Portsmouth Naval Shipyard, Kittery, Maine, successfully undocked USS Greeneville (SSN 772) one week early on Nov. 14 by returning to "back-to-basics" work practices.
"Back to basics", one of the key focus areas of Naval Sea Systems Commander, Vice Adm. Kevin McCoy, is about eliminating bottlenecks and optimizing the workday to improve shipyard processes with the goal of completing quality availabilities on time and on cost. During his facility visit in October, McCoy left no doubt in the minds of the shipyard workforce about his passion to "sustain today's fleet efficiently and effectively." "It is absolutely critical that we meet this commitment," McCoy stated. "Our Navy and our nation need these submarines back at sea, and I'm convinced that the men and women of Portsmouth Naval Shipyard are up to accomplishing the task." Greeneville is presently undergoing a scheduled 15-month depot modernization period at the shipyard. Rallying around Greeneville's project team and the ship's crew, the entire workforce took the challenge and got "back to basics." "It was a great effort by the whole shipyard team," said Capt. Robert Mazzone, shipyard commander.
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Tuesday, November 25, 2008
Maersk Line and CMA CGM team up again
Danish carrier Maersk Line is once again teaming up with France-based CMA CGM in a new vessel sharing agreement (VSA) beginning in May next year.
This new VSA follows almost a year of successful cooperation between the two companies in a trans-Pacific agreement. Maersk Line and CMA-CGM would provide two strings with new services for customers. The scope of the agreement includes the Far East to the US east coast and Far East to the Pacific Northwest. The first string, known as the TP3, will be a pendulum between the Far East, the Pacific Northwest and US east coast. It will serve an eastbound port rotation of Shanghai - Hong Kong – Yantian – Singapore – Newark – Norfolk with westbound calls at Singapore - Hong Kong - Yantian and Shanghai via the Suez Canal. The second segment of the pendulum service will consist of a revised TP9, which will discontinue service to the Pacific Southwest, yet continue to provide access to inland markets in North America through Seattle and Vancouver while avoiding potential congestion often faced in southern west coast ports. The revised TP9 will offer access to multiple Asian markets with calls at Singapore, Hong Kong, Yantian, Shanghai and Busan with improved access to the Pacific Northwest. These services will include 13 vessels with 6,400TEU capacity. Seven of these vessels will be operated by Maersk Line, the remaining six by CMA CGM.
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This new VSA follows almost a year of successful cooperation between the two companies in a trans-Pacific agreement. Maersk Line and CMA-CGM would provide two strings with new services for customers. The scope of the agreement includes the Far East to the US east coast and Far East to the Pacific Northwest. The first string, known as the TP3, will be a pendulum between the Far East, the Pacific Northwest and US east coast. It will serve an eastbound port rotation of Shanghai - Hong Kong – Yantian – Singapore – Newark – Norfolk with westbound calls at Singapore - Hong Kong - Yantian and Shanghai via the Suez Canal. The second segment of the pendulum service will consist of a revised TP9, which will discontinue service to the Pacific Southwest, yet continue to provide access to inland markets in North America through Seattle and Vancouver while avoiding potential congestion often faced in southern west coast ports. The revised TP9 will offer access to multiple Asian markets with calls at Singapore, Hong Kong, Yantian, Shanghai and Busan with improved access to the Pacific Northwest. These services will include 13 vessels with 6,400TEU capacity. Seven of these vessels will be operated by Maersk Line, the remaining six by CMA CGM.
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Worst yet to come for Asian dry bulk companies
Since the drop in demand for raw materials, Asian dry bulk companies have seen shipping rates come crashing down.
The Baltic Dry Index has fallen 93 percent since its peak in May, the Wall Street Journal reported. And even if there were some demand, it is increasingly difficult to secure trade finance, and investors have stopped giving shipping companies any credit for earnings or assets. Even Asia’s largest dry bulk shipping by market capitalisation, China COSCO Holdings is now trading at only 2.5 times expected 2009 earnings, which is half of the expected book value. According to the Wall Street Journal, as recently as August this year, the company was trading at five times earnings and 2.5 times book value. But it seems the worst is yet to come with further decreases in both earnings and book values anticipated when new ships, which were ordered during the shipping boom years, are delivered. DVB Bank figures as quoted by the Wall Street Journal stated that the tonnage of shipping capacity on order, due mainly in the next three years, stands at 72 percent of the existing dry bulk fleet.
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The Baltic Dry Index has fallen 93 percent since its peak in May, the Wall Street Journal reported. And even if there were some demand, it is increasingly difficult to secure trade finance, and investors have stopped giving shipping companies any credit for earnings or assets. Even Asia’s largest dry bulk shipping by market capitalisation, China COSCO Holdings is now trading at only 2.5 times expected 2009 earnings, which is half of the expected book value. According to the Wall Street Journal, as recently as August this year, the company was trading at five times earnings and 2.5 times book value. But it seems the worst is yet to come with further decreases in both earnings and book values anticipated when new ships, which were ordered during the shipping boom years, are delivered. DVB Bank figures as quoted by the Wall Street Journal stated that the tonnage of shipping capacity on order, due mainly in the next three years, stands at 72 percent of the existing dry bulk fleet.
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Shell in 20-year China LNG deal
Anglo-Dutch supermajor Shell has agreed to sell an annual 2 million tonnes of liquefied natural gas to China in a 20-year deal, the company's China unit said.
The agreement was signed between the oil giant and PetroChina International, a wholly-owned subsidiary of PetroChina, Asia's top oil and gas producer. Part of the supplies to PetroChina would be tapped from the proposed Gorgon gas project off Western Australia, said a Reuters report citing Xinhua news agency. No other details were provided. Shell has a 25% stake in the multi-billion dollar project as does ExxonMobil. US energy giant Chevron operates and holds a 50% stake in the project.
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The agreement was signed between the oil giant and PetroChina International, a wholly-owned subsidiary of PetroChina, Asia's top oil and gas producer. Part of the supplies to PetroChina would be tapped from the proposed Gorgon gas project off Western Australia, said a Reuters report citing Xinhua news agency. No other details were provided. Shell has a 25% stake in the multi-billion dollar project as does ExxonMobil. US energy giant Chevron operates and holds a 50% stake in the project.
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Piraeus port concession agreement to be signed today
Amid new protests scheduled by dockworkers, the Chinese delegation visiting Hellas since Monday, headed by Chinese President Hu Jintao, is expected to sign the concession agreement between Cosco Singapore and OLP (Piraeus Port Authority).
Hu is scheduled to sign a 3.4 billion euro deal to manage and upgrade facilities at Piraeus Port (OLP) for up to 35 years. The amount will be paid over the duration of the contract. Speaking in a press conference organized yesterday in Athens, Cosco’s s President and CEO, Capt. Wei Jafu said the concession would profit Cosco in the long term and would bolster Greece's cargo business. OLP has already said it expects the deal to boost profit by at least 60 percent over five years. "We don't expect the crisis to last for 35 years," said Wei, laughing. "In 35 years, we can make a reasonable return on this investment." Cosco will invest at least 350 million euros to upgrade the port’s facilities and raise annual handling capacity from 1.6 to 3.7 million TEU’s (twenty-foot equivalent units). But, Captain Wei Jiafu also commented on the recent downturn of the dry bulk