6 C
New York
Home Blog Page 1304

Seanergy Maritime Holdings Becomes Solely Capesize Owner

By
-
0

Seanergy Maritime Holdings Corp, announced today that it has entered into definitive agreements with unaffiliated third parties for the purchase of a modern secondhand Capesize vessel and the sale of two Supramax drybulk vessels. The transactions are expected to be completed in the fourth quarter of 2018. Following these transactions, Seanergy will be the only pure-play Capesize vessel owner listed in the US public markets.

Acquisition of Modern Capesize Vessel 
The Company has agreed to acquire a modern secondhand Capesize vessel from an unaffiliated third party,  built in 2010 at Daewoo Shipbuilding in South Korea with a cargo-carrying capacity of approximately 180,000 deadweight tons (“dwt”) for a gross purchase price of $28.7 million.
The delivery of the new vessel is scheduled to take place in the fourth quarter of 2018. The vessel is currently on time charter to a major European drybulk operator at a gross daily rate of $17,150 with latest redelivery date in January 2019.

Sale of the Company’s Supramax Vessels 
Additionally, the Company has entered into two separate definitive agreements with unaffiliated third parties for the sale of its only two Supramax vessels, the 2010-built M/V Gladiatorship and the 2011-built M/V Guardianship. The aggregate gross sale price is approximately $23 million and the vessels are scheduled to be delivered to their new owners in October 2018.  
 
Finally, the Company has reached an in-principle agreement with the existing lender of the two Supramax vessels pursuant to which it expects that the loan secured by these vessels will remain available to fund the majority of the acquisition cost of the new Capesize vessel under substantially the same terms. The definitive documentation for such agreement is currently under negotiation with the Company’s lender. The balance of the acquisition price of the Capesize vessel is expected to be funded through cash on hand.

The S&P transactions are subject to standard closing procedures.

 

The Challenge and Promise of India’s New Container Super-Port

By
-
0

Inter-city transportation in India includes coastal shipping that carries freight at very competitive tariffs. While container ships of 23,000 TEUs are now entering international service between Asia and Europe, India has yet to open a port capable of berthing and providing service for such ships. Work is underway in the Kerala region of Southwestern India to build a container super-port, under very challenging weather conditions, at Vizhinjam that offers over 18 meters of natural water depth.

Introduction

Following the upheaval and partial collapse of North America’s high-tech sector some 20 years ago and migration of a segment of that economy to overseas location that included India, the economy of India has been growing and transforming. Development of one sector of India’s economy led to development and expansion to other related economic sectors that includes manufacturing. While many obstacles restrict India’s overland transportation sector, India is also in the process of developing new, dedicated freight-only express railway lines that are intended to move both bulk and container freight at greater reduced in-transit times.

While India’s manufacturing and export sectors have been expanding, Indian ports are of shallow draft and restricted to comparatively small container and bulk transport ships. India’s coastal maritime sector provides bulk and container transportation service between major coastal cities, with great potential to expand roll-on-roll-off operations that could carry road-trailers at very low tariffs. While India’s coastal marine sector can easily connect to the container super port at Colombo at Sri Lanka, there are potential economic advantages to India developing its own domestic container super terminal in the southwestern region of the nation.

Port Building Challenge

The proposal to build a container transshipment super-terminal at Vizhinjam has been mired in controversy courtesy of detractors who have voiced some skepticism about the planned terminal. One of the reasons for the skepticism is the close proximity of a transshipment super port of equivalent depth at Colombo with regular coastal ship sailings to/from Mumbai and Chennai. Prevailing weather conditions that include powerful waves on the Arabian Sea have proven to be a challenge for the construction of the breakwater for the terminal, with ships having to carry rock for construction.  

While plans call for the port to open within the next 18 months, weather conditions could affect the opening date. While India is building dedicated freight railway lines that promise to greatly decrease time-in-transit, there are no plans to extend such railway lines to Vizhinjam. Coastal ships that sail to/from elsewhere along India’s coast are expected to carry transshipment containers to/from the Vizhinjam transshipment terminal. Proponents of the transshipment terminal see future benefit for India’s manufacturing and export sector, courtesy of India’s coastal marine sector that will provide low-cost connections to Indian coastal cities. 

