. The Global Maritime Investment Fund II, which surpassed its $400 million targeted capital raise, is one of the largest dedicated shipping funds. It seeks to invest, through a closed end structure, in modern vessels operating in shipping sub-sectors that are experiencing substantial distress, with values trading near historical lows.
McDermott Awarded Two Saudi Aramco Contracts
The first project, Karan-45, comprises fabrication of a new wellhead platform, auxiliary platform, jacket and link bridge, with subsea installation of a 20-inch flowline and a 15kV composite power and fiber optic cable. Project management, engineering and procurement will be undertaken at McDermott’s engineering office in Al-Khobar, Saudi Arabia. Fabrication will commence shortly at the company’s Jebel Ali facility in the United Arab Emirates and the offshore scope will be undertaken by vessels from McDermott’s global fleet. The project is scheduled for completion in the first quarter 2014. The second project, issued under the existing Long-Term Agreement, includes the procurement of flexible flowlines and the fabrication, transportation and installation of pipelines and subsea tie-ins.
Planned Tanker Age Curbs Seen As Insufficient
Age limits being imposed on tanker chartering by oil companies do not address the use of ships like the Erika, which broke up off France in December, shipping industry sources said. Companies are opting not to use large vessels, above either 80,000 or 100,000 dwt, more than 20 years old unless they have extra safety certificates. However, the age limit is higher for smaller tankers - at 25 years - partly because there are not enough newer ships. As a result, the restrictions might not stop oil companies using vessels like the 25-year-old 37,283 dwt Erika, sources said. Additionally, oil traders and tanker brokers warned that the cautious approach might fade once the public outcry over the Erika had died down.
GE US Equipment Financing Appoints New Marine Sales Leader
GE US Equipment Financing has appointed Steve Isaacson as National Sales Leader. Isaacson is a veteran of the commercial marine finance industry, joining GE in 2001 after a 15-year career managing SAFECO Credit’s national marine group in Seattle. Isaacson had served the past two years as the northwest regional sales manager for GE USEF. “Steve’s extensive industry expertise in Marine financing will help us provide our marine industry customers with a more customized set of solutions across the spectrum of financing needs including new and used vessel acquisitions, vessel re-power and upgrade projects, fleet acquisitions, growth capital, working capital, balance sheet management and recapitalizations,” said Juan Corsillo, vice president of marketing and strategic initiatives for GE USEF.
Damen Trading Sale hits 500th Vessel
30 years and 500 vessels later, Damen Trading is just getting started. Damen Trading’s story begins in 1986, with Damen Shipyards Group responding to growing market demand for used vessels. Since then, Damen Trading has gone on to sell over 500 used vessels, right across the maritime spectrum, developing along the way a reputation for personalised, reliable service. The decision to establish Damen Trading was a logical one, says Senior Sales Manager Michel Radjiman “With Damen Marine Services already operating its own charter fleet…
SCA: Tanker Rates Justify Higher Construction Prices
U.S.-flag ocean-going tank barge fleet greater than 5,000 gross tons). causing charter rates to rise along with demand. According to the Shipbuilders Council of America (SCA), with long-term charter rates for U.S.-flag double-hull tankers now at a level of $37,000/day, rates justify construction costs of approximately $85 million per vessel. $34,700/day, a rate well below today’s market. a realistic percentage in today’s financing market. long-term charter rates justify construction costs of upwards of $80 million per vessel. qualified operators thus improving operator’s cash flow. advantage of asset depreciation benefits as the owners of the vessels. 15 years. million using vessel leasing financing.
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.
Keeping European Shipping on the Straight & Narrow
The European Maritime Safety Agency (EMSA) explains its role in support of marine safety, pollution, maritime security & vessel monitoring in a new brochure. EMSA operates maritime information systems to support the maritime monitoring activities of the Commission and Member States. • detect oil pollution and vessels through satellite images. EMSA operates the European oil spill and vessel detection service CleanSeaNet. This service analyses satellite radar images to detect possible oil spills on the sea surface. Oil spills appear as dark shapes on the image.
