On 10 December 2010, the state commercial court in Arkhangelsk decided in favour of Odfjell and approved our application concerning the recognition and enforcement of the arbitral award filed against Sevmash shipyard. Odfjell has been informed…
Lockheed Martin Corp., Baltimore, Md., is being awarded a fixed-price-incentive contract for the fiscal 2010-2015 block buy of Flight 0+ Littoral Combat Ships (LCS). The fiscal 2010 LCS Flight 0+ ship award amount is $436,852,639. There are additional line items totaling $54…
Wärtsilä introduced a more powerful version for marine applications of its Wärtsilä 32 engine. The engine was first introduced in the 1980s, and to date more than 4000 units have been sold to the marine industry alone. The Wärtsilä 32 engine…
Many ship owners and operators repair ship structures with temporary steel patches known as doublers. The U.S. Coast Guard and Navy, as well as other maritime authorities, usually allow such patches until the ship’s next inspection period, which…
Daewoo Shipbuilding & Marine Engineering aims to secure $11 billion in orders next year, according to a Reuters report. The global news service quoted Sang-tae, chief executive of the South Korean shipbuilder, that the firm took $11,2 billion in orders this year…
The booming shipbuilding industry in is set to get 2bn taka ($28.5mn) refinancing fund as the central bank reviews the plan.According to a report on www.gulf-times.com, a Bangladesh Bank (BB) official said yesterday that the bank was keen…
It might be hard to judge now if the global shipbuilding industry is recovering, but an encouraging story is certainly taking place in China in 2010. According to Clarkson Research Services, China overtakes Korea as the world's top shipbuilder…
STX Finland Oy and Viking Line ABP signed an agreement for the construction of an environmentally friendly, new generation cruise ferry for Viking Line. The agreement includes an option for a sister ship. The contract price is about $315m. The…
Transpetro will launch, by the end of this month, a new bid in view of contracting eight ships to be used for the transportation of oil by-products, in the second phase of the Fleet Modernization and Expansion Program (Promef). Five of those product ships…
Alfa Laval – a leader in heat transfer, centrifugal separation and fluid handling –signed an agreement to acquire Aalborg Industries Holding A/S for a total cash consideration of $729.6m, on an enterprise value basis, from Altor 2003 Fund, LD Equity and the Company’s management…
Delta Wave Communications have teamed up with Global Rescue to combine their service with Delta Wave’s line of satellite based global personal tracking and emergency alert products.Global Rescue is an emergency services company that provides best-in-class medical…
Tsakos Energy Navigation Ltd. (TEN) (NYSE: TNP or the “Company”) today announced two 15-year time charters with a national oil major for two DP2 Suezmax shuttle tankers with delivery within 2012. These charters are expected to generate revenues of at least $520m over their corresponding periods…
Marine Resources Group (MRG), a family of companies that operate tug and barge fleets throughout the United States, is expanding into the Alaska harbor services business.MRG announced today that it is acquiring the assets of Cook Inlet Tug & Barge…
Following a record result in the first nine months of 2010 and its successful refinancing on the capital market, Hapag-Lloyd is again investing in future growth. Hapag-Lloyd ordered four large vessels with a capacity for 13,200 standard containers…
Retlif Testing Laboratories, an independent leader in EMC and Environmental testing since 1978, has announced a strategic alliance with Acme Testing (Acme, Washington). The arrangement brings Retlif’s wide array of advanced Electromagnetic…