Little Change in Overall Shipping Confidence
Little change occurred in the latest monthly Stifel Logistics Confidence Index. Slipping only 0.1 points from 57 in March to 56.9 this month, the overall index did however favor improvements in the present situation increasing 1.6 points to 51.8. However, expectations for the next six months dimmed falling 1.8 points to 62 for April. The monthly airfreight data is such an example. For April, the present situation increased 0.5 points to 49 whereas expectations declined 2 points to 61.3.
Ice Hurts March’s Lakes Ore Shipments
Massive, thick ice formations on the Great Lakes limited iron ore shipments in March to 1.1 million tons, a decrease of 43 percent compared to a year ago, the Lake Carriers’ Association (LCA) said in a news release. Shipments from U.S. Great Lakes ports fell even more, 52 percent. Some of the ore that was loaded in March did not reach its intended destination until well into April. Two vessels that departed Duluth/Superior at the western end of Lake Superior on March 26 did not arrive in Gary…
Offshore: Seacor Raises the Bar Again
Long acknowledged as a firm to watch in U.S. crewboat and fast supply boat innovation, Seacor Marine will be attracting industry attention once again when its latest set of new boats begin delivery in 2014. While this new class of mono-hull boats have some big dimensions, the more noteworthy feature will be the size of its engines. With 10 vessels in three different classes all more than 200-feet long, this is the largest single order of fast supply boats of their size.
Shippers Turn to Equity Markets as Sector Eyes Recovery
Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector recovering from its worst downturn since the 1980s. Ship owners ordered large numbers of vessels between 2007 and 2009, just as the global economy sank into crisis. Prospects have brightened in recent months as world trade picks up and the ship glut is absorbed.
YPF Tenders to Buy Fuel Oil for June
State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received…
GE Gas Turbines Power USS America
GE Marine reports that the United States Navy’s future USS America (LHA 6) amphibious assault ship recently completed successful acceptance sea trials powered by two GE LM2500+ marine gas turbines. Acceptance sea trials were conducted in the Gulf of Mexico by Huntington Ingalls Industries, nearby its Pascagoula, Mississippi, shipyard. “The selection of the LM2500+ gas turbines offers propulsion commonality for this first-in-class ship with the U.S.
Somali Pirate Sentenced to 12 Years by German Court
A German court sentenced a Somali asylum-seeker to 12 years in jail on Thursday, for his involvement in the pirate hijacking of a tanker in the Indian Ocean in 2010.
Ecoshield Wins Industry Award
Subsea Industries, a Hydrex company, announced that its Ecoshield coating system, which offers protection from cavitation and corrosion/erosion damage for ship hulls, rudders and ship underwater running gear, has been recognized with an industry award. The 2014 Innovation in Ship Operations Award was accepted for Subsea Industries by David Phillips, Hydrex Group Communications Executive at an awards dinner in London on April 14, 2014.
DHL Expects Immunity in Price Fixing Investigation
Deutsche Post expects its DHL forwarding business to be granted immunity from prosecution and fines by Singapore antitrust authorities, who are investigating 11 companies for alleged price fixing…
InterManager Welcomes New Protection for Seafarers
InterManager said it welcomes the adoption of new measures to protect seafarers against abandonment. Amendments to the Maritime Labour Convention 2006, agreed at a meeting of the International Labour Organization in Geneva last week, will ensure the provision of financial security systems to assist seafarers in the event of their abandonment and for compensation for seafarers’ contractual claims for death and personal injury.
Nigeria Maritime Academy Gets Bridge Simulator
A NAUTIS Full Mission Bridge Simulator was purchased and delivered to the Maritime Academy of Nigeria in Oron. The new simulator will be used to provide qualitative education and training for the merchant Navy and maritime industry in full accordance with international standards. The Full Mission Bridge Simulator was delivered and installed by VSTEP at the Maritime Academy of Nigeria faculty in Oron.
US 2014 Petroleum Production: Why Hubbert was Wrong
Combined production of crude oil, gas and condensates in the United States is on course to a hit a record this year, passing the previous peak set in 1972. The rise…
S.Korean Ferry Master Faces Investigation
The captain of the South Korean ferry that capsized off the southwest coast was facing a criminal investigation on Thursday, an official said, amid unconfirmed reports…
POSH raises $311m in Singapore IPO
POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business.
Divers Struggle in Search for Ferry Survivors
Rescuers struggle with waves, murky waters; Captain faces charge of abandoning South Korean ferry. About 290 people still missing, many of them teenagers. Rescuers…
North Sea Crude-Forties eases, VLCC options narrow
Forties trades at parity with dated Brent; Competing Libyan barrels returning to market. Refining margins under pressure as capacity ramps up. North Sea Forties…
Otto Marine's Financial Health on the Mend
Michael See Kian Heng, Group Executive Director of Singapore-based offshore vessel owners & shipbuilders Otto Marine, says that his company reported revenue of US$512.0 million in year 2013…
Ultra-deepwater Drillship 'Maersk Valiant' Delivered
Maersk Drilling advises that its second new drillship, 'Maersk Valiant', has been delivered from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South-Korea. Maersk Valiant has begun its voyage towards the US Gulf of Mexico via Singapore to commence a two year contract with ConocoPhillips and Marathon Oil Corporation. Maersk Valiant is the second in a series of four ultra deepwater drillships to enter Maersk Drilling’s fleet.
Miami Tugboat Oil Spill: Coast Guard Respond
The US Coast Guard says that its crewmembers are responding to a fuel spill in the vicinity of Government Cut in Miami, following a leak discovered aboard the 95-foot tugboat 'Neptune'. Upon further investigation, it has been determined that an estimated 2,000 gallons of diesel fuel have entered the water. A helicopter crew from Coast Guard Air Station Miami is conducting an overflight to monitor the progression of diesel fuel in the water.
Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard
Clarkson Hellas understand that Golden Union have declared options for three further 81,200 DWT Kamsarmax at AVIC Weihai Shipyard for deliveries throughout 2016 and 2017 to add to their existing two units currently under construction. Clients of Sealink Navigation have contracted two firm 63,000 DWT Ultramax with Imabari Shipbuilding in Japan for deliveries in 2016 for the first unit and in 2017 for the second.
