Andrade Named CFO at Teekay Tankers
Stewart Andrade has been appointed Chief Financial Officer of Teekay Tankers, succeeding Vince Lok who will remain Teekay Corporation’s Executive Vice President and Chief Financial Officer. Andrade joined Teekay in 2002 and has worked in several senior roles across the organization. His most recent role was Vice President, Strategy and Business Development for Teekay’s tanker business, a position he has held since December 2015. Prior to joining Teekay, Andrade, a Canadian Chartered Professional Accountant, worked in Ernst and Young’s consulting practice providing advisory services to a variety of Canadian and international organizations.
Teekay LNG Announces Board Changes
Teekay LNG Partners L.P. announced changes to Teekay LNG’s board of directors. Jane Hinkley has been appointed to the chairmanship position succeeding C. Sean Day, who will remain a director of Teekay LNG and chairman of the partnership’s sponsor, Teekay Corporation. Hinkley has been a director of Teekay LNG for over 10 years and has management and board experience in the shipping and oil and gas industry, including serving as the managing director of Navion Shipping AS, and chief financial officer and managing director of Gotaas-Larsen Shipping Corporation, and currently serves on the board of directors of Premier Oil plc and Vesuvius plc.
Teekay Secures $1bln from Chinese Bank
Teekay Corporation announced today it has entered into a framework cooperation agreement with the Export-Import Bank of China (CEXIM) for up to $1 billion in new loan facilities. The loan facilities would be made available to Teekay and its subsidiaries, including Teekay LNG Partners L.P., Teekay Offshore Partners L.P. and Teekay Tankers Ltd., to finance the construction or conversion of vessels from shipyards in China over the next three years. “We are very pleased to announce the signing of this framework agreement in Beijing, China as it further strengthens our existing relationship with CEXIM and represents yet another source of capital for the Teekay group,” said Vince Lok, Teekay Corporation's Executive Vice President and Chief Financial Officer.
Teekay Restated 1 & 2Q 2008 Results
Teekay Tankers Ltd. - an interest rate swap agreement under the Statement of Financial Accounting Standards No. - two vessels acquired from Teekay Corporation (Teekay) subsequent to the company's December 2007 initial public offering, whereby the company's financial statements have been retroactively adjusted to include the historical results of the vessels from the date they were originally acquired by Teekay and began operating, as more fully discussed below under "Changes to Accounting for Dropdown Transactions". Subsequent to the release of its results for the second quarter of 2008 on August 7, 2008, the company determined that it would be required to restate its previously reported financial results.
Partners Eye Autonomous Vessel Technology for UK Ports
Peel Ports Group and ASV Global (ASV) have launched a partnership which will develop the use of autonomous vessel technology for U.K. port operations.The partnership kick-started with a visit from ASV’s team to the Port of Liverpool, to demonstrate the C-Cat-3, an autonomous vessel ideal for shallow survey operations.The C-Cat 3 operated in Brocklebank Dock carrying out seabed survey using a Norbit iWBMS multibeam echo sounder.The successful demonstration has led Peel Ports Group…
Howard Thill Joins Devon to Succeed White
Howard Thill has joined Devon Energy Corporation as senior vice president, communications and investor relations.He has joined the company to fill the position created by the retirement of Vince White, senior vice president, communications and investor relations. The company announced yesterday the retirement of Vince White who is scheduled to retire August 8, 2014. “Howard brings to Devon deep knowledge borne of extensive and varied experience in our industry,” John Richels, Devon’s president and chief executive officer said. Prior to joining Marathon, Thill was director of investor relations with Phillips Petroleum Co. He began his career with Phillips in 1982 as a drilling fluids sales/service engineer.
Denmark Aims to be Global Maritime Power Hub
The Danish Government receives recommendations from the Maritime Strategy Team on how to maintain the Danish stronghold as a maritime nation towards 2025. The Maritime Strategy Team, headed by Chairman Jesper Lok, presents its recommendations to the Danish government. The recommendations represent the maritime industry’s input on maintaining and strengthening the industry’s international competitiveness and making Denmark a global maritime power hub. The maritime industry – Blue Denmark – represents 25 % of Danish exports, making it the largest Danish exporting industry.
