Marine Link
Thursday, February 22, 2018

Whollyowned Subsidiary News

Diana Sells Containership New Jersey

Diana Containerships Inc. (NASDAQ: DCIX) announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2006-built vessel “New Jersey” for demolition, on an “as is where is” basis, with delivery due to the buyer by mid-March 2018, for approximately $9.67m. Upon completion of the aforementioned sale and the previously announced sale of two Post-Panamax container vessels, Diana Containerships Inc.’s fleet will consist of eight container vessels (four Post-Panamax and four Panamax). 

BSEE Responds to Oil Platform Fatality in the GOM

Image Courtesy  Bureau of Safety and Environmental Enforcement

The Bureau of Safety and Environmental Enforcement is conducting an investigation into the fatality of a platform worker in an area of the Gulf of Mexico known as West Cameron 215A, about 64 miles south of Lake Charles, Louisiana. The offshore oil and gas operator, Energy Resource Technology GOM, LLC, a subsidiary of Talos Production LLC, reported that the fatality occurred at approximately 10:30 am on Feb. 17, 2018. The deceased worker was involved in replacing firewater piping at the time of the incident. No other personnel were harmed. There was no pollution as a result of the incident.

MME Inks Deal to Protect Luxury Cruise Vessels

Endeavor (Photo: MME Group)

MME Group has secured multiple orders for solutions that protect the newest generation of luxury cruise vessels built by MV WERFTEN (Germany) against corrosion and marine growth. The yard's "Global Class" and "Endeavor Class" vessels will be outfitted with MME Group's systems. Recently, MME Group inked the deal for the design, supply and commissioning of sacrificial anodes (SA), Impressed Current Cathodic Protection (ICCP) and Impressed Current Anti-Fouling (ICAF) systems for the Endeavor Class luxury expedition yacht (yard number 124) that MV WERFTEN builds for Crystal Cruises.

Kolkata Port, Hooghly Pact for Liquid Cargo Terminal

Photo: Kolkata Port Trust

The Kolkata Port Trust (KoPT) has signed a concession agreement with Hooghly Oil & Gas Terminal to establish a liquid cargo handling terminal at Shalukhali in Haldia. The terminal will facilitate the movement of petroleum cargo such as LNG, LPG as well as vegetable oil. It is expected to develop over the next three years. The project will help reduce pre-berthing detention and turnaround time of tankers carrying different liquid cargo, leading to a reduction in logistics costs to trade.

European Commission Exempts Mitsui O.S.K. Lines from Penalty

PCTC Emerald Ace. Photo: MOL

The DG Competition of European Commission (EC) announced that several companies including MOL breached European competition law with respect to car carrier services. Mitsui O.S.K. Lines  (MOL) and other shipping companies have been investigated by the EC due to the suspicion of competition law violation. MOL has fully cooperated with the EC during the investigation. Though the EC announced that they found the violation of European competition law and imposed fines, MOL and its subsidiary companies were exempted from all penalty including the fine because EC granted MOL an immunity.

GTT Bags Order for Three LNG Carriers, One Bunkering Vessel

Mark III system's original design. Photo: GTT

GTT announces it has received several orders, since the beginning of the year, for the equipment of three LNG Carriers (LNGCs) and one bunkering vessel. The three LNGCs, offering capacities ranging from 174,000 to 180,000 m3, will be built at Samsung Heavy Industries (SHI) and Hyundai Samho Heavy Industries (HSHI)’s. They will be fitted with the membrane containment system Mark III Flex. Their deliveries are expected for 2020. In addition, the latest evolution of the Mark III system…

Ocean Yield Acquires Two Handysize Dry Bulkers

Photo: Ocean Yield Official Linkedin Page

Norwegian shipowner  Ocean Yield announced that 100% owned subsidiaries of the Company has agreed to acquire two 2018 built handysize dry bulk vessels with 12-year bareboat charters to companies owned and guaranteed by Louis Dreyfus Armateurs Group (LDA). The net cash purchase price is USD 18 million per vessel after a seller's credit. Both vessels are expected to be delivered to the Company during March 2018. LDA has options to acquire the vessels during the charter period, with…

Jason Marine CEO to Retire

Joseph Foo Chew Tuck (right) will take over for retiring CEO Ronald Tan Lian Huat (left) at Jason Marine Group (Photos: Jason Marine Group)

Joseph Foo Chew Tuck will take over as chief executive officer at Singapore based marine electronics systems integrator Jason Marine Group, following the retirement of long-serving CEO Ronald Tan Lian Huat.   On March 31, Ronald Tan Lian Huat will step down as a director of the Jason Marine and its subsidiaries and associated companies after more than 35 years with the group.   Company founder Joseph Foo Chew Tuck, who currently serves as executive chairman, will assume the role of CEO from April 1, 2018.

