ICTSI Income Falls as Volume Rises
Philippines-based International Container Terminal Services Inc (ICTSI) has announced a 6% decrease in income in its consolidated financial results for the first half of 2018.However…
WFW Advises ING Bank on USD 220mln Nine Vessel Financing
Watson Farley & Williams (WFW) has advised ING Bank, London Branch (ING) in connection with a US$87m increase to a US$131m loan facility originally granted to Latsco…
MOL Blue Ocean Environmental Bonds will be Japan's 1st Green Bonds
Mitsui O.S.K. Lines (MOL) announced a plan to issue green bonds (its 20th and 21st series unsecured corporate bonds) through a public offering in Japan's domestic market.
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Significant moments in naval architecture & marine engineeringAfter being refitted an specialized icebreaker bow, tanker SS Manhattan became the first commercial ship to cross the Northwest Passage in 1969. Read more on the vessel and historic voyage here.The October 2018 edition of Maritime Reporter & Engineering News, the world’s largest audited circulation maritime magazine serving the maritime b2b space…
“Your nation needs you … now more than ever in our history”
The words of General Darren McDew rang true to Massachusetts Maritime Academy's nearly 400 graduates on a beautiful, albeit rain soaked, Saturday this past June.General McDew…
Gulfmark Must Choose: Size or Specialty
Coming hot off the heels of July's announcement of a merger deal between offshore services firms Tidewater and Gulfmark, rival Harvey Gulf offered its $836 million fleet in a competing deal to merge with Gulfmark.Now Gulfmark is left to weigh its options.“With a combined fleet size of 274 vessels, a merger between GulfMark and Tidewater would lead to one of the largest OSV fleets in terms of overall size with an average age 10.7 years old,” said Matthew Freeman, VesselsValue Director.
Venezuela Dodges Oil Asset Seizures with Export Transfers at Sea
Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures.But the OPEC member nation is still fulfilling less than 60 percent of its obligations under supply deals with customers.Venezuela has been pumping oil this year at the lowest rate in three decades after years of underinvestment and a mass exodus of workers.
USMMA Outlines Top Priorities in New Strategic Plan
Today, the United States Merchant Marine Academy (USMMA) at Kings Point issued its new strategic plan providing guidance and direction for the near-term future of the Academy.The plan, entitled The U.S. Merchant Marine Academy Strategic Plan 2018-2023: Navigating Towards the Future Together, describes strategic priorities that will guide the institution for the next five years and beyond, including enriching educational programs…
Shipping Executive Focus: Art Regan, Executive Chairman, Genco Shipping & Trading
Art Regan, who has been the Executive Chairman at Genco Shipping and Trading (NYSE: GNK) since October 2016, personifies the new type of shipping executive, savvy on all things maritime (he is a graduate of SUNY Maritime College at Fort Schuyler) coupled with a keen understanding of market dynamics. Regan commenced his maritime industry career at sea, rising through the shipboard officer ranks completing…
Arcadia Shipmangement Signs ABS Advanced Solutions EAM Agreement
Arcadia Shipmanagement Co. Ltd. selected ABS Advanced Solutions to implement an Enterprise Asset Management (EAM) Program to further enhance the reliability of its fleet of 15 tankers.The Advanced Solutions EAM program is designed to aid owners and operators with managing physical assets from design to decommissioning to optimize use, reduce costs, and improve vessel reliability and efficiency.According to ABS…
ChartCo to Unveil New Integrated Platform at SMM
Digital navigation services and voyage compliance solutions provider ChartCo said it will launch a completely new e-navigation and compliance platform at this September’s SMM in Hamburg. ChartCo OneOcean will play an important role in how shoreside operations and shipping fleets are managed while offering significant benefits to onboard crew. A notable new feature within the OneOcean platform is the incorporation of data from ChartCo’s environmental solution…
Damen to Equip Chile's Antarctic Research Vessel
Damen Marine Components has won a contract to supply steering gear, rudders and stern tube parts for an Antarctic research vessel of the Chilean Navy, under LRS -Polar 5 Class notation. The contract was awarded by ASMAR Talcahuano Shipyard, Chile. Design of the vessel was done in collaboration with VARD Canada.Damen Marine Components will be supplying twin COMMANDER Ram-Type electro-hydraulic steering gear units, twin ATLANTIC semi-spade rudders and twin stern tube casting parts.
Thyssenkrupp, GNYK Team Up for German Warship Tender
Thyssenkrupp Marine Systems and German Naval Yards Kiel (GNYK) have teamed up in the ongoing bidding process for a contract worth several billions of euros to build…
Liberia Introduces Electronic Certificate Security Features
Liberia continues to deploy significant improvements to its state-of-the-art web-based client interface system, WayPoint, by enhancing certificate security features, introducing a QR Code symbol for electronic certificates and streamlining the procedure for document verification.WayPoint was launched in late-2016 to provide the owners and operators of Liberian-flag ships with secure, real-time, user-friendly access to their fleet details…
Maersk Cuts 2018 Guidance, Eyes Market Recovery
Danish shipping company A.P. Moller-Maersk slashed its 2018 earnings forecast on Tuesday due to weak second-quarter freight rates and higher prices for bunker fuel, although the downgrade was smaller than feared, analysts said.The world's biggest container shipper also said spot freight rates have restored after a significant drop in the second quarter, and that its volumes are growing in line with the market.Following the unexpected announcement…
DP World Acquires Unifeeder for $762.6 Mln
DP World, one of the world's largest port operators, said on Tuesday it had acquired 100 percent of Unifeeder Group, a Danish logistics company, for 660 million euros ($762.6 million).The acquisition from Nordic Capital Fund VIII and certain minority shareholders will boost DP World's presence in the global supply chain and broaden its product offering to its customers, shipping lines and cargo owners, DP World said.Based in Aarhus, Denmark, Unifeeder operates a container feeder and a shortsea n
Fred. Olsen Energy edges closer to financial restructuring
Norwegian drillship and rig operator Fred. Olsen Energy, owner of the yard that built the RMS Titanic, is considering a debt and equity restructuring that would…
Dry Bulk: Capesize, Panamax Rates Dip
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday on lower rates for capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 41 points, or 2.3 percent, at 1,732 points.The capesize index slipped 104 points, or 2.8 percent, to 3,550 points.Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as ir
Braemar Shipping Services Adds New LNGC 'LNG Schneeweisschen'
Braemar Shipping Services announced the successful delivery of the 180,000m3 Liquid Natural Gas Carrier (LNGC) called “LNG Schneeweisschen” from Daewoo Shipbuilding & Marine Engineering (DSME)…
V.Group Rolls-out Fleet Cell of the Future
V.Group, the leading global marine and offshore vessel management and support services provider, has announced the launch of its groundbreaking Fleet Cell of the Future…
