Swiss Re, Lloyd's underwriter Chartwell Re and marine mutual insurance manager Thomas Miller are reportedly setting up a new joint venture marine insurance syndicate at Lloyd's.
Norway-based Offshore shipping company, Oceanteam Shipping ASA, highlights results in the first quarter of 2014 and draws attention to a Mexico J/V with PEMEX. Revenue from operations USD 15.1 million for the quarter. EBITDA from operations is positive USD 6.7 million for the quarter. Operating profit of USD 4.2 million. Net finance negative USD 3.7 million. CSV Southern Ocean is 100 percent consolidated from the first quarter due to change in
Exmar, the tanker division of Belgian shipping company CMB is reportedly in talks with Norway's Golar LNG to merge their liquified natural gas activities. It was reported that Exmar director Nicolas Saverys said the new LNG company would have assets worth $500 million. "We are in detailed negotiations with (John) Frederiksen (Golar LNG's shipping magnate owner) about bringing our LNG activities into a new joint venture," Saverys was quoted as saying.
At the headquarters of ZF Friedrichshafen AG, the management of ZF and of Nanjing Highspeed & Accurate Gear (Group) Co. Ltd. (NGC) signed a contract to establish the ZF Nanjing Marine Propulsion Co. Ltd. (ZF-NMP). The company will be based in Nanjing, P.R. China, owned 60 percent by ZF (China) Investment Co. Ltd., Shanghai (a subsidiary of ZF Friedrichshafen AG) and 40 percent by NGC. The new company will assemble and market ZF Marine’s range of heavy duty transmissions for application in
V.Ships Hansen has been formed by incorporating the respective ships agency companies of V.Ships MSI (the Asian joint venture of V.Ships and IMC) and the Hansen Group of Taiwan. This new company will have its own offices in Singapore, Taiwan, China, Vietnam and Cambodia whilst maintaining its Asia-wide network of partners in other countries. V.Ships Hansen enhances V.Ships Agency’s ability to offer multi regional packages to customers
Wärtsilä to divest its shares in QMD two-stroke joint venture Wärtsilä announced that it will divest its shares in the Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co. Ltd. (QMD), the joint venture company established for manufacturing large low-speed marine diesel engines. Wärtsilä's shares in the joint venture will be transferred to the current majority shareholder, Qingdao Qiyao Linshan Power Development Co. Ltd
PT Batam Maritime Center – a member of Drydocks World Group- a maritime service provider in the region, has signed a Memorandum of Understanding with Indonesia based PT Bina Bangun Bahari, a company engaged in engineering, fabrication, construction and infrastructure to implement a cooperation agreement for management of land in Batam, Indonesia. Commenting on the sustained interest in contributing to the development of Indonesia
Augustea Bunge Maritime Limited ("ABML") a joint venture company of Augustea Atlantica S.p.A. and Bunge Limited (NYSE: BG), has announced the formation of a new joint venture with York Capital Management The new company, ABY Holding Limited ("ABY"), will operate an independent fleet of ocean-going dry-bulk vessels. The Malta-based venture intends to grow through the acquisition and chartering of modern ships.
DNV GL announced the initiation of a new joint industry project (JIP) to define the state-of-the-art next-generation LNG carrier. According to DNV GL, the aim is to develop a new LNG carrier that has a significantly improved environmental footprint and is more energy efficient and better suited to future trading patterns than existing vessels. The project will include the latest technology advances in cargo containment and propulsion efficiency
The joint venture agreement between Wärtsilä and China State Shipbuilding Corporation (CSSC) for the takeover of Wärtsilä's two-stroke engine business, which was announced in July 2014, has now been finalized. The required government and merger control approvals having been received, official closing took place on January 19, 2015. The company is owned 70% by CSSC and 30% by Wärtsilä, and is to be named Winterthur Gas & Diesel Ltd. (WinGD)
Norway-based tanker and terminal company Odfjell reported third quarter losses despite revenue gains and the formation of a gas carrier new joint venture, among several "improvements." Odfjell reported third quarter 2014 chemical tankers EBITDA of $26 million
Pension funds, squeezed by low interest rates, are exploring investments in shipping in their hunt for higher returns, hoping to benefit once this industry starts to recover from one of its worst ever downturns. There are signs of a gradual pick-up in world trade and ship values for the first
ClassNK and leading global maritime software company NAPA have announced a new joint project to reduce the time and cost of designing vessels in accordance with the new IACS harmonised Common Structural Rules. The new project will enhance the data linkage between ClassNK’s
Grain, steel, salt help port exceed 2 million tons for first time in 29-year history The Port of Indiana-Jeffersonville handled over 2.4 million tons of cargo in 2014, up 48 percent from the previous year. This was the first time annual shipments exceeded two million tons in the port's
Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines. The CSSC Wärtsilä Engine (Shanghai) Co
Kvaerner ASA says it is to establish a joint venture with KBR Inc. to bid competitively on offshore platform topsides contracts for the Johan Sverdrup field development offshore Norway. The alliance combines Kvaerner's expertise and resources as a turn-key contractor for offshore
Kvaerner and KBR, Inc. will establish a joint venture to competitively bid on offshore platform topsides contracts for the Johan Sverdrup field development offshore Norway, the companies announced. The alliance combines Kvaerner's expertise and resources as a turn-key contractor for offshore
CMA CGM S.A. announced it act in cooperation with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL) and Pacific International Lines (PIL), to offer a new joint service in the North East Asia, Australia and New Zealand Trade, commencing from Shanghai in early of November
Sea spray icing is one of the major challenges when operating in Arctic conditions. DNV GL is now launching an industry collaboration which will develop a simulation model that bridges functional winterization requirements and real physical conditions for drilling rigs
VOSTA LMG has been awarded an order for efficient dredge ball joints from maritime services company Royal Boskalis Westminster. The order consists of a series of high pressure Crossover ball joints suitable for dredge pipes with an internal diameter of 1000 mm
Inchcape Shipping Services (ISS), a maritime services provider, has acquired the Turkish cruise agency specialist Merkez Deniz Acenteligi ve Ticaret A.S (Merkez). Merkez is one of the most established agency houses in the Turkish shipping community and it is today a market-leading cruise sector
The Netherlands Maritime Technology association has been officially launched on the international stage during the Holland Day at SMM on September 9. Sjef van Dooremalen, Chairman of Netherlands Maritime Technology, unveiled the new name onboard the LCF Zr. Ms
Regional Reporting Inc. (RRI) and Global Risk Evaluations (GREvL) inform of the creation of a joint venture aimed at expanding their marine services offerings. The new company Marine Reporting International Ltd. (MRI) will combine the marine division of GREvL and RRI's UK subsidiary.
Jaccar Holdings of Luxemburg and Hartmann Group of Leer, Germany, announce the establishment of a joint venture for the commercial management of ethane carriers. The new company, “United Ethane Carriers” or UEC, will be based in Singapore
Repasa performs first berthing duties with two new Damen Stan Tugs 1606; Spanish offshore support services provider extends reach to West Africa On October 13, Repasa's ASD Tugs assisted the berthing of a LNG tanker with great success. Yesterday the two Damen Stan Tugs 1606