Central Gulf Lines Seeks Transfer Authorization

Central Gulf Lines, Inc., has requested the necessary permissions to transfer one authorization granted under Section 615 of the Merchant Marine Act, 1936, as amended, to a wholly owned subsidiary. Central Gulf’s subsidiary intends to acquire a ship construction contract to be entered into between Liberty Shipping Group Limited Partnership and Oshima Shipbuilding Co., Ltd., for the construction of one 52,200 DWT multipurpose bulk ship. The subsidiary will construct the vessel at Oshima Shipyard in Nagasaki, Japan, pursuant to the Section 615 authorization. Upon issuance of the builder’s certificate by Oshima Shipyard the Central Gulf subsidiary will issue a bill of sale for the vessel to Liberty Shipping.

Vigor Renames Fabrication and Alaska Operations

Vigor Alaska

Vigor Industrial announced today that it has renamed two of the company’s subsidiaries. U.S. Fab, Vigor’s fabrication and shipbuilding subsidiary, is now Vigor Fab. Alaska Ship and Drydock, which operates the Ketchikan shipyard in Alaska, is now Vigor Alaska. “It’s about better serving our customers,” explained Frank Foti, president and CEO of Vigor Industrial. •Vigor Shipyards, which provides repair, maintenance and modernization services to the U.S. The changes apply to the names only and do not alter the operating structures of either subsidiary. The new names go into effect immediately.

Igor Sechin Held Negotiations in Venezuela

Igor Sechin Hold Negotiations in Venezuela

Rosneft President Igor Sechin held talks with the Minister of Popular Power for Oil and Mining and President of Petróleos de Venezuela, SA (PDVSA ), Rafael Ramirez Carreno. The parties discussed a wide range of issues regarding current cooperation between the companies, Rosneft activities in Venezuela and the outlook of development of new projects. Currently Rosneft and PDVSA cooperate in the realization of 5 Joint Ventures in the upstream sphere in Venezuela. Project Carabobo-2,4 (JV Petrovictoria). JV PetroMonagas. Project Junin-6 (JV PetroMiranda). JV Boqueron. JV Petroperija.

Cove Point LNG Terminal's First Export Imminent

File photo: Methane Spirit loads from the Australia Pacific LNG Gladstone terminal (Photo: Teekay)

Methane Spirit, a liquefied natural gas tanker, said on Thursday it would arrive at Dominion Energy Inc's Cove Point LNG export facility in Maryland around March 31, according to Reuters shipping data. If correct, that could be the first vessel to pick up a cargo from the LNG facility, which Virginia-based Dominion said it expects to enter service in March. Dominion said it planned to spend $4 billion to add export facilities at Cove Point, long an LNG import terminal on the Chesapeake Bay.

Hoppe Singapore is Operational

Photo: Hoppe Singapore

As per January 1, 2018, Hoppe Singapore Pte. Ltd., a wholly owned subsidiary of the Hoppe Group headquartered in Hamburg, Germany, has opened. “The decision to set up Hoppe Singapore, enhancing the already existing Hoppe network in China and South Korea, proves Hoppe’s commitment in ensuring a reliable and timely response on service and spares support to customers in the region,” said Marc Rohde, Managing Director of Hoppe Marine GmbH, Germany. Hoppe Singapore is headed by Dr. Wilfred Rachan as Managing Director with his team of Service Engineers and Administration Staff.

Offshore Accommodation Rig Order for COSCO

COSCO Corp. (Singapore} subsidiary COSCO Qidong Offshore Co to build the accommodation rig for European joint venture company. The contract, valued at US$200-million.is for the construction of a harsh environment semi-submersible accommodation rig for Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision. Signatory of the contract was COSCO Qidong Offshore Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd Delivery is scheduled for the first quarter of 2015.  

Transocean Announces License Agreement

Transocean Inc. announced that a license agreement has been executed by wholly owned subsidiaries of Transocean and Pride International, Inc. (NYSE:PDE). In the agreement, the Transocean subsidiary granted the Pride subsidiary a worldwide and non-exclusive license to utilize Transocean's patents for offshore dual activity drilling methods and structures. In return, the Pride subsidiary agreed to pay the Transocean subsidiary $10 million for the first dual activity rig that Pride builds in a patented country, plus a five percent royalty on dayrate revenue generated by that rig in any patented country. The Pride subsidiary agreed to pay the Transocean subsidiary an additional $15 million for each subsequent dual activity rig that Pride builds in any patented country…

Telford Offshore: A New Offshore Services Provider

(File photo: Sea Trucks)

There’s a new name in the global oil and gas industry: Telford Offshore, which officially launched today after acquiring four vessels from Sea Trucks Group following its liquidation. The newly formed contracting company acquired four DP3 multipurpose offshore construction vessels which can support multiple activities, focusing on high capacity accommodation combined with lifting, fabrication and installation services. The Dubai headquartered company said it will focus on areas where the vessels and company project personnel have demonstrated their capabilities…

