Mar 21, 2011

New Danish coin issued – with a maritime motif

The Danish National Bank has issued a new coin with a maritime motif, a prototype of the world’s largest container carrier Emma Mærsk which was delivered from Odense Steel Shipyard in 2006. The ship now has an official capacity of 15,550 TEUs.
[Read More]
Source: Shipgaz
Posted on 3/21/2011 / 0 comments / Read More

ABS and HHI evaluate LNG carrier designs and containment systems for Arctic operations

Class society ABS has been collaborating with Korea’s Hyundai Heavy Industries (HHI) to evaluate the basic design and containment system parameters for an LNG carrier operating in an Arctic environment.  Specifically the carrier would operate a trade route from the Kara Sea and Barents Sea to Europe or the United States.
[Read more]
Source: GCaptain
Posted on 3/21/2011 / 0 comments / Read More

KOGAS Develops Largest LNG Tank

South Korea’s state-run Korea Gas Corp. (KOGAS) said Monday that it has developed a design technology for the world’s largest liquefied natural gas (LNG) tank.
[Read more]
Source: LNG World News
Posted on 3/21/2011 / 0 comments / Read More

Beluga crisis has many faces

An Internet trawl of the German mainstream media shows just how many facets there are to the crisis current overshadowing the Beluga Group.
[Read More]
Source: Heavy Lift
Posted on 3/21/2011 / 0 comments / Read More

InterManager: Put ship-based decision making back in the hands of the crew

Decision-making needs to go back to the hands of crew and away from shore-based managers, said InterManager President Alastair Evitt.
“I regret to say it - but in many cases shipboard management teams have to be retrained to think for themselves, to understand the commercial issues and to have an awareness of product and service delivery,” he told delegates at the CMA conference in the USA today.
[Read More]
Source: Baird
Posted on 3/21/2011 / 0 comments / Read More

NYK to ship aid to Sendai quake victims via vessel platform

JAPAN's shipping group NYK is to provide an offshore platform in its vessel Yamatai to ship relief supplies to victims of the Sendai earthquake and tsunami.
[Read More]
Source: Sea News
Posted on 3/21/2011 / 0 comments / Read More

Tianjin port launches 300,000-tonne navigation channel project

TIANJIN port will invest CNY13.5 billion (US$2.1 billion) on infrastructure projects and start building the 300,000-tonne capacity navigation channel this year, Xinhua reports.
[Read More]
Source: Sea News
Posted on 3/21/2011 / 0 comments / Read More

Sailors received in tears

Torrents of tears and smiles, joy and relief engulfed Shah Amanat International Airport as the 26 crew of hijacked ship MV Jahan Moni landed yesterday afternoon.
[Read More]
Source: Sea News
Posted on 3/21/2011 / 0 comments / Read More

SFL - Acquisition of Two 13,800 Teu Container Vessels and Long-Term Charters

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the "Company"),today announced that it has entered into an agreement to acquire two 2010-built 13,800 TEU container vessels Magellan and Corte Real from CMA CGM SA ("CMA CGM" or "the Charterer") in combination with 15-year time charters back to CMA CGM.
The gross purchase price is $171 million per vessel, which includes a subordinated seller's credit of $55 million per vessel. The transaction will be financed through a French tax lease structure, where Ship Finance's investment is limited to $25 million per vessel, or $50 million in total, and secured by junior mortgages.
The vessels will be managed by an affiliate of the Charterer, and the time charter includes a compensation clause whereby Ship Finance will be compensated for any increase in operating expenses. The transaction is expected to generate an annual free cash flow in excess of $7 million, or approximately $0,09 per share, after operating costs and debt service.
The Charterer has been granted several purchase options throughout the term of the charters, the first starting in 2014. The purchase options also include a profit sharing arrangement whereby Ship Finance on certain conditions may receive additional amounts upon the exercise of such purchase options.
The acquisition is expected to be completed within the next couple of weeks and will add approximately $275 million to our charter backlog. The vessels will most likely be accounted for as 'investment in associate' similar to our drilling rigs.
Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "We are very pleased to announce this transaction with CMA CGM, the world's third largest container line. This transaction expands our presence in the container sector, which is one of the sectors where we see interesting growth opportunities going forward. The transaction will be accretive to earnings and is expected to have a positive impact on our distribution capacity going forward"
Source: Press Release
Posted on 3/21/2011 / 0 comments / Read More

