Ship builder Strategic Marine Pty Ltd has signed a contract with a West Australian marine operations company, Bhagwan Marine, to build a 159 ft landing craft for use in the Australian offshore oil and gas industry.The vessel will be used in Western Australian’s north-west hydrocarbon
Teekay Corporation (Teekay or the Company) (NYSE:TK) reported an adjusted net loss attributable to stockholders of Teekay(1) of $21.8 million, or $0.30 per share, for the quarter ended June 30, 2009, compared to adjusted net income of $77.1 million, or $1.05 per share, for the same period of the prior year.
The U.S. Department of Transportation (Maritime Administration) has announced that Ellicott Dredges, LLC of Baltimore, Md. has won a grant for $1.75m to help finance capacity expansion for manufacturing dredgers. Ellicott's project, entitled "Efficient Dredge Building," will create and
Keppel FELS Limited is on track to deliver Gold Star, the first of two DSS 38 deepwater rigs to Brazilian operator, Queiroz Galvão Óleo e Gás (QGOG) later this year. Progressing on time and within budget, Gold Star will be the first DSS 38 rig to enter the market and
EPA is awarding $9m in Recovery Act funds to support the SmartWay Clean Diesel Finance Program in the Houston-Galveston area. The Recovery Act grant will spur innovative clean diesel projects that protect air quality and create and retain jobs through an innovative financing program that will promote the purchase of new,
Marine-Finance.Com announced that Joe Pitch has signed on as Managing Director for Marine-Finance.Com LLC. Pitch joins former CitiCapital Commercial Marine Finance colleague Robert Girard, SVP, who, along with CEO Richard Paine, constituted the core of the CitiBank- affiliated marine group. <br
Dockwise Ltd. announced its second quarter and interim 2009 results. André Goedée, CEO of Dockwise Ltd., commented: "Dockwise has had a good second quarter, and in quieter market conditions the business is displaying its strengths. This steady operational
In the first half of 2009, the Port of Hamburg handled a total of 54.2 million metric tons of seagoing cargo. This represents a drop of 23.7 percent in comparison to the same period in the previous year. Port of Hamburg Marketing, the marketing organization for the Port of Hamburg, reported a volume of 30 million tons of imported cargo, 26.
Aegean Marine Petroleum Network Inc. (NYSE:ANW) announced financial and operating results for the second quarter ended June 30, 2009.The company recorded net income of $16.3m, or $0.38 basic and diluted earnings per share, for the three months ended June 30, 2009. Net income, adjusted for a $4.
It is a well-known fact that marine assets are unique, whether they are inland and ocean-going vessels or waterfront properties, shipyards and barge fleeting operations. Making business decisions pertaining to them, especially in today’s market, can be difficult. Consequently, North American Marine Consultants, LLC, and R.
Nicolette Kressl, Parliamentary State Secretary at the Ministry of Finance, named the new vessel of the German Customs Administration Helgoland. The Helgoland has been built from 2007 to 2009 by TKMS Blohm + Voss Nordseewerke in Emden, a company of ThyssenKrupp Marine Systems. Numerous representatives from politics,
SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI) announced that its profit attributable to equity holders for the second quarter of the 2009 financial year (FY2009) was $12.2m leading to 1st half results of $21.1m.Profit for 2Q2009 increased 38.6% from the $8.8m recorded in 1Q2009. Chemoil’s
Tsakos Energy Navigation Limited (NYSE: TNP) reported results (unaudited) for the second quarter and first half of 2009.Revenues, net of voyage expenses and commissions, were $88.60 million in the second quarter of 2009 compared to $146.64 million in the comparable 2008 period reflecting the lower freight rate environment.
Golar LNG Limited announced a major restructuring combined with an intent to conduct an equity offering in its newly formed subsidiary, Golar LNG Energy Limited.Consistent with the announcement made in Golar's first quarter report, Golar has incorporated Energy in Bermuda for the purpose
Navios Maritime Holdings Inc. (NYSE:NM) a global, vertically integrated seaborne shipping and logistics company, announced that it took scheduled delivery in June and July, 2009 of three newbuild Capesize vessels, constructed by South Korean shipyards.Navios Holdings also announced that
The Settlement agreement recently approved by a U.S. Bankruptcy Court Judge in New York became effective July 28, clearing the way for an investor group led by The Blackstone Group to terminate their relationship with U.S. Shipping and to retain Crowley Maritime Corporation to manage five U.S.-flag petroleum tankers for the newly renamed company,
The House Committee on Transportation and Infrastructure released the statement of Representative James Oberstar (D-MN) before the Subcommittee on Select Revenue Measures of the House Committee on Ways and Means. In his statement, Representative Oberstar, who chairs the Committee on Transportation and Infrastructure,
Gulf Navigation Holding PJSC (DFM: GULFNAV) has announced the appointment of Khalid Karim to the position of Chief Financial Officer Khalid brings to Gulf Navigation over 30 years of experience in major oil & gas and shipping companies in senior finance roles. He joins the company as it enters
Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Commodus, a 170,500 dwt Capesize newbuilding. The Genco Commodus is the seventh vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize
SBS Worldwide Group has appointed Geoff Gillo as a non-executive director and Doug Overett as its first UK Country Manager. Chairman Steve Walker said the company, headquartered in Dartford, UK, is strengthening its management team as part of its strategic global development plan.Launched
Cut Artist's-impression-MGT_webPD Ports, the owner of Teesport, welcomes the Government’s decision to approve MGT Power’s 295 megawatt (MW) wood fuelled power station which is to be built on the South Dock area of the port. One of the largest biomass plants set to be built in the UK,
Colombian Naval Forces Commander, Adm. Guillermo Enrique Barrera Hurtado met with U.S. Coast Guard Vice Commandant, Vice Adm. Vivien Crea, during his visit to Coast Guard Headquarters July 16.Among topics of discussion was a law passed in Colombia July 9 that makes all persons who finance,
SPAR’s cost estimating models have recently been upgraded in an effort to provide complete life cycle cost estimates. Mono-hull, trimaran and catamaran hull forms all have separate cost models. Other models focus on specific ship types, including tankers and product carriers, Ro-Con-PAX ships, research vessels and barges.
