Maritime News from gCaptain.com

Tidewater Hoping for Debt Deal as Limited Waivers Expire

News from gCaptain - Tue, 03/28/2017 - 17:17

Offshore supply vessel company Tidewater Inc. has announced that it has allowed its latest waiver of covenant default from its lenders and noteholders to expire in hopes it can work out a deal as the company continues to operate as normal. For the past several months New Orleans-based Tidewater Inc. (NYSE: TDW) has been negotiating […]

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Categories: Maritime News

Maersk Elects New Chairman to Steer Digital Transformation

News from gCaptain - Tue, 03/28/2017 - 12:36

By Stine Jacobsen COPENHAGEN March 28 (Reuters) – A.P. Moller-Maersk’s new chairman committed to automating its systems as the oil and shipping group steps up its drive to become more efficient and save costs at a time of low oil prices and declining freight rates. The more than 100-year-old conglomerate’s digital push will mean that […]

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Categories: Maritime News

Bones Found Near Salvaged Sewol Ferry Not Human, Ministry Says

News from gCaptain - Tue, 03/28/2017 - 09:45

SEOUL, March 28 (Reuters) – South Korea on Tuesday said forensic examination showed bone fragments found near a salvaged ferry that sank in one of its worst disasters three years ago came from an animal and not an unrecovered victim, as an official had said earlier. Nine people remain missing from among the 304 dead, […]

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Categories: Maritime News

MOL Triumph Delivered: Introducing the World’s First 20,000 TEU Containership

News from gCaptain - Tue, 03/28/2017 - 09:13

Japanese container shipping company Mitsui O.S.K. Lines (MOL) has taken delivery of the MOL Triumph, the new ‘world’s biggest containership’ and the first ‘megaship’ to pass the 20,000 TEU threshold.  The MOL Triumph was delivered Monday by Samsung Heavy Industries in Geoje, South Korea, where the vessel has been under construction since January 2016 – […]

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Categories: Maritime News

Hapag Lloyd-UASC Merger Hits Snag Over Ownership Share, Sources Say

News from gCaptain - Tue, 03/28/2017 - 08:32

By Jonathan Saul and Arno Schuetze LONDON/FRANKFURT, March 28 (Reuters) – A merger of Hapag-Lloyd and United Arab Shipping Company (UASC) has hit a snag, with the German shipping line and some banks seeking assurances that UASC’s top shareholder Qatar remain committed to the deal for the long term, sources say. Hapag Lloyd Chief Executive […]

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Categories: Maritime News

Deepwater Driller Ocean Rig Files for U.S. Bankruptcy Protection

News from gCaptain - Tue, 03/28/2017 - 08:13

March 28 (Reuters) – Ocean RIG UDW Inc, a Cyprus-based rig contractor, filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of Ocean Rig plunged 61 percent to 27 cents in morning trading on Tuesday. The company had $3.25 billion in debt as of […]

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Categories: Maritime News

Bristol Harbor Group, Inc. Announces the Delivery of a 55k BBL Double Hull Asphalt Barge for Vane Brothers

News from gCaptain - Tue, 03/28/2017 - 08:09

Bristol Harbor Group, Inc. (BHGI) is pleased to announce that the Vane Brothers Company has taken delivery of a BHGI designed 361’ x 62’ x 24.5’, 55,000 BBL double hull asphalt barge. BHGI was contracted by Conrad Industries, Inc. to develop the design based on a previous proven hull design that BHGI had completed for […]

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Categories: Maritime News

When enough is enough: switching from failure-prone jacketed HMPE ropes to non-jacketed ropes with Dyneema® SK78

News from gCaptain - Tue, 03/28/2017 - 03:00

At what point do you say “Enough!”? For BW Fleet Management (BW FM), that moment came when seven mooring lines failed on a single vessel during a berthing operation in Spain. So it decided to get radical and replace all its jacketed HMPE mooring ropes – with non-jacketed Samson 12-strand single-braid AmSteel®-Blue ropes made with […]

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Categories: Maritime News

Somali Pirates Release Hijacked ‘Mothership’

News from gCaptain - Mon, 03/27/2017 - 17:21

Somali pirates have released a small dhow which authorities feared could be used to launch attacks on large commercial ships further offshore. A report Sunday from the UK Maritime Trade Operations (UKMTO) center said the hijacked dhow was released approximately 70 nautical miles from Qalansyia on Socotra Island. The dhow was released by the pirates after taking […]

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Categories: Maritime News

China State Firms Eye Infrastructure Projects Around Panama Canal

News from gCaptain - Mon, 03/27/2017 - 15:31

By Brenda Goh SHANGHAI, March 27 (Reuters) – Chinese state firms have expressed an interest to develop land around the Panama Canal, the chief executive of the vital trade thoroughfare said, underlining China’s outward push into infrastructure via railways and ports around the world. The Panama Canal Authority will officially open a tender to develop […]