Sea Containers Files for Chapter 11

Sea Containers Ltd. Announced that, in order to achieve a financial restructuring, Sea Containers Ltd and two subsidiaries, Sea Containers Services Ltd and Sea Containers Caribbean Inc, have voluntarily filed for protection under Chapter 11 of Title 11 of the United States Bankruptcy Code. The filings were made on October 15 in the U.S. Bankruptcy Court for the District of Delaware. Other than the two subsidiaries listed above, no other subsidiary company within the group has filed for protection. Operating subsidiaries such as Great North Eastern Railway (GNER), the U.K. rail operator, and the SeaStreak ferry services in New Jersey, will continue their normal day to day operations. GE SeaCo, the joint venture container leasing business, is

Greatship’s Subsidiary Takes Delivery

Greatship’s subsidiary takes delivery of a mobile offshore self elevating drilling rig, Le Tourneau Super 116(E) – ‘Greatdrill Chaaya’. Greatship Global Energy Services Pte. Ltd., a Singapore incorporated subsidiary of Greatship (India) Limited (GIL), which is a wholly owned subsidiary of The Great Eastern Shipping Company Limited has taken delivery of a mobile offshore self elevating drilling rig, Le Tourneau Super 116(E) – ‘Greatdrill Chaaya’ from Lamprell Energy Ltd., UAE. Greatdrill Chaaya is an independent Leg Cantilever type Jack up rig with 15000 PSI pressure rating, designed to operate in water depths of up to 350 feet. She is a state of the art cyber rig, built with the latest technology, equipments and systems.

Greatship Sells AHTS Vessel

Greatship Akhila. Image by Greatship (India) Limited

Indian shipping company Great Eastern Shipping has announced that its wholly owned subsidiary, Greatship, has sold and delivered anchor handling tug supply (AHTS) vessel Greatship Akhila (7,080 bhp, built 2009) to unnamed buyers. "Greatship (India) Ltd (GIL), a wholly-owned subsidiary of Great Eastern Shipping Company Ltd, has sold and delivered the 2009-built 80T Anchor Handling Tug cum supply vessel 'Greatship Akhila', to the buyers," the company said in a filing to BSE. However, it did not specify the buyers.

NYK Cautions of Illegal Conducts in Chinese Subsidiary

Pic: NYK Car Carrier (China)

Nippon Yusen Kabushiki Kaisha (NYK) said that it has discovered that there is a possibility that former locally hired management personnel in NYK Car Carrier (China), its consolidated subsidiary located in Shanghai. The China unit is engaged in finished car logistics business in China, had committed unlawful expenditure or embezzlement. The Company established an investigation committee (the Committee ) to investigat the aforementioned matter on February 5, 2018 (with Tadaaki Naito President Representative Director and President Corporate Officer as the Chairman of the Committee…

Sea Containers Acquires 92 Percent of Silja

Sea Containers Ltd. passenger transport operator, marine container lessor and leisure industry investor, announced that its wholly-owned subsidiary, Silja Holdings Ltd., had received acceptances of its tender offer to acquire all the outstanding common stock of Silja Oyj Abp, bringing its total shareholding in Silja to 92 percent. The significance of the 90 percent threshold is that Silja Holdings may now compulsorily acquire all the remaining shares in Silja in accordance with Finnish law. Sea Containers shareholding in Silja was increased to 75% in the second quarter of 2002 which will result in consolidation of Silja's assets and liabilities with those of Sea Containers at June 30th.

Evergreen Charters Twelve 11,000 TEU Newbuilds

The charter parties were signed by EMC Chairman Mr. Anchor Chang and President of Shoei Kisen Kaisha Mr. Yukito Higaki. (Photo: Evergreen)

Evergreen Marine Corp. (EMC) entered into an agreement with Shoei Kisen Kaisha to charter twelve 11,000 TEU class containerships. The charter parties were signed by EMC Chairman Anchor Chang and President of Shoei Kisen Kaisha Yukito Higaki. The plans to charter these vessels were approved early last month at the board meetings of Greencompass Marine S.A. and Evergreen Marine (Hong Kong) Ltd. respectively. The two subsidiaries of EMC will each charter six vessels. All twelve ships…

Several Car Shippers Face Fines for Rigging Bids

(File photo: WWL)

EU antitrust regulators are set to fine Nippon Yusen KK (NYK) and several other Japanese shippers as well as Norwegian Wallenius Wilhelmsen Logistics ASA (WWL) in the coming weeks for rigging bids for shipping cars, according to people with knowledge of the matter. The EU sanctions follow a near six-year investigation which started with dawn raids by the European Commission in September 2012 in coordination with Japanese and U.S. antitrust authorities. Competition regulators around…

Maritime Reporter Magazine Cover Feb 2018 - Cruise Ship Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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