Crowley announced several management changes within its logistics services group. Robert (Bob) Weist has been promoted to vice president of sales and will be responsible for all business development functions and North American transportation services, including trucking and rail. He remains
International accountant and shipping consultant Moore Stephens has reminded the shipping industry that it has until July 17 this year to respond to an International Accounting Standards Board (IASB) discussion paper on the accounting treatment of leases. “Although it is likely to be at least
Overall confidence levels in the shipping industry have shown a slight improvement over the past three months, according to the latest Shipping Confidence Survey from international accountant and shipping consultant Moore Stephens. But there are high levels of concern about the harmful effects of the
The United Seamen's Service (USS) 2009 40th Annual Admiral of the Ocean Sea Awards (AOTOS) will be presented to Donald Kurz, President and CEO of Keystone Shipping Co., headquartered in Philadelphia, and to Ronald Widdows, Group President and CEO of NOL (Neptune Orient Lines) of Singapore, parent company of American President Lines (APL).
Just at a time when Europe discovers the vast growth opportunities linked to new technologies for the sustainable use of the oceans and seas, the key maritime sectors face their deepest slump ever. Driven by ill-informed speculation, massive overcapacities have built up in global shipping and shipbuilding.
Greek members of the ‘A’ rated, 100 million GT North of England P&I club bid farewell yesterday to managing director Rodney Eccleston during a reception at the British Embassy in Athens. It was Eccleston’s last official event in Greece before he hands over to deputies Paul
Star Bulk Carriers Corp. (Nasdaq: SBLK), a global shipping company focusing on transportation of dry bulk cargoes, announced its unaudited financial and operating results for the three month period ended March 31, 2009. First Quarter 2009 Highlights• For the first quarter of 2009, net income was $22.
Dockwise Ltd. announces that its subsidiary Dockwise Shipping has appointed Peter Wit as its Chief Financial Officer, effective September 1 2009. Wit, who has a master degree in business administration from Groningen University, and a (post doctorate) degree in controlling from VU Amsterdam, will lead the company's global finance,
Dockwise Ltd. announced that its subsidiary Dockwise Shipping has appointed Peter Wit as its Chief Financial Officer, effective September 1 2009.Peter Wit (1967), who has a master degree in business administration from Groningen University, and a (post doctorate) degree in controlling from VU Amsterdam,
L-3 Marine & Power Systems Group, whose members include SAM Electronics, has appointed Klaus Lorenz as Vice-President of its European Operations. Reporting to Steve Kantor, President of the $1.3b Group, he will be responsible for all its activities throughout Europe, including business development
The Passenger Vessel Association called member attention to the recently enacted economic stimulus bill contains $150m for a new round of financing for competitive Port Security Grants. Program Guidance and Application Kits are available online (www.fema.gov/grants). Click on “American Recovery & Reinvestment Act (ARRA).
Cobalt International Energy, L.P. named Rodney Gray as Chief Financial Officer and Executive Vice President, effective June 1, 2009. Prior to joining Cobalt, Gray held the position of Vice President and Chief Financial Officer of Colonial Pipeline in Atlanta, where he has been since 2003.
Tradewinds’ Fifth Oslo Shipping Forum, scheduled for Wednesday, June 10, gathers industry leaders to focus on Norwegian shipping and the new financial landscape. In an uncertain market characterized by falling freight rates, tonnage oversupply and fierce competition, the Norwegian
Ship Finance International Limited announced its preliminary financial results for the quarter ended March 31, 2009. The Board of Directors has declared a quarterly dividend of $0.30 per share in cash or, at the election of the shareholder, payable in newly issued common shares. The dividend will be paid on or about July 6,
Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) reported results (unaudited) for the first quarter ended March 31, 2009. Revenue, net of voyage expenses and commissions, was $106.14 million in the first quarter of 2009 as compared with $115.67 million in the same quarter of 2008. TEN deployed an
The trend towards outsourcing of ship management services over the past 20 years has created a knowledge gap in shipping companies which once operated a top-to-bottom system to support their fleet. Rodger MacDonald, secretary general of the International Federation of Shipmasters’
Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced it has taken delivery of the first of its newbuildings, the 47,000 dwt. Omega Duke. It further announced that it has taken several measures to better