South Korea Votes to Disband its Coast Guard
South Koreaâs national assembly has voted to pass legislation effectively disbanding its coast guard after the organization fell under heavy criticism in wake of Aprilâs Sewol ferry capsizing which killed more than 300, most of whom were high school students. South Korean police will take over the coast guardâs responsibilities as a new safety agency is formed. Extensive criticism targeted the coast guardsâ rescue efforts as public opinion deemed its performance highly inadequate.
COSCO Chairman Expects Shipping Slump to Persist
The global shipping market is unlikely to see a recovery during the next two years as it grapples with an oversupply of vessels, the chairman of China's largest shipping group said on Wednesday. The sector has been battling overcapacity since the 2008 financial crisis because new vessels ordered before the downturn have flooded the market, dragging down rates and hitting Chinese ship builders hard.
Hawaiian Market Growth Boosts Matson Q3 Results
Matson, Inc., a U.S. carrier in the Pacific, announced its results for the third quarter of 2014, in which it reported a net income of $21.5 million, or $0.50 per diluted share, compared with $17.2 million or $0.40 per diluted share in 2013, while consolidated revenue for the third quarter 2014 was $441.8 million compared with $415 million in 2013. For the nine-month period ended September 30, 2014âŠ
Geo Shipyard Delivers Catamaran Survey Vessel
Geo Shipyard, Inc. has built and delivered a new Survey Catamaran Vessel, Blake, for David Evans and Associates Inc.âs Marine Services Division in Gulfport, Mississippi. The newbuild, delivered in October, features wave-piercing bows, Tier 3 Cat diesels, twin 55-kW generators, a full suite of survey instrumentation, an A frame for towing astern, a DTI survey winch and a stainless steel hydraulicallyâŠ
Bell Recovered from Wreck of HMS Erebus
The ship's bell recovered from the recently discovered Franklin Expedition shipwreck, HMS Erebus, was unveiled by the Honorable Leona Aglukkaq, Minister of the Environment and Minister responsible for Parks Canada. The artifact was recovered during dives and archaeological investigation by Parks Canada's underwater archaeology team in September. The bell was found on the deck adjacent to the ship's displaced windlass (a form of anchor winch), above which it was originally mounted.
Keenan Named VP at Gibbs & Cox
Gibbs & Cox, Inc., an independent naval architecture and marine engineering firm, announced the appointment of Patrick J. Keenan as Vice President, Platform Solutions Group.
MARAD Extends Voluntary Intermodal Sealift Agreement
The U.S. Maritime Administration (MARAD) has extended the Voluntary Intermodal Sealift Agreement (VISA) program until October 1, 2019. The VISA program creates a partnership between the U.S.
Fuel Scandal Sends Traders Scrambling, Investors Eye Lawsuits
Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at Singapore-based subsidiary Dynamic Oil Trading is potentially one of the biggest financial market scandals to hit the city state since 2004, when China Aviation Oil (Singapore) ran up oil futures losses of $550 million.
Video: Injured Passenger Hoisted from Superfast Ferry
A U.S. Coast Guard (USCG) helicopter crew from Coast Guard Air Station Miami hoisted an injured man Wendesday night from the Bimini Superfast ferry approximately 10 miles off the coast of Bimini, the Bahamas. Watchstanders in the Coast Guard 7th District command center received the request for a medical evacuation at 6:20 p.m., Wednesday. The 35-year-old man aboard the Bimini Superfast ferry had reportedly suffered a head injury.
OW Bunker Files for Bankruptcy
The world's largest ship fuel supplier OW Bunker said it would file for bankruptcy as soon as possible to the probate court in Aalborg in the northern part of Denmark. OW Bunker said on Thursday it has discovered fraud by senior employees in its Singapore-based subsidiary. "As a result of the internal investigation, it has been decided to report two key employees in the Singapore-based subsidiary Dynamic Oil Trading," the company said in a statement.
Scorpio Bulkers Announces $39.6m Loan Facility
Scorpio Bulkers, Inc. received a commitment from ABN AMRO Bank N.V. for a loan facility of up to $39.6 million to finance up to 60% of the market value upon deliveryâŠ
Boskalis Acquires Stake in Fugro
Royal Boskalis Westminster N.V. has acquired a 14.8% stake in Fugro N.V. Boskalis said it views Fugro as an interesting company with activities that fit very well with its own activities, adding that it wants to enter dialogue with Fugro to explore options for possible cooperation. The company stressed, however, that it has no intention to make an offer for Fugro. "Fugro is an attractive company with activities that fit together well with those of Boskalis,â said Peter Berdowski, CEO Boskalis.
Maritime Reporter @ 75: The Daily Cartoon
Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners, ship and boat builders, naval architects and marine engineers. Today Maritime Reporter heads a group of four print and 10 websites serving the global maritime, offshore and subsea sector.
James Fisher Opens Offshore Vessel for Tours
James Fisher Marine Services Ltd (JFMS), and Fendercare Marine, both subsidiaries of James Fisher and Sons plc (JFS), held an open day to demonstrate the capability of their shoreside support base and the offshore support vessel, the Dart Fisher. The Dart Fisher, which was berthed in the Fendercare Marine base in Great Yarmouth, is a 26-meter catamaran specifically designed to service the offshore energy industry with the capability to transfer up to 12 engineersâŠ
PGS Implements Adonis Personnel Manager
Adonis AS (Adonis), a provider of global maritime HR solutions, announced that Petroleum Geo-Services (PGS) has implemented Adonis Personnel Manager (APM) to automate crew planning processes for its multinational maritime workforce. The solution will enable PGS to simplify the management of crew rotations and centralize major crewing processes, such as Visa applications, work permits and compliance with maritime requirements (offshore certificatesâŠ
SENER Presents Computer Aided Design Evolution
SENER attended the 53rd edition of the Naval Architecture Congress in Spain, from October 8-10. It was organized by the Naval Architecture and Oceanic Engineering Association of Spain, this time in Cartagena. SENER's Rodrigo Pérez presented a work about the computer aided design evolution, written in collaboration with Carlos González and Luis Sánchez, also from SENER. The technical paper traces the history of shipbuilding since Roman times where they began to use curves for drawing framesâŠ
SAR Boat Named âShip of the Yearâ by KNVTS
Damen and its partners have won the Royal Netherlands Society for Marine Engineering (KNVTS) âShip of the Year Awardâ for Nh1816,the first of a series of the SAR 1906, a new search and rescue (SAR) boat, at the Maritime Awards Gala 2014 held in Rotterdam. The SAR 1906 is a 35-knots self-righting vessel, with an aluminum hull and a composite wheelhouse. The hull design is based on the Axe Bow technology, adapted for the specific operations of lifeboats.
Brazil's Vale Opens Malaysia Port in Bid to Cut Freight Costs
Brazil's Vale SA on Friday inaugurated a $1.4 billion port in Malaysia able to receive and blend iron ore from its mega-ships, an important step in the miner's battleâŠ
Asia-Europe Box Rates Drop 10 pct
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 10.4 percent to $1,175 per 20-foot container (TEU) in the week ended on FridayâŠ
UK Offshore Wind Farm Gets Okay for Growth
Existing wind farm has 367 MW capacity; extension is for a further 750 MW capacity. The British government has given consent for an offshore wind farm off Cumbria in the Irish Sea to be extendedâŠ
