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Tidewater & GulfMark consolidation creates largest OSV fleet

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The consolidation between GulfMark and Tidewater is a positive for the market. With Tidewater’s steadfast and unyielding attitude towards the scrapping of non-performing vessels, this is a good chance for the market to reduce some of its oversupply. Hopefully with this new entity taking the lead, other market players might follow suit.

It is also important to note that consolidation in today’s market only works if lenders are willing to take haircuts and provide an opportunity for these companies to start afresh with a clean balance sheet. In the case of Solstad Offshore, they undertook restructuring and consolidation as well. However, without a clean balance sheet, problems are only going to resurface further down the road. Bourbon is another major player who have struggled to service their debt and are actively looking for financiers. Kicking the can down the road is not a viable option in this market.
Source:hellenicshippingnews

Coast Guard Responding to Vessel Adrift in Gulf of Mexico

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The Coast Guard is responding to a vessel adrift in the Gulf of Mexico approximately 80 nautical miles south of Cape San Blas, Florida, Wednesday.

Watchstanders at Coast Guard Sector Mobile received a report at approximately 2 p.m. from crewmembers aboard a NOAA ship, the Gordon Gunter, that a 30-foot white sailboat named My Time appeared to be floating adrift.

Members aboard the Gordon Gunter reported that the My Time appeared to have emarinelinklectronics operating, sails stowed, and did not respond to radio calls or the ship’s horn. Due to the sea state the NOAA vessel was not able to deploy their small boat for further investigation.

Coast Guard Air Station Clearwater launched a Sikorsky HH-60 Jayhawk air crew to investigate, but due to deteriorating weather they returned to base. Coast Guard Cutter Marlin crewmembers and an Aviation Training Center Mobile HC-144 Ocean Sentry air crew have plans to launch to investigate as soon as weather permits.

Anyone who may have information regarding this case is requested to call the Sector Mobile Command Center.

Source:marinelink

Ship Finance International Sells Older VLCC

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Bermuda-based shipowner Ship Finance International (SFL) announced that it has agreed to sell the 2002-built VLCC Front Falcon to an unrelated third party.

Delivery to the new owner is expected later this quarter, and the net sales price will be approximately $30.7 million. The Company does not expect a material book effect from the transaction.

Divesting of older vessels is part of Ship Finance's strategy to continuously renew and diversify its fleet. Following this transaction, the Company has three VLCCs remaining on charter to a subsidiary of Frontline Ltd.

Recently SFL entered into lease financing agreements totaling $400 million with an Asian-based institution to finance four 14,000 TEU container vessels acquired in May 2018.

SFL's fleet of more than 80 vessels is split between tankers, bulkers, container vessels and offshore assets, and Ship Finance's long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time

Source:marinelink

Austal Delivers Fourth Ship to Navy for 2018

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Austal USA delivered the Expeditionary Fast Transport ship USNS Burlington (EPF 10) to the U.S. Navy during a ceremony onboard the ship at the company’s headquarters in Mobile, Ala., Nov. 15. This is the fourth ship Austal has delivered to the Navy this year.

The EPF program provides the Navy with a high-speed intra-theater transport capability. The 338-foot long Burlington is an aluminum catamaran capable of transporting 600 tons, 1,200 nautical miles at an average speed of 35 knots, and is designed to operate in austere ports and waterways, too shallow and narrow for the larger ships in the surface fleet, providing added flexibility to U.S. warfighters worldwide. The ship's flight deck can also support flight operations for a wide variety of manned and unmanned aircraft, including a CH-53 Super Stallion.

Upon delivery of USNS Burlington, two additional Spearhead-class EPFs are under construction at Austal’s Mobile, Ala. shipyard. Puerto Rico (EPF 11) launched this week and will now prepare for sea trials and Newport (EPF 12) is being erected in final assembly. Austal also recently received instruction from the Navy to order long lead-time materials for EPF 13.

