The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions. The industry is far from healthy, though, and the climb back to financial well-being will likely be long and unsteady.
A ‘work in progress,’ the North American brown water, shallow draft sectors have experienced a tumultuous year of evolution, changing market conditions, a rapidly shifting regulatory environment and new opportunities. Anything but boring; and within the pages of Maritime Reporter’ & Engineering News’ Annual Yearbook, Joseph Keefe, editor of sister-publication MarineNews
France and Italy forged a military shipbuilding alliance on Friday, as state-controlled Naval Group and Fincantieri signed off on a 50-50 joint venture that will bid for Franco-Italian warship projects and sell to the world market.The alliance reflects the two countries' desire to fend off competition in naval shipbuilding from the likes of China, the United States and Russia.
President Donald Trump is set to meet with Republican senators on Wednesday over a proposal to waive rules that only U.S.-flagged ships can move natural gas from American ports to Puerto Rico and the U.S. Northeast.The nearly 100-year-old Jones Act mandates the use of U.S.-flagged vessels to transport merchandise between U.S. coasts.
Any analysis of markets for offshore service vessels (OSV) usually begins with analogies to rough weather, best of times/worst of times or similar. OSV expert Seabrokers, with a home base in Stavanger, Norway, in the February edition of its Seabreeze market report follows this convention with a description of the “feast or famine” conditions in the North Sea.
At the end of December, the U.S. Army Corps of Engineers (ACE) announced its selection of ten dredging projects that will form the core of a pilot program to advance the beneficial use of dredged material.The recent U.S. Army Corps of Engineers’ announcement culminated a program required by Congress, established within the Water Resources Development Act (WRDA) of 2016, specifically Section 1122.
Argentine oil company YPF SA has loaded its first commercial liquefied natural gas (LNG) cargo for export from a new floating facility, trade sources said on Friday.Argentina's export joins a wave of new supply flooding the spot market which has depressed Asian spot prices to their lowest in a decade for this time of the year.The state-owned firm issued a tender which closed on Nov. 6 to sell 2.
Huntington Ingalls Industries’ (NYSE:HII) Newport News Shipbuilding division on Friday delivered the newest fast-attack submarine to the U.S. Navy.Delaware (SSN 791), which successfully completed sea trials earlier this month, is the ninth Virginia-class submarine to be delivered by Newport News and the 18th built as part of the teaming agreement with General Dynamics Electric Boat.
Employment of Indian seafarers on Indian and foreign ships witnessed a growth of 45 percent in the last three years.The Minister of State for Shipping Mansukh Mandaviya informed the Parliament that the number has increased from 143940 in 2016 to 208799 globally in 2018.The Minister informed that the Government has taken several initiatives and policy decisions to help increase the share of
ABS has been selected to class two Offshore Supply Vessels (OSV) being retrofitted with a battery/converter system by Harvey Gulf International Marine.The Harvey Energy will become the first ABS-classed dual fuel and battery vessel and the first U.S. flagged OSV equipped with a battery/converter system.
Eastern Shipbuilding Group has delivered the M/V Brian Boudreaux (Hull 198). It is also the first new construction USCG Sub-M towboat for Florida Marine Transporters, LLC of Mandeville, LA.It was in early 2018, when Florida Marine Transporters, LLC signed four more additional towboats, bringing the total to seventy (70) vessels contracted over the last 14 years.
A Republican U.S. senator on Wednesday said President Donald Trump will not waive rules requiring that only U.S.-flagged ships move natural gas from American ports to Puerto Rico and the U.S. Northeast.The nearly 100-year-old Jones Act mandates the use of U.S.-flagged vessels to transport merchandise between U.S. coasts.