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HOLY GRAIL

Oil Firms To Keep Spending Tight Despite High Prices

The absence of quality new merger opportunities will force oil companies to keep spending tight even though this year's oil price recovery has given them far more cash to work with, analysts said. Oil companies are now locked into the regime of tighter financial discipline they promised share investors during last year's crash, and will be unable to embark on the usual rush for production growth as the market recovers, they added. "The pendulum cannot swing quickly back and capital spending is not going to rebound," Fergus Macleod of Deutsche Bank said. "Oil companies have got to deliver on the agenda they set themselves. The market is very unforgiving of failure." Fears of losing equity confidence mean oil companies will take around two years to raise spending in pursuit of market share left open by OPEC producers' supply cuts, he added. Companies must now look even more closely at their own operations to enhance rate of return as the big savings generated by huge mergers like Exxon/Mobil, BP Amoco and TotalFina were no longer on offer. The 15-month merger drive has focused on companies bumping up their oil reserve book by absorbing smaller rivals to make up for the slower rate across the industry of finding big new fields. "There are not a lot of those opportunities left," said John McCormack of Stern Stewart in New York. "The easy, low-lying fruit has been substantially picked."


Grieg Star & DNV’s Crane Collaboration

(Courtesy Grieg Star)

Saving money and the planet, it’s the Holy Grail for today’s cost and image conscious shipowners. Bearing that in mind, fellow open hatch cargo vessel operators should sit up and pay attention to the findings of a new research project conducted by Grieg Star, in partnership with DNV Research & Innovation, and supported by the Research Council of Norway. Grieg and DNV have been investigating the potential of hybrid battery/diesel solutions for powering onboard cargo cranes


Navy Prototype HTS Motor on Schedule for Testing

American Superconductor Corporation has completed the manufacture and testing of the rotor assembly for the world's first high temperature superconductor (HTS) ship propulsion motor. AMSC, which is manufacturing the prototype motor under a contract from the U.S. Navy's Office of Naval Research (ONR), has now shipped the rotor assembly to ALSTOM's Power Conversion Business in the U.K. ALSTOM is contracted by AMSC to build the stator and to take care


Enormous Sunken Treasure Claim Conceded, Thirty Years On

Government of Colombia lawyers concede salvage company Sea Search Armada to be rightful owner of 50% of treasure proceeds. Lawyers representing the Government of Colombia (GOC) admitted recently in a U.S. court that Sea Search Armada (SSA), engaged in a long-running suit with Colombia, was the rightful owner of 50 percent of the proceeds of perhaps the most valuable sunken treasure in history.  This is the first time representatives of the government have conceded this point in over 30


American Investors and Colombian Government Battle over $17 Billion Treasure Salvage

A group of investors sued the Colombian government for preventing American salvage group Sea Search Armada from recovering San Jose, a ship that sank in 1708, often referred to as the “Holy Grail of Shipwrecks.” With numerous court rulings throughout the years, the battle has lasted since 1979. In a case filed March 29 with the Inter-American Commission on Human Rights (IACHR), a group of American investors claimed the government of Colombia violated their human rights by


Marine News November: Editor's Note

Joe Keefe New photo.jpg

Optimizing both a fleet of workboats and the business model that makes all of that possible is probably the highest priority item on your plate, every day. And, as you will soon discover within the pages of the latest edition of MarineNews, fleet optimization can mean 10 different things to 10 different operators. The way forward for those that will survive this robust but equally difficult business climate necessarily involves regulatory compliance


Barthco Chairman to Receive “Spirit of the Port” Award

The Seamen’s Church Institute of Philadelphia & South Jersey (SCI) announced this year’s recipient of the 2006 Spirit of the Port award will be Dennis J. Colgan, Jr., chairman and CEO of BARTHCO International, one of the largest Customs Brokers and Freight Forwarders in the United States. The award will be presented to Mr. Colgan at the 18th Annual Spirit of the Port Award luncheon to be held March 29 in Philadelphia


Lapponian Reefer Docks at A&P Falmouth

The Cayman Islands reefer vessel, Lapponian Reefer, has recently completed a nine day dry docking program where it underwent an extensive 10 year survey and repair work. The 11,095dwt vessel, owned by Holy House Shipping, dry docked on January 7, 2002 for works which included repairs of internal tank fractures, survey and repairs of sea valves, overhaul of the main engine, survey bearings and turbo charger overhaul. The gearbox was also opened and surveyed and the propeller blades were


Cool Under Pressure in Harsh Environs

Members of the technical design team in ULSTEIN in front of an SX121 tank test model displayed in ULSTEIN’s corporate exhibition, from left Per Arne Riksheim, Ann Katrin Barstad, Geir Sivertstøl and Terje Våge.

GC Rieber Shipping, the Norway-based harsh environment shipping specialist, has charged ULSTEIN with developing a high-capacity subsea vessel based on its SX121 design. This $141m million ship, ordered in June 2012, alongside an option for a sister vessel, has been commissioned in response to strong market desire for offshore construction support vessels (CSVs) for deep and harsh environments.  Alongside state-of-the-art features, equipment and performance figures


Saudi Cement Shortage: Ten Million Tons on Order

Port of Damman: Photo courtesy of the port

Saudi Port Authority (SPA) says cement shipments have been coming since implementation of the decrees of Custodian of the Two Holy Mosques King Abdullah to import 10 million tons of cement to cover local demand. Citing the press spokesman for the SPA, Arab News reports that seven  seven ships with 202,000 tons of cement reached Dammam Port last week; one ship was loaded with 50,000 tons and another with 45,000 tons. Additionally, 72,000 tons will come through Jazan Port.


