Oil and gas shipping firm Osprey Maritime's bankers have agreed to an extension through the third quarter of 2002 of $362 million in short term loans. The facilities were originally repayable on July 20, 1999. The outlook for Osprey, which has a total debt of $813.7 million as of June 30, 1999, hinged on the outcome of its talks with bankers to extend its short term loans. The debt was incurred following its multi-million acquisition of Gotass Larsen Shipping Corp in 1997.
Bourbon announces that its 10 crew members kidnapped in Cameroon on 31st October on board the Bourbon Sagitta were released on Nov. 11. They are now safe in Yaoundé. After medical check-ups, all of them appear to be in good health. Bourbon wishes to thank everyone who has contributed to the successful outcome of this affair for their support and efforts, and in particular the local Cameroonian authorities, as well as the French Ministry for Foreign and European Affairs.
Navios Maritime Partners L.P. announced that the Navios Apollon and her crew were released on Feb. 27 2010. Navios Partners reported that the Captain and crew are healthy and will be reunited with their families shortly. Navios Partners thanks the Captain, the crew and their families for their fortitude through this trying ordeal. Many assisted the company in achieving this outcome. Navios wanted to recognize the special efforts of the Chinese Embassy in Greece, and the Ambassador personally
Safe Bulkers, Inc. (NYSE: SB) announced that it has entered into a new period time charter for the Maria, a 76,000 dwt Panamax class vessel, for a duration of 34 months to 36 months, with a forward delivery date in second quarter of 2011, at a gross daily charter rate of $20,250, less 3.5% total commissions. Dr. Loukas Barmparis, President of the company, said: “The new three-year time charter, which has a higher rate compared to the vessel’s current rate
BP Amoco confirmed, following a successful outcome to talks between the two companies, it has reached agreement to combine with the Atlantic Richfield Company (ARCO) of Los Angeles. The all-share transaction, approved by the boards of both companies, will involve the exchange of 0.82 BP Amoco American Depositary Shares (ADS) for each ARCO share. The deal will substantially boost BP Amoco's reserves and production, giving it the largest oil output of any non-state company
The Turkey-flag container ship Akaylar II has left Desan Shipyard, Tuzla, Turkey, after repairs were completed on the collision damaged vessel, Reuters reported. Akaylar II was towed to Tuzla from Buyukdere, where it had initially been towed following a collision around the entrance to the Bosphorus straits. The 4,263-dwt Akaylar II was leaving the straits for the Black Sea when it was involved in a collision with the southbound 8,971-dwt Cambodia-flag Med Glory, which was badly damaged.
EDHEC-Risk Institute announced that eight new members have joined its international advisory board, which brings together scholars, representatives of regulatory bodies as well as senior executives from business partners and other institutions. The role of the international advisory board is to validate the relevance and goals of the research program proposals presented by the institute’s management and to evaluate research outcomes with respect to their potential impact on industry
DY4001 is the lead ship of the CROWN 63 series, a series of 63,500-DWT bulk carriers, which recently completed its sea trial items made its return voyage on February 17. According the shipyard, the vessel’s speed trial was proven beyond its design prediction and met all the guarantee. DY4001 was built by Dayang Shipyard, designed by Sinopacific Group Design, is owned by SETAF and is classed by Bureau Veritas.
International shipping adviser Moore Stephens said the UK budget for 2012 contains some encouraging signs for the shipping industry. The government has stated that it will consult later this year on whether to introduce a rule allowing companies with a non-sterling functional currency to compute their capital gains and losses in such functional currency, rather than in sterling, as is currently the case. “This is of particular relevance for UK companies
Hamburg, Germany – GL Garrad Hassan, part of the GL Group, has been awarded grants by the US Department of Energy (DOE) of $500,000 and $200,000 to fund two studies to identify optimal strategies for the installation, operation, and maintenance of offshore wind farms and to assess the readiness of US ports to meet the needs of the industry. To meet the renewable energy targets of the next century, offshore wind projects hold great promise with steady, strong winds
The Chief of Navy, Vice Admiral Ray Griggs, has announced that the Navy will progressively change the color of its surface fleet to meet modern war-fighting and regional environmental conditions. While not normally apparent to the bystander
Emirates classification society Tasneef has classed its first commercial vessel. The 96,214 dwt oil tanker Energena is jointly-classed with Italian classification society Rina. Yesterday His Highness Sheikh Majid Bin Mohammed Bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority
The International Chamber of Shipping (ICS) has written to the French Government to raise concerns about a new requirement for foreign shipowners to provide information to their French customers about CO2 emissions. The new rules apply a detailed methodology that has not been discussed
The Technology Strategy Board GLEAMS project is currently investigating technology by which marine vessels will be able to surpass the very highest regulatory standards required for sulphur and nitrous oxide emissions, as well as slashing their carbon emissions and potentially reducing fuel costs
Regarding the upcoming hearing at the International Tribunal for the Law of the Sea (ITLOS), where the Netherlands is bringing a case seeking the release of the Greenpeace ship 'Arctic Sunrise' and its crew, Greenpeace International General Counsel Jasper Teulings informs: Background
The many years of concern about the commercial Mexican-U.S. cross-border practices which slow down the movement of cross-border cargo and security implications, especially because of the drug cartel involvement in these movements, and Customs and Border Protection (CBP) concern for accuracy in
The International Chamber of Shipping (ICS), the global trade association for shipowners, has written to the French Government to raise concerns about a new requirement for foreign shipowners to provide information to their French customers about CO2 emissions
A U.S. Coast Guard air crew assisted the Canadian Coast Guard in locating an overdue boater early Monday morning in the vicinity of Bassett Island in northeastern Lake St. Clair. Just before midnight Sunday, a search-and-rescue controller at the Coast Guard 9th District command center
Great-Yarmouth based 3sun Group, a specialist provider of products and services to the global energy industry, has reported a turnover of £13.7 million for the financial year 2012/13. The company’s turnover increased almost threefold from 2010/2011, going from £2
The Dutch government has lodged a rare application at the International Tribunal for the Law of the Sea (ITLOS), asking it to order the immediate release of the Greenpeace ship Arctic Sunrise and all those who were aboard for the peaceful protest against Gazprom’s Arctic oil platform
Royal Australian Navy ship, HMAS Melbourne, has intercepted alleged pirates off the coast of Somalia as part of maritime security patrols in Middle Eastern waters for Operation SLIPPER. The suspected pirates were intercepted on October 15
The General Lighthouse Authorities of the U.K. and Ireland (GLAs) are cooperating with The Internavigation Research and Technical Center in the Russian Federation to achieve compatibility in advanced navigation technologies. The common goal is to improve shipping safety across hazardous new high
Foreship BlueTech Ltd. and Foreship Ltd. have jointly developed a new super-low resistance hull form for the BlueTech 42 bulk carrier. The hull has low resistance through the speed range – not only at design speed. This gives the benefit for owners and operators to choose the speed based on
The Planning Inspectorate accepted Forewind’s development consent order application for the first stage of offshore wind energy development on the Dogger Bank Zone. The application for Dogger Bank Creyke Beck, comprising two offshore wind farms with a total installed capacity of up to 2
The British International Freight Association has given qualified support to last week’s decision by a sub-committee of the International Maritime Organization to approve a compromise proposal for verifying the weight of containers before they are loaded onboard ships.