Kerala Region Spin-Offs

The presence of a container terminal for mega-size container ships offers potential future economic benefit to the surrounding Kerala region. Future twin navigation channels through the Suez Canal could allow for transit of slighter deeper (up to 18 meters draft), slighter wider and slightly higher container ships of up to 28,000 TEUs that could initially call at transshipment terminals at Vizhinjam, Colombo and Tangier and with potential to modify one of the container ports in the Hong Kong – Shenzhen – Guangzhou region to berth and service such ships. The increase capacity of such ships could benefit India’s manufacturing for export sector.

There may be future prospects to establish divisions of India’s developing manufacturing-for-export sector within close proximity of the container super-terminal, with coastal ships sailing from elsewhere from coastal India carrying raw materials, related bulk freight and parts of machinery to Vizhinjam. Some companies might realize cost savings undertaking final assembly of machinery for export in the Vizhinjam area, with final assembled products loaded into containers. Using the transshipment terminal at Colombo would otherwise result in some manufacturing-for-export companies establishing branch plant operations near that port. The economic benefit will instead remain in India.

Politics

India’s territory includes a narrow strip of land located between Bangladesh and Nepal that connects to the Indian Province of Assam that shares a disputed border with China. Political tensions involving this region have periodically flared up between China and India. Investment from China led to the development of the transshipment port for mega-size container ships at Port of Colombo, Sri Lanka. India has traditionally, willingly and freely traded with Sri Lanka though regular coastal ship service that connects to several major Indian coastal cities. Except that trade avoids supporting a China-funded transshipment port at India’s doorstep.

Politically, India makes a statement by developing its own container transshipment at Vizhinjam. Any industrial spin-offs and economic benefits that the developed port would offer would be realized within India itself. India’s manufacturing sector is likely to develop branch plants near a major container export terminal and a domestic terminal is politically more palatable than a nearby overseas terminal. Perhaps future economic growth that occurs in the Kerala region following the opening of Port of Vizhinjam container transshipment terminal is a forgone conclusion. It is a region of India that would welcome such development.

Transshipment

The new container super-port is being built to the immediate south of the existing Port of Vizhinjam, allowing domestic coastal ships to deliver and pick up both domestic and international trade. Connections between the old port and new port would be essential to assure the smooth and efficient movement of containers between various locations of the port complex. The port could transship trade moving between Western Australia and Europe, also between Western Australia and east coast North America where plans are underway to develop a transshipment super-port for mega-size container ships in Eastern Canada.

While the American President has imposed trade tariffs on China-made good entering the U.S., he has undertaken no such action with India. The Canadian Prime Minister gained news media attention on their recent visit to India where he expressed interest in improving trade ties with India. A transshipment terminal for mega-size container ships planned for Eastern Canada would certainly benefit Indian trade with eastern North America, except that a political squabble is underway in Eastern Canada in regard to that proposed terminal. Perhaps Canada’s Prime Minister could plead India’s case in that region.

Conclusions

Within the next 18 months, India is expected to open a container transshipment terminal for mega-size container ships in the southwestern region at Vizhinjam. The port will offer 18-meter depth with potential to berth and provide service to container ships of 23,000 TEUs that are now under construction and beginning to enter service. India has political the combination of economic and political reasons to develop a domestic transshipment terminal, instead of trading via a foreign offshore terminal.

Source:maritime-executive

HII gets $97m contract for 11th US Coast Guard NSC

By
-
0

The U.S. Coast Guard on Friday awarded Huntington Ingalls Industries  Ingalls Shipbuilding division a $97M firm-fixed-price contract to procure materials for the 11th National Security Cutter.

HII said Monday it will purchase long-lead items such as main propulsion systems, steel, generators, electrical switchboards and major castings for the Legend-class vessel designed for maritime homeland security, law enforcement, marine safety, environmental protection and national defense missions.

