First shipping fund launched

Marine Capital announced the launch of Eclipse Shipping, the first UK-based vehicle to offer the chance to buy shares in cargo ships.

The appeal of buying stakes in container ships, the careers of pop stars and farm shops is far greater in the wake of a credit crunch. Moreover, given equity market volatility, advisers report more clients are considering investing in quirkier schemes in an attempt to shield their portfolios if equities fall further. Buying ships permits the chance to access the boom in trade to China and India, says Anthony Foster, chief executive of Marine Capital, and while imports to the US are falling, a rise in exports has offset the shortfall. Demand for tankers is also likely to rise as more refineries are built in the Middle East and Asia. Ships, which cost from $50m to $100m, are bought and held for two to four years. Another advantage is that companies owning ships pay tonnage tax, a generous system that taxes shipping based on its tonnage rather than its profits. Investments in these assets are exempt from inheritance tax after two years as they are trading businesses. Returns in this sector have averaged 24.5 per cent each year, in the past 10 years.
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Canadian designed Canadian built

Unlike the US where the Jones Act mandates that commercial vessels be built in that country, Canada allows vessels built anywhere to work in Canadian waters.

The marine press has carried stories of China-built hulls finished out in Canada. At the same time, the trade press has carried multiple stories of Canadian-designed tugs built in countries throughout the world. The 13.21-metre 'Inlet Wrangler', built by Mactavish Welding and launched in December at Campbell River on Vancouver Island, was the first BC built tug in eight years. The boat is also Canadian-designed in BC by naval architect A.G. McIlwain who has also designed tugs for New Zealand and Australia. Owned by Glenn Wheeler's Gowlland Towing, the boat will be primarily used in towing logs from up-coast logging operations to south coast mills. The boat's deep hull (3.17-metres x 6.1-metres) gives her great stability while keeping her props in solid water. Harris and Robbins of Vancouver supplied the towing winch. A pair of Cummins KTA19 M3 engines each generating 373kW at 1800 RPM provide power for the boat's nine-knot free running speed and an estimated 39,000-pound bollard pull. The engines turn 1.6 x 1.3-metre four-blade propellers in nozzles on six-inch shaft supplied by V.M. Dafoe Machine Shop also of Vancouver. The gears are Twin Disc model 5222.

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Multraship refloats bulk carrier off Denmark

Leading salvage and towage company Multraship has successfully refloated the 74,403 DWT bulk carriers 'Trans Pacific' east of the island of Samso in the Danish Great Belt.

The 2004-built vessel was carrying a cargo of 68,978 tonnes of potash when it grounded on sand and gravel on January 27. On January 28, Multraship mobilized a salvage team and equipment, including a number of salvage tugs, divers, anti-pollution equipment, a bunker barge, and the Spliethoff vessel Alexandergracht. About 1,000 tonnes of bunkers were transferred to the bunker barges, while roughly 10,000 tonnes of the potash cargo was offloaded into the Alexandergracht. Working in appalling weather conditions, in driving rain and up to Force 11 winds, and with full co-operation from the Danish authorities, the salvage team refloated the vessel at high water late on the evening of February 6. The Trans Pacific was then towed to Kalundborg Roads, where a diving inspection is planned prior to reloading of the cargo.
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Galoc project still playing catch up

The schedule and budget of the Galoc oilfield project off the Philippines are still being assessed due to delays during the completion of the development wells.

The marginal project had already endured a recent budget increase of about US$18 million on the original $87 million project cost due to interruptions to the drilling program. The estimated project cost at the end of 2007 was $104 million, including contingencies. Additional delays were experienced during the completion of the wells, and "the impact on the project schedule and budget are still being assessed. First oil is expected in late March 2008, according to project operator Galoc Production Company, at a gross rate of 18,000 barrels of oil per day. Gaffney Cline at 23.4 million barrels of oil certifies proven plus probable reserves for the Galoc field off Palawan in Service Contract 14C. GPC owns 58% of the Galoc project on behalf of Vitol and Otto Energy. Other partners are Nido Petroleum (22%) and local Philippine companies (20%).
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Navy ship expected to leave port

A Royal Navy vessel moored in a port after its second mechanical failure in three weeks is due to depart.

HMS Illustrious is in Portland, Dorset, after a system separating oil from the ship's wastewater developed a fault. The ship first left Portsmouth on 21 January to carry out exercises in the Channel before its four-month diplomatic tour in the Indian Ocean. However, a faulty refrigeration unit meant it was forced back for repairs. It left again on 25 January. The visit to Portland was a planned trip despite the latest mechanical problems preventing the vessel returning to sea. In December 2004, HMS Illustrious returned to service after a £120m refit. The two-year revamp was designed to extend the working life of the 20,000-tonne ship by up to 10 years.
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Primo Cup 2008 marked out as a top level vintage

The 2008 Mediterranean regatta season has opened in style with the XXIV Primo Cup – Trophée Credit Suisse.

From Ukraine to Ireland, Portugal to Greece, 205 competitors from 21 nations took part over the two weekends in the 13 classes (Dragon, Laser SB3, Platu 25, J24, Mumm 30, Smeralda 888, First 40.7, Star, Surprise, H22, Melges 24, Swan 42 and Melges 32). All faced weather conditions that were as testing on the nerves as they were on the body. More than 1000 sailors descended on the Principality of Monaco for three days of competition to be welcomed by capricious winds ranging from 5 to 20 knots, a strong chop and omnipresent sunshine. The annual rendezvous sponsored by clothing company SLAM lived up to its reputation. While the Dragons opened the ball on the first weekend with a record participation of 40 boats, including numerous Scandinavian and Ukranian teams, the second weekend was marked by a strong showing of the Bénéteau Platu 25 class (17 registered) and the internationalization of the Laser SB3, with nine nations represented. The race committee chaired by Thierry Leret kept the program going at a rhythm, which enabled participants to test new materials and train crewmembers at the start of the 2008 season.
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