DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2014 –...

DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2014 – 138

Distribution : daily to 29575+ active addresses 18-05-2014

Number 138 *** COLLECTION OF MARITIME PRESS CLIPPINGS *** Sunday 18-05-2014

News reports received from readers and Internet News articles copied from various news sites.

The VIKING OCEAN arriving in Willemstad (Curacao)

Photo : Kees Bustraan – http://community.webshots.com/user/cornelis224 (c)

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In Today's issue + (page number):

All agreements needed for South Stream’s maritime section signed — Gazprom (3) Paragon Shipping: ‘We shipowners are normally reckless and destroy our own market’ (4) Bid To Ban Bimini Dredging - But It's Already Begun (5) Weston-super-Mare RNLI welcomes royal visitor (6) Rotterdam Fruit Wharf and Seatrade ink contract for twenty visits of conventional refrigerated ships (7) Cunard Cruise Ship Gets New Single Cabins in Multimillion-Dollar Refit (7) Petrobras announces record pre-salt production (8) Vallianz enters Latin America with charter and ship management contract worth US$82.0 million (9) THHE wins first FPSO contract in RM2.9bil deal (9) Goliat FPSO Delivery Scheduled for Early 2015 (10) Almi Tankers: Riding out the storm (11) Four new supply boats coming to N.L. offshore (11) Recovery work continues for 20 victims (12) Ferry families unhappy at Cheung no-show (13) Tanker market retreats in April (13) Handysize clean tanker rates on Baltic-NWE route plunge to lowest recorded level (14) Odfjell enters into LPG / ethylene joint venture and exercises options for four newbuildings (15) Lauritzen reports better than expected first quarter results (16) Fairmaster successfully launched (18) Environmental emergency declared in Galapagos Islands (18) New RNLI lifeboat is officially named (19) Hanjin narrows Q1 loss 37.2pc to US$58.1 million, revenue off 7.6pc (19) Lifeboat charity aiming to lap the UK in a RIB (20) HMCS Protecteur heading home under tow from U.S. navy tug (21) Navy helps with rescue of civilians (21) French Ship Could Spy on Communications in Black Sea (22) Shipyard Pella (Leningrad region) launches tugboat RB-407 of project 16609 (22) ASL Marine unveils latest financials - revenues from offshore vessels falls (23) New feet for a pioneering vessel (23) Exeter shipyard wins £1.2million deal for two ferries (24) Western Baltija Shipbuilding delivers multi-purpose cargo ship Anetta (24) ‘Buy’ stays for SapuraKencana on positive news (25) Brazilian passenger terminals behind schedule (25) ‘Kochi port has potential to be South Asian bunker hub’ (26) Transocean Ltd. Provides Fleet Update Summary (27) Chidambaranar port to challenge PSA terminal order (28)



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EVENTS, INCIDENTS & OPERATIONS

BBC Chartering's BBC CORAL inbound in Western Port Bay destined for the former BHP Steel Wharf Hastings to discharge wund farm sections for a new wind farm in south east Gippsland. Photo : Bill Barber (c)

All agreements needed for South Stream’s maritime section signed — Gazprom

The South Stream Offshore Pipeline will run through the Black Sea from Russia to Bulgaria and have a total length of 930 kilometers South Stream Transport B.V., the operator company in construction of the maritime part of the South Stream gas pipeline project, has signed all the agreements necessary for launching construction of the maritime section of the pipeline in the fall of 2014, Gazprom said in a report upon a session of the company’s board of trustees that had been held in Amsterdam Participants in the conference said all the works related to the pipeline’s maritime ection were implemented strictly on time. s

The South Stream Offshore Pipeline will run through the Black Sea from Russia to Bulgaria and have a total length of 930 kilometers. An environment impact assessment (EIA) in accordance with national environmental legislation is being conducted in Russia, Turkey and Bulgaria. In addition, South Stream Transport is undertaking an Environmental and Social Impact Assessment (ESIA) in alignment with the standards and guidelines of international finance

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institutions. This will involve an ESIA Report for each Sector of the Project and a consolidated document for the entire South Stream Offshore Pipeline to ensure a consistent approach.

South Stream, initially conceived ENI and Gazprom, later joined by Electricite de France and German Wintershall AG, will eventually take 30 billion cubic meters of Russian natural gas a year to southern Europe. The project stipulates for the offshore gas pipeline section to run under the Black Sea from the Russkaya compressor station on the Russian coast to the Bulgarian coast. The total length of the offshore section will be around 900 kilometers, the maximum depth - over two kilometers and the design capacity - 63 billion cubic meters. There are two optional routes for the onshore gas pipeline section: either northwestward or southwestward from Bulgaria. In order to feed the required amount of gas to South Stream, Russia’s gas transmission system throughput will be increased through the construction of additional 2,446 kilometers of line-pipe and 10 compressor stations with the total capacity of 1,473 MW. This project has been named South Corridor and will be implemented in two phases before December 2019. The construction of South Stream started on December 7, 2012 is scheduled to be completed by 2015. The overall capacity of the marine section of the pipeline will be 63 billion cubic meters a year. Its cost is about €16 billion. Source : ITAR TASS

The 2007 built CYM flag super yacht NERO leaving Grand Harbour Marina, Malta on Friday 16th May, 2014 bound to

Almeria, Spain. Photo : Capt. Lawrence Dalli - www.maltashipphotos.com (c)

Paragon Shipping: ‘We shipowners are normally reckless and destroy our own

market’ Michael Bodouroglou is in a reflective mood when Maritime CEO comes knocking at his door. He’s been mulling the mindset of fellow owners and their herd instinct tendencies, which tend to send shipping into red ink territory all too regularly. Bodouroglou is one of the big names in Greek shipping, in charge of dry bulk outfit Paragon Shipping, shipmanager Allseas Marine as well as container arm, Box Ships – the latter having the clever ticker TEU on the New York Stock Exchange. Our conversation starts with dry bulk, something Bodouroglou is convinced has now bottomed out. “The recovery started 10 months ago,” he insists. However, volatility is here to stay, he warns. Supply and demand are balancing out on the dry bulk front, with the global orderbook now just 20% of the extent fleet. odouroglou is not worried about demand, noting the massive ongoing urbanisation in India and China. B

“I am quite optimistic about dry bulk for the next two years,” he says, before ruminating: “Beyond that, it will depend how reckless shipowners are, and we shipowners are normally reckless and destroy our own market.” Paragon has 14 ships in the water and another five to deliver. Ships are made up of all sizes apart from capes. “Capes are the most olatile and riskiest,” says the Greek national. v

Bodouroglou is not so optimistic on containers. “There’s more of an uphill road before signs of recovery, although I do believe we have seen bottom of market,” he says. There is still overcapacity in the box sector, he notes, while demand is a problem still as that is driven by the developed economies. “Demand is not solid and supply is big,” he précises.



Box Ships has nine ships and none on order. The vessels are all mid-sized and Bodouroglou reveals to Maritime CEO he is tempted to get some smaller ships. The past few years of horrendous shipping rates have taken their toll on the

dustry, but Bodouroglou wonders if all owners have learnt from this protracted downturn. in

“It’s been a lesson to all of us to be less speculative,” he comments. A keen reader of shipping cycles, Bodouroglou and his team ordered ships when they were at rock bottom prices. “We are sitting tight in terms of more orders,” he ays, adding: “We have exhausted our investment plans and now we are consolidating our position and finances.” s

Among the newbuilds were a pair of boxships which Bodouroglou took financing from China, something he found to be tricky. “The process is slow, it is not easy and is tedious,” he recounts, suggesting that it will take a long time before Chinese ship financing becomes a true global force. A look at how Bodouroglou and his team have handled the tricky past six years is a great example of a Greek shipowner handling cycles with aplomb. “The Greeks are historically cautious,” he explains. “They understand the cyclicality of the sector well and are reluctant to invest when asset values are at their highest. Because of their experience they make sure they are liquid during a downturn – they understand the importance of liquidity in shipping – the importance of being cash rich to survive in the downturn and take advantage of any pick up.” Prior to founding Paragon, Allseas and Box Ships, Bodouroglou co-founded Eurocarriers in the mid-1990s. Before that he was a technical superintendent for Thenamaris. Source : Maritime CEO

Bid To Ban Bimini Dredging - But It's Already Begun

DESPITE frantic last-minute legal efforts by environmentalists to block it, dredging has begun in North Bimini. The Niccolo Machiavelli, dubbed “The Reef Destroyer”, started operations as part of Resorts World Bimini’s controversial construction of a cruise ship terminal, 1,000-foot pier and man-made island. Photographs taken at the site show a tail of silt, thrown up by the giant dredger, moving north. Resorts World Bimini (RWB) announced that it had “officially commenced with the next phase of construction at the port of its top-flight destination resort”.

Last night, Bimini Blue Coalition, which is claiming that the project will cause irreparable damage to Bimini’s marine ecosystems, applied for an injunction in the Court of Appeal asking to stop developers. Last week, the developers’ attorneys had given an undertaking not to dredge until they had given notice that they had all the relevant approvals and permits and provided copies to the Coalition. Then, on Tuesday, they sent the Coalition what they claim are all the relevant documents, which include a letter of approval from Prime Minister Perry Christie, the Minister of Lands and Surveys. Coalition lawyer Fred Smith countered saying the developers have not produced a permit from the Director of Physical Planning in accordance with the

Conservation and Protection of the Physical Landscape of the Bahamas Act. Mr Smith yesterday sent a letter to the developers’ lawyer, John Wilson of McKinney, Bancroft & Hughes, saying that his team’s injunction application would come into effect at 6pm that day if Mr Wilson’s team did not respond to their letter saying that, contrary to what has been claimed, all relevant approvals and permits have not been provided.