Opening Ceremony of K Line Maritime Academy
K Line established K Line Maritime Academy (Philippines) at Pasay City in The Philippines, and Opening Ceremony was held on February 22, 2008 at the Academy with President Gloria Macapagal Arroyo and many delegations from The Philippine Government, Seafarers Educational Institution and other related interests in attendance. The Academy is the key facility of KLMA and each training course will be carried out in accordance K Line's fundamental philosophy that fosters the development of K Line Seafarers regardless of nationality by using KLMA Basic Training Matrix and Syllabus. As for navigation officers, the Academy will conduct training for prevention of ship collision and grounding in congested waters and narrow straits, using the new ship handling simulator.
World's Largest Ethane Carrier Loads Its First Cargo
The ABS-classed Ethane Crystal, the world’s first Very Large Ethane Carrier (VLEC) -- and a Maritime Reporter & Engineering News "Great Ship of 2016" as profiled in the December 2016 edition -- has loaded its first shipment of ethane cargo at Enterprise Products Partner’s Morgan’s Point Terminal. Delivered in November 2016, the Ethane Crystal is the first of six VLECs that will be delivered with ABS Class through 2017. The second vessel, the Ethane Emerald, was delivered in early December 2016.
Global Availability of Fleet Management Software Platform
Vessel tracking and asset/document management software, used by hundreds of U.S. commercial workboat and fishing customers, is now available internationally for integration into existing partner applications. McMurdo Group, a company in end-to-end search and rescue (SAR) and maritime domain awareness (MDA) solutions, has announced that its fleet management software platform is now available worldwide for partners to integrate into their existing maritime applications and solutions. The McMurdo Group software platform, the most widely used vessel tracking and fleet management software in the U.S. commercial maritime market, will be demonstrated at the V-Tracks Vessel Tracking and Monitoring Conference in London (Radisson Blu Portman Hotel) February 27-28.
Remote Controlled Workboats
Tuco Marine Group has introduced remote controlled navigation systems for the ProZero Workboats, offering autonomous self-piloting vessels. Working together with Sea Machines, Tuco Marine Group can now provide the ProZero series, delivered with a system that makes the vessels autonomous and remote controlled. The system can be embedded into a wide variety of boats in the ProZero series, making them self-piloting, increasing productivity and keeping personnel safe from potential harm.
First of 20 New Ships Delivered to Intermarine
Transporter of project, breakbulk and heavy lift cargoes, Intermarine, LLC, has begun “Fleet of the Future” deliveries with the addition and maiden voyage of the newbuild Industrial Grand. The 20,000 DWT, 545 foot multipurpose vessel Industrial Grand features three cranes with a combined lifting capacity of up to 900 metric tons. It is the first of 20 new eco-friendly lifters that will join Intermarine’s core fleet during the next 30 months. The vessel will travel from Shanghai, China, to the U.S. Gulf Coast to deliver a large and complex petrochemical processing tower.
Hyundai Bags Order for 2 LNG Carriers from SK Shipping
Hyundai Heavy Industries Co. (HHI) struck a $400 million worth deal to build two liquefied natural gas (LNG) carriers for SK Shipping Co., a Korean shipowner. According to the sources, the vessel can carry 180,000 cubic meters of LNG. The vessels will be delivered starting in the first half of 2019, the sources said. Meanwhile, a press release from the French LNG containment specialist GTT said that it has received an order for two new LNGCs (Liquefied Natural Gas Carriers) for HHI. The vessels will be built at Hyundai's shipyard in Ulsan for SK Shipping. Delivery is scheduled in 2019.
Improving Vessel Efficiency a Focus at GL North America Meeting
Germanischer Lloyd’s (GL) North American Committee, considered current topics & challenges to the shipping industry at its recent Texas meeting. The challenge of improving vessel efficiency heads the agenda of every ship owner and operator. With sailing speeds reduced across the board, fuel efficiency has become the biggest lever to increase cost competitiveness. Both regulatory agencies and the industry are developing mechanisms to improve efficiency and in 2013 the IMO’s EEDI and SEEMP regulations will enter into force, in an effort to spur innovation and reduce CO2 emissions. David Greening of Seaspan, one of the world’s largest independent containership companies, set out his firm’s response to the challenge of rising bunker prices and a tighter regulatory environment.
