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Hexagon Expands Its Mobile Pipeline® Business Into The Maritime Industry

Hexagon Composites’ subsidiary Hexagon Lincoln has been awarded to supply high-pressure CNG TITAN® tanks for fuel storage onboard a LNG (Liquefied Natural Gas) gas supply vessel (GSV) being built for Babcock Schulte Energy. The TITAN® cylinders will store compressed boil-off-gas from the LNG tanks and flash gas from cargo operations and supply the CNG as fuel to the ship’s dual-fuel propulsion engines. The boil-off-gas recovery system is designed by the UK based company, Babcock LGE Process, a market leader in specialized systems for handling, storage and distribution of liquefied gases ...

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Hafnia Tankers Ltd. (N-OTC: “HAFNIA”) concludes sale and leaseback in Japan

Hafnia Tankers Ltd (“Hafnia”) has successfully completed a sale and leaseback in the Japanese market through the sale and leaseback (the “Transaction”) of its 2010 built LR1 tanker, MT Hafnia Australia (the “Vessel”). The Vessel has been sold to a Japanese private ship owning company (the “Lessor”) with a 12-year bareboat charter back with annual purchase options from year four onwards. The Transaction entailed a sale of the Vessel at market value and a fully levered lease arrangement which gives rise to a positive liquidity effect of approx. $8.7 million ...

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Klaveness Ship Management achieved international certificate on anti-bribery management system

We are proud to share that Klaveness Ship Management is one of the first in our industry to have achieved the international standard on anti-bribery management system, the ISO 37001. The standard builds on the requirements set out in the UK Bribery Act 2010 and the certificate specifically acknowledges policy and management systems that uphold the global standards for anti-bribery and corruption. This is a recognition of a thorough management system covering the risk of bribery and corruption, and most importantly that the system is well implemented throughout the company ...

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Gulf Navigation Achieves 7 Percent Increase on Gross Profit in 2017

Gulf Navigation Holding PJSC announced its financial results for 2017 achieving 7% increase compared to 2016 with a gross profit of AED 49 million. This achievement comes as a result of the company’s vision and efficient strategic plans set to position Gulf Navigation as one of the largest integrated marine services provider in the region. This announcement declares “Gulf Navigation Holding PJSC” gross profit for 2017 that reached AED 49 million with an increase of 7% compared to 2016 that concluded with a gross profit of AED 45.8 million. During ...

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Oceanteam Asa – Diavaz-Oceanteam Terminates Bare Boat Charter Contract

On 15 February 2018, in light of the current state of the market, DOT Shipping (a joint venture between Diavaz and Oceanteam) and Pacific Radiance Ltd have mutually agreed to terminate agreements, which were entered into on 9 October 2014, for purchase and bareboat chartering of the vessel Tampamachoco 1 (T1) without further liability to Diavaz-Oceanteam. DOT Shipping was a party to a bareboat charter agreement for the T1 with the joint venture company DOT Radiance Pte Ltd (“DOT Radiance”). DOT Radiance was a party to a memorandum of agreement ...

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GC Rieber Shipping: 4-month charter for Polar Queen

GC Rieber Shipping has entered into a time charter agreement with a European offshore client for the CSV vessel Polar Queen for a fixed period of four months with options to extend by up to one month. With this charter, all GC Rieber Shipping subsea vessels have secured contracts for the summer season 2018. The Polar Queen will be used in British sector to perform walk-to-work duties and commencement will be in May 2018. “We are pleased to see Polar Queen build on her success in the walk-to-work market and ...

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UK Chamber of Shipping president launches HiLo to overhaul safety at sea

Dr Grahaeme Henderson, President of the UK Chamber, last night launched HiLo, a predictive modelling tool for accident prevention in shipping. “Our shipping industry has a fatal accident rate 20 times that of the average British worker and five times that of construction. Simply put, that is unacceptable. And it needs action – now,” Dr Henderson said in his speech. “And that means all of us, as leaders in the shipping industry, working together – working together as one global shipping team,” he said. The new initiative aims to prevent ...

