The latest standoff between the U.S. and Iran may be leaving oil-tanker owners in more of a bind than in previous years. As the U.S. reimposes sanctions on the Islamic Republic, firms that help ferry Iranian oil risk losing access to the American financial system, similar to earlier in the decade when such measures were enforced. Additionally, this time around, they’ll have to contend with being cut off from the booming business of transporting crude pumped from shale fields in Texas or wells in the Gulf of Mexico, according to ...

The Group started 2018 on a positive note as the average daily Time Charter Equivalent (“TCE”) rate in January 2018 and February 2018 for the 6 vessels was approximately 25% higher than the average TCE rate in Q4 2017. However, the TCEs earned in March 2018 fell short of expectations and were generally below the average TCEs earned in the previous 2 months. As a result, the average TCEs earned by the 6 vessels in Q1 2018 came in below the forecasted rates. Compared to the same quarter last year, ...

Highlights: The Capesize index has broken support and is now in a corrective phase having made a fresh market low. Downside momentum is showing signs of slowing as we approach the technical support zone. Remains corrective below USD 20,801 unless the index produces a lower high. The June futures have now made a lower low and entered bearish territory. The stochastic is now oversold, a close above USD 16,040 would create a fresh market high indicating bull momentum is gaining, however price would remain below moving averages. The Q3 futures ...

The Final Conference of the Picasso Project has been held today (May 23) at the Jovellanos Centre in Gijón. The main theoretical and practical outcomes developed within Picasso were presented. After the welcoming speeches given by the director of the Jovellanos Centre, Julián Camus;Gijón mayoress, Carmen Moriyón; the representative of the Spanish Merchant Navy Directorate, Ignacio Fernández; and Asturias Government Representative, Mariano Marín; the main results of almost two years of work within the project were presented, namely: the Improvement of Safety and Security responses using unmanned vehicles and other ...

German investment group and parent company Mayfair recently decided to part with Marorka, the leading producer of energy management solutions for the maritime industry, based in Reykjavik, Iceland. Following this decision, a management team acquired all the shares in Marorka. The company’s core Icelandic operation continues to work normally along with Marorka Singapore, but the German and Danish offices have been closed. All intellectual property rights, brand names, contracts and technical know-how now belong to the Iceland and Singapore entities. The new owners and the management team are delighted with ...

Lysaker, 23 May 2018, American Shipping Company ASA (“AMSC or the “Company”) announces results for first quarter ending 31 March 2018. HIGHLIGHTS • Stable Q1 bareboat revenue of USD 21.6 million and backlog of secured bareboat revenue of USD 204 million with average weighted tenor of 2.3 years • Normalized EBITDA for Q1 of USD 21.8 million • Adjusted net profit for Q1 of USD 2.4 million • Crude transportation volumes to the U.S. Northeast remains strong as a result of widening oil price spreads • Accelerated scrapping of older ...

MPC Container Ships ASA (“MPCC”) is pleased to announce that it has entered into agreements with Triton Debt Opportunities S.C.A. and its subsidiary Victoria Schulte Shipping Ltd. regarding the acquisition of MV Victoria Schulte, a geared 2,500 TEU vessel built in 2005 at Aker MTW Werft, Germany (tbr “AS Paola”). The deal has been structured as a combined cash and share deal. MPCC will pay a total consideration of USD 11,800,000 and may at its discretion settle up to USD 2,990,000 of this amount by way of delivering new common ...

The Danish Acquisition and Logistics Organization (DALO) has announced the purchase of a major upgrade of BMT’s SARIS, the search and rescue planning tool that helps save lives, plan searches and minimise danger at sea. Niels Peder Pedersen from Land based Surveillance comments: “After extensive research into the solutions that are available and subject to legal and commercial evaluation, DALO have concluded that SARIS is still the most optimum tool that best fits our needs.” The upgrade will consist of a deployment of 20 licenses primarily to Denmark but also ...

Low carbon and low emissions technology solutions for commercial shipping are coming to the fore in the industry, with the selection of fuel saving technologies and the development of alternative fuels vital to the future of a decarbonised global fleet. Wind propulsion and other maritime renewables are a key component in that development and next week leading experts, engineers, naval architects and project leaders in this growing field have the opportunity to come together in Rotterdam to exchange knowledge and discuss the key issues facing the sector. The 7th Natural ...

Rivertrace, an ISO9001 Quality-Assured Company and market leader with over 30 years’ experience of water monitoring, has recently signed an agreement with BIO-UV to represent their BIO-SEA Ballast Water Treatment system in Thailand, Philippines, Indonesia and Vietnam which came into force during May 2018. BIO-SEA by BIO-UV, based in Lunel, France, have almost 20 years’ experience designing and manufacturing ultraviolet light (UV-C) water treatment equipment. The BIO-SEA Ballast Water Treatment System combines mechanical filtration and high UV dose disinfection, without any chemical treatment, and is made with the highest quality ...

Globecomm, one of the leading providers of maritime connectivity services, has installed a complete hybrid satellite-LTE communications solution for Thailand-based shipowner Tipco Maritime Company. In undertaking a review of its communications systems, Tipco identified a need to make better use of its onboard equipment, improve visibility of operations and achieve closer integration with office-based systems. Globecomm specified a solution that would enable Tipco to employ new techniques including remote management and virtualization of onboard PCs and deploy CCTV systems on its latest newbuilding. Critical to acceptance was better management of ...

Kawasaki Kisen Kaisha, Ltd., Tokyo, (hereafter called “K” Line) is proud to announce the delivery of “CORONA XANADU,” an 88,000 DWT-type special coal carrier at Shin Kasado Dockyard Co.,Ltd. of Imabari Shipbuilding Group Japan on May 23, 2018. CORONA XANADU is same type as “K” Line’s specialized fleet for transport of thermal coal known as the “Corona-series”. The Corona-series consists of epoch-making coal carriers equipped with wide beam and shallow draft, which are the most suitable type to enter ports of domestic Thermal Power Stations to discharge cargo. CORONA XANADU ...

A Turkish vessel carrying wheat to Yemen this month was hit by a rocket or missile and more attacks on merchant ships are likely due to a spillover of the conflict, a senior European naval official said on Wednesday. The Turkish flagged Ince Inebolu bulk carrier was damaged by an explosion on May 10, some 70 miles off the Red Sea port of Salif where it was due to deliver a 50,000 tonne cargo of Russian wheat. “The assessment at the moment is it was almost certainly non-state Yemen based ...

The Port of Townsville has granted permission for K-ROV to operate HullWiper’s underwater hull cleaning technology within its waters. The Remotely Operated Vehicle (ROV) will provide cost-efficient and eco-friendly hull cleaning services for all kinds of vessels calling at Townsville, the largest multi-cargo port north of Brisbane, a transport hub for bulk exports, and a popular stop for cruise vessels. Australia is known as a world leader in efforts to use technology to protect the environment. HullWiper complies with the strict biofouling management standards* the country has implemented to counter ...

Havila Shipping ASA has entered into charter contract with Axxis Geo Solution AS for the PSV vessel Havila Fortune. The contract is for a firm period of 6 months with options thereafter. Commencement will be in June 2018. Havila Fortune will be taken out of layup to serve the contract. Source: Havila Shipping ASA