RWB said yesterday: “With the beginning of the fully permitted dredging process, Resorts World Bimini is moving towards completing the construction of the port at Resorts World Bimini – a key component of RWB’s plans for the island – which will result in multiple benefits, including: multiple business opportunities, increased visitor spending, a year-round tourism season, easier transportation options for the island’s residents to visit loved ones from Miami and the availability of daily cargo service and more.” The Resort also touted its role in helping to transform Bimini. Its statement said: “The business community on the island is enjoying tremendous benefits to the tune of over $2 million spent by RWB on goods and services. New businesses are opening throughout the island, and a chapter of the Chamber of Commerce is about to be established. Employment figures are up with just under 160 Biminites now employed at the Resort, and more anticipated to be hired during a job fair in the coming weeks. “The construction of the port at Resorts World Bimini is part of the resort development and island enhancements which includes the paving of the roads, implementation of street lights and directional signage, the establishment of Heritage sites and attractions, and the creation of green spaces.” However, Tom Ingram, executive director of the Diving Equipment and



Marketing Association (DEMA), joined others before him in saying that environmental degradation associated with the ferry pier project could have a negative affect on the economy of Bimini, destroying that island’s dive industry. Mr Ingram said the dredging of 220,000 cubic yards of seafloor at the heart of Bimini’s pristine reef system could ruin what is a “recreational diving jewel” of the Bahamas. “A very real concern to DEMA and to all diving businesses – especially those based in nearby Florida -– is the fact that any environmental degradation, especially of the magnitude being described in the North Bimini Ferry Terminal Project EIA (Environmental Impact Assessment) and its addendum, is likely to have a negative impact on the perception of pristine diving which Bimini now holds in the minds of diving consumers,” Mr Ingram said.

“As a result of this project, it is possible that the number of divers visiting Bimini will decline dramatically as public perception develops regarding this project’s potential environmental impact. Such a trade of one population for another could have devastating impacts on the number of divers visiting Bimini, with a resulting economic impact on Bahamas Dive Association members, DEMA members and the economy of Bimini,” Mr Ingram said. DEMA, based in San Diego, represents the business and consumer interests of the recreational scuba and snorkel diving industries around the world. Its mission is to promote sustainable growth in safe recreational scuba diving and snorkelling while protecting the underwater environment. “In our opinion, the potential economic upside of this project is inadequate when compared to the great risks involved with the potential for failure of this project to create positive economic benefit, and the long-term environmental risks involved,” Mr Ingram said.

Weston-super-Mare RNLI welcomes royal visitor

LIFESAVERS from Weston-super-Mare RNLI welcomed a royal visitor to see the work of the charity organisation. HRH The Duke of Kent arrived in the resort yesterday to meet volunteer lifeboat crew at their station at Knightstone Harbour.

His Royal Highness, who is also president of the RNLI, was shown around the temporary facilities before moving on to a reception at the Winter Gardens on the Royal Parade where he was introduced to more lifeboat crew members and fundraisers. The Duke of Kent was joined in his visit by RNLI chairman Charles Hunter-Pease, Colin Williams, RNLI regional operations manager west and Nigel Jones, RNLI divisional operations manager, Wales South and Severn. During the visit, the D class inshore lifeboat and tractor were on display outside the station where HRH had the opportunity to meet the crew who were fundamental in establishing the temporary facilities here on the seafront promenade.

Before moving onto the reception, Peter Holder, Weston-super-Mare RNLI Lifeboat operations manager accompanied the royal party in a stop at Prince Consort Gardens, where the Duke of Kent got a view from high ground of Birnbeck Island. The RNLI was forced to move off the island which it had called its base for 131 years in November due to the deteriorating condition of the pier and its buildings. More than 50 guests attended the reception where a history of the RNLI’s work was on display. HRH made presentations to Peter

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Holder, in recognition of 40 years’ service with the charity and the second to Richard Spindler, deputy launching authority, who received a long service badge with a 30 year bar. Richard will have spent 50 years volunteering for the RNLI in 2015. The royal visit was the first event in an RNLI open day which was extended to children and families. Before leaving Weston-super-Mare, HRH was presented with a photograph of the station’s inshore D class and Atlantic 75 lifeboats which was signed by the crew. He also he signed the visitors’ book. Source : bristolpost

Rotterdam Fruit Wharf and Seatrade ink contract for twenty visits of conventional

refrigerated ships Rotterdam Fruit Wharf (RFW) and shipping company Seatrade have entered into a contract for twenty visits of conventional refrigerated ships with fruit from South Africa. The first ship, the Caribbean Mermaid, is currently unloading 2000 pallets (=2000 tonnes) of grapefruit at the RFW terminal in the Merwehaven area. Following this, 2000 tonnes of onions, carrots and cabbage from Zeeland and Noord-Brabant will be added to the cargo for St. Petersburg. The loading ports in South Africa are Durban and Cape Town, Port of Rotterdam said in its press release. In previous years the cargo was handled in Vlissingen. The biggest receiver of the fruit is Total Product, established in the Merwehaven like RFW. Conventional refrigerated ships such as the Caribbean Mermaid carry the pallets of fruit in large refrigerated holds below deck. There are usually several dozen reefer containers on deck. Reefer containers can also be transported on full-container ships and handled at the specialised container terminals. Source : PortNews

Cunard Cruise Ship Gets New Single Cabins in Multimillion-Dollar Refit

The QUEEN ELIZABETH outbound from Rotterdam - Photo : Hans van Overbeek (c)

Cunard Line's newest ship, Queen Elizabeth, has entered dry dock for a multimillion-dollar refurbishment, the first since the 2,068-passenger, 90,900-ton vessel entered service in 2010. The refit will include the addition of nine single cabins -– a first for Queen Elizabeth -– which Cunard says it is creating in response to passenger demand and changing demographics. The refurbishment, being carried out at the Bloom & Voss shipyard in Hamburg, also includes general cabin enhancements, improvements to the restaurant, shopping and leisure amenities, plus the installation of environmentally friendly engineering technology. Part of the ship's casino will be remodeled to make way for the single cabins on Deck 2. Eight of the midships singles will be ocean view cabins and the ninth will be a standard inside cabin. Cunard's marketing director Angus Struthers said: “While there has been investment across the ship, we are particularly delighted to announce that following this refit there will be staterooms for single travelers onboard a Cunard ship for the first time since QE2. Elsewhere, carpets are being renewed and flat-screen TVs are being fitted in all cabins. The Lido restaurant's buffet area is being restyled and the introduction of insulated tea and coffee pots means that in future waiters will serve hot drinks to the table at all meals. Other improvements include sun awnings to create more shade on the upper deck, new jewelry shops, a dedicated studio for the ship's photographers and touch-screen systems for passengers to find and select pictures. Energy-efficient scrubbing technology is also being installed



to filter exhaust gases from the ship's engines. Queen Elizabeth is scheduled to leave the shipyard on Sunday, June 1, and sail to Southampton ahead of a four-night roundtrip cruise to Amsterdam on Wednesday, June 4. Source : Cruise Critic

The NUNAVIK outbound at the Oude Maas passing Spijkenisse - Photo : Ben Brussel (c)

Petrobras announces record pre-salt production

Petrobras has announced that oil production in the the pre-salt layer of the Santos and Campos basins passed the milestone of 470 thousand barrels of oil per day (bpd) on May 11th, which is a new daily production record FPSO Cidade de São Paulo currently produces around 100 thousand bpd, with three wells, while the production of FPSO Cidade de Paraty, stands at around 60 thousand bpd, with two wells This production level was achieved from 24 wells, nine of which are in the Santos Basin. Thus, the average productivity per well from the Santos Basin’s pre-salt layer reached 28 thousand bpd, representing an increase of almost 30 per cent compared with February 2013, when the daily production record reached 300 thousand bpd.

This result is largely due to the start-up of well 7-LL-22D-RJS on May 9. This well, with a currently flow of 31 thousand bpd, is connected to the FPSO Cidade de Paraty, located in the Lula field, through a buoyancy supported riser (BSR). Using this pioneering technology, the ascending production pipeline is suspended from a submerged buoy. This is the third well connected using BSR technology and the first connected to the FPSO Cidade de Paraty.

The first BSR, installed at FPSO Cidade de São Paulo, in the Sapinhoá field, has already two producing wells. The performance of the first well connected has been well above average and is the country’s most productive well, with a production of approximately 36 thousand bpd. The second well of this BSR was connected at the beginning of April and is producing 35 thousand bpd. Installation of the third BSR, also connected to the FPSO Cidade de São Paulo, and of the fourth BSR, connected to the FPSO Cidade de Paraty, was completed in April and May, respectively.

FPSO Cidade de São Paulo currently produces around 100 thousand bpd, with three wells, while the production of FPSO Cidade de Paraty, stands at around 60 thousand bpd, with two wells.