Baltic index flat, supply disruptions take toll

The Baltic Exchange's main sea freight index .BADI, which tracks rates to ship dry commodities, was flat on Monday as the market struggled due to slow cargo demand.
[Read More]
Source: Reuters
Posted on 3/21/2011 / 0 comments / Read More

Aramco gas deal with Samsung worth $2.8 bln-sources

Deals won last week by Samsung Engineering to build Saudi Aramco's natural gas liquids (NGL) project in Shaybah oilfield are worth $2.76 billion, industry sources said on Monday.
[Read more]
Source: Reuters
Posted on 3/21/2011 / 0 comments / Read More

Libya Conflict to Bolster Tankers as U.S. Turns to Persian Gulf

The uprising against Libyan ruler Muammar Qaddafi may boost supertanker earnings above 2010 levels as U.S. oil refineries are forced to increase imports from the Middle East, Arctic Securities ASA said.
[Read More]
Source: Bloomberg
Posted on 3/21/2011 / 0 comments / Read More

Vroon Offshore Services Takes Delivery of New AHTS Vessel

Vroon Offshore Services (VOS) announces that it has taken delivery of a new addition to their offshore fleet.
The VOS Aphrodite, an anchor handling tug supply (AHTS) vessel built at the Fujian Shipyard in China, was delivered today, 21 March 2011, in China.
[Read More]
Source: Offshore Energy Today
Posted on 3/21/2011 / 0 comments / Read More

MTNW Completes Offshore Oil & Gas Anchor Winch Monitoring Project in Nigeria for Adamac

Measurement Technology Northwest (MTNW) announces major award from Adamac, a leading Nigerian Oil & Gas Services Company based in Port Harcourt. The project called for 9 running line tensiometers, displays, and software to monitor the anchor winch lines for a pipe-laying barge.
[Read more]
Source: PRWeb.com
Posted on 3/21/2011 / 0 comments / Read More

MPI Offshore Takes Delivery of Wind Turbine Installation Vessel

MPI Offshore Limited (MPI) announce delivery today, 21 March 2011, in Qidong, People’s Republic of China, of the MPI Adventure, the first of two state-of-the art wind turbine installation vessels to be built at the Cosco Qidong Shipyard. The second vessel, MPI Discovery, is scheduled for delivery later this year.
[Read More]
Source: Shipbuilding Tribune
Posted on 3/21/2011 / 2 comments / Read More

Viking River Cruises Announces Build of Four New River Vessels

Viking River Cruises, the world’s leading river cruise line, today announced the next phase of its $250 million fleet development program as it unveils details of four, state-of-the-art vessels set to launch at the start of its 2012 sailing season. This is the second time in a decade that Viking River Cruises has engaged in four new ship builds in one season—an accomplishment that no other river cruise company has matched since Viking did it in 2001.
[Read More]
Source: Shipbuilding Tribune
Posted on 3/21/2011 / 0 comments / Read More

SCI to acquire anchor handling towing & supply vessels

These vessels were earlier contracted by a Norwegian Ship-owner. However, the contracts were terminated by the owners in January, 2011.
[Read More]
Source: IIFL
Posted on 3/21/2011 / 0 comments / Read More

OSX the next big offshore builder?