Status Report: Major Port and Merchant Shipping Legislation in India
With a view to promote the expansion of port infrastructure and facilitate trade and commerce, the proposed bill aims at decentralizing decision making and to infuse professionalism in governance of ports. The new Major Ports Authority Bill, 2016 would help to impart faster and transparent decision making benefiting the stakeholders and better project execution capability. The Bill is aimed at reorienting the governance model in central Ports to landlord port model in line with the successful global practice. This will also help in bringing transparency in operations of Major Ports.
India Lower House Passes the Admiralty Bill 2016
The Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill, 2016 was passed by the Lok Sabha (Lower House of the Parliament of India). The Bill aims to establish a legal framework to consolidate the existing laws relating to admiralty jurisdiction of courts, admiralty proceedings on maritime claims, arrest of vessels and related issues. It also aims to replace archaic laws which are hindering efficient governance. The Bill confers admiralty jurisdiction on High Courts located in coastal states of India and this jurisdiction extends upto territorial waters.
Denmark's Princess Mary Launches SVITZER Tug
Tribute to Bushfire town as her Royal Highness Crown Princess Mary of Denmark Launches "SVITZER MARYSVILLE" Tug in Melbourne, Australia. Her Royal Highness Crown Princess Mary of Denmark today launched SVITZER Australia’s newest Tugboat ‘SVITZER Marysville’ at Docklands in Melbourne, in honour of the bushfire devastated township of Marysville. The ceremony was also attended by His Royal Highness Crown Prince Frederick of Denmark. Forty five of Marysville’s 500 people lost their…
CIRCOR Names Vincent Sandoval President, Aerospace & Defense
Provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, CIRCOR International, Inc., inform that Vincent Sandoval will join the Company as Group President—CIRCOR Aerospace & Defense effective March 19, 2014. CIRCOR add that Mr. Sandoval currently is the President of TransDigm Group, Inc.’s Semco Instruments subsidiary, which designs and manufactures sensors and harnesses for use on various commercial and military airframe and engine platforms. Prior to joining TransDigm in 2010, Mr.
Port Metro Trucker Strikes: Coordinated Action to Address Disputes
British Colombia Maritime Employers Association (BCMEA) inform that the Government of Canada, the Province of British Columbia and Port Metro Vancouver are taking coordinated action to address the work disruption at Port Metro Vancouver, Canada’s Asia-Pacific gateway. Port Metro Vancouver will begin its planned reform of the licensing system and move to terminate licenses. The Government of British Columbia is preparing back-to-work legislation with a 90-day cooling off period for 250 truckers who are members of Unifor…
Seabulk International Appoints CFO
Seabulk International, Inc. announced the election of Vincent J. deSostoa as Senior Vice President and Chief Financial Officer, effective immediately. deSostoa, who most recently served as President and Chief Financial Officer of Zeosoft Corporation, will report directly to Seabulk's President and Chief Executive Officer, Gerhard E. Kurz. He will be responsible for all of the Company's financing activities, including its relations with investment bankers and lending institutions, as well as for the financial reporting function, risk management and information systems. "We are pleased to welcome Vince to the Seabulk management team," commented Kurz.
NY Giants Victory Parade
Maritime Reporter & Engineering News' hometown National Football League team, the New York Football Giants, brought home the NFL’s Vince Lombardi Trophy in high style today via a traditional ticker tape parade through the Canyon of Heroes in lower Manhattan. A fitting and traditional tribute following its rousing 21-17 victory over the overmatched New England Patriots in Super Bowl XLVI, held Sunday, February 5, 2012 in Indianapolis, where quarterback Eli Manning, the game’s Most Valuable Player…
Coal Transhipment Terminal Finds New Cure for Old Conveyor Spillage Problems
Neary four million tons of coal passed in and out of Scotland's Hunterston Terminal in 1997, drawn in large part by a reputation for fast turnaround that has made this one of the biggest seaport bulk transhipment facilities in Western Europe. But, building that reputation wasn't easy. Moving coal at 2,000 to 3,000 tons per hour (tph), through some five miles of conveyors linked by multiple transfer points, the terminal had long been plagued by spillage problems that laid a costly burden on the maintenance staff and threatened penalty charges from delays in ship loading/unloading. The search for a more reliable way to keep the coal on the belts finally ended when maintenance management found a new system for keeping skirt rubber in place at the transfers and more easily adjusted.
EnerMech Target US Oil and Gas Market
Mechanical engineering group, EnerMech, has ring fenced more than $65 million (£40 million) to launch a major expansion in to the USA, as it seeks to replicate growth in Europe and the eastern hemisphere. Up to $15 million (£9.5 million) will be invested in new Process, Pipeline and Umbilical (PPU) equipment with another $50 million (£31.5 million) set aside for strategic acquisitions allied to its other service lines and to build upon the existing USA business, EnerMech announced at OTC in Houston this week.