In addition to the EPF program, Austal is under contract to build Independence-variant Littoral Combat Ships (LCS) for the U.S. Navy. Nine LCS have been delivered, while an additional five are in various stages of construction.

Source:marinelink

BGC Enters Shipping, Buys Poten & Partners

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Global financial and technology giant BGC Partners has completed the acquisition of Poten & Partners, a ship brokerage, consulting and business intelligence firmspecializing in LNG, tanker and LPG markets.

Under the terms of the agreement, BGC acquired 100 percent of Poten, which includes operations in New York, London, Singapore, Houston, Athens, Guangzhou and Perth, the company said in a statement.

Founded over 80 years ago and with 170 employees worldwide, Poten provides its clients with valuable insight into the international oil, gas and shipping markets.      

Shaun D. Lynn, President of BGC Partners said: "The addition of physical LNG, LPG and tanker brokerage, and energy consulting capabilities will allow BGC to expand its operations in the oil, gas and shipping sectors. Poten's access to market intelligence and its highly regarded price reporting and analytical products, including LNG, LPG and Asphalt will also add to our existing energy and commodities suite of market data solutions under Fenics Market Data".

Poten generated revenues of approximately $60 million in the financial year ended December 31, 2017. The transaction is expected to be immediately accretive. In addition to brokerage, Poten provides value-added services including commercial advisory, technical consulting, project due diligence and multi-client reports.

Steven M. Garten, Chairman and CEO of Poten & Partners said: "We are very excited to be part of BGC and feel BGC is uniquely positioned to support us in our next stage of growth. The combination of BGC and Poten will enable us to accelerate this, both organically and through targeted acquisitions."  

Michael D. Tusiani, Chairman Emeritus of Poten & Partners added: "This relationship will provide us with an exceptional platform for continued growth in our core business areas and the ability for further expansion. I am happy for our company, employees and clients because of the exciting opportunities it will present".

Poten will be recorded as part of BGC's energy and commodities business. Further details of the transaction were not disclosed.

Source:marinelink

SSE seeks Arklow Bank 2 survey squad

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SSE has gone to market for contractors to run a geotechnical campaign at its up to 520MW Arklow Bank 2 project off the east coast of Ireland.

The tender, which was discontinued earlier this year due to unfavourable weather conditions, is for offshore and near-shore borehole and cone penetration test work off County Wicklow.

The reactivated work scope is valued at €3.5m and is expected to take 12 months to complete once a contract is awarded.

There are three lots for shallow water and deep water borehole work and for the CPT job.

Interested parties have until 13 December to file a request to participate with tenders due to go to selected candidates four days later.

Arklow Bank 2 is located adjacent to the operational 25MW first phase (pictured) that went online in 2004.

Source:renews

Catapult widens offshore innovation vision

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The Offshore Renewable Energy Catapult has identified four new areas for innovation to boost offshore wind development in the UK.

Three of the four areas are under the umbrella of operations and maintenance and wind farm lifecycle and cover project development, ecological impact and uncertainty reduction, and decommissioning. The fourth falls under the moniker enabling research.

The work is part of the Offshore Wind Innovation Hub, a joint initiative between the ORE Catapult and the Knowledge Transfer Network, that aims to identify the innovation needs of the offshore wind sector by setting a series of industry technology challenges and calling for solutions.

ORE Catapult research and innovation director Stephen Wyatt said: “The new roadmap elements we’ve introduced offer even more opportunities for companies to get involved in the success story that has been the UK’s offshore wind sector – whether by developing new technologies and ways of working, or by pulling through technologies and expertise from other sectors.”

With a UK market expected to be worth £4.9bn annually by 2030, and £30bn globally, this represents a huge business opportunity for UK companies to reap the rewards domestically and in new global export markets, creating GVA and high value jobs across the country.

