Indian sub collides with ship

The Indian Navy Submarine, 'Sindhughosh', collided with a merchant navy ship in the Arabian Sea.

The submarine was trying to surface in Arabian sea near 300 kilometers north of Mumbai. 'Sindhughosh' was on a routine fleet-level war game exercise when the collision occurred and slightly damaged its fin. There were about 60 crewmembers on board and apparently, it made back to the base in Mumbai without any help. Its escape is termed miraculous since submarines normally sink on such occasions. Navy officials are unwilling to confirm or deny the incident.
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China eyes Arctic shipping

Global warming may turn the Arctic ocean into a new economic frontier, with round-the-year shipping being possible already from year 2015.

China with increasing interest looks towards the region. Arctic ice melting last summer was much more extensive than the models predicted. Some experts now think that a tipping point has already been crossed into a period of faster melting, such that shipping routes may open for much of the year, even for normal ships without icebreaker capacity, by as early as 2015. China is especially keen to open the Arctic for shipping. The country has lately displayed special interest in relations with Iceland, the tiny island in the north Atlantic, which with its strategic location is believed to get a key role in future shipping in the region. China wants to start shipping containers in the north, and sees the deep-sea ports of Iceland as potential port bases. China is also showing increasing interest in the Arctic Council, and has applied observer status in the organization. At the same time, concern for the Arctic environment is mounting.
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Slow ships set sail, aim to save fuel

Oil at more than $90 a barrel is concentrating minds in the shipping industry.

Higher fuel costs and mounting pressure to curb emissions are leading modern merchant fleets to rediscover the ancient power of the sail. The world’s first commercial ship powered partly by a giant kite sets off on a maiden voyage from Bremen to Venezuela on Tuesday, in an experiment which inventor Stephan Wrage hopes can wipe 20%, or $1,600, from the ship’s daily fuel bill. “We aim to prove it pays to protect the environment,” Wrage said. “Showing that ecology and economics are not contradictions motivate us all.” The 10,000-tonne ‘MS Beluga SkySails’ — which will use a computer-guided kite to harness powerful ocean winds far above the surface and support the engine — combines modern technology with know-how that has been in use for millennia. However, if Skysails is a relatively elaborate solution, another development shows the march of progress is not always linear: shipping companies seeking immediate answers to soaring fuel prices and the need to cut emissions are, simply, slowing down.
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MISC offers fabrication arm to Ramunia

Malaysian shipping giant MISC has offered to sell its oil and gas engineering and construction subsidiary to Ramunia Holdings for 3.2 billion ringgits (US$980 million).

Ramunia said to the Malaysian Stock Exchange that it received on 18 January 2008 an offer from MISC to dispose of its entire equity interest in wholly owned subsidiary Malaysia Marine & Heavy Engineering (MMHE) in exchange for an issue of new Ramunia shares valued at RM0.50 each and new irredeemable convertible preference shares. The offer lapses today, 21 January 2008, at 5.00 pm Malaysian time unless MISC chooses to extend it. MMHE is a specialist oil and gas fabricator, as is Ramunia Holdings. Both are very experienced in the engineering, procurement and construction of offshore oil and gas production facilities.
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Rickmers Maritime exercises purchase option for 'Ital Fiducia'

Rickmers Trust Management (RTM) trustee-manager of Rickmers Maritime has announced the exercising of the option to purchase 'Ital Fiducia' a 3,450-TEU container vessel.

The vessel is part of the additional fleet of five container vessels, as set out in the Initial Public Offering prospectus, dated 24 April 2007, and is expected to be delivered to Rickmers Maritime on February 1, 2008. The one-year old vessel is employed under an initial eight-year fixed rate time charter to Italia Marittima, with a remaining charter period of approximately seven years upon delivery to Rickmers Maritime. Italia Marittima is part of the Evergreen Group in Taiwan, and a wholly owned subsidiary of Evergreen Marine Corp, which is the world's fourth largest container liner shipping company.
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