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Categories: Maritime News

Fincantieri’s Takeover of VARD Comes Up Short

News from gCaptain - Mon, 03/27/2017 - 13:32

Fincantieri’s bid for all remaining shares of Vard Holdings failed to reach the minimum threshold required to take the company private. Fincantieri said Friday that its voluntary unconditional offer for all remaining shares launched on November 13, 2016 closed with Fincantieri holding just 74.45% of Vard’s total share capital. Prior to the offer Fincantieri owned 55.63% of […]

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Categories: Maritime News

Hapag-Lloyd Chief Stays Positive in Wake of $100 Million Loss

News from gCaptain - Mon, 03/27/2017 - 11:35

By Mike Wackett (The Loadstar) – Hapag-Lloyd recorded a profit of $46m in the final three months of 2016– a recovery too little too late to prevent the carrier suffering a full-year net loss of $103m. At an analyst and investor conference call on Friday, chief executive Rolf Habben Jansen said 2017 had “got off […]

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Categories: Maritime News

DryShips Continues to Diversify with Purchase of Four Newcastlemax Bulk Carriers

News from gCaptain - Mon, 03/27/2017 - 10:04

DryShips Inc. (NASDAQ: DRYS) announced Monday that it has entered into agreements to acquire four modern Newcastlemax bulk carriers as the company continues to diversify its fleet. The agreements were entered into with unaffiliated third parties. The four Newcastlemax bulk carriers are approximately 206,000 DWT each and have an average age of 3.0 years. DryShips […]

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Categories: Maritime News

Photos: Sewol Wreck Ready for Lift to Mokpo

News from gCaptain - Mon, 03/27/2017 - 09:53

Salvage crews in South Korea are getting ready to move the Sewol ferry from the salvage site off Jindo Island to Mokpo, where a search for the nine missing victims is set to resume. The wreckage of the 6,800-ton ferry now sits aboard the deck of the semi-submersible heavy lift transport vessel Dockwise White Marlin. “It […]

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Categories: Maritime News

Singapore Efficiency Even Extends to Its Bankruptcy Laws

News from gCaptain - Mon, 03/27/2017 - 08:29

By Christopher Langner (Bloomberg Gadfly) — When it comes to matters legal or bureaucratic, Singapore is swift to act. Bankruptcy, sometimes, can be even faster. Ezra Holdings Ltd., a Singapore publicly traded oil services group, and two of its affiliates, Ezra Marine Services Pte and EMAS IT Solutions Pte, filed for Chapter 11 protection over […]

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Categories: Maritime News

Baltic Dry Index Hits Highest Level Since November 2014

News from gCaptain - Mon, 03/27/2017 - 08:11

March 27 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, hit a more than two-year high on Monday on higher demand for larger vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, touched its highest level since November 2014. […]

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Categories: Maritime News

Maritime Monday for March 27th, 2017

News from gCaptain - Sun, 03/26/2017 - 19:09

ORP Piorun (G65) was an N-class destroyer used by the Polish Navy during the Second World War. The name is Polish for lightning. Ordered by the Royal Navy in 1939, the ship was laid down as HMS Nerissa before being acquired by Poland in October 1940 prior to completion. Between 13 and 15 March 1941, […]

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Categories: Maritime News

Signed Plans to Merge Norway’s Solstad, Farstad, and Deep Sea Supply

News from gCaptain - Fri, 03/24/2017 - 14:22

Norwegian offshore supply vessel companies Solstad Offshore, Farstad Shipping, and Deep Sea Supply are forging ahead with plans to combine operations with the board of directors from each of company signing off on the proposed merger plans. The combination of the three companies, if completed, will result in the creation of one of the world’s […]

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Categories: Maritime News

Looking for an Adventure? Try Diving the Titanic

News from gCaptain - Fri, 03/24/2017 - 12:58

It was over 100 ago when the RMS Titanic sank after colliding with an iceberg four days into her maiden voyage from Southampton, England to New York City. Now, for the right price, adventurous tourists may have the opportunity to see the shipwreck first hand aboard a manned submersible. The once-in-a-lifetime trip is being offered […]

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Categories: Maritime News

Decline of Ancient Trade Route Deepens Yemeni Food Crisis

News from gCaptain - Fri, 03/24/2017 - 12:25

By Maha El Dahan and Michael Georgy SHARJAH, United Arab Emirates, March 24 (Reuters) – Captains of small wooden dhows are carrying food and wares from the United Arab Emirates to war-torn Yemen. But supplies are falling even from this centuries-old Arabian sea route that is one of the last lifelines to a country on […]

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Categories: Maritime News
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