Over the coming months, new wells will be connected to the FPSOs Cidade de São Paulo and Cidade de Paraty through the BSRs, thereby ensuring continued sustainable growth in the pre-salt production, with the achievement of the full production capacity of these platforms – of 120,000 bpd – in the third quarter of this year. Lula field is

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operated by Petrobras (65 per cent), in partnership with BG E&P Brasil (25 per cent) and Petrogal Brasil S.A. (10 per cent). Sapinhoá field is operated by Petrobras (45 per cent), in partnership with BG E&P Brasil (30 per cent) and Repsol Sinopec Brasil (25 per cent).

Vallianz enters Latin America with charter and ship management contract

worth US$82.0 million Vallianz Holdings Limited, an integrated offshore marine solutions provider in the offshore oil and gas industry, through its subsidiary, has received a Letter of Award (“LOA”) for the provision of Charter and Ship Management services worth US$82.0 million to a major offshore construction company. The LOA excludes any variati on or additional works to be negotiated later. For this award, vessels including Submersible Vesse ls, Pipe Carriers, Platform Supply Vessels (“PSV”), Anchor Handling Tug Supply Vessels (“AHTS”) and cargo barges will be deployed in Latin America from 3QFY2014 to FY2015. Vallianz will also provide a full suite of offshore marine support services, includin g mobilisation, demobilisation, marine logistics support and operational services. Commented Mr. Darren Yeo, Executive Director and Chief Executive Officer of Vallianz: “We are pleased to be awarded our first charter and ship management LOA for 2014, which augments our current order book to another ne w record of US$524.0 million. This Latin America award is a strong and promising start for the year for Vallianz and we are looking forward to riding on the exciting opportuni ties that this region brings. “Global offshore oilfield related investments are f orecast to grow strongest in Latin America over the next few years, with E&P (exploration and production) spending forecast to increase to US$84.0 billion in 2014, re presenting a 12.8% growth over 2013. Demand for offshore supply vessels in South America is one of the fastest growing globally, with a forecast compounded annual growth rate of 10.3% from 2013 to 2018.” “We are pleased that our bidding efforts across Asi a Pacific, Middle East and Latin America totaling approximately US$1.2 billion is st arting to reap significant rewards. This project will provide Vallianz with the platfor m to showcase our marine solutions capabilities and to build on our reputation in the Latin American region. Not only will this platform bode well for future tenders, more importa ntly, it will help open doors for collaborations with prospective customers for their offshore requirements in this region.” Source : PortNews

THHE wins first FPSO contract in RM2.9bil deal

TH Heavy Engineering Bhd (THHE) has finally secured a contract for its floating production, storage and offloading vessel (FPSO) with Japan’s JX Nippon Oil & Gas Exploration in a deal worth US$900mil (RM2.9bil), sources said.

The contract entails THHE providing its FPSO facility to JX Nippon Oil & Gas for the Layang oil and gas field, located off the coast of Sarawak. It is understood that the FPSO will be deployed in early-2016 once the Layang field starts production. The contract win is a first for THHE, which had been trying to land a job for the vessel it had acquired in 2011. THHE owns 80% of the recently upgraded vessel, having disposed a 20% equity in it in February for RM43mil to GlobalMariner Offshore Services Sdn Bhd. According to sources, the primary contract worth US$400mil (RM1.29bil) will run for 7½ years, with an annual renewal option for the next 10 years. The extension option is said to be worth about US$500mil (RM1.61bil). The FPSO will have a storage capacity of 400,000 barrels of oil.

“The vessel has a life span of about 20 years, which ties in nicely with the job,” the source said. Speculation about the FPSO contract is making a fresh round in the market after JX Nippon Oil & Gas earlier this week said it had received the field development plan approval from Petroliam Nasional Bhd for the Layang gas field. Shares in THHE climbed 1.5 sen yesterday to 97 sen as volume swelled to 14.9 million shares transacted, extending the stock’s 7.8% gain in May.

The Layang field is located about 8km east of the Helang gas field, which is now under production in the same SK10 block. The Japanese contractors said the project would have an FPSO facility. JX Nippon Oil & Gas holds a 78.7% stake in the Japanese venture, which in turn holds a 75% stake in the SK10 block, while the remaining 25% is owned by Petronas Carigali Sdn Bhd. Source : The Star Online



Goliat FPSO Delivery Scheduled for Early 2015

The Goliat FPSO will depart Hyundai Heavy Industries yard in South Korea in early 2015, a decision taken at a licence meeting on Friday 16 May. The licence determined that conditions to depart at the end of June 2014, and complete commissioning in Norway in Q4 2014, were not in place. In particular, elements necessary to complete commissioning offshore in the Barents Sea were unavailable. The licence has therefore decided to utilize the second transportation window already contracted with the Dockwise Vanguard vessel, and to complete commissioning of the FPSO in the Hyundai Heavy Industries shipyard in South Korea.

The GOLIAT FPSO under construction at the Hyundai Heavy Industries shipyard in Ulsan - Photo : Piet Sinke (c)

Production start-up is targeted for mid-2015. A fast ramp-up to steady production is expected, given the opportunity to test and finetune the FPSO before it leaves South Korea. Goliat will be the first oil field to come on stream in the Barents Sea, and

as such the project incorporates several technical innovations designed to ensure safe and robust operation. The platform has been specifically tailored to Arctic conditions.

Dockwise VANGUARD anchored off Singapore earlier this week -

Photo : Richard Qualm - DNV GL Oil & Gas Thailand (c)

The FPSO has reached an advanced stage: work on the hull is finished, topsides are reaching mechanical completion, and commissioning activities are progressing steadily in parallel. The final activities, related to sea trials, are expected well before sailaway. The licence remains fully satisfied with the quality of construction received from Hyundai. In parallel, the other parts of the project – drilling, installation of subsea – are progressing steadily in Norway. Eni Norge AS is operator of the field with a participating interest of 65 per cent. Statoil owns the remaining 35 per cent as partner. Goliat is planned to produce 170 million barrels of oil during a production lifetime of 15 years. Source : World Maritime News

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A busy Immingham Outer Harbour from left to right JUTLANDIA SEAWAYS, ARK GERMANIA and MORNING LAURA. JUTLANDIA SEAWAYS had just arrived from Rotterdam . ARK GERMANIA is now operating on the Esbjerg-Immingham route. EUKOR’s PCC had just arrived from Tarragona. Photo : Simon Smith (c)

Almi Tankers: Riding out the storm In the CEO’s hotseat for nearly nine months now, Captain Stylianos Dimouleas, who heads up Greece’s Almi Tankers, is riding out the tanker freight rate storm. “In a very volatile market, we try to keep an almost even balance between spot and time charter,” he says. The company, founded in the early stages of shipping’s downturn back in 2009 by Costas Fostiropoulos, has grown quickly and also secured decent charters with oil majors, something

imouleas is proud about. D

Prior to taking the top job, he had been with Almi for three years, starting out in HR before becoming chief operating officer. Almi currently operates a fleet of two aframax LR2 vessels and nine suezmaxes. It also took delivery of a VLCC, which has been long-term chartered, and will take the delivery of another VLCC later this year which is also on a 15-year charter with the same oil major, Chevron. The tanker owner is now close to completing its extensive newbuild project, all of which has taken place at Korea’s Daewoo Shipbuilding & Marine Engineering (DSME). The suezmaxes and VLCCs ordered are among the more technically advanced afloat today. “We definitely wanted to take advantage of new technologies, as we wanted our vessels to be as eco-friendly as possible,” says Dimouleas. Ballast water treatment systems have been fitted on all vessels, and the VLCCs are the first in the world to be equipped with G-type ultra long stroke engines, which in conjunction with a larger diameter propeller offer significant fuel savings and produce less emissions than engines with the same output. As far as the markets go Dimouleas says the tanker sector looks like it has bottomed out finally. Admitting that times have been “very depressed” and “extremely tough” for everyone in the tanker trades for the past four years, Dimouleas stresses: “We will maintain our very high operating standards to ride this global storm out. I think that is what should be done on an industry-wide level.” He adds: “A halt

new vessel orders would help as well.” in

Dimouleas will not be drawn on possible other sectors Almi might buy into, but does tell readers, “We always keep our eyes open for good business opportunities.” This is not surprising since the firm is owned by the Fostiropoulos family, well known Greek shipping players who also run dry bulk outfit Fairsky Shipping. Prior to Almi, Dimouleas was at sea for 16 years with the Onassis Group before coming ashore in 2006 and working with Top Ships for four years. NEED TO KNOW: Almi Tankers Founded in 2009 by the Fostiropoulos family who also run dry bulk outfit Fairsky Shipping, Almi now has two aframax LR2 vessels, nine suezmaxes, and a VLCC, plus one more VLCC to deliver shortly. Source : maritime CEO

Four new supply boats coming to N.L. offshore

Atlantic Towing secures service contract for Hibernia, Hebron

Four new supply vessels will be coming to the waters off Newfoundland and Labrador, under a service contract awarded to Atlantic Towing Ltd., according to a company statement. Atlantic Towing has been tapped for offshore service to ExxonMobil Canada Properties and Hibernia Management and Development Co. Ltd. (HMDC) for



the next 10 years, with the addition of 15 years of add-on options, if the employers choose to further award. The offshore service — to the Hibernia and Hebron oil fields — will include use of the new supply ships, to be built by Damen Shipyards Group of the Netherlands. That same company is also currently building new ferries for the provincial fleet. According to Atlantic Towing, the supply contract is the largest contract it has ever been awarded.