A Brazilian company controlled by the country's richest man could displace Singapore's Keppel Group and Sembcorp Marine as the world's largest builders of offshore oil rigs in the next few years.
OSX, a member of Eike Batista's EBX group, said on Monday it plans to build 48 production units worth some US$30 billion (S$38 billion) over the next decade. And these are only to support its own growing ambition to be one of Brazil's largest oil producers.
[Read More]
Source: Todayonline
Posted on 3/21/2011 / 0 comments / Read More

Seadrill orders jackup for Norway projects

Seadrill has commissioned a new jackup drilling rig from Jurong shipyard in Singapore, for use in development drilling in the Norwegian North Sea.
Construction should be completed by the end of 3Q 2013. The total project price of $530 million includes project management, drilling and handling tools, spares, and capitalized interest.
[Read more]
Source: Offshore Magazine
Posted on 3/21/2011 / 0 comments / Read More

ExxonMobil Highlights Integrated Natural Gas Leadership At The 2011 Gastech Conference And Exhibition

ExxonMobil will demonstrate its leadership across the natural gas value chain at the 2011 Gastech Conference and Exhibition, March 21 – 24 at the RAI Exhibition Center in Amsterdam. Celebrating its 25th conference, Gastech brings together leaders in the world's professional gas community to address issues impacting the industry and its future.
[Read more]
Source: Oil and Gas Online
Posted on 3/21/2011 / 0 comments / Read More

ABS and DSME Offer New Sloshing Analysis Methodology for FLNG

Class society ABS and Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) are concluding a one-year joint development program (JDP) examining critical wave conditions for sloshing model tests and computational fluid dynamics (CFD) in the cargo tanks of floating liquefied natural gas (FLNG) vessels.
[Read more]
Source: Offshore Energy Today
Posted on 3/21/2011 / 0 comments / Read More

STX Finland awards Wärtsilä LNG-fuelled ferry contract

Marine engine manufacturer Wärtsilä has been awarded a contract by shipbuilding company STX Finland Oy to supply additional equipment for a large LNG-fuelled passenger ferry.
[Read More]
Source: The Engineer
Posted on 3/21/2011 / 0 comments / Read More

Tidewater awards Fincantieri Wisconsin yard order for two PSV’s

Fincantieri has been awarded a contract to build two PSV’s for Tidewater at its Sturgeon Bay shipyard in Wisconsin.  The first is scheduled for delivery before the end of 2012 and the second within mid 2013.
[Read more]
Source: GCaptain
Posted on 3/21/2011 / 0 comments / Read More

EnCore reports oil, gas hit at Burgman in North Sea

EnCore Oil plc announces that the Burgman well 28/9-4 located on UKCS Central North Sea Block 28/9 has reached Total Depth of 5,990 feet Measured Depth and has successfully encountered good quality hydrocarbons in a Tay sandstone interval. Based on the results of the well, the joint venture partnership has decided to drill an immediate side-track from the Burgman well.
[Read more]
Source: Penn Energy
Posted on 3/21/2011 / 0 comments / Read More

Tidewater orders PSV's at Bay Shipbuilding

Fincantieri Marine Group's Bay Shipbuilding Company, Sturgeon Bay, Wis., is to build two 92.4 m x 19 m Platform Supply Vessels (PSVs) for Tidewater Marine LLC, a subsidiary of Tidewater Inc., New Orleans.
[Read More]
Source: Marine Log
Posted on 3/21/2011 / 0 comments / Read More

Dominion Petroleum Gets Licence to Drill Offshore Kenya

Dominion Petroleum  announces the award of Block L9 of the Lamu Basin, offshore Kenya. The company last week concluded negotiations with the Government of the Republic of Kenya by executing heads of agreement (“HoA”) which define the terms for Block L9.
Source: Offshore Energy Today
Posted on 3/21/2011 / 0 comments / Read More

Rockhopper discovers significant oil column in Falkland Islands

Rockhopper Exploration has discovered a significant oil column in an appraisal well in the North Falkland Islands Basin in the South Atlantic Ocean. According to the UK-based company, Well 14/10-4 uncovered 108 feet (33 meters) of net pay in good quality reservoir with 20% average porosity. The well was drilled to a total depth of 9,190 feet (2,801 meters), finding the oil-water contact level at 8,127 feet (2,477 meters).
[Read more]
Source: Oil & Gas Financial Journal

