Seacor to Acquire JV Partner's Sea-Vista Stake
Seacor Holdings Announces Acquisition of Joint Venture Partner’s Interest in Sea-Vista.SEACOR Holdings Inc. announced that it has become the sole owner of its consolidated SEA-Vista joint venture, acquiring through a subsidiary the 49% interest that had been owned by an affiliate of Avista Capital Partners (the “Seller”). Purchase consideration consisted of $106 million in cash and 1,500,000 shares of the Company’s common stock (the “Consideration Shares”).In connection with the purchase…
ICS Weighs in on Proposed Panama Canal Tolls
Global Shipping Industry Delivers Comments to Official Consultation on Proposed Modifications to Panama Canal Tolls.The Panama Canal Authority (ACP) is conducting a public consultation on a proposal to adjust the Panama Canal tolls for containerships, vehicle carriers, dry bulk carriers, tankers, chemical carriers, LPG and LNG vessels, passenger vessels and small vessels. The proposed new toll charges are anticipated to enter into effect on 1 January 2020, the same day as the IMO ‘Global Sulphur Cap’ regulation.
"A Maritime Disaster Waiting to Happen"
Since the founding in 2016, cyber defence company Naval Dome has won awards for its Endpoint cyber defense system and achieved the highest level of security certification from classification society DNV GL, helping to protect merchant ships, cruise ships and yachts from cyber-attack.In 2019, Naval Dome optimized Endpoint with a “Dashboard” App, providing maritime users with a clear picture of the cyber status of all critical systems on board the ship, designed to allow users…
Bahri Expands Footprint in Asia-Pac
The National Shipping Company of Saudi Arabia (Bahri) has announced the expansion of its market presence in the Asia-Pacific (APAC) region’s maritime industry.The stronger presence will help the company gain deeper insights into market trends as well as customer needs in chemicals and logistics sectors in Singapore and the wider APAC region, said a press release from the logistics and transportation company.The expansion will also enable Bahri Logistics and Bahri Chemicals, two of five business units of the company…
Shipbuilding: OSC Orders VLCC Pair
Oman Shipping Company (OSC) is expanding courtesy of an order for a pair of newbuild Very Large Crude Carriers (VLCC ) with Daewoo Shipbuilding & Marine Engineering (DSME).According to Michael Jorgensen, OSC's CFO and acting CEO, said the VLCCs are expected to be deployed in the spot market, as the company plots further fleet expansion in the bulk and container market.Today OSC’s fleet includes 49 vessels including 16 VLCCs, 17 product tankers and 4 chemical carriers.The two latest additions will be constructed at DSME’s Okpo shipyard measuring 336m in length…
Oman Shipping: Strong Domestic Performance
Oman Shipping Company (OSC) is reporting strong performance in domestic markets following long-term deals with local refineries and traders including ORPIC and OTI.OSC’s growth in the region is being driven by a 20-year contract to transport condensate for ORPIC (Oman Oil Refineries and Petroleum Industries Company) and a 15-year deal transporting methanol for OTI (Oman Trading International) from Salalah Methanol plant.The company is further supporting the export of LPG from Sohar Refinery to Yemen, Sudan, India, Bangladesh and Sri Lanka.
Chembulk Tankers Hires Two SVPs
Arthur “Art” Allen and Stuart Peerless have joined the Chembulk Southport and Singapore teams respectively in the positions of Senior Vice President of Trading – West and Senior Vice President of Trading - East. The two will be responsible for oversite of fleet allocation, chartering and client relationships in their respective hemispheres reporting directly to Chief Commercial Officer Steve Laino.Allen, a chemical tanker trader with nearly two decades of experience both at sea and ashore in commercial and operational roles…
Gulf Bidders Emerge for UASC-linked Shipping Unit
Gulf-based bidders have emerged for the part-owned subsidiary of United Arab Shipping Company (UASC) whose sale is key to finalising the merger between UASC and German container shipping line Hapag Lloyd , sources close to the matter said. Last week, sources told Reuters that Hapag Lloyd was close to completing the 7-8 billion-euro merger after UASC shareholders agreed terms to repay outstanding debt. A sale of United Arab Chemical Carriers (UACC) - in which UASC holds the biggest stake - is also part of the terms of the Hapag Lloyd merger deal.
Hapag-UASC Tie-up Nears Completion
German shipping line Hapag Lloyd is close to completing a merger with United Arab Shipping Company (UASC) after UASC's shareholders agreed terms to repay outstanding debts, sources familiar with the talks told Reuters. The deal to create the world's fifth-biggest shipping company, valued at about 7 billion to 8 billion euros ($7.8-$8.9 billion), had been scheduled to complete at the end of last year. It would give Hapag Lloyd access to bigger ships on the major Asia to Europe trade route.