The high-endurance NSC spans 418 feet and contains a 54-foot beam, an aft launch and recovery section suitable for two rigid-hull inflatable boats and a flight deck for both manned and unmanned rotary-wing aircraft.

The ship can displace 4.5K tons with a full load, house a crew of 120 and travel for 12K miles for 60 days at speeds reaching 28 knots.

Ingalls Shipbuilding President Brian Cuccias said the contract will streamline the production of NSC components and support the company’s 422 suppliers in 40 states.

The Coast Guard will obligate advance procurement funds for the project.

Ship operating costs decline for sixth successive year

By
-
0

Total annual operating costs in the shipping industry fell by 1.3% in 2017, which compares with the 1.1% average fall in costs recorded for 2016, according to Moore Stephens consultants. For the third successive year, all categories of expenditure in 2017 were down on those for the previous 12-month period, most notably for insurance costs and stores.

Namely, on a year-on-year basis:

  • The tanker index was down by 3 points, or 1.7%,
  • The bulker index also fell by 3 points, or 1.9%,
  • decline in both indices repeated that seen in the previous year at 3 points, or 1.7%, for tankers and 3 points, or 1.9%, for bulkers.
  • The container ship index was down by 2 points, or 1.3%, compared to the fall in the previous year of 1 point, or 0.6%.

"This is the sixth successive year-on-year reduction in overall ship operating costs. The biggest cost reductions were once again to be found in the Insurance category. This may be due in part to a significant reduction in the overall incidence of large, expensive casualties over the past couple of years. But the size and frequency of the cost reductions is still worthy of note, given the cumulative cost of comparatively smaller but still expensive claims routinely fielded by hull and machinery underwriters. It is perhaps not surprising, then, that the IUMI recently called for a better understanding by underwriters of the assets being insured in the marine market,"…says Richard Greiner, Partner, Shipping and Transport.

Crew costs

There was an 0.1% overall average fall in 2017 crew costs, compared to the 2016 figure, which itself was 0.4% down on the previous year. By way of comparison, the 2008 report revealed a 21% increase in this category.

For tankers

  • Tankers overall experienced a fall in crew costs of 0.5% on average, compared to the 1.8% fall recorded in 2016.
  • All categories of tankers reported a reduction in crew costs for 2017 with the exception of Tankers 5,000 to 10,000 dwt, and VLCCs, which recorded increases of 1.9% and 0.5% respectively, compared to reductions for 2016 of 2.8% and 0.5%.
  • The most significant reduction in tanker crew costs was the 1.7% recorded by Aframax Tankers.

For bulkers

  • The overall average fall in crew costs in 2017 was 0.6%, the same as the figure recorded for the previous year.
  • Panamax Bulkers and Handysize Bulkers each reported increases in crew costs, of 0.5% and 0.4% respectively, while
  • for Capesize Bulkers and Handymax Bulkers there were reductions in spending compared to 2016 of  0.8% and 0.6% respectively.

For container ships

  • There was no overall increase in expenditure on crew costs in the container ship sector in 2017, this compared to the 1.1% fall recorded for 2016.
  • Smaller vessels in this category reported an increase in crew costs for 2017 (1.0% for container ships of between 100 and 1,000 teu and 1.2% for ships of between 1,000 and 2,000 teu).
  • But for ships of between 2,000 and 6,000 teu there was a fall in such costs of 1.7%.

The smallest reduction in operating costs in 2017 came in the crew costs category – just 0.1%, this in a study which over the years has recorded increases of 20% and more. In some sectors, a weaker trading environment in 2017 could be one of the reasons behind this. So, too, may be the emergence of a new era of reportedly impressive seafarers entering the market from new training institutes in developing countries. A more pressing concern may be the difficulties being experienced by owners and operators in finding experienced crews for specialist ships, which will clearly come at a price. It is perhaps significant, for example, that crew cost increases for 2017 were recorded by the owners of both chemical tankers and LPG carriers.

Stores

Expenditure on stores was down by 3.5% overall, compared to the fall of 2.9% in 2016. All vessels in all categories recorded a fall in such costs for 2017, none bigger than the 8.4% drop recorded by VLGCs of between 70,000 and 85,000 cbm.

