Noble Corp Reports Smaller Q4 Loss
Offshore drilling contractor Noble Corp Plc's fourth-quarter loss narrowed from a year earlier, when it recorded impairment charges of $1.44 billion. Net loss attributable…
Eco Ships: The New Norm for Top Tier Ships
The high average cost of bunker fuel over the past decade led to increased interest in fuel efficiency. Shipowners have a difficult time demanding higher rates in response to cost increases. This makes any savings they can realize on operational and fuel costs critical. Fuel costs account for about 70 to 85 percent of the cost of running a ship, so savings realized in consumption go to their bottom line.
Century-old Tall Ship Goes High Tech
The 1914-built three-masted steel bark Statsraad Lehmkuhl is the oldest of the large square riggers still in operation today. The century-old tall ship, which is currently in use as a Norwegian sail-training ship, will be able to cruise out of Bergen harbor next year without any greenhouse gas emissions, thanks to a hybrid power system from Rolls-Royce. Norway’s state-owned company Enova, which works to facilitate the country’s transition to a low-emissions society…
Fugro Returns to China for Gas Hydrate Research
Dutch survey and geotechnical services firm Fugro said it has been awarded a contract by China’s Guangzhou Marine Geological Survey (GMGS) to perform gas hydrate investigation on the Northern Continental Slope of the South China Sea. The contract is valued at approximately $40 million and is expected to commence in the second quarter of 2018. The gas hydrate field research program is the fifth that Fugro will undertake for GMGS…
Huntington Ingalls Industries Announces Leadership Changes
Huntington Ingalls Industries announced changes to its senior leadership team. Michael Smith, executive vice president, strategy and development, is moving to HII’s Technical Solutions division, where he will serve as president of the SN3 business and report to Michael Lempke, president of the Nuclear & Environmental group, effective immediately. Scott Stabler, executive vice president, internal audit…
LNG Market to Suffer From Oversupply Until 2021 - Vitol
Global prices of liquefied natural gas (LNG) will face pressure from oversupply over the next two to three years, particularly in warmer months, top energy trader Vitol said on Wednesday. New LNG production in countries such as the United States and Cameroon that is set to start up in the coming months means pressure on the rapidly expanding market will be particularly felt in 2019, Pablo Galante Escobar, who heads Vitol's LNG trading, told the IP Week conference.
Russia's Baltic Urals Exports Seen Rising in March
Russia's Urals crude exports from the ports of Ust-Luga and Primorsk are seen at 5.6 million tonnes in March compared to 5.0 million tonnes in the February plan, a preliminary loading schedule released on Wednesday showed Exports of Urals and Siberian light crude oil from the Black Sea port of Novorossiisk port are set at 2.3 million tonnes in March compared to 2.1 million tonnes in the February plan. Reporting by Ludmila Zaramenskikh; Writing by Maxim Rodionov
Marlink Doubles the Speed for Sealink VSAT Customers
Marlink customers using the Sealink Allowances maritime VSAT service plans can now enjoy without any extra-charge a burst rate, or Maximum Information Rate (MIR), up to 6 Mbps. Providing even faster connectivity and more bandwidth for business operations and crew onboard when network capacity is available, the new MIR is twice as fast as the previous 3 Mbps. Doubling the throughput while keeping pricing unchanged will deliver even more value for money to Marlink’s maritime customers.
Baltic Index Hits Three-week High
The Baltic Exchange's main sea freight index climbed 2.6 percent on Wednesday to mark a three-week high, boosted by an increase in activity across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 29 points, or 2.6 percent, to finish at 1,146 points, its highest since Jan. 31. "Sentiment in the dry bulk market is firming up after a return of activity in the Pacific…
The Swedish Club Moves Forward on a Firm Footing
The Swedish Club has reported results for the 2018 renewal season in line with its focus on quality business and expert approach to managing current and future risks. Growth is running according to plan and the P&I gross tonnage has moved in excess of the 50 million GT milestone. This follows on from the positive news announced by S&P Global Ratings (S&P) earlier this year, when it revised its outlook on The Swedish Club to positive from stable…
What Does the Jones Act Mean for Offshore Wind?
