Sister joint ventures for Gulf Navigation and Stolt-Nielsen

Gulf Navigation has entered into two 50/50 joint ventures with Stolt-Nielsen subsidiary, Stolt-Nielsen Indian Ocean and Middle East Service in Dubai.

The first joint venture, Gulf Stolt Tankers FZCO, will own six new 44,000dwt coated chemical tankers. The ships will be traded in the Stolt Tankers Joint Service (STJS). Technical ship management will be provided by a second joint venture, Gulf Stolt Ship Management JLT, owned by Gulf Navigation and Stolt. Stolt-Nielsen will take delivery of four of the tankers - ordered in 2006 from SLS Shipbuilding in South Korea - during 2008 and 2009. Gulf Navigation will take delivery of two additional sister ships in 2009, having taken over options previously held by Stolt-Nielsen. One of the four Stolt-Nielsen ships will be sold to Gulf Navigation, who will bareboat charter their three ships to the joint venture to create the 50/50 joint venture comprising the six ships. “Meeting the long-term tonnage requirements of the rapidly growing producers in the Arabian Gulf is a key element of Gulf Navigation's growth strategy,” said Abdullah Al-Shuraim, Gulf Navigation chairman. "This new structure enhances the scope of our partnership with Stolt and our participation in the STJS."

Read More

Oz shipbuilder snares offshore vessel gig

West Australian shipbuilder Strategic Marine’s Vietnamese facility is primed to build a steel-hulled offshore services vessel, which boosts its total orders in less than 18 months of operation to more than US$60 million.

The yard won the new order for a 143 metre steel-hulled well stimulation vessel from Singapore outfit Marfield, the same company that ordered two 143m steel dive support vessels (DSV) from Strategic Marine last year. Construction of the first two DSVs is well under way and Strategic Marine expects to deliver both hulls by the end of this year. Strategic Marine’s 136,500 square metre Vietnamese yard at Dong Xuyen Industrial Zone, Ba-Ria Vung Tao, has ramped up rapidly in recent months, with the workforce swelling to well over 1000 and a number of workshops and slipways nearing completion. Now with four yards in operation globally – Vietnam, Western Australia, Singapore and Mexico - Strategic Marine’s order book has climbed above the US$250 million mark, with more than 130 vessels on order. Meanwhile, the company is making the most of the current high demand for offshore vessels in international shipping markets by building eight aluminium crew boats on a speculative basis.

Read More

Croatian shipyard restructure race to join EU

Croatian Deputy Prime Minister Damir Polancec has announced that, with the goal of joining the European Union by 2010, the Croatian government will focus on restructuring the country's shipbuilding industry over the next two months.

The government hopes the restructuring plans of all five state-owned shipyards will be delivered to Brussels by the end of June, and that the entire process will be completed by 2011. Plans for restructuring will include a timetable and cost forecast for each of the shipyards, to prove that once the process is over, they will be capable of functioning independently in the market. Shipbuilding forms a crucial part of employment in Croatia, with the five shipyards employing some 11,500 people. A further 30,000 people are employed in industry-related jobs in a nation of 4.4 million people.

Read More

French media announcement surprises Aker

Aker Yards has, through the media, been informed that the French government, after discussions with the company STX, intends to buy a total of 34 percent of the shares in Aker Yards France.

Aker Yards France has two yards, namely in Saint Nazaire and in Loriant. STX is a shareholder in the publicly listed Aker Yards, with 39.2 percent of the shares. "We are surprised to learn through the media that the French government has announced that they intend to buy a total of 34 percent of the shares in Aker Yards France based on a dialogue with STX. "Aker Yards has significantly contributed to the positive development of financial results and in employment in Aker Yards France, and we appreciate that the yards are regarded as attractive. "The Board of Directors has previously not considered to sell parts of our French activities. We see it as unlikely that Aker Yards will sell any part of our business if the terms are not attractive for both all of our owners and for the further development of the company," said Svein Sivertsen, Chairman of the Board of Directors at Aker Yards. Mr Sivertsen also said that Aker Yards would be waiting for more information from the French authorities.
Read More

New Century plans 2008 IPO in Singapore

New Century Shipbuilding Co Ltd is planning to list its shares in Singapore later this year to raise up to US$1.5bn, according to chairman Yuan Kaifei.

China's largest private yard (formerly Jing Jiang Shipyard) based on the Yangtze River, would use the proceeds from the 5 - 10bn yuan (approx $750m to $1.5bn) initial public offering to improve its engineering technology and expand production capacity, Yaun said during a conference in the province of Jiangsu. New Century chose to list in Singapore because the city-state was a global maritime hub and the market had a deep understanding of the shipbuilding industry, he said.

Read More

DP World gets approval for London Gateway project

Dubai-based port operator DP World has reportedly secured approval to build a US$3 billion port and logistics park on the banks of the River Thames in southeast England.

The London Gateway project, which DP World inherited following its acquisition of P&O in 2006, involves the development of an 1,800-acre form oil refinery in Essex into a deep-sea port and what will be the largest logistics park in the UK. Construction work is scheduled to commence later this year, following a harbor empowerment order from the department of transport. DP World's plans include a 2,300m container quay with a fully developed capacity of 3.5 million standard container units a year. Mr. Simon Moore CEO of London Gateway said, "This is an historic day for the shipping industry and the economy as a whole. We will be the UK's first major port for more than 25 years. London Gateway will be a port centric logistics platform of a size and scale unique in the UK. Our customers will be able to cut costs from their supply chains, increase efficiency and reduce their environmental footprints."

Read More

Allis-Chalmers eyes Persian Gulf

Houston-based Allis-Chalmers Energy chief executive Munawar “Micki” Hidayatallah plans to enter the Persian Gulf market.

The first round of meetings with Saudi Arabian Oil company executives and state producers in neighbouring countries were held in late May. He said more rigs and drilling fluids would be needed in the region in the next several years to keep oil flowing from decades old fields. “As their fields mature they’re going to need more equipment, more technology and more people to continue to produce at the same rate they’re producing today,” he told. The Saudi kingdom wants to boost oil production to 12.5 million barrels a day in the next year after output fell 5% last year to 8.48 million, according to the International Energy Agency. Hidayatallah, said he also will seek contracts in Iran and Iraq, which need rigs and better well casings to counter “heavy depletion and inefficiency” in their reservoirs after decades of neglect.

Read More