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Improvement in LNG, petroleum units expected for MISC

Upgrade to hold from sell with a higher target price (TP) fo RM6.85: MISC Bhd’s financial year 2017 (FY17) core net profit of RM2.15 million was ahead of our forecast, but in line with street expectations. In the fourth quarter of FY17 (4QFY17), MISC made impairment charges on five liquefied natural gas (LNG) (two on spot terms; three as contracts expired) and seven chemical vessels. A nine sen dividend per share (DPS) was declared, bringing the full-year DPS to 30 sen (similar to FY16). We upgrade the stock to a ...

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UN Environment visits IMO

​When it comes to ocean protection and delivering on the Sustainable Development Goals, IMO and UN Environment share a great deal of common ground. Erik Solheim, Executive Director of UN Environment, paid a visit to IMO today to talk with IMO Secretary-General Kitack Lim about collaboration between the two Organizations, particularly how to address SDG 14 – life below water. The issue of microplastic and how to curb its presence in the ocean was discussed as a high priority, and a potential partnership with the World Maritime University, particularly its ...

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Seadrill close to restructuring deal with bondholders -sources

Seadrill’s main owner, billionaire John Fredriksen, is close to a deal with unsecured bondholders and South Korean shipyards on a restructuring plan for the rig operator, sources familiar with the talks said. The Norwegian company, which last year filed for bankruptcy protection in a U.S. court, has been working with creditors since last month on a restructuring plan to bring in more than $1 billion in fresh funding, allow it to maintain its fleet of rigs and pay creditors and staff. “The deal hasn’t been signed yet, but I‘m very ...

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OOCL announces new Middle East / Pakistan / India – West Mediterranean Service (WM3) for Asia-Europe Trade

We are proud to announce that OOCL will be extending our Mediterranean service network to the Middle East and Indian Subcontinent by introducing our new Middle East / Pakistan / India – West Mediterranean Service (WM3) to be launched in March. The WM3 provides direct linkage between the Middle East, Pakistan, India, Italy, Spain, France and Egypt, offering more competitive and reliable services than transshipment options. It also provides the fastest transit time to the West Mediterranean, particularly to the Italian market.   In addition, the strategic hubs in Khor ...

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Drewry: World Container Index Down by 0.3%

The composite index is down by 0.3% this week and down by 6.7% from the same period of 2017. The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1,469/40ft container, which is $101 lower than the five-year average of $1,570/40ft container. The final cargo rush before the Chinese New Year holidays led to stable rates on Asia-North Europe trade and a marginal drop on Transpacific. The Composite Index edged down by $4 to reach $1,508 per feu this week. Rates on Shanghai-New York and Shanghai-Los ...

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Two new-build ULSD Suezmaxes from East en route to NWE: sources

Two new-build Suezmaxes loaded with ultra-low sulfur diesel from East of Suez markets are set to add to the general length in the European market by carrying around 130,000 mt each to to the Amsterdam-Rotterdam-Antwerp storage and refining hub. The 159,055-dwt Minerva Evropi, chartered by Totsa, and the 156,889-dwt Sea Beauty, heard to be chartered by Unipec are set to discharge into ARA on February 28 and February 24 respectively according to data from Platts cFlow, trade-flow software. Unipec declined to comment. The Sea Beauty loaded some diesel in the ...

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Dry Bulk FFA: Panamax Market The Main Focus

Capesize FFA Commentary: Happy Chinese new year! Panamax FFA Commentary: A range bound day on panamax with the main focus prompt yet again. March traded between $12800 upto $12950 before seeing sellers return and q2 traded between $13500 and $13700. Back end of the curve remained unchanged on the day and with limited players in the market due to chinese new year we expect tomorrow to be much of the same. Supramax FFA Commentary: Supramax ticked up again yesterday as bid support was evident down the curve once more. March ...

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Epic Gas: Improved figures after a positive development in rates

Epic Gas posted its 4Q17 report this week. Revenues improved QoQ more than we projected driven by continuous growth in Chinese imports as well as a strong increase in US LPG exports. Despite an increased oil price during the quarter, Epic had costs under control and delivered positive adj. EBIT half a year earlier than we previously predicted. As we see positive movement in rates continuing, our estimates should be somewhat upped after the report, however, risk related to cash position remains. Strongly increased US pressurized LPG exports boosted the ...

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