Offshore wind power continues to gain momentum in the United States. How will the Jones Act affect the development, operation and maintenance of offshore wind farms? After years of planning and some unsuccessful attempts, offshore wind power developers finally have their first success in the United States. The Block Island Wind Farm, a 30-megawatt wind farm located just off the coast of Rhode Island…
Rolls-Royce to Equip UK Navy's Type 26 Warships
Rolls-Royce Canada said it has won a contract with BAE Systems for its mission bay handling technology for the U.K. Royal Navy’s new Type 26 Global Combat Ship. The contract covers the first three ships, the first of which is currently under construction at the BAE Systems Glasgow shipyard, Scotland. The Type 26 Global Combat Ship is designed with modularity and flexibility in mind, and a key feature which sets it apart from competing designs is its mission bay.
Egypt's GASC Buys 120,000 Tonnes Wheat in Tender
Egypt's state grain buyer GASC said on Wednesday that it had bought 120,000 tonnes of wheat in a tender. GASC gave no more details. Traders had also estimated the total at 120,000 tonnes. The wheat was all of Russian origin and was purchased in two 60,000 tonne consignments, traders said. AOS sold one consignment at $223.50 a tonne c&f and Friends/El Wehda also sold one consignment at $223.50 a tonne c&f, the traders said.
First of Three New ATBs Delivered for Vane Brothers
The Vane Brothers Company continues to expand its fleet with new vessel construction. This February, the marine transportation company took delivery of the first of three new ATB tugs from the Conrad Orange Shipyard in Orange, Texas. The first boat is the Assateague, and the other two boats will be the Chincoteague and Wachapreague. Designed by Greg Castleman of Castleman Maritime, LLC, located in League City…
Container Fleets & Demand Growing in Step -BIMCO
For 2018, the world containership fleet is expected to grow in step with global demand, according to BIMCO’s latest container shipping market outlook. Having experienced falling freight rates from August to year-end in 2017, most liner companies were successful in pushing rates higher in early January 2018. Most of them managed to hold onto most of the gains they achieved, considering October and November were challenging in terms of very low demand growth.
UK to Sell HMS Ocean to Brazil
The MOD has agreed to sell HMS Ocean to the Government of Brazil after 20 years of service. Sold to the Brazilian Navy for around £84M ($117m), the profit generated from the sale will be reinvested in defence at a time when the Royal Navy is being strengthened with two types of brand new frigates and two huge aircraft carriers. HMS Queen Elizabeth, which will eventually take on the role as the nation’s new flagship…
World’s First LNG-fueled Bulk Carrier Delivered
Hyundai Mipo Dockyard (HMD) and ILSHIN LOGISTICS delivered the world’s first LNG-fueled bulk carrier under the dual-class of Lloyd’s Register (LR) and Korean Register. The 50,000 dwt bulk carrier has also been verified to be in compliance with the International Gas Fuel (IGF) Code. The vessel is the result of a collaboration project, announced in July 2016, to develop the first in a new generation of environmentally-friendly LNG-fueled bulk carriers.
#BTC100 History
Bouchard Transportation Co. launches Liberty Ship S.S. Frederick Bouchard in November 1944. Built in memory of Capt. Fred Bouchard, the vessel is then christened by his wife, Ellen S. Bouchard. #BTC100 The July 2018 edition of Maritime Reporter & Engineering News will feature a special “Bouchard Transportation Co. Celebrates 100 Years” magazine. For more information contact: Greg Trauthwein, [email protected], t. 516-810-7405.
Port Spat Delays Russian Black Sea Product Exports
Shipments of oil products from a Russian Black Sea outlet have been disrupted since early February due to a row over the port's control, four industry sources told Reuters on Wednesday.
Sembcorp Marine Swings to Q4 Loss
Singapore's Sembcorp Marine swung to a net loss in the fourth quarter, with revenue plunging 21 percent due to lower rig-building revenue, fewer floater and offshore platforms projects.