  • In the tanker sector, the most significant fall in such costs was the 5.5% posted by VLCCs.
  • Handymax Bulkers led the way in the bulker sector with a 5.2% reduction in stores expenditure, while in the container ship sector vessels of between 6,000 and 10,000 teu spent 5.8% less on stores than they did in 2016.
  • For tankers overall, stores costs fell by an average of 4.5%, compared to the 2.2% recorded for 2016, while in the bulker sector the reduction in such costs was 3.6%, compared to a fall of 4.2% in 2016.
  • In the container ship sector, meanwhile, there was a 3.4% fall in stores expenditure, compared to a drop of 5.2% the previous year.

"This is likely to change in the near future, however, if shipping markets continue to display signs of a recovery – if not to the heady days of ten years ago, then at least to more profitable levels. The tangible uptick in world oil prices will also have a knock-on effect on lube oil costs,"…added Mr. Greiner.

Repairs and maintenance

  • There was an overall fall in repairs and maintenance costs of 1.7%, compared to the reduction of 0.8% in 2016.
  • The only vessels to record increases in such costs were Capesize Bulkers and Panamax Bulkers (2.4% and 1.4% respectively), Tankers 5,000 to 10,000 dwt (2.6%), and container ships of between 1,000 and 2,000 teu (2.7%).
  • The biggest fall in such costs was the 4.9% recorded by Chemical Tankers 40,000 to 50,000 dwt, followed by VLCCs (4.8%), and Handysize Product Tankers (4.5%).
  • For tankers overall, repairs and maintenance costs fell by 3.4%, compared to the 2016 figure of 1.7%,
  • In the bulker sector the reduction in such costs was 1.5%, compared to a fall of 2.2% in 2016.
  • In the container ship sector, meanwhile, there was no increase in repairs and maintenance outlay, compared to the 1.6% fall recorded last time.

The third biggest reduction in 2017 operating costs was in the Repairs and Maintenance category. Again, this is likely to change sooner rather than later. Shipping remains a highly competitive industry, but one where tighter regulation and better oversight by the likes of Port State Control should mean that there are fewer sustainable employment opportunities than at any time in recent memory for poorly maintained vessels.

Insurance

  • The overall drop in costs of 4.1% recorded for insurance compares to the 3.0% fall recorded for 2016.
  • As was the case last year, all vessels in all tonnage and size categories paid less on average for their insurance in 2017 than in 2016.
  • Bulkers paid 6.0% less overall (compared to 5.0% last year), tankers paid  3.4% less (2.6% in 2016), and for container ships the insurance outlay was down by 5.8%, as opposed to a fall in 2016 of 4.9%.
  • The biggest reduction in insurance costs was the 6.5% recorded by container ships of between 6,000 and 10,000 teu and by Capesize Bulkers, followed by Suezmax Tankers (6.2%), and Handymax Bulkers, container ships of between 2,000 and 6,000 teu, and VLCCs (all at 6.0%).

"The likelihood is that operating costs will increase when the markets improve significantly.  Such increases must, however, be balanced against the technological advances which have already started to make shipping markedly more efficient and more cost-efficient. There will be more significant operating efficiencies  – and more fluctuations in overall operating costs – to come. That is what makes shipping such a challenge,"….he concluded.

Source:safety4sea

Eesti Gaas Orders LNG Bunker Vessel for North-East Baltic Sea

By
-
0

The leading Estonian energy company Eesti Gaas has placed an order for an LNG (liquefied natural gas)  bunker vessel with bunker tank capacity of 6,000 m3.  The new vessel will provide mobile and efficient LNG bunkering for the growing number of LNG-fuelled vessels in the North-East region of the Baltic Sea and onshore clients. The vessel will be built by the Dutch shipyard Damen Group and will be delivered in September 2020.

