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Osprey Maritime Gets Extension

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.


Kidnapped Bourbon Crew Released

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.


Repairs Complete on Damaged Akaylar II

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.


Safe Bulkers Time Charter for Panamax Vessel

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


EDHEC-Risk Institute Welcomes Eight New Members

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


BP-Amoco and ARCO in $26.8 Billion Deal

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


Navios Apollon Released from Captivity

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


Navy Cuts One Littoral Combat Ship in 2015

 U.S. Navy Aims To Smooth Impact Of Fiscal 2015 Cut To Ship Orders   Add to Collection(Oil)|Print Download:Plain TextXMLAll         WASHINGTON, April 10 (Reuters) - The U.S. Navy hopes to smooth out the impact on Lockheed Martin Corp and Australia's Austal of a budget-driven decision to order three Littoral Combat Ships instead of four in fiscal year 2015, the Navy's top weapons buyer said on Thursday.  


Greenpeace Arctic Detention & Upcoming ITLOS Hearing

Credit: Cobb/Greenpeace

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 ITLOS is an independent judicial body located in Hamburg, Germany, established to resolve disputes about the interpretation and application of the United Nations Convention on the Law of the Sea (UNCLOS).


First Application Accepted for Dogger Bank Offshore Wind Development

Dogger Bank (Forewind)

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 2.4 gigawatts (GW), was submitted in August after more than three years of surveys and research work, reporting and stakeholder engagement activity.


Calculating Settlement Value of a Case

Thomas H. Belknap, Jr.

It has been said that war is politics by other means.  It is probably equally true that litigation is business by other means.  On the one hand, the threat of litigation – and the resulting costs, inconvenience and uncertainty – will often compel parties to resolve their


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


Coast Guard, Texas Parks and Wildlife locate, recover body in San Antonio Bay

 A Coast Guard MH-65 helicopter crew located a body, Sunday, which fits the description of a man    missing since Friday morning, in San Antonio Bay.   At 3:50 p.m., a Coast Guard aircrew spotted a body on the west side of San Antonio Bay


EMAS Awarded Gunflint GoM Project

EMAS, the operating brand of Ezra Holdings, a global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, today announced that it has received a Letter of Agreement (LOA) from Noble Energy for the Gunflint Project in the Gulf of Mexico (GoM).


MLC Amendments Address Abandonments, Claims

Governments, maritime employer representatives coordinated by the International Shipping Federation (ISF) and their counterparts from the International Transport Workers’ Federation (ITF) met this week at the International Labor Organization in Geneva for the first meeting of the Special


Growth for the Swedish Club

Lars Rhodin

The Swedish Club announced to its board today a significant increase in financial strength, with a positive underwriting outcome and investment earnings leading to a surplus of $17 million overall - a testament to the strategy of diversification and focused business development


BP Refinery Spilling Oil into Lake Michigan

U.S. Coast Guard photo by Parker Wood

The U.S. Coast Guard and the Environmental Protection Agency are responding to the report of an oil discharge into Lake Michigan from the BP Whiting Refinery in Whiting, Ind. The Coast Guard received a report Monday night from watchstanders the National Response Center of a sheen from an


'Seaman Guard Ohio' Personnel: Latest Update

Image courtesy of Advanfort

According to the the Mission to Seafarers, families of anti-piracy vessel 'MV Seaman Guard Ohio' personnel  being held in India have said that the British lawyers representing the men were dismissed ahead of the upcoming bail hearing. Family members have also launched an appeal for financial


New Explosion Hazard Software

Explosions screenshots - all effect contours.

Consequence and risk analysis experts evaluating explosion hazards have historically had to undertake time-consuming analyses and have been unable to show all the combined influences in different scenarios. DNV GL’s new Phast 3D Explosions software module enables advanced 3D modeling


Industry Targets Improved Offshore Leak Detection

Christian Markussen

Leak detection is a considerable challenge facing the industry, and DNV GL has therefore taken the lead in establishing a new Joint Industry Project (JIP). Twenty key industry players are partnering to develop a best practice for designing and implementing offshore leak detection systems.


Old Ships & Dirty Machinery

Machinery on a bulk carrier, keel laid 1980.

Propulsion and Auxiliary Machinery: A Matter of Concern on Older Ships Preliminary results from the Concentrated Inspection Campaign (CIC) on Propulsion and Auxiliary Machinery, carried out between  September 1 and November 30, 2013 in the Paris MoU region show that:


Navy Funds Austal to Build Two More LCS in US$3.5-Billion Program

LCS Independence variant photo courtesy of US Navy

Austal inform that its USA’s order backlog has grown by approximately US$684-million dollars as a result of two additional Littoral Combat Ship (LCS) contract options being exercised by the United States Navy. The contract options fund construction of the LCS 18 and LCS 20


Norway's financial watchdog questions Statoil's 2012 accounts

Oil firm Statoil did not respect International Financial Reporting Standards (IFRS) on three points when it reported its 2012 accounts, according to the Nordic country's financial watchdog, the firm said on Tuesday. Statoil, which says its financial reporting is in line with IFRS


State-of-the-Art Dredger Launched

Photo: IHC Merwede

AL BAHAR C/D HUTA 12 named, launched at IHC Merwede IHC Merwede named and launched the 23,545 kW self-propelled cutter suction dredger ‘AL BAHAR’ C/D HUTA 12 in a ceremony on March 8, 2014 at the company’s shipyard in Kinderdijk, The Netherlands.


Study Targets Reduced Offshore Wind Costs

Xodus Group, Cathie Associates and UTEC Geomarine have formed an industry leading consortium to deliver a study which will aim to reduce the costs of generating electricity from offshore wind farms in U.K. waters. The Carbon Trust’s Offshore Wind Accelerator (OWA)


 
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