"ExxonMobil has been a valued customer and we are proud and honored to have the opportunity to support the Hibernia and Hebron operations offshore Newfoundland and Labrador with the highest standard of safety and service," said Wayne Power, vice-president of Atlantic Towing, in the company’s statement. The new contract will require the J.D. Irving Transportation and Logistics subsidiary to hire more people. "We expect hiring of approximately 100 new positions, which will provide a great opportunity for local seafarers, to begin in December 2015," said Sean Leet, general manager for Atlantic Towing. Anyone interested in applying is being encouraged to contact the company through its website: www.atlantictowing.com. Atlantic Towing currently has eight ships operating in its fleet and the new additions will bring the total fleet to 12. The first of the new offshore supply ships is scheduled to be delivered in 2016. Source : The Telegram

16-05-2014 : only a year old the BAHRI TOBRUK , flagged in Saudi Arabia and has Damman as her home port. Here she steams past Portuguese Cove after making port calls at Wilmington, South Carolina, Baltimore US, and Halifax, NS. before heading to Livorno, Italy Photo : René Serrao, Portuguese Cove NS,

Recovery work continues for 20 victims Search efforts for the ferry victims resumed Friday, following a half-day suspension due to strong winds and high currents. As of Friday, the death toll from the April 16 ferry disaster rose to 284 with 20 still unaccounted for. Most of the victims were students from a high school who were on a school trip. Divers reentered the water in the afternoon to search the third and fourth decks of the ship. This is the second round of full search operations following the completion of the first round that took about a month. The maritime authorities vowed to continue the search efforts until the last body is recovered. “(We) will do our utmost until we pull up the last passenger with a feeling of atonement (for the disaster),” said Coast Guard chief Kim Seok-kyun in a briefing on Thursday.

Kim also pledged not to salvage the sunken ship without permission from the families of the victims, who were apprehensive about the possible damage to or loss of the victims trapped in the sunken vessel. Meanwhile, a dozen civilian divers who helped the Coast Guard and Navy divers were pulled out. They were supposed to participate in the

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search operations only for five days. But the stay was extended for more than 10 days as the work was postponed by bad weather. About 10 new civilian divers are expected to be deployed in a few days.

Of the three bodies recovered on Thursday, one was found to be a crewman surnamed Yang, the only high-ranking sailor who did not abandon the ferry. When the ferry Sewol was capsizing, Yang called his wife, telling her to use his savings account for their son’s tuition, the wife told the media. The 45-year-old quickly hung up, saying that he could not talk for long because he had to run to save the teenage passengers. As the account of his selfless action was heard, a municipal government is working on legally recognizing his sacrifice. Legal recognition is given to those who risk their lives by going beyond the call of duty. Once the sacrifice is legally recognized by the government, the Yang’s body is to be buried in the national cemetery. Compensation and various benefits will also be offered to the bereaved family. Three ferry victims were legally recognized earlier this week following a public request. Source : The Korea Herald

Ferry families unhappy at Cheung no-show

Families of victims of the Lamma ferry disaster are disappointed that transport secretary Anthony Cheung Bing-leung did not attend the meeting at which they met Secretary for Justice Rimsky Yuen Kwok- keung. Mrs Koo, who lost her son in the tragedy, said Cheung had replied in a letter to the families, saying he would meet them later. Families said the Transport Bureau notified them in the morning that Cheung would not attend because details involving criminal investigations would be discussed. Lawmaker James To Kun-sun, who is assisting the families, accused Cheung of shifting responsibility to Yuen.

Before the meeting, Koo said she hoped Yuen would explain why the investigation report could not be disclosed. She said she would not sign the confidentiality agreement to read the whole report. "If I knew about the report but could not consult others, it would be a pain," she said.

Last month, the Transport and Housing Bureau released a summary of a 430-page investigation report that stated the Marine Department's highest management should face disciplinary action after the Lamma IV sinking that killed 39 people in October 2012. The government was concerned that full disclosure could affect criminal proceedings against officials involved. Cheung refused to reveal whether the then director of marine Francis Liu Hon-por was one of the two directorate staff involved. Source : Hong Kong Standard

Tanker market retreats in April According to the latest report from OPEC, in April, crude oil tanker market sentiment weakened and average spot freight rates dropped on most of the reported routes. On average, dirty tanker freight rates closed down by 4% compared to the previous month. For the VLCC sector, average spot freight rates for reported routes dropped by 5% in April, compared to the previous month, while Suezmax declined by 8% and Aframax was more stable, falling by only 1%. The general softer sentiment in spot freight rates in April came on the back of the continuous tonnage oversupply and weak demand as market activities declined, due partially to a holiday period. Clean tanker sentiment followed the

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same trend as dirty tanker registering suffered a drop from the previous month and last year, being under the influence of the same factors negatively affecting the whole market.

Spot fixtures OPEC spot fixtures dropped in April by 7% to stand at 12.59 mb/d. The decline came mainly as a result of a fall in Middle East to East fixtures. Outside the Middle East, fixtures decreased by 16% in April. Compared to the previous month, global fixtures dropped by 7% to stand at 18.11 mb/d.

Sailings and arrivals OPEC sailings declined by 1% from the previous month to average 23.89 mb/d in April. Arrivals in Europe were higher, while arrivals in North America and West Asia dropped from the previous month by 8% and 2% to stand at 9.54 mb/d and 4.27 mb/d, respectively. Arrivals in Europe stood at 12.19 mb/d compared to the same month last year.

Spot freight rates VLCC The VLCC market continued to suffer from declining freight rates, a downtrend seen since the beginning of 2014 (with the exception of February). Affected by an obvious tonnage surplus in April, freight rates did not show any increase, despite an occasional improvement in market activity as tonnage demand was seen steady in the first decade of the month for West Africa and the Caribbean, while the Middle East market was relatively firm. Middle East to Asia tonnage demand experienced some gains for the second and third decades. Meanwhile, the VLCC market in the West was partially depressed, due to low activity as a result of the Easter holidays. For VLCCs, Middle East to East spot freight rates declined by 5%, Middle East to West rates decreased by 3% and West Africa to East rates dropped by 6% in April, compared to the previous month. On the whole, April was a slow month for the VLCC market with a limited amount of activity and the total number of fixtures on the low side.

Suezmax Suezmax spot freight rates followed a similar pattern to those of VLCCs. West Africa to the US spot freight rates declined by 6%, while Northwest Europe (NWE) to the US decreased by 10% in April, compared to the month before. The decline of Suezmax spot freight rates came on the back of lower tonnage demand seen in several regions. Freight rates declined despite an increase in tonnage demand for West Africa loading which indeed led to higher freight rates. However, that was short lived as freight rates dropped when demand eased off. Rates were seen declining in the Black Sea following a minimal pre-holiday rush, while transatlantic freight rates were negatively affected by lower trade. Besides the monthly drop in freight rates, rates on tankers operating on the West Africa to US routes reflected the only drop on an annual basis among all other reported routes, despite the decline being minor. Suezmax was chosen as an alternative to Aframax on a part-cargo basis when Aframax freight rates firmed.

Aframax Aframax spot freight rates ended the month with a slight drop of 1% on average, compared to the previous month. Aframax spot freight rates showed a mixed performance in April on the selected routes, lthough rate changes on all selected routes were considered minor.

The Aframax market in the Mediterranean suffered from growing competition between shipowners, which led to a drop in freight rates. Aframax spot freight rates experienced small declines with Mediterranean to Mediterranean rates losing 2% and Mediterranean to Northwest Europe rates declining by 5% in April, compared to the previous month. The monthly average reflected declines, despite rate gains registered in the first half of the month as a result of some delays and increased activity in the region. However, loading cancelations at Cayhan Port and limited inquiries, due to the holidays, absorbed any increase in rates. Prompt replacements in the Caribbean firmed spot freight rates for aframax in April. However, rates then suffered a downward correction as the number of cargoes declined, while vessel availability increased. On average, Caribbean to the US Aframax spot freight rates were almost stable in April, compared to the previous month. Source : Nikos Roussanoglou, Hellenic Shipping News Worldwide

Handysize clean tanker rates on Baltic-NWE route plunge to lowest recorded

level Handysize clean tanker rates on the Baltic to Northwest Europe voyage, basis 30,000 mt, hit the lowest ever assessed by Platts Thursday as ample tonnage and low demand continued to put pressure on freight rates, shipping sources



said Friday. According to Platts data, the Baltic-NWE route, basis 30,000 mt, fell 0.43/mt over the day to be assessed at $10.03/mt, the lowest ever assessed by Platts. Shipping sources continued to peg rates on the Baltic-NWE voyage at Worldscale 115, which is equivalent to $10.03/mt. However, a few sources said rates may drop further on a lack of spot demand for cargoes. "There is nothing really for the spot market any more, so pressure is a bit off, so we might be seeing a touch more shortly," a shipbroker said. "The MR tankers are pushing into the market along with Handysize tankers," he said, which has led to ample availability of tonnage. According to the source, MR tankers were available in the UK Continent, and after MR tanker rates fell over the course of the week, it was economically more viable to carry cargoes on MR tankers than on Handysize tankers. Source: Platts

Two X-bow vessels in the seaport of Den Helder. The platform supply vessel EDT JANE of EDT Offshore and the seismic survey vessel WG TASMAN of Western Geco. Photo: Paul Schaap/PAS Publicaties (c)

Odfjell enters into LPG / ethylene joint venture and exercises options for four

newbuildings Odfjell SE is pleased to announce that it yesterday has entered into an agreement with affiliates of Breakwater Capital and Oak Hill Advisors (the "Partners") to form a liquefied petroleum gas and ethylene ("LPG/E") shipping joint venture. Further, Odfjell announces that it has exercised its option for construction of four 22,000 cbm LPG/E gas carriers at Nantong Sinopacific, scheduled for delivery between September 2016 and June 2017. The contract price in total is in the region of USD 200 million. In the LPG/E gas carrier segment, Odfjell currently owns and operates two 2008-built 9,000 cbm vessels, has four 17,000 cbm vessels under construction at Nantong Sinopacific, scheduled for delivery between October 2015 and May 2016, and the option for four vessels now being exercised.