“The vessel will load LNG in the Baltic Sea region terminals for distribution in the Baltic area. The vessel will predominantly operate in the Gulf of Finland area, which has a clear need to move towards clean energy supply,” commented Ain Hanschmidt, Chairman of the Supervisory Board of Eesti Gaas.

Eesti Gaas will operate this LNG bunker vessel under a long term charter from its parent company and owner of the vessel, Infortar AS. The technical management for the vessel will be provided by the region’s leading shipping company Tallink Grupp.

“Since 2016, Eesti Gaas has expanded its LNG transport and bunkering capacity by entering into a long-term LNG bunker contract with Tallink whose experience with LNG over the last few years and technical expertise has been extremely valuable in developing the technical concept of the new bunker vessel. Today we are the biggest LNG bunker service provider in the region and a key promoter of LNG as clean marine fuel,” said Margus Kaasik, Member of the Management Board of Eesti Gaas.

The new vessel will make the Baltic Sea cleaner and reduce pollution by serving the growing number of vessels in the region using LNG as a marine fuel. LNG is the cleanest marine fuel available. It enables to significantly reduce marine CO2 (30% less), NOx (85% less), SOx (99% less) and particle matter emissions (reduced by 100%).

By creating a mobile LNG-fuelling infrastructure, the LNG bunker vessel incentivises the construction and use of new LNG-fuelled vessels in the Baltic Sea Region and, therefore, has the potential to reduce Co2 emissions annually by more than 66 000 tons.

Safety is of paramount importance and is at the core of the design and build process for both the vessel class and the bunkering procedures. The bunker vessel will feature dual-fuel engines, thrusters that facilitate enhanced close-quarters manoeuvring and ice class 1A, according to the Finnish-Swedish ice-class regulations. This will allow her to operate all year round, including in the region’s challenging ice conditions.

The new vessel will be capable of carrying out bunker activities both in ports and outside ports, at designated anchorage points. In combination with the innovative hull design and running on LNG, the vessel’s emissions will be significantly lower than those of traditional vessels.

The two type-C LNG tanks will contain up to 6,000 m³ LNG at -163°C. The tanks and their piping system will be located partly exposed on the deck, which ensures good access and easy upgrade options as the LNG consumer market develops.

The LNG bunker vessel is an important part of the new mobile LNG infrastructure in the Gulf of Finland and the Baltic Sea. This project is co-funded by the EU through the CEF Transport programme.

Main particulars of the vessel:

LNG cargo tank capacity: ~6000 m3
Deadweight: 3300 t
Length: ~ 99.80 m
Breadth: 18.60 m
Service speed ~13.40 knots
Delivery: September 2020

Source:gaas

Van Oord acquires MPI Offshore

By
-
0

Rotterdam, the Netherlands, 2 October 2018 – Van Oord completed the acquisition of MPI Offshore, a specialist offshore wind installation contractor, from Vroon Group. By acquiring MPI Offshore, Van Oord will further strengthen its global wind organisation and in particular its position in the UK wind market.

The acquisition includes the MPI Offshore organisation in Stokesley (United Kingdom), the vessels MPI Adventure and MPI Resolution, and associated crew.  A total of hundred people, both office staff and crew, will be joining the Van Oord UK organisation. Van Oord also acquired project contracts related to the vessels, i.e. offshore wind farms London Array, Prinses Amaliawindpark and Rampion.

The acquisition is fully in line with the company’s ambitions and investment programme for the coming years and it follows a number of strategic add-ons in recent years, which include the acquisition of Bilfinger’s offshore wind activities and Ballast Nedam offshore operations. Van Oord was assisted on this transaction by Kempen as its financial adviser.

"The acquisition of MPI Offshore helps us to strengthen our position in the UK wind market, the largest offshore wind market in the world".said Pieter van Oord, CEO

Source:vanoord

Subsea 7, OneSubsea Partnership Clinches New GoM Deal

By
-
0

The project combines OneSubsea’s subsea production systems (SPS) and Subsea 7’s subsea umbilicals, riser andflowline systems (SURF) expertise.

Subsea 7 defines a sizeable contract as being between £38-£115 million.

