Posidonia 2008: A success beyond any doubt

This year’s Posidonia proved to be more than a handful as usual for most professionals in the maritime industry.

With more than 17,000 visitors, a record since the fair is beginning some decades ago, Posidonia 2008 lived up to the expectations. Special events were held, with classification societies and Asian shipyards proving to be among the most active exhibitors, at least in terms of announcements made and deals closed. DNV for instance announced a series of initiatives, not to mention the small event held at its stand, in order to give away the “Green Award Certification” to Aegean Bulk’s M.V. Afovos. It was the first time that this prestigious award, is being handed out for a bulk carrier, currently operating in the fleet of Aegean Bulk and classed by DNV. Germanischer Lloyd also announced a series of deals, among which was the use of CO2 index, a special tool provided by the group, by Costamare, headed by Cpt. Vassilis Constantakopoulos. But classification societies weren’t the only ones. Dozens of service providing companies were also at center stage of Posidonia, showcasing their products and meeting with potential customers. After all, that’s the purpose of every fair and this proved to be right also for Posidonia this year.
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First ship made in Subic passes sea trial

M/V Argolikos, the first ship to be built in this freeport, not only passed its recent test for seaworthiness, but also performed "well beyond expectations" at Manila.

Pyeong Jon Yu, an executive of South Korean shipbuilder Hanjin Heavy Industries Corp.-Philippines, said the $60-million container carrier successfully passed the required sea trial prior to its delivery this month. In a letter to Subic Bay Metropolitan Authority chairman Feli-ciano Sa-longa, Yu said the sea trial last May 27-29 was witnessed by representatives of Dioryx Maritime Corp., the Greek shipping firm that ordered the vessel, and Bureau Veritas, a Paris-based conformity assessment, certification and inspection and testing firm. "It is worthy to note that the required speed as per contract is 24.5 knots, but the ship's actual speed is 24.6 knots," Yu said. "We are pleased to inform you that the owner's representative on board, and Bureau Veritas remarked that the ship performed well beyond their expectations," he said.
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Schlumberger, Maersk beat record

Oilfield services giant Schlumberger and the Qatar arm of Denmark's Maersk Oil teamed up to drill the longest well in the world – in the Al Shaheen field offshore Qatar.

The well reached a total depth of 40,320 feet (12,289.57 metres), breaking the previous record length by 2000 feet (609.6 metres). In addition to being the longest well ever drilled, the well set nine other records.
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Bollinger delivers the second 35,000-barrel tank barge to Bouchard

Bollinger Marine Fabricators has delivered ‘B. No. 233', the second of two double hull, 35,000 barrel oil tank barge units at Lockport, USA.

It is built to meet the requirements of the Oil Pollution Act of 1990 (OPA'90), to Bouchard Ocean Services, Melville, USA. The ‘B. No. 233' is a manned, clean oil, oceans tank barge measuring 91.4 metres with a 19.5-metre beam and a depth of 6.4 metres. The barge has ten cargo tanks, with Byron Jackson cargo pumps, driven by John Deere engines. The barge has accommodations with full galley for four, and is classed ABS, +A1 Oil Tank Barge, Manned Oceans. BMF delivered the sister ship, ‘B. No. 231' in July of 2007. BMF is building the 'B. No. 262' and the 'B. No. 264', both 60,000 BBL OPA'90 tank barges that are scheduled for delivery during the first quarter of 2009 and first quarter of 2010. Bollinger will also deliver the 'B. No. 260', a 60,000 BBL OPA'90 tank barge, in the third quarter 2008, and the 'B. No. 284', an 80,000 BBL OPA'90 tank barge, during the second quarter of 2009 from the Bollinger Gretna facility for Bouchard.
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Technology revolution vital to avert energy crisis

A technological revolution is essential to averting a global energy crisis within the next few decades, the International Energy Association (IEA) warned today in Tokyo.

If current trends continue, the world will need five times more oil than Saudi Arabia produces at present to meet demand. CO2 emissions would be pushed up 130 percent by 2050 in such a scenario with the power generation sector responsible for 44 percent, ahead of industry, transport and buildings. To address the issue, a global spend of US$45 trillion is needed over the next 40 plus years, the agency claim. IEA Executive director Nobuo Tanaka said, "Such growth of oil demand raises major concerns regarding energy supply access and investment needs. We are very far from sustainable development, despite the widespread recognition of the long-term problem. In fact, CO2 emissions growth has accelerated considerably in recent years." He said higher oil and gas prices result in a rapid switch to coal, with the rapid growth in China and India, which are both coal based economies, contributing to the "deteriorating outlook." IEA said no single form of energy can solve the issue, but highlighted the importance of energy efficiency. Tanaka added, "We would need a virtual decarbonisation of the power sector. Given the growing demand for electricity, this would mean that on average per year 35 coal and 20 gas-fired power plants would have to be fitted with CO2 capture and storage (CCS) technology." This would cost US$1.5 billion each. Wind capacity would have to rise by 17,500 a year, while 32 new nuclear plants would be needed every 12 months to 2050.

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Wah Kwong pulls back from IPO

Dry and wet bulk owner Wah Kwong Maritime Transport Holdings has said it will not proceed with its initial public offering (IPO) in Hong Kong, citing 'recent instability in the international financial markets'.

The Chao family-controlled Wah Kwong was looking to raise between US$125m to $164m by selling 125m shares, or 25% of its enlarged share capital, at HK$7.78-HK$10.20 each. This was significantly less than the US$200k, figure being bandied around ahead of details of the IPO being published. Noble Group and U-Ming Marine Transport had said they would be cornerstone investors for the IPO. The IPO would have marked Wah Kwong's return to the Hong Kong exchange. It originally listed in 1973 but de-listed and went private in 2000 at a time of share weakness. Wah Kwong currently has a fleet of 11 dry-bulk ships and tankers, of which three are wholly-owned and six are held through 50-50 joint ventures (some with U-ming). The company also has another 11 dry-bulk vessels on order that will start to come on stream early next year and will increase its combined deadweight tonnage by 52% from the current 1.8 million dwt.
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Indonesian shipyards rely on cluster to handle large orders

Shipbuilders in East Java, Indonesia, rely on the Surabaya Shipbuilding Industry Cluster (KIKSA) to handle large orders.

"The cluster tries to put shipbuilding's core industry, suppliers, users and supporting industries into a synergy," president director of state-owned shipbuilder PT Dok and Perkapalan Surabaya, Muhammad Firmansyah Arifin told. "The synergy allows us to spread orders or overhead costs to a number of shipbuilders when there is a fuel prices hike." The shipbuilding industry in Indonesia is booming as a result of the IMO's new enforcement regulations stipulating that all single hull ships be replaced by double hull ships. The cluster was established in September 2006 and its core members include state-owned PT PAL as well as some privately-owned builders such as PT Ben Sentosa.
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