In accordance with the agreement, Breakwater and Oak Hill Advisors have jointly agreed to invest approximately $50 million as consideration for a 50.0% equity interest in Odfjell's LPG/E business. Further, Odfjell and the Partners have each agreed to commit approximately $50 million to finance the growth of the joint venture. Completion of the joint

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venture agreement is subject to customary conditions for closing including execution of the shipbuilding contracts related to the vessels. It is expected that completion will occur within the next three months.

Odfjell and the Partners aim through consolidation and partnerships with other first-class operators to build a leading LPG/E shipping platform founded upon second-to-none operational excellence, a modern and eco-friendly fleet and a long-term market perspective. Jan A. Hammer, President and CEO of Odfjell, says: "Odfjell is delighted to have Breakwater Capital and Oak Hill Advisors as its partner in the shipping segment of LPG and ethylene. Together, we will enhance our growth opportunities and broaden our capabilities."

Jeppe Jensen of Breakwater Capital says: "We are pleased to be an integral part of a strong platform within the LPG/Ethylene segment. The combination of a modern fuel efficient fleet and two first class partners such as Odfjell and Oak Hill Advisors represented the perfect entry opportunity in a sector we have been and are excited about." SEB has acted as sole financial advisor and Thommessen has acted as legal counsel to Odfjell. Reed Smith LLP has acted as legal counsel to Oak Hill Advisors. Source: Odfjell SE

Boskalis TSHD's SHOREWAY and CAUSEWAY, passing each other whilst dredging inside the Port of Southampton.

Photo : Aled Jones (c)

Lauritzen reports better than expected first quarter results

“First quarter EBITDA totaling USD 21.6 was better than expected and up by USD 12.4m compared to last year.Although there is still some way to go, I am confident that we have now started to move in the right direction",says Jan Kastrup -Nielsen includes, President and CEO. EBITDA from continuing operations amounted to USD 9.6m and was up by USD 13.7m compared to same period last year. The improvement mainly related to the bulk carrier activities. JL's result for Q1 amounted to USD 1.9m, up by USD 27.7m on Q1 2013. The result profit from discontinuing operations of USD 10.6m.

In many ways, Q1 2014 turned out as expected with challenging market conditions and the scheduled completion of the sale of our product tanker fleet. The better than expected result was mainly due to conservative earnings estimate related to the remaining product tanker operations as the exact delivery dates of the vessels to the new owner were uncertain but also due to improved earnings from our handysize bulk carrier operations.Main events during Q1 2014:

• Delivery of the remaining seven wholly-owned product tankers and four long-term time-chartered product tankers to the new owner Hafnia Tankers. •Sale of three shuttle tankers to Knutsen NYK Offshore Tankers, Norway with expected delivery during Q2 2014. •Four ECO design supramax and two ECO design handysize bulk carrier newbuildings with delivery in 2016- 17 were contracted. •Formation of joint venture with Sincere Industrial Corporation, Taiwan together with joint ordering of two ECO design handysize bulk carrier newbuildings with delivery in 2017. •Four handysize and two supramax bulk carrier newbuildings were taken on long-term time-charter for delivery in 2015 - 16 all with extension options and three with purchase options. At period end, cash and unused credit facilities amounted to USD 248m. NIBD was USD 493m and amounted to 52% of vessel values. Solvency ratio was 45% compared to 39 % at the end of 2013. Full year EBITDA for continuing operations is upward adjusted from USD 55 - 75 m to USD 80- 100m whereas the net result is estimated in the range of USD 15-40m, up by USD 40 -45m on earlier estimate.

Lauritzen Bulkers



J. Lauritzen bulker's SINGAPORE BULKER outbound at the Westerschelde - Photo : Huib Lievense (c)

Average number of vessels reached 112 compared to 116 in the first three months of 2013. EBITDA for Q1 2014 was USD 5.1m, up USD 15.6m from USD (10.5)min Q1 2013 mainly due to improved market conditions . Operating income in Q1 2014 amounted to USD 2.8m compared to USD (20.5)m in 2013 as sale of assets as well as write -downs in 2013 have reduced depreciations. Lauritzen Kosan Average number of vessels reached 42 compared to 4 5 in the first three months of 2013. EBITDA amounted to USD 6.3m, down from USD 8.7m in Q1 2013, mainly due to the generally challenging market conditions. Operating income amounted to USD 0.0m compared to USD 2.0m in 2013 .

Discontinuing operations EBITDA for discontinuing operations amounted to a total of USD 1 2.0m (USD 13.3m in the same period in 2013). Operating income was USD 12.0m compared to USD 8.0m in 2013 as no depreciations apply for assets held for sale.

Joint ventures JL's share of profit in joint ventures amounted to USD 0.8m, up from USD (2.4)m in Q1 2013. The improvement relates primarily to Lauritzen Bulkers. Net financial and cash position Net financial items amounted to USD (10.6)m compared to USD (6.7)m in Q1 2013 which included significant currency exchange rate gains. Cash and undrawn credit facilities amounted to USD 248m, up by USD 94m on year - end 2013.

Net interest bearing debt amounted to USD 493m, down USD 138m on year-end 2013 due to sale of assets .

Assets Total assets amounted to USD 1,655m down USD 222m from year-end 2013. The change relates to assets held for sale offset by increased cash. Outstanding deliveries of own and part-owned vessels amounts to ten for delivery in 2015-17. Outstanding deliveries of long-term time- chartered vessels amounts to 17, hereof 14 with purchase option. Vessels will be delivered in 2014-17.

Events after the balance date After balance date, JL's counterparty claim related to the default by STX Pan Ocean involving untimely redelivery of two long -term time-chartered capesize bulk carriers in early 2013 was sold.

The transaction will have a net effect on results and cash position of approximately USD 30m, cf. announcement no. 4/2014 dated 30 April 2014 to Oslo Børs. two 58,000 dwt supramax bulk carriers were sold with scheduled de livery end of June/early July 2014.A 4,000 m 3 semi-refrigerated gas carrier built in 1991 was sold.

Outlook for 2014 EBITDA for continuing operations for the full year is expected to be in the range of USD 80 - 100m, up on earlier reported USD 55-75m mainly due to proceeds from sale of counterparty claim partly offset by the EBITDA effect related to sale of additional assets , cf. above. Net result for continuing operations in 2014 is expected at USD 0-20m, significantly up on earlier estimate of USD (20)-(40) m, due to sale of claim as well as sale of assets. Result from discontinuing operations is expected to be in the range of USD 15 -20m (USD 15m in our last estimate).Total net result for 2014 is estimated at USD 15-40m, up by USD 40 - 45m on earlier estimate .Currency and interest rate fluctuations as well as effects from sale of assets may impact the result. Source: J.lauritzen

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Fairmaster successfully launched The 18th of April saw the second marking of an important milestone in the construction of Jumbo’s revolutionary new K3000 class vessels. At Split, in Croatia, the second of the two vessels, the Fairmaster was launched. The Fairmaster is the sister vessel of the Jumbo Kinetic which was launched last year. A video was made of the

launch for you to enjoy.

Environmental emergency declared in Galapagos Islands

Ecuador has declared an environmental emergency in the Galapagos Islands after a freighter carrying pollutants ran aground last week. The measure will free up resources to remove the ship and mitigate its impact in the face of "possible environmental damage that could unleash a disaster" said the Directorate of the Galapagos National Park (DPNG). The vessel, which ran aground off the Baquerizo Moreno port on the island of San Cristobal on Friday,

was carrying 19,000 gallons of cargo fuel that has already been removed. But highly polluting motor oil and cleaning products remain in the ship's airtight holds, yet to leak out. At the request of Galapagos authorities, Ecuador's Environmental Minister Lorena Tapia issued the environmental emergency. The measure aims at protecting the archipelago's marine reserve, specifically the "area affected by the stranding and possible sinking of the cargo ship 'Galapaface I'" DPNG said in a statement. The Ecuadoran-owned Galapagos Islands, located in the Pacific Ocean around 620 miles off the coast of Ecuador, are classified as a UNESCO world heritage site. Galapaface 1, which was

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carrying 1,000 tons of cargo when it ran aground, became blocked by sand and rocks that cracked its hull, causing flooding in the vessel's engine room. In 2001 the Ecuadoran ship "Jessica," which was carrying fuel, ran aground near the same spot, causing a serious environmental crisis that affected several species. The region is home to a large population of sea lions. The Galapagos Islands are famous for their unique flora and fauna studied by Charles Darwin during the voyage of the Beagle as he developed his theory of evolution. Source : The Telegraph

16-05-2014 : The KATHERINE (9641235) outbound from Rotterdam-Europoort Photo : Krijn Hamelink. (c)

New RNLI lifeboat is officially named Arbroath’s inshore lifeboat the ‘D-759 Robert Fergusson’ was the main attraction yesterday (Saturday) when a

formal naming ceremony took place at the lifeboat station. Members of the Arbroath volunteer lifeboat crew, RNLI officials and VIP guests will be present at the ceremony which is due to start around 1.45 p.m. with a piper providing the background music to the event.

