Shipping magnate makes waves in the Mediterranean

CMA CGM, Saade's company, is one of two container lines to have risen rapidly from Mediterranean foundations to dominate much around them.

Mediterranean Shipping Company, founded in 1969 by Gianluigi Aponte, was the world's No 4 container line only seven years ago but has leapfrogged slower-growing Asian lines to become No 2. CMA CGM has gone in the same period from No 5 to No 3. It operates 393 vessels, to MSC's 398, according to figures from AXS Marine, a Paris shipbroker. Both lines have been quicker than Asian rivals such as Taiwan's Evergreen Marine to invest in new, larger ships to serve the fast-growing market bringing Asia's exports to Europe and the US. Their latest orders, which are able to carry roughly the equivalent of 12,000 20-foot containers (TEUs) are twice the biggest vessels of a decade ago and are aimed at Asia-Europe trade. They will cost $170 million each. MSC's outstanding ship orders will increase its existing capacity by 44.7 per cent, according to AXS Marine, while CMA CGM's orderbook will boost its capacity by 67.5 per cent. The risk is that fleet ex-pansion will outpace demand, pushing down the rates the lines can charge and hampering their ability to pay for the vast new vessels. World container capacity is set to grow by more than 15 per cent this year alone. Published financial information gives little idea how the lines would handle a slump.

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Deepsea Trym at Troll Through 2011

StatoilHydro has entered into an agreement on a two-year extension of a current contract with Odfjell Drilling for the Deepsea Trym drilling rig on behalf of the partners in the Troll licence.

Deepsea Trym has been employed on the Troll field since 2005 and will continue to operate on the field during the extended contract period through 2011. This contract gives StatoilHydro good rig coverage at the Troll field for the next years and allows realization of the planned drilling activities in the area. "The contract extension allows StatoilHydro to continue carrying out efficient and good resource management on the Norwegian continental shelf. Increased oil recovery is an essential part of the further development of the Troll field,” says Ivar Aasheim, senior vice president for Operations North Sea. Deepsea Trym is owned by Songa Offshore ASA and the operator is Odfjell Drilling.

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Deepsea Trym at Troll Through 2011

StatoilHydro has entered into an agreement on a two-year extension of a current contract with Odfjell Drilling for the Deepsea Trym drilling rig on behalf of the partners in the Troll licence.

Deepsea Trym has been employed on the Troll field since 2005 and will continue to operate on the field during the extended contract period through 2011. This contract gives StatoilHydro good rig coverage at the Troll field for the next years and allows realization of the planned drilling activities in the area. "The contract extension allows StatoilHydro to continue carrying out efficient and good resource management on the Norwegian continental shelf. Increased oil recovery is an essential part of the further development of the Troll field,” says Ivar Aasheim, senior vice president for Operations North Sea. Deepsea Trym is owned by Songa Offshore ASA and the operator is Odfjell Drilling.

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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."

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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.

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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.

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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.
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