GTT Receives Order for Two LNG Carrier Newbuilds
GTT has received an order from Hyundai Heavy Industries (HHI) for two new liquefied natural gas carriers (LNGCs) to be built at HHI’s shipyard in Ulsan for SK Shipping, a Korean shipowner. Delivery is scheduled in 2019. The vessels, designed according to the new IGC standards published in 2016, will be equipped with GTT's Mark III Flex membrane technology. Mark III Flex is particularly well-suited for the highly efficient XDF propulsion system installed on SK Shipping's LNG carriers, as the technology offers a high level of insulation performance. “GTT is very pleased to continue our collaboration with HHI. This new contract demonstrates HHI's confidence in GTT technologies which already equip some fifty LNG carriers in service built by the shipyard…
Date for Diary: PortVision Educational Series Luncheon
PortVision® announce that its third complimentary educational luncheon for marine terminal management will take place on Tuesday, September 10, from 11 a.m. to 2:30 p.m. at the Wyndham Philadelphia Historic District Hotel. The educational event is the first to be hosted by PortVision in the northeastern U.S. “We are looking forward to meeting with marine terminal managers in the Philadelphia area who are responsible for operations, management or performance improvement,” said Dean Rosenberg, president. PortVision’s educational series provides attendees with an opportunity to hear about industry trends and challenges, and how to meet these challenges while streamlining operations, reducing costs, increasing visibility and enhancing business intelligence.
Videotel, Safebridge JV for Onboard ECDIS Certification
Videotel, a provider of e-Learning maritime training solutions and a company of KVH Industries, has joined forces with online maritime training business Safebridge GmbH, which specializes in ECDIS training, to provide shipping companies with the unique ability to certify their seafarers on ECDIS type-specific training while serving onboard. More than 30 ECDIS type-specific training courses will be available, which is the most comprehensive offering in the industry. Companies using the Videotel On Demand (VOD) system will have access to this leading-edge certification route.
Damen Trading Launches New Website
The new website for Damen Trading, the brokerage department of the Damen Shipyards Group, integrates Damen corporate house-style as well as an improved profile of services that includes registration, transport and even vessel modifications if required. It also offers trade-in terms for owners looking to buy a new Damen vessel. Damen Trading specializes in tugs and workboats with a global network consisting of ship owners, ship operators and co-brokers. Further services include the sale of coasters, crewboats, patrol boats and passenger ferries.
GL Nobel Denton Issues New Guidelines
"Advancing best practice in marine warranty and consulting - GL Noble Denton issues new Guidelines for offshore operations" GL Noble Denton has issued three new Technical Guidelines for assessing and approving energy industry marine operations. These set the standard to which the independent technical advisor will conduct its Marine Warranty Survey and Marine Consultancy services globally, ensuring that clients are provided with best practice for offshore oil, gas and wind operations. The new Guidelines represent the latest update from GL Noble Denton's leading marine assurance and advisory practices, and integrate comprehensive guidance based on its operational experience in the sector.
KVH Videotel Names Karkhanis Middle East Sales Director
KVH Videotel has named Capt. Milind Karkhanis as sales director for the Middle East to develop business in this strategically important maritime location. Capt. Karkhanis has more than 40 years’ experience in the maritime industry, including 15 years at sea on tankers, bulk carriers, and container ships; on shore, he worked in Mumbai and Hong Kong in ship manning and operations roles. Capt. Karkhanis has recently relocated to Dubai, United Arab Emirates. “I am looking forward…
Two Arabian Gulf Contracts for McDermott
A McDermott International subsidiary has been awarded two projects valued at approximately US$ 900-million. The first project includes engineering, procurement, construction and installation of a new tie-in platform, with a 3,200-tonne topside and six-pile jacket, two auxiliary platforms, jackets and bridges as well as five observation platforms, 72 kilometers of pipelines and 45 kilometers of subsea cables. Water depths range from 10 to 30 meters. Also included in the project scope is significant brownfield work, comprising upgrades to five platforms with new main, mezzanine, cellar and helicopter decks and new boat landings. Project completion is expected in the third quarter 2015.