Funding for the lifeboat was provided by Mr Andrew Ferguson, who has had a long association both with the RNLI and the lifeboat station at Arbroath. The new lifeboat will be named by Andrew’s daughter, Gilly, who ran the London Marathon in April to raise funds for the RNLI. Mr

Ferguson’s first involvement with Arbroath RNLI dates from 1992, exactly 200 years after Lionel Lukin, designer of the first lifeboat, had been the Master.

In commemoration of Lukin’s pioneering designs, Mr Ferguson made the RNLI his charity of choice during his year of office as Master of one of the old City companies, the Worshipful Company of Coachmakers and Coach Harness Makers. The money raised was used to fund Coachmakers of London, a D class inshore lifeboat which went on station at Arbroath in 1993. In 2005 the replacement D class was launched at Arbroath, and named Duncan Ferguson in honour of Andrew’s father and in commemoration of the family’s origins in Perthshire. This time Andrew has decided to honour the memory of Scotland’s great but tragic poet, Robert Fergusson, who died shortly after, allegedly, falling heavily down a flight of stairs in Edinburgh in 1774. Robert Fergusson was one of the first Scottish poets to write in both Scots and English, and was the inspiration for Robbie Burns who commissioned and paid for a memorial headstone of his own design. Source : Guide & Gazette

Hanjin narrows Q1 loss 37.2pc to US$58.1 million, revenue off 7.6pc



KOREA's Hanjin Shipping posted a 37.2 per cent year-on-year reduction in first quarter operating losses to KRW62.2 billion (US$58.1 million), drawn on revenues of KRW2.15 trillion, down 7.6 per cent. Box volume was up 0.7 per cent year on year, but freight rates fell two per cent, resulting in a 6.4 per cent fall in container revenue to KRW 1.93 trillion. This meant operating losses of KRW35.8 billion due to soft demand, despite 23.1 per cent savings in fuel.

"Although deliveries of mega vessels are being made in container market, carriers are continuing service rationalisation, slow steaming, early return of chartered-in vessels and scrapping old vessels, thus profitability is expected to improve," said a Hanjin statement. "Rate increases during the peak season and stable oil price are likely to contribute to profitability. Global bulk volume is expected to rise due to recovery of Chinese construction, resumption of Columbian coal exports, etc," said the company. The bulk unit's revenues were 0.5 per cent lower at KRW171.8 billion year on year due to 8.1 per cent decrease in freight volume, even-though bulk freight rates rose 5.8 per cent and benefited from a 7.6 per cent drop in fuel costs. "Operating profit is expected to improve from second quarter as continuous rate restoration and cost-cutting efforts since second half of last year show full effect," said the company. Source : Asian Shipper

The ANTAEUS in Rio Grande - Photo : Marcelo Vieira (c)

Lifeboat charity aiming to lap the UK in a RIB

The 12-man team hopes to raise £50,000 for lifeboat causes by cruising the 2,000 mile route, from Poole to Poole via John O’Groats A volunteer water rescue team is hoping to raise funds for search and rescue efforts by circumnavigating the UK in nine days, nine hours and nine minutes. The 999 challenge is the brainchild of the

Watersafe UK Search & Rescue Team (WUKSART) and will see a team of 12 attempt the 2,000 mile passage from Poole to Poole via John O'Groats. As if that wasn't challenging enough, the vessel that the team has acquired for this voyage is not a superyacht, or even a cabin cruiser, but a three-year old Parker 750 Baltic RIB. Powered by a 320bhp outboard, the RIB is equipped with a Simrad chart plotter, radar and depth sensor. The one sensible concession that WUKSART has made is the date, as they will embark on this

epic journey in June, when daylight hours will give them the best chance of completing the trip on schedule. Chris Carter from WUKSART told MBM: "The North of Scotland should be the trickiest bit, but it depends on conditions. "We only know of a handful of people who have ever completed this journey in this kind of craft." This is not the first time that WUKSART has attempted the 999 challenge, after an effort last September ended with a broken RIB and a string of tough questions to answer. Nonetheless, they are determined to complete the voyage this summer, with team leader Nigel Cobb aiming to stay on board the RIB for the entire journey, as the rest of the four-man crew rotate



in and out from the two back-up vessels. The WUKSART team hopes to raise £50,000 from their efforts, with the proceeds being split with the RNLI. For this reason, RNLI locations in Penzance, Fishguard and Harwich (among others) will provide their overnight stop-off points. MBM will be closely following the progress of WUKSART and the 999 challenge, but in the meantime, you can show your support by donating on their JustGiving page. see also : http://www.youtube.com/watch?v=LZuCPethrfI Source : motorboatsmonthly

NAVY NEWS HMCS Protecteur heading home under

tow from U.S. navy tug A Canadian navy warship that was badly damaged in U.S. waters by a massive fire at sea in February is on its way back to Canadian waters, under tow by a U.S. tug, CBC News has learned. HMCS Protecteur departed Pearl Harbor

on Thursday morning under tow from USNS Salvor, beginning a slow voyage across the North Pacific back to its home port of CFB Esquimalt near Victoria, B.C. There are four Royal Canadian Navy sailors aboard Salvor for the sail home.

"She's making six knots right now, which is good," said navy spokesman Lt.-Cmdr Des James. "From our perspective, everything looks promising." The trip under tow is expected to take as long as three weeks, depending on the weather, but it could be Protecteur's last trip.

Commissioned in 1969, the ship was due to be retired in 2017, but the damage aboard following two fires at sea over three days was so severe that

it's likely repairs will be too expensive for the navy to consider for just a couple years of service. "It's still too early to make those calls," said James. "We have to wait 'til we get her alongside and then get on board and get a detailed damage assessment. That work will happen in the next weeks or months. There's still a long journey ahead."

About 20 crew suffered minor injuries — including dehydration, exhaustion and smoke inhalation — fighting the first of the two fires, an effort that lasted more than 11 hours. The vessel was more than a day — and 600 kilometres — out of Pearl Harbor in the north Pacific in rough seas at the time the fire broke out. Sailors were able to save the ship from sinking, but it nevertheless lost all power, including the ability to generate electricity to run communications gear and pumps to fight the blaze. It took a week for the U.S. navy to tow the ship into Pearl Harbor after the incident. Source : CBC News

Navy helps with rescue of civilians Royal Australian Navy patrol boat HMAS Wollongong has made a mercy dash to embark two injured Australians who were rescued by an Indonesian merchant vessel in the Arafura Sea. An Indonesian registered civilian offshore supply ship, MV POSH Shearwater, initially responded to a vessel in distress call and rescued the two men from their sinking craft on 14 May. The transfer from the POSH Shearwater was made using a winchable Paraguard Stretcher onto HMAS Wollongong’s sea boat which then brought the injured sailors to the patrol boat. The task was made more difficult by the need to make the transfer at night in the open sea. Medical orderlies from HMAS Wollongong first boarded POSH Shearwater to check and prepare the two men for transfer to the patrol boat. Once on board HMAS Wollongong the two sailors received medical treatment from the patrol boat’s crew and were taken to Darwin on 15 May for further treatment. Lieutenant Commander Ben Reilly, Commanding Officer of HMAS Wollongong, said the difficult part of transferring the men to the patrol boat was getting them off the ship and into Wollongong’s small boat, a task complicated by one man having suspected back injuries.

“That’s always the difficult part when you’re doing transfers at sea, particularly at night,” Lieutenant Commander Reilly said. “The task was made easier with the excellent cooperation of the Indonesian ship’s crew. “They stopped in the water for us and gave us a good position for our boats to come alongside.” Leading Seaman Lisa Russell, Cook and Primary Healthcare Provider, said the two sailors were more than happy to be collected by Wollongong’s crew.