Posted on 3/21/2011 / 0 comments / Read More

TGS Expands Multi-Client 3D Seismic Library Offshore Indonesia

TGS announces a second multi-client 3D seismic survey in the Tarakan Basin, offshore Northern Indonesia. The survey, TBB11, will add over 1,820 km2 of new 3D data to the previous survey announced in December 2010. The TBB11 survey will increase coverage in this area to nearly 3,500 km2. The data is being acquired by the M/V Seisquest, with acquisition expected to complete in Q2 2011.
The TBB11 survey will be acquired over the southern part of the offshore Tarakan sub-basin, in an underexplored and poor data region. The area forms part of the extensive Tertiary age play fairway covered by the earlier TBN10 multi-client 3D seismic survey to the north. The new data will assist in improving the understanding of the complex structural and stratigraphic setting of this important oil and gas province and particularly in prospect delineation and well planning.
The TBB11 multi-client 3D survey is supported by industry funding and also supports the Indonesia government's overall objective to attract exploration and raise production levels.
Source: Press release

Posted on 3/21/2011 / 0 comments / Read More

Nido Petroleum starts drilling for oil anew in May

AUSTRALIA’S NIDO Petroleum Ltd. will begin drilling for oil in northwest Palawan in May to find another source of the commodity after reserves at a nearby well dwindled, it said in a statement yesterday.
[Read more]
Source: Business World Online
Posted on 3/21/2011 / 0 comments / Read More

Octanex Provides Update on Gawin Prospect Drilling, Offshore Australia

Octanex N.L.  has been advised by Eni Australia Limited, the Operator of the Gawain-1 well located in the outer Exmouth Plateau permit, WA-362-P, that at 06:00 hours WST (Western Standard Time) on Monday. 21 March 2011, the well was at a depth of 3.653m MDRT and running the 9/4″ liner.
[Read more]
Source: Offshore Energy Today
Posted on 3/21/2011 / 0 comments / Read More

US approves Shell’s deepwater Exploration Plan in Gulf of Mexico

Secretary of the Interior Ken Salazar and Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) Director Michael R. Bromwich today announced that the bureau has approved an Exploration Plan, submitted by Shell Offshore Inc., following the completion of a site-specific Environmental Assessment (SEA) for deepwater oil and gas exploration.
[Read more]
Source: Gcaptain
Posted on 3/21/2011 / 0 comments / Read More

Fugro-Geoteam to Secure Communications

Marlink, Norway, has recently extended its contract with seismic vessel operator Fugro-Geoteam, Norway, for five years. As part of the latest agreement, Marlink will supply its innovative Sealink VSAT service to the seismic vessels via Marlink's Eik teleport in Norway, providing 512 Kbps of bandwidth and 10-15 telephone lines for each vessel.
[Read more]
Source: Hydro International
Posted on 3/21/2011 / 0 comments / Read More

Italy tug apparently seized by Libya military

Libyan military officials on Sunday boarded an Italian tugboat docked at Tripoli's port and threatened to suspend its communications in an apparent seizure, ship owner said, as U.S. and European airstrikes enforced a no-fly zone over Libya.
[Read more]
Source: Macon.com
Posted on 3/21/2011 / 0 comments / Read More

Weststar takes delivery of 3 Augusta copters

Weststar Aviation Services Sdn Bhd, offshore transport specialist, has taken delivery of the last three of the nine Augusta Weststar (AW139) helicopters it ordered which will be used to perform offshore transport missions supporting offshore oil and gas operations in the country.
[Read more]
Source: Business Times
Posted on 3/21/2011 / 0 comments / Read More

Sri Lanka Dockyard delivers support vessel

Sri Lanka's Colombo Dockyard said it has delivered the fourth in a series of oil industry offshore support vessels for Greatship (India), a subsidiary of The Great Eastern Shipping Company of India.
[Read More]
Source: Lanka Business Online
Posted on 3/21/2011 / 0 comments / Read More

Ship breakers tentative over HC order

The country's ship breakers are still scared of importing old vessels despite an interim High Court (HC) order issued in favour of them, causing serious shortage of raw materials needed for a number of industries.
[Read More]
Source: Finalcial Express
Posted on 3/21/2011 / 0 comments / Read More