India: The Admiralty Bill 2017 Gets Upper House Nod
Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill, 2017, introduced during the Winter Session of Indian Parliament came up for discussion in the Rajya Sabha (Upper House) and was passed unanimously by the house. The Bill aims to establish a legal framework for consolidation of related laws to replace the age old archaic laws with modern Indian legislation and to confer admiralty jurisdiction on all High Courts of the coastal states of the country. The bill was earlier passed by the Lok Sabha in March, 2017.
Wilh. Wilhelmsen, SvitzerWijsmuller Join Forces
Abeer Marine Services (AMS), a company in the Wilh. Wilhelmsen group (WW) will establish a joint operating company with the Maersk-owned SvitzerWijsmuller (SW). The joint company will be named Express Offshore Transport Pte. Ltd. (EOT). WW and SW will each own 50 percent. The company will be based in Singapore and have 80 shore based personnel. The company will be operational as of 1 November 2005 subject all relevant approvals being given. The application for approval of the new joint company is being considered by the European Commission under the EC Merger Regulation. - EOT will become a solid company which will be well-equipped to increase the quality and further improve the service vis-à-vis the customers…
KDB to Unveil Daewoo Sale Plan in 2007
Reuters reported that Korea Development Bank (KDB), a top shareholder in Daewoo Shipbuilding and Marine Engineering Co. Ltd. , will announce in early 2007 a plan to sell the world's No. 2 shipbuilder, the bank's governor said on Monday. State-run KDB and government restructuring agency KAMCO jointly own half of the shipbuilder, one of former units of the bankrupt Daewoo Group, with a market value of $5.7b. The sale is expected to be one of the biggest M&A deals in South Korea, with KDB Governor Kim Chang-lok predicting it would fetch about $6.2 -$7.3b. KDB has outsourced the assessment of the best ownership structure at Daewoo Shipbuilding and the proper time of the sale, and expects to have the outcome in November. Earlier this month, steel maker POSCO Co. Ltd.
PPG Announces Executive Appointments
PG Industries today announced executive appointments effective June 1. Vince Morales, currently vice president, investor relations, will become vice president, investor relations, and treasurer. Morales will report to Executive Vice President and Chief Financial Officer Frank Sklarsky. Since joining PPG in 1985, Morales has advanced through various finance leadership roles of increasing responsibility. He was appointed to his current position in 2007. Morales earned a Bachelor of Science from Robert Morris University and an MBA from The Ohio State University.
Dresser-Rand Signs SSA with DLA
Dresser-Rand recently announced the signing of a Strategic Supplier Alliance (SSA) with the Navy's Defense Logistics Agency (DLA). In a recent letter to Dresser-Rand, Keith W. According to Dresser-Rand president, Vince Volpe, "Closer relationships with key clients is a trend we endorse wholeheartedly. This alliance is unique because it establishes long-term relations in an area of our business that has been traditionally project oriented. Dresser-Rand has also signed a new Performance Based Logistics (PBL) contract with the Defense Supply Center, Columbus (DSCC). This contract supports the strategic supplier alliance, as it includes improved processes and reduced lead times for the sole sourced D-R navy compressor components that are covered by this contract.
University Unveils Subsea Extreme Engineering Centre
UK's Newcastle University to lead a national centre for subsea & offshore engineering in a major drive to develop new materials & technologies. The Neptune National Centre for Subsea and Offshore Engineering was unveiled recently by Business Secretary Vince Cable as a key part of the Government's Oil and Gas Strategy. It will be the first of its kind in the UK, bringing together industry and academia to create a world-class engineering research facility. Developing technologies that can withstand one of the world’s harshest environments, the new centre will be at the forefront of a quest to harness the ocean's potential as a source of food, energy and medicine.
UK Partners Launch Autonomous Navigation Project
As unmanned surface vessels continue to gain ground globally, a new project in the U.K. sets out to address challenges relating to the coexistence of autonomous systems and traditional manned vessels in shared water space. The £1.2 million ($1.6 million) research project, dubbed SWANS (Shared Waterspace Autonomous Navigation by Satellite), is funded by the U.K.’s innovation agency Innovate UK. Project lead BMT will work with partners ASV Global and Deimos Space UK to enable beyond line of sight…