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“They were both pretty excited,” she said. “They said they felt like they were treated like kings.” Major General Shane Caughey, Deputy Chief of Joint Operations, said the swift re-tasking of HMAS Wollongong was made possible thanks to the extremely close relationship between Rescue Coordination Centre – Australia (RCC-A) and the ADF’s headquarters Joint Operations Command (HQJOC). “Following a phone call from RCC Australia to Headquarters Joint Operations Command our people made ready to help,” Major General Caughey said. “HMAS Wollongong’s ability to quickly divert to a rescue mission underlines the diversity of tasks our armed forces can undertake at any given moment.” Source : Australian Government - Ministery of defense

French Ship Could Spy on Communications in Black Sea

The French intelligence ship FS Dupuy de Lome has entered the waters off Bulgaria’s port city Varna a day after its return to the Black Sea, a military source told RIA Novosti Thursday. “The French intelligence ship is now stationed in

the western Black Sea, 30 miles away from the port of Varna,” the source said. The intelligence vessel is designed for radar monitoring, as well as the collection of signals and communications behind enemy lines. It can also intercept phone calls and e-mails. Under the Montreux Convention Regarding the Regime of the Straits, ships belonging to countries that do not border the Black Sea are not allowed to stay in the area for more than 21 days. The agreement was earlier breached by the frigate USS Taylor, which stayed at a

Turkish port 11 days over its limit. The Russian Foreign Ministry said that Turkey, a NATO member, had failed to inform Moscow about the violation. The Dupuy de Lome was earlier deployed to the Black Sea from April 11 to April 30, after the standoff between Moscow and Kiev led to the Crimean peninsula’s secession from Ukraine and reunification with Russia. Source : RiaNovosti

SHIPYARD NEWS

Shipyard Pella (Leningrad region) launches tugboat RB-407 of project 16609

On May 14, 2014, Shipyard Pella (Leningrad region) launched tugboat «RB-407» of project 16609 (building No 626) of the Acceptance Program of 2014, the shipyard says in its press release. This year the tugboat will be delivered to the Russian Navy and put into operation within the Pacific Fleet of the Russian Federation. The tugboat is intended for towing and berthing operations in harbor and coastal areas which comply with R2 navigation area (not more than 100 miles from place of shelter), performing of escort operations at the speed of 10 knots, refloating of ships and vessels, fire fighting operations at floating and shore objects, oil and petroleum content products, cargo transportation,

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ice breaking and rescue and special purpose operations as well.. Ship's general characteristics: LOA – 28.5 m, breadth overall – 9.5 m, draft – 4.3 m, operational speed – nearly 12 knots, RS class notation - KM Arc4 R2 Аut1 FF3 WS Tug. JSC Pella Shipyard based in Russia’s Leningrad region was founded in 1950. In 1992 Pella was privatized as Pella Holding Co. comprising the head office and several subsidiaries. The shipbuilding firm specializes in building tugboats for Russian customers. Source : PortNews

The DAMEN shipyards built ARTHUR DION HANNA, built for the defence force of the Bahamas conducting trials

Photo : Ad de Kruijf (c)

ASL Marine unveils latest financials - revenues from offshore vessels falls

ASL Marine Holdings, a shipbuilding, shiprepair and conversion specialist, has reported revenues of S$144.8 million and net profit attributable to shareholders of S$5.6 million for the three months ended 31 March 2014. ASL Marine’s revenue remained stable at S$144.8 million for the third quarter of FY2014. The group recorded growth in the shiprepair and conversion, and engineering segment, which was offset by the shipbuilding and shipchartering segment.

Revenue from the shipbuilding segment fell 12.4 per cent year-on-year to S$85.2 million in the third quarter of 2014. This was attributed to the lower revenue recognized from construction of offshore support vessels during the quarter as the construction of most of the OSVs are nearing completion. It was offset by higher revenue recognized from the construction of dredger and barges together with the revenue from an additional two tugs.

Gross profit for the shipbuilding segment was reported at S$1.1 million, with gross profit margin of 1.3 per cent. This was mainly due to the delay in the completion of construction of three OSVs, of which the margins have been suppressed due to additional subcontractors’ costs, additional working capital and provisions for liquidated damages.

Revenue from the shiprepair and conversion segment more than doubled to S$25.8 million in the quarter, from S$11.1 million in the same quarter in the previous year. source : Offshore Shipping Online

New feet for a pioneering vessel MPI Resolution has received six new feet for its tenth birthday

by : Peter Barker The world's first dedicated offshore wind turbine installation vessel has been given a set of new feet for its tenth birthday in an operation involving Damen's ARNO Dunkerque yard and a UK engineering company. The feet, or spudcans on the bottom of the legs of vessels such as MPI Offshore's MPI Resolution are subject to substantial loads, particularly when the vessel is being elevated on rocky seabeds. Unlike vessels carrying out jack-up operations in some other sectors, wind turbine installation vessels spend a significant amount of time re-positioning from one turbine location to the next usually close nearby, each involving a separate jacking-up (and down) rotation. In what is thought to be the first operation of its kind, the opportunity was taken during the vessel's 10 year survey and dry docking to carry out upgrades on all six feet. The operation involved strengthening the spudcans through use



of innovative Sandwich Plate Systems (SPS) technology developed by Intelligent Engineering (UK) Ltd. SPS is a new generation composite building material comprising two metal plates bonded with a polyurethane elastomer core. The operation was carried out in parallel with scheduled survey work to a tight deadline. ARNO Dunkerque carried out the steel work in conjunction with Intelligent Engineering and was completed within a month, a day ahead of its scheduled delivery date, despite having arrived at Dunkerque two weeks later than expected. Work continued 24 hours a day, seven days a week, the yard's 165 strong permanent workforce doubled to ensure timely completion. Bob Derks, Damen ARNO Dunkerque managing director said: "The most challenging thing for us was making sure that all the work was carried out in parallel with security, safety and quality assured. The work was carried out from the bottom up right up to the cranes. People were working everywhere." Intelligent Engineering explained that use of SPS made the otherwise long and complex operation possible within the vessel's scheduled drydocking period. This would not have been possible if existing steel plate (40mm) had been replaced by 100mm steel plate which would have involved more time and work. The work involved using 40mm plate and creating a composite sandwich using the polyurethane core. The end result is essentially a new 120mm thick composite plate. The solution allowed MPI Offshore to strengthen the spudcans without exceeding the 25 tonnes per leg additional weight it had set itself for the work. Strengthening of the spudcans was necessary to allow the vessel to work on the Humber Gateway windfarm currently under construction off the UK east coast, as Dave Galloway, MPI Offshore fleet manager explains: "The Intelligent Engineering upgrade gives a significant increase to the load-bearing capacity of the spudcan without too much increase in weight." Source : Maritime Journal

Exeter shipyard wins £1.2million deal for two ferries

Exeter shipyard Exeter Maritime Services (EMS) at Gabriel’s Wharf on the Exeter Canal has won a contract to build two ferries for Marsamxetto Steamferry Services Ltd. Malta. The contract for the two ferries is valued at approximately £1.2 million and will guarantee employment at the yard for up to 16 tradesmen. Managing director Brian Pogson said: “Few people realise that Exeter has access to some of the best boatbuilding craftsmen in the country and now possibly Europe. “This export contract is tangible proof that Exeter and Devon in general can still win international maritime contracts. Hopefully it will be one of many”. The EMS contract will be supported by many local suppliers including Newton Abbot companies Watermota which will supply the engines and gearboxes, and Teignbridge Propellers which will provide propellers and sterngear. The 19-metre ferries will each have a capacity for 120 with 96 seats in the main passenger lounge and 24 seats on the upper deck. The upper deck has been designed to accommodate a further 30 outdoor seats to increase the capacity to 150 should traffic volumes increase sufficiently to justify the extra capacity. Both vessels will be delivered this summer and provide commuter and tourist links to Valletta across the Grand Harbour and Marsamxett Harbour. To the north west of Valletta one ferry will operate between Sliema and Marsamxetto and to the south east the second ferry will connect Lascaris with Bormla and Isla. Source : exeterexpressandecho

Western Baltija Shipbuilding delivers multi-purpose cargo ship Anetta

Western Baltija Shipbuilding, part of Western Shipyard (member of BLRT Grupp), has completed a turnkey project and delivered a multi-purpose cargo vessel Anetta, the shipbuilder said in a press release

According to Fjodor Berman, the Chairman of the Board of BLRT Grupp, building vessels from scratch, starting from the elaboration of a vessel’s concept and ending with her launching, has been the ultimate goal of the concern all these years. Multi-purpose cargo vessel Anetta is the second such purpose turnkey delivery of a newbuild for Western Baltija Shipbuilding. The vessel was designed for the transportation of bulk and bale cargo, timber, grain, and steel coils. Apart from that, it is also fit for transportation of dangerous goods in package of 2 to 9 class and dangerous goods in bulk classes 4, 5, and 9 (IMO IMDG code). Ship's main specifications: LOA - 89.9 m, beam - 14.5 m, DWT - 4600 tonnes, draft - 5.77 meters, max. speed - 11.5 knots, accommodations for 10 crew members.