Long History of Canals in Egypt Linking Europe and Asia

Egypt said on Tuesday it plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia. Here is a brief history:


Holland America Line’s 3 Epic Global Voyages

ms Prinsendam

  Holland America Line’s ms Prinsendam kicks off the new year on Jan 3, 2015 with a 68-day Grand South America and Antarctica Voyage followed by a 55-day Grand Mediterranean Voyage.  These two itineraries are designed to take guests on longer explorations that visit some of the


Modi Seeks Japan's Help for 'inclusive vision'

Narendra Modi

  Indian Prime Minister Narendra Modi arrived in Japan on Saturday seeking to capitalise on his affinity with Japanese counterpart Shinzo Abe to strengthen security and business ties on his first major foreign visit since his landslide election victory in May.


Recent Vessel Sales: September 2014

Vessel sales for September 2014 (as of October 1) as prepared by Shipping Intelligence, Inc., New York. Date Reported – Vessel Name – DWT – Built (Age) – Price in Millions USD Bulk Carriers 9/3/14 - CELAL AMCA - 12,274 - 01 (13) - $4.9


Dick Bollinger Passes Away

Dick Bollinger (Photo: courtesy of Bollinger family)

Dick Bollinger — President Emeritus of Bollinger Shipyards-- died at home surrounded by his loving family.   Richard N. Bollinger died at home on January 17, 2012 of natural causes.  He was President of Bollinger Shipyards, Inc


Azamara Quest Undergoes Refurbishment

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Azamara Quest Exits Drydock with Refreshed Spaces and New Azamara Blue Hull.   Azamara Quest, the first of Azamara Club Cruises’ twin boutique ships to undergo refurbishment, emerged today from an eight-day drydock – complete with a refresh of all public spaces and staterooms


Insights: Chris Charman Chief Executive, International Marine Contractors Association

Chris Charman web.jpg

Chris Charman took over as Chief Executive of the International Marine Contractors Association (IMCA) in December of last year. IMCA’s Chief Executive leads the IMCA secretariat and is responsible for delivering the association’s extensive global work program


Barloworld Logistics Hosts Customer Iftar

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Barloworld Logistics, a provider of logistics and supply chain management solutions, hosted an Iftar event at The Shangri La Hotel in Dubai recently, to celebrate the spirit of Holy Month of Ramadan. The gathering was attended by Barloworld Logistics’ key clients


Remote Monitoring: The Bottom Line for Fleet Optimization

“We need to understand the complete situation on board. Constant communications are available and should be exploited. This can be as simple or as complicated as you want,” said Captain Eric Clarke, Managing Director, Imtech Marine USA.

By any yardstick, remote monitoring is fleet optimization in the new millennium. You’re all over it: optimizing your fleet. But, what does that mean? For some operators, it means making sure their mix of vessels meets the needs of their customers and the prevailing winds of the economy


Bishop to Address SUNY Maritime Commencement

Photo courtesy SUNY Maritime

Congressman Tim Bishop will deliver the commencement address when SUNY Maritime graduates its mid-year class Friday, January 31. Maritime’s President, Dr. Michael Cappeto, said, “Congressman Bishop is a friend of higher education, transportation


Heilmann Takes Over for Retiring Matson Senior VP

Peter Heilmann

Matson, Inc., a U.S. carrier in the Pacific, announced today that Kevin O'Rourke, senior vice president and chief legal officer, is retiring after 21 years with Matson.  O'Rourke will be succeeded by Peter Heilmann, who has been promoted to senior vice president and chief legal officer


Holland American Line donates $100,000 to Desmond Tutu Peace Foundation

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In honor of Archbishop Emeritus Desmond Tutu’s work to spread peace, justice and democracy around the globe, Holland America Line has made a $100,000 donation to the Desmond Tutu Peace Foundation (DTPF). The donation follows Tutu’s appearance as a special guest lecturer on a segment of


Deadly Attack In Ukraine Shakes Fragile Geneva Accord

  At least three people were killed in a gunfight in the early hours of Sunday near a Ukrainian city controlled by pro-Russian separatists, shaking an already fragile international accord that was designed to avert a wider conflict. The incident triggered a war of words


Tripoli Airport Ablaze, Rockets Leave Libya in Chaos

Diplomats flee Libyan chaos; Politicians appeal for international intervention. Clashes in Tripoli, Benghazi kill around 160 over two weeks, while Libyan capital face fuel, power shortages. A rocket hit a fuel storage tank in a chaotic battle for Tripoli airport that has all but closed off


Bangladesh Rescuers Struggle in Ferry Response; 120 Missing

Bangladeshi rescuers struggled against a strong current and choppy river waters on Tuesday in the search for a ferry that capsized with more than 200 passengers on board with about 120 of them missing, many feared dead. Low-lying Bangladesh






 
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