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  • JES sells its shipbuilding business in distressed debt deal

    Feb 12, 2016 | 05:23 am

    JES International Holdings has sold its shipbuilding business to distressed debt investor Hong Kong Victo International Limited for a cash consideration of 0,000 plus a possible adjustment fee. The wholly owned subsidiaries being sold are China’s Jiangsu New East Marine Equipment Co (JNEME) and Jiangsu Eastern Heavy Industry Co (JEHI). JES is also selling 49% […]

  • Polarcus vessel gets bareboat charter extension in Russia

    Feb 12, 2016 | 04:49 am

    SCF Sakhalin Supply has extended its bareboat charter of Polarcus’ seismic survey vessel Vyacheslav Tikhonov by a further three years. The contract value was not disclosed. The vessel (pictured) was originally chartered for five years in 2011, when it began marine seismic surveys for Rosneft and ExxonMobil at the Tuapse Trough Project on the Russian […]

  • Blackstone forms PE platform to take advantage of offshore crisis

    Feb 12, 2016 | 03:41 am

    Investment firm Blackstone has announced the formation of Clarion Offshore Partners, a platform to provide strategic solutions to the offshore oil and gas drilling and services sector. Blackstone has provided a financial commitment from private equity funds it manages and says that Clarion’s investment mandate is to pursue opportunities with a wide array of industry participants including offshore […]

  • Team Tankers appoints new chief financial officer

    Feb 12, 2016 | 03:38 am

    Kevin Kilcullen will assume his new role on February 22

  • Black day on the Nikkei sees Japan’s big three down more than a third in 2016

    Feb 12, 2016 | 03:31 am

    Stocks took another pummeling in Tokyo today, with once again shipping firms suffering the brunt of the bears. The Nikkei 225 sank 4.8% to 14,952.61, capping off its worst weekly performance since 2008, investors spooked by the dollar diving to a 15-month low against the yen, something that is expected to harm exports. The Nikkei […]

  • CSCL Indian Ocean grounding must serve as a wake-up call

    Feb 12, 2016 | 03:07 am

    The recent grounding of the 19,000 teu container vessel was close to being a real catastrophe. But the experienced pilot reacted immediately, when the navigation system failed and prevented the worst from happening. The ship grounded hard on the soft banks of the river. After initial attempts to pull the ship off the banks had […]

  • NTSB to launch second search mission to recover El Faro’s voyage data recorder

    Feb 12, 2016 | 03:02 am

    Mission scheduled to start in April and last for two weeks

  • Perseveranza di Navigazione: Dry bulk glass half-full?

    Feb 12, 2016 | 02:59 am

    Even when the Baltic Dry Index is sinking down day by day it’s possible to see the glass as hulf-full somehow. That’s the view of Angelo D’Amato, ceo of Perseveranza di Navigazione of Italy. “I do not agree with the provisions I have heard recently by many analysts saying that the industry seems structurally compromised. […]

  • Aker Solutions dishes out pay cuts as further job losses loom

    Feb 12, 2016 | 02:28 am

    Aker Solutions has taken additional steps to cut costs and raise the competitiveness of its Norwegian maintenance, modifications and operations (MMO) business by implementing temporary salary reductions across its entire staff base. From March, senior management will see their pay lowered by 10% while all other staff will see reductions of 5% for a period […]

  • Maersk will support green initiatives in Alang

    Feb 12, 2016 | 02:12 am

    Having helped shape the green image of Chinese ship recycling, Maersk is now looking to transform Alang, home to the world’s most concentrated area of shipbreakers. “The Maersk Group is determined to use its leverage to create more responsible recycling options and is thus announcing a commitment to help selected ship recycling yards in Alang […]


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