Anetta has two cargo holds with 10 pontoon hatches, each of the cargo holds with capacity of 2875 m3 is equipped with a movable bulkhead. Permissible load on cargo deck is 15 t/cbm. MCR of the main engine is 1600 kW. Auxiliary plant consists of two 248 kW auxiliary diesel generators, 350 kW shaft generator and 70 kW emergency diesel generator. Apart from that, the vessel is equipped with bow thruster with nominal input power of 300 kW. The concept



and design of multi-purpose vessel was developed by Western Shipyard Group's in-house engineering firm Western Baltic Engineering. The construction was supervised by Lloyd‘s Register. Klaipeda, Lithuania based Western Baltija Shipbuilding (WBS) is a subsidiary of Western Shipyard, part of Estonian industrial concern BLRT Grupp. The company created after merger of two largest Lithuanian shipbuilding corporations “Western Shipbuilding Yard” and “Baltija” Shipbuilding Yard. Western Shipyard Group's staff is 1700 employees. Today, the Group incorporates one shipbuilding yard in Klaipeda and three ship repair yards based in Estonia, Lithuania and Finland. Source : PortNews

ROUTE, PORTS & SERVICES

15/5/14, under the guidance of Pilots G Hutchinson & Snr Pilot I Cummings the 61,336 Grt Tanker "BRAVO" seen being assisted off Houndpoint 2, Oil Terminal by the tugs Corringham and Hopetoun with Cramond pushing on the S/Side, she is bound for Rotterdam. Photo : Ian Forsyth (c)

‘Buy’ stays for SapuraKencana on positive news

HONG Leong Investment Bank Research (HLIB) maintains its “buy” call on SapuraKencana Petroleum Bhd, with a target price of RM5.52, on rising contract replenishment. HLIB said SapuraKencana secured multiple contracts with a collective value of US$312 million or RM1 billion and is positive this will boost its order book to RM28 billion. “We are positive on the awards and maintain our view that SapuraKencana is a proxy to global growth in offshore oil & gas (O&G) capex spending. The multiple contract awards show plenty of O&G works are still ongoing, especially in the global upstream exploration and production (E&P), given the high oil price. We expect more contract news flow from the Africa region, given its increasing E&P activities,” said HLIB. “In addition, we expect increasing fabrication job order with more than RM10 billion estimated worth of potential contracts to be awarded. Several centralised processing platforms are likely to be awarded in 2014,” the research house said . HLIB believes the recent acquisition of Newfield’s asset will help SapuraKencana to diversify its portfolio, gain immediate foothold and recognition as an upstream resource owner and operator. Source : New Straits Times

Brazilian passenger terminals behind schedule

Brazil's Audit Court (TCU) has made recommendations to the Ceará State Dock Company to draw up a Plan B for the handling of tourists at the Port of Muricipe, in Fortaleza, during the World Cup. Behind the TCU's suggestion is the recognition that work, amounting to $77.56m, is behind schedule and that the planned facilities will not be available

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during the tournament. It blames the delay on “atypical and extraordinary” maritime trade, which led to a lull in work lasting the best part of a year. In that time, the berth has silted up, leaving it with draft of less than 14 metres. The port company will therefore continue to use the former passenger berth, 1km from the one under construction, with passengers bussed to the new on shore facilities. Meanwhile, in the Port of Salvador, the passenger terminal, which should have been completed in August 2013, is reportedly 85% complete, with the initial phase set to be ready by the end of May. The port company says it will be able to accommodate two cruise liners scheduled to sail from Mexico in time for the World Cup in June. Source : portstrategy

Outbound on the Clyde last week was the very stylish shuttle tanker BODIL KNUTSEN.

Photo : Tommy Bryceland, SCOTLAND (c)

‘Kochi port has potential to be South Asian bunker hub’

Kochi port could emerge as a prominent bunker hub in the South Asian region in the next three years given its infrastructure and system, according to experts in the industry. Bunkering is the act or process of supplying a ship with fuel. Participating at a national-level bunker business meet here, they exuded confidence that Kochi would touch four million tonnes of annual bunker sales in the next three years from the current 1.3 lakh tonnes a year given its geographical advantage in all spheres of maritime trade. The price competitiveness of bunker supplies from Kochi, which is comparable to major bunker ports such as Fujairah and Singapore, augurs well for the port to firmly etch its position as a major bunker point, they said. The experts also noted that the proactive measures taken by the port in providing world class infrastructure and trade friendly procedure makes Kochi the most promising port in the region and the initiative taken by the port was aptly timed. Apart from this, they cited the efforts in putting in place simplified procedures, liberalised tax regime, concessional tariff and a conducive business environment would promote bunker trade from Kochi in a big way. Organised by the port, the bunker business meet provided a platform for all major

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stakeholders in the bunker trade for information interchange and interaction with the leading players of the bunker trade in the country. Earlier inaugurating the meet, Gautam Chatterjee, Director General of Shipping lauded the concerted efforts taken by Kochi port, Kerala Government and Customs for providing streamlined trade-friendly procedures and invoked the bunker suppliers and traders to avail the facilities at the port to boost the bunker trade. Source : The Hindu business Line

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The Ludwigshafen Express outbound from Southampton. Photo: B vh Padje (c)

Transocean Ltd. Provides Fleet Update Summary

Transocean Ltd. issued a monthly Fleet Update Summary which includes new contracts, significant changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since April 17, 2014. The total value of new contracts since the April 17, 2014 Fleet Status Report is approximately $953 million.

Other highlights include:

- Dhirubhai Deepwater KG1 - Awarded a three year contract offshore Brazil at a dayrate of $440,000 ($482 million estimated backlog). The rig's prior dayrate was $510,000.

- Paul B. Loyd, Jr. - Awarded a two year contract extension in the U.K. North Sea at a dayrate of $430,000 ($314 million estimated backlog). The rig's prior dayrate was $447,000.

- GSF Development Driller II - Awarded a three-well contract in the Black Sea offshore Romania at a dayrate of $360,000 ($97 million estimated backlog). The rig's prior dayrate was $606,000.

- GSF Constellation II - Customer exercised a one year option offshore Gabon at a dayrate of $165,000 ($60 million estimated backlog). The rig's prior dayrate was $165,000.

- Sedco 706 - The remaining backlog from the Sedco 710 contract in Brazil has been transferred to the Sedco 706.

Estimated 2014 planned out-of-service time increased by a net 485 days, including 354 days primarily associated with contract preparation and mobilization on the Dhirubhai Deepwater KG1, GSF Development Driller II and Polar Pioneer; and 121 days related to the shipyard acceleration into 2014 from 2015 on the GSF C.R. Luigs. Estimated 2015 planned out-of-service time decreased by a net 84 days. These estimates are subject to change due to a variety

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of factors, including changes in the company's business plans and customers' requirements. The report can be accessed on the company's website at www.deepwater.com.

Chidambaranar port to challenge PSA terminal order

Union government-owned V.O. Chidambaranar port in Tamil Nadu will challenge an arbitration tribunal award that backed a demand by Singapore’s PSA International Pte Ltd to move to a revenue share format from a royalty model for the remaining period of its container terminal contract that ends in 2028.

“We will file an appeal in the Madras high court against the arbitration tribunal award when the court re-opens on 2 June after the summer recess,” a spokesman for the port said. Earlier this week, additional solicitor general of India K.V. Viswanathan had advised the port to challenge the award of the arbitration tribunal, the port spokesman said. PSA-Sical Terminals Ltd, the entity that has been running the container terminal at Chidambaranar port (formerly known as Tuticorin port) since 1998, is 62.5% owned by PSA International, a unit of Temasek Holdings Pte Ltd, the sovereign wealth fund of Singapore. The terminal has been dogged by tariff issues for many years. An arbitration award can be challenged in a high court within 90 days, failing which the award stands confirmed.

The 90-day period in this case ends on 15 May. “Since the court is in recess, the last date for filing the appeal against the arbitration award would be 2 June when the court re-opens,“ said T.R. Rajagopalan, the port’s lawyer who had also advised the port to challenge the tribunal award. A back-of-the-envelope calculation shows that Chidambaranar port would stand to lose at least Rs.1,521 crore in the remaining contract period if PSA-Sical Terminals is allowed to shift to a revenue share model.

PSA declined to comment. The arbitration award, passed on 14 February 2014, says that PSA-Sical Terminals should be allowed to move to a revenue share format from a royalty model by adopting the revenue share percentage of 55.19% quoted by ABG Container Handling Pvt Ltd in September 2012 for a new container terminal—the second—at Chidambaranar port.

The starting tariff for the amended PSA contract should be the same as the one approved for the ABG facility (about Rs.2,600 for a loaded standard container), which escalates automatically every year because it is linked to the wholesale price index to the extent of 60%.

The potential revenue loss is based on PSA handling 450,000 standard containers a year (the designed capacity of the terminal) at a rate of Rs.2,600 per container, out of which it would share 55.19% with the government-owned port.

This compares with what Chidambaranar port would have earned had the contract continued with the royalty model.

PSA had argued before the arbitration tribunal that due to the earlier rate cuts ordered by the port tariff regulator, the commercial viability of the project has been adversely affected and therefore it is entitled to have the contract amended. This view was upheld by the three-member arbitration tribunal headed by former judge R. Balasubramanian.

The earliest container terminal privatization contracts such as the one at Chidambaranar port followed the royalty model. The terminal operator had to pay a certain royalty specified in the contract on each container handled at the terminal to the government-owned port. The royalty rises by about 20% every year in July till the end of the contract. Since then, Indian government-owned ports have switched to the revenue share model for port privatization contracts. The bidder willing to share the most from its annual revenue with the government-owned port wins the contract.

In the 14 years since starting operations, PSA made three attempts to raise rates for the services provided at the terminal, but each time the tariff regulator for the union government-controlled ports slashed them instead—by 15% in 2002, 54% in 2006 and 34% in 2008. PSA did not implement them by securing stay orders from the Madras high court. In effect, PSA is operating the facility with a capacity to handle 4.5 lakh standard containers a year at rates approved in 1998, when it started out on a 30-year contract.

In October 2011, PSA secured a stay from the district court in Tuticorin to freeze the annual royalty it is contractually-mandated to pay Chidambaranar port at the level set for 2011 as part of the 30-year contract. This was the first instance of a court-backed freeze on revision in royalty for a port contract after the ports sector was opened to private funds in 1997. Chidambaranar port had filed an appeal in the Madurai bench of the Madras high court to vacate the stay granted by the district court. PSA opted for arbitration while the Madurai bench of the Madras high court was hearing the case. Source: LiveMint

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