Attractive prices lure ship owners towards scrap yards

The dreadful state of the dry bulk market during the first couple of months of 2011, coupled with attractive prices have finally persuaded many ship owners, especially from the dry bulk segment of the market, to scrap their older vessels, in what could be a life-saving opportunity for many shipping companies.
[Read More]
Source: Hellenic Shipping News
Posted on 3/21/2011 / 0 comments / Read More

Tokyo and Yokohama ports unaffected by radiation

Japanese authorities have downplayed concerns over radiation emission around Tokyo and Yokohama ports from the damaged Fukushima nuclear power plant. The Japanese ministry of land, infrastructure, transport and tourism (MLIT) has on Monday issued an update on the radiation doses measured around the two ports.
[Read More]
Source: Seatrade Asia
Posted on 3/21/2011 / 0 comments / Read More

Turkish firm heads to Korea for bulkers

Korean yards have secured rare bulker orders.  
Turkish shipowner Manta Denizcilik has booked three bulker newbuildings at two shipyards.
The Turkish owner has inked two 35,200 dwt handysize vessels at Samho Shipbuilding and one 82,000 dwt bulker at Sungdong Shipbuilding & Marine Engineering.
Source: Seatrade Asia
Posted on 3/21/2011 / 0 comments / Read More

OOCL Set To Buy New Container Ships


Orient Overseas Container Line (OOCL), a wholly-owned subsidiary of Orient Overseas (International) Limited (OOIL) which recorded profits after tax of $870 million earlier this month, is set to order up to ten new vessels from Korean shipbuilding giant Samsung Heavy Industries, each around 13,000 TEU.
[Read More]
Source: Handy Shipping Guide
Posted on 3/21/2011 / 0 comments / Read More

Hyundai HI Wins USD 711.2 mln Worth Deal to Build Six Containerships

Hyundai Heavy Industries (HHI), the world’s biggest shipbuilder, today won a KRW 800 billion (USD 711.2 mln) deal to build six 9,600 TEU containerships for shipping line Hamburg Süd.
[Read More]
Source: Shipbuilding Tribune
Posted on 3/21/2011 / 0 comments / Read More

Hyundai Heavy to ship packaged power stations to Japan

Hyundai Heavy Industries Co. will provide four packaged power stations for areas affected by the earthquake and the tsunami in Japan, the Ministry of Foreign Affairs and Trade announced Sunday.
[Read More]
Source: Koreaherald
Posted on 3/21/2011 / 0 comments / Read More

Bharati Shipyard to focus on off-shore and defence segments

Bharati Shipyard reckons an order of over Rs. 20bn as it has reportedly planned to mainly target the off-shore and defence segments.
[Read More]
Source: IIFL
Posted on 3/21/2011 / 0 comments / Read More

Japan’s Nuclear Crisis May Be ‘Landmark’ for LNG Tanker Orders, Mirae Says

Renewed concerns about atomic power triggered by an earthquake and nuclear crisis in Japan may spur orders for $202 million liquefied-natural gas tankers already in short supply, according to Mirae Asset Securities Co.
[Read More]
Source: Bloomberg
Posted on 3/21/2011 / 0 comments / Read More

Louis Dreyfus seeks to cancel ST Marine Ropax contract

ST Marine, the shipbuilding unit of Singapore's ST Engineering, reports that it has  received a notice of termination dated March 17, 2011 from French shipowner Louis Dreyfus Armateurs (LDA) in respect of the shipbuilding contract for a Roll-on/Roll-off Passenger ferry.
[Read More]
Source: Marine Log
Posted on 3/21/2011 / 0 comments / Read More

Report finds Vietnam PM, cabinet members at fault

A senior official says that Vietnam's prime minister and several cabinet members made mistakes in managing a shipbuilding company that almost went bankrupt.
[Read More]
Source: Forbes
Posted on 3/21/2011 / 0 comments / Read More
 
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