Hapag Lloyd-UASC Merger Hits Snags
A merger of Hapag-Lloyd and United Arab Shipping Company (UASC) has hit a snag, with the German shipping line and some banks seeking assurances that UASC's top shareholder Qatar remain committed to the deal for the long term, sources say. Hapag Lloyd Chief Executive Rolf Habben Jansen told a news conference this week he had underestimated the complexity of the 7 billion to 8 billion euro ($7.6-$8.7 bln) deal, which will create one of the world's largest shipping lines. Two finance sources…
Shipping Recovery Faces Supply/Demand Challenges
The shipping industry faces a stormy road to recovery, with uneven supply/demand trends set to test the nerve of investors and operators, according to independent research and consultancy firm Maritime Strategies International (MSI). Addressing the Hansa Forum in Hamburg, Germany this week, MSI Senior Analyst James Frew warned that the industry will continue to face multiple challenges to a sustained recovery despite positive demand fundamentals. “The commodity shipping sectors…
Risk Management and the Human Element
Even as ship vetting and risk management techniques evolve, defining the human element of the equation nevertheless remains ever elusive. If the vast majority of shipping casualties are a function of ‘human error,’ then it is also true that the effort to identify, define – and mitigate – the risk that emanates from the human factor remains very much a work in progress. As vetting procedures have improved and become more sophisticated, the ability to pinpoint which vessel or fleet might not be a good candidate for hire has also improved.
UASC to Sell Chemical Tanker Unit
United Arab Shipping Co (UASC) is considering the sale of its stake in United Arab Chemical Carriers (UACC) for oil and petrochemicals as part of its plans to merge with German container line Hapag-Lloyd, says Bloomberg. UASC hopes the sale will fetch over $600m, but deliberations are ongoing. Bank of America Corp has been tasked with finding buyers for the holding, says the report. The company held 95 percent of UACC according to the chemical shipping firm’s 2012 financial report, the most recent one available on the company’s website.
Navig8 Tankers Pact with CMB
Navig8 Chemical Tankers Inc. has signed sale and leaseback agreements with CMB Financial Leasing Co. Ltd. (CMB) for three of its IMO2 37,000 dwt Interline coated tankers. The company said that the expected net proceeds from the transaction are USD 91.2 million. A portion of the proceeds will be utilized to repay existing loans used to finance the Vessels' newbuilding contracts under the multi-bank loan facility announced by the Company on February 3, 2015. Under the sale and leaseback agreements, the Vessels will be sold and delivered to CMB.
Bahri Goes to Hyundai Samho for Five More VLCCs
Immediately after signing contract with signed with Hyundai Samho Heavy Industries to build five VLCCs, with an option to build additional five VLCCs, the National Shipping Company of Saudi Arabia (Bahri) signed a contract with Hyundai Samho Heavy Industries to build additional five VLCCs, total VLCCs presently under construction will become ten. These carriers will be delivered during 2017/2018. The financial impact of these contracts will appear after the delivery of the vessels. The Company will announce the financing details at a later time.
Norstar Opens Crewing Office in Myanmar
Norstar Ship Management, the Singapore-based ship manager, has opened a crewing office in Yangon, Myanmar named “Norstar Crew Management Company Limited”. The office was formally opened by Mr Muang Muang Oo, Myanmar’s Director General of the Department of Maritime Administration at a reception in Yangon attended by Norstar’s guests, crew and staff earlier this month. Norstar Ship Management’s Director Tom Bonehill said today: “The opening of our crewing office in Myanmar is a very significant step for Norstar.
Milaha and UACC Mull Tanker Fleet Merger
Qatar Navigation (Milaha) is in talks with United Arab Chemical Carriers Ltd. (UACC) in the United Arab Emirates (UAE) regarding a possible combination of their respective product and chemical tanker businesses. Currently Milaha operates two chemical tankers and UACC has eight chemical tankers. Milaha said the move is expected to result in a larger and stronger business, provide better financial returns, and strengthen the combined business market position, if the negotiation is successful. Per Wistoft, UACC’s chief executive, confirmed that the two entities were in discussions.
InterManager Discussion Reveals Lifeboat Concerns
Lifeboat hooks can be lethal, and their design is out of date and unsuitable to meet modern demands, according to serving seafarers whose views have been gathered by InterManager. Following a series of incidents and fatalities involving lifeboat hooks, InterManager, the international trade association for the ship management industry, has gathered comments from seafarers of various ranks in an online discussion forum. Crew members responded by pointing out that they believed the hook designs have not kept pace with developments in the global shipping industry.