Source:renews

PaxOcean delivers largest FSRU to be built in China

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PaxOcean has delivered a 26,000m3 floating storage and regasification unit (FSRU) to Indonesia-based Jaya Samudra Karunia (JSK). The Karunia Dewata is the largest FSRU to be built in China and the first to feature Type C cargo tanks. The unit was built at PaxOcean’s Zhoushan Shipyard to Lloyd's Register’s (LR) Rules for the Classification of Ships and Provisional Rules for LNG Ships and Barges Equipped with Regasification Systems.

The project is a major milestone in the growing gas shipping industry within China and will help increase the development of Indonesia’s gas supply chain, where the unit will be based. It will be capable of regasifying around 50 million standard cubic feet per day.

Leveraging its global reach and gas shipping expertise, LR provided bespoke support to the project through a range of services. LR has been the leading technical service provider to the gas supply chain for over 50 years and has a wealth of experience in large gas projects. LR teams in Singapore, Korea, Indonesia and China all contributed to the success of this complex project.

This is the first FSRU that PaxOcean have built – LR was able to help address this challenge through its connections with equipment manufacturers that it had previously worked with on other projects, to help ensure efficient procedures and deliver a high-quality product on schedule and in accordance with LR’s rule requirements.

Source:portnews

Maersk Line receives Service Innovation Award for its Remote Container Management product

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Maersk Line and Twill awarded at the Global Freight Awards – annual recognition for achievements in supply chain and logistics, at the event hosted at the Royal Lancaster Hotel in London on November 16th, Maersk said in a media release.
 
A panel of judges, representing freight and logistics companies, associations and media, as well as customers, recognised the Maersk brands for their strong focus on innovation and customer centricity in logistics.

Maersk Line received the Service Innovation Award for its Remote Container Management product, giving cold chain customers full visibility of the location and condition of their refrigerated cargo throughout the journey of the container. The world’s largest container shipping company, known for reliable, flexible and eco-efficient services, operates all over the world and has a fleet of 639 ships, which sail every major trade lane on the globe.

“We are very pleased that Maersk’s commitment to innovation and developing new products and services for our customers has been recognised. Maersk is on the transformation journey, where innovation will continue to play a key role, so we look forward to raising the bar higher also in the future”, says Brian Godsafe, Managing Director UK & Ireland at Maersk.

Honoured with Customer Care Award, Twill is a digital shipping company within A.P. Moller – Maersk, with a mission to remove the barriers and reduce complexity of international trade, where users have access to instant online quotations and bookings on their preferred trade lanes at the click of a button. Twill also provides greater transparency in tracking cargo throughout the shipping process.

“As the new kid on the block, just being nominated at Global Freight Awards together with all of the industry leaders is a big achievement. Taking the trophy for a Customer Care award makes us really proud and shows that we are doing something different in the industry and it works! Customer has a voice in Twill, as our digital platform is built on their feedback and needs, and not on what we think users might want”, says Barbara Peric, Head of Operations at Twill.

 

Two Freighters Collide in North Sea

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In the early hours of Thursday morning, the Turkish freighter Paksoy 1 collided with the cargo ship EEMS Cobalt off the coast of Eemshaven, the Netherlands. The Paksoy's bulbous bow struck the Cobalt amidships on the starboard side, puncturing her hull above the waterline. The two vessels remained stuck together until tugs arrived to pull them apart. 

The collision resulted in extensive damage to the Paksoy's bulbous bow. After the two ships were separated, the Paksoy transited to an anchorage near the mouth of the river Ems, where she remains while an investigation proceeds. 

On Friday, the EEMS Cobalt got under way under her own power, bound for the port of Eemshaven. She was accompanied by the tug Waterstroom and the workboat Neuwerk. 

Emergency response operations finished on Friday, and the German Havariekommando and the Dutch Coast Guard have stood down their on-scene involvement. Investigations into the cause of the accident continue. 

A recreation based on AIS appears to show the Paksoy 1 crossing the Cobalt's bow, then turning sharply to starboard and circling back onto a nearly reciprocal course before striking the Cobalt's hull.

Source:maritime-executive

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