The award is for the deepwater Katmai field development in the US Gulf of Mexico’s Green Canyon 40.

The Subsea 7 scope includes project management, engineering, procurement,construction and installation of 40 km of pipe-in-pipe production flowline, together with subsea structures, tie-ins to the Tarantula Platform and pre-commissioning expertise.

The OneSubsea scope includes provision of three trees, connectors, valves, topside controls, flying leads and umbilical termination assemblies.

Co-located teams from both organisations will support project management and engineering in Houston, Texas.

Offshore installation activities are scheduled for 2019.

Craig Broussard, Subsea 7 Vice President for the Gulf of Mexico, said: “We are excited to partner with Fieldwood on this material new development in the deepwater Gulf of Mexico, and we look forward to working with Fieldwood’s talented technical team on this project.”

This is the first step in what we hope will become a long-term, mutually beneficial relationship.

This award also builds on the reputation of the Subsea Integration Alliance to offer clients quality focused project execution, with optimised production and improved cost efficiency.

“By bringing together Subsea 7 and OneSubsea complementary technology and expertise, we are able to provide our clients with greater certainty of return on investment and enhanced asset profit potential.”

Source:energyvoice

James Fisher lets Welsh tidal kite fly

By
-
0

James Fisher Marine Services (JFMS) has completed its project scope for tidal kite developer Minesto’s Holyhead Deep scheme off the coast of north Wales.

The marine contractor supported the installation of Minesto’s 500kW-rated DG500 device in 80-metre depth waters with high tidal flow.

JFMS joined the project team onshore in Holyhead, where preparations were made to install the turbine foundation including a ballast-able gravity base and subsea cabling.

The second phase included the installation of a microgrid system buoy, which analyses power output and performance, and connects to the DG500 via an umbilical tether and gravity base.

All the components and systems needed for power delivery are now in place to start power generation.

The operations were performed from the MV Island Vanguard, an anchor handing tug supply vessel and the MV C-Fenna.

James Fisher Marine Services project director Paul Scullion said: “We have some very talented engineers, consultants and technicians at JFMS and it was a pleasure to be able to support Minesto as its project draws closer to full commercialisation.”

Source:renews

EDF keeps fit at Blyth

By
-
0

EDF Renewables has contracted Onyx InSight to provide predictive maintenance services for the Blyth offshore wind demonstration project off the coast of Northumberland in north-east England.

Onyx will use its Fleet Monitor platform to keep tabs on the project's five MHI Vestas 8.3MW turbines for the first three years of operation.

The system pulls data from a range of sensors to monitor turbine condition and performance. An Onyx monitoring team aims to detect, diagnose and mitigate any problems before they occur.

Onyx InSight business development manager Fraser Morris said: “Turbines of this size will soon become the standard in offshore wind, which means operators need to have a good understanding of how they perform.”

With energy production on this scale, the stakes are inevitably raised, and the business case for investing in robust and accurate predictive analytics is clear.

“The ability of a predictive maintenance platform to handle large quantities of data – from a diverse range of sensors – will be a key differentiator when it comes to mitigating the risk of downtime for these 8MW+ machines over the long term.”

EDF officially opened the 41.5MW Blyth project in June this year.

Source:renews

US crew swells offshore coffers

By
-
0

US outfit Seacor Marine Holdings has secured a $130m loan with a syndicate of lenders led by DNB Bank.

The company, which provides marine and transportation support to the offshore energy sector, said the five-year loan will be used to pay in full three credit agreements and for general corporate purposes, including potential acquisitions.

Seacor Marine chief executive John Gellert said: “We are very pleased with today's announcement and value the support we received from our lending group.”

This refinancing consolidates multiple facilities into a more efficient single credit facility, improves our capital structure, and addresses our near-term maturities.

“The new bank credit agreement puts us on even more solid financial footing and provides us with liquidity to continue to capitalise on opportunities as the offshore sector recovery continues.”

Source:renews

1...1,3031,3041,305...1,329Page 1,304 of 1,329
Premium Content

© 2025 SeaWanderer. All Rights Reserved. Powered by Maritime.Studio