Cement Tanker Runs over Fishing Vessel

By MarEx 2015-09-22 15:31:55

Five fishermen are dead and another four are missing after the Asia Cement 2 ran over a fishing vessel, Shih Hui 31, off the coast of Taoyuan City, Taiwan. The incident occurred around 1:48 am local time on September 18 as the cement tanker was in transit from Hualian to Taichung.

The collision caused the fishing vessel to capsize while the cement carrier sustained no damage during the incident.

Rescue teams were dispatched after the collision and divers recovered the bodies of five fishermen the next day. The fishing vessel’s 66-year-old captain, Chi Wan-te, was among the recovered bodies.

U-Ming Marine, Asia Cement 2’s operator, the Keelung City Government and China Marine Surveyors have agreed to tow the Shi Hui 31 to the port of Tapei.


Finland to Build LNG Terminals

By MarEx 2015-09-22 15:15:46

The European Union has approved Finland’s plan to grant €23 million ($25 million) in public funding to construct the nation’s first LNG terminal. The small-scale terminal will be located in Pori, which is in the Satakunta region on Finland’s west coast. The project is part of country’s infrastructure plan to create a network of small LNG terminals.

Public funding will cover less than 30 percent of the terminal’s investment cost and Skangas of Sweden, the facility’s developer and owner, will fund the remaining investment.

Skangas is investing €86 million ($90 million) into the terminal that will consist of a LNG storage tank, loading docks, process units, flare torch, three loading docks for roadway tankers, a transformer building and a heat production unit and will have an overall capacity of 30,000 cubic meters.

The LNG terminal is expected to be completed by the end of 2017 and Finland intends to encourage the use of LNG and cleaner fuels as the maritime industry IMO emissions standards implemented on January 1, 2015.


Marathon Buys Aker’s Stake in Crowley Tankers

By MarEx 2015-09-22 15:10:31

Marathon Petroleum Corp. (MPC) has agreed to buy Aker Philadelphia Shipyard’s stake in the Crowley Maritime Corp joint venture for the operation and chartering of four 50,000 dwt product tankers, which are valued at $150 million per vessel. MPC will take delivery of the four vessels by 2016’s third quarter.

The tankers are still under construction at Aker and the company intends to complete construction. But, it has sold its ownership position to Marathon for an estimated $110 million.

Aker and Crowley signed a joint venture agreement in 2013, which was valued at about $600 million to build four product tankers with options for additional vessels. In March, Aker and Crowley announced they had secured $325 million loan underwritten by a consortium of banks and financial institutions to finance the construction of the vessels.

The tankers will be Jones-Act qualifying vessels that are built at Aker and managed by Crowley including technical operation and commercial management of the ships.

Aker is also building four 50,000 dwt tankers for a subsidiary of Kinder Morgan, Inc., which will be delivered in late 2016 through 2017. The shipyard has also contracted with Matson Navigation for two 3,600 TEU containerships, which will be delivered in 2018.

In July, Aker announced it will change its name to Philly Shipyard pending shareholder approval.


Marathon buys tanker JV interests

Marathon Petroleum has taken over Aker Philadelphia’s stake in a Jones Act product tanker joint venture (JV) with Crowley Maritime.
The transaction relates to the operation and chartering of four 50,000 dwt product tankers under construction at Aker Philadelphia Shipyard Inc (APSI), to be delivered

Transas Names New CEO

By MarEx 2015-09-22 11:23:44

Transas, a global leader in high-tech equipment, software and system integration for the maritime industry, today announces the appointment of Frank Coles as its Chief Executive Officer and member of the Board of Directors for Transas Marine.

Mr. Coles is a maritime business professional with extensive leadership experience in maritime operations and technology. Recently he has been advising a number of blue chip private equity companies on maritime opportunities. Before that he was the President of Inmarsat Maritime, leading the unit through a return to growth and integration of several acquisitions. Mr. Coles was also CEO of Globe Wireless during a period of significant growth in the development of innovative hardware and software solutions. After 12 years at sea he spent 5 years as a maritime lawyer, and then as Operations Director for Pacific Basin Bulk Shipping in Hong Kong. Mr. Coles is a Master Mariner, and holds a Masters Degree in Maritime Law from the University of Wales, Cardiff.

Frank Coles said, “Transas Marine is an agile, innovative, market leading organization and this is an extremely exciting opportunity to participate in the integration and consolidation of technology, efficiency and operations of the maritime industry.”


Carnival boasts record quarter

NYSE-listed Carnival Corp has posted higher than expected profits and is poised to benefit from a lengthening booking curve.
The cruise giant reported net income of USD1.2 billion for the third quarter of 2015 (3Q15), unchanged from 3Q14. Excluding non-cash items, adjusted net income was USD1.4