New Compliance Challenges for Tanker Owners
Herbert-ABS says use of an approved damage stability computer program is the “only logical option” to meet new International Maritime Organization (IMO) Damage Stability Regulations requirements for onboard damage stability verification. Herbert-ABS Software Solutions LLC has published an assessment of the impact of new damage stability regulations on tanker and gas carrier operations. Hendrik Bruhns, Herbert-ABS Software Solutions President, argues that employing an approved…
Anglo-Eastern Celebrates 40th Anniversary
On September 4th, Anglo-Eastern celebrate it’s 40th Anniversary, in Hong Kong, concluding with an evening of fun, at the Hong Kong Maritime Museum. Among a host of VIPs, both local and international, Mr. & Mrs. Evert Maréchal, The Consul General of Belgium, along with the Consul General of Japan, Mr Hitoshi Noda and the Consul General of India, Mr. Ravi Sinha & Mr Prashant Agrawal together with the Director of the HK Marine Department, Mr Michael W.L. Wong, JP were welcome by Group CEO, Mr Peter Cremers and the Board of Directors of Anglo-Eastern.
Goodwood Ship Management Set For Growth
Goodwood Ship Management, the Singapore based management company, is set to increase its fleet under management to more than 10 million deadweight tonnes, the company’s annual officers’ conference heard this week. Capt Ashok Sabnis, Goodwood Managing Director, told more than 150 senior officers at the Mumbai event that the management company was gearing up to take on technical management of more tankers. “By the middle of 2016 our managed fleet will rise to around 50 vessels with many of these being larger tankers in the Very Large Crude Carrier (VLCC) category.
Three Tankships Chartered by BAHRI
Saudi Arabia's National Shipping Company of Saudi Arabia (BAHRI) & National Chemical Carriers Company Ltd. (NCC) ink long term charter deal. The National Shipping Company of Saudi Arabia (BAHRI) announces that its 80% owned subsidiary The National Chemical Carriers Company Ltd. (NCC) signs time charter agreements for three chemical tankers with International Shipping and Transportation Company Ltd. (a subsidiary of Saudi Basic Industries Corporation) for a period of 5 years, with an option of extension for another 5 year period.
MarPro Profile: Margaret Kaigh Doyle
An hour spent with Margaret Kaigh Doyle is a high energy event, punctuated by her enthusiasm for everything she undertakes on a daily basis. Getting her to sit down for an hour to reflect on what she’s accomplished and from where she has come, was therefore a tall order. And, her typical day involves plenty. That’s because Doyle currently serves on the U.S. Delegation to the Sub-Committee on Human Element, Training and Watchkeeping (HTW) at the International Maritime Organization (IMO), and when she isn’t doing that, she chairs the U.S.
Middle East Maritime Professionals Flock to North's P&I Course
A wide variety of shipowners, operators and other senior maritime professionals from throughout the Middle East region have attended North P&I club’s residential course in P&I insurance and loss prevention held in Dubai this week. A total of 46 delegates from 21 organisations signed up for the ‘A’ rated, 170 million GT club’s four-day course at the Dubai Marine Beach and Resort Spa, which concluded yesterday (13 September 2012). They included representatives of many of North’s Middle East members - including Adnatco…
Tankship Contract Cancelled by Bahri
Bahri subsidiary, National Chemical Carriers Ltd., cancels contract for chemical tanker (NCC Bader) due to the delay in terms of delivery. The National Shipping Company of Saudi Arabia (Bahri) announces that its 80% owned subsidiary company National Chemical Carriers Ltd. Co. has decided to cancel a shipbuilding contract for the chemical tanker (NCC Bader) due to the delay in delivery beyond the agreed date in the shipbuilding contract. According to the contract signed with ShinaSB Yard Co. Ltd.
Bahri Reports 2012 Annual Profits Up
Bahri announce the Interim Consolidated Financial Results for the 12-month period ended 31st December, 2012. The National Shipping Company of Saudi Arabia (Bahri) report that Net profit, for the 12-months totaled SAR 500.4 million compared to SAR 287.7 million for the corresponding period for the year 2011, an increase of 74 %. However, Net profit, for the fourth quarter was down and totaled SAR 73 million compared to SAR 113.3 million for the corresponding quarter for the year 2011, a decrease of 35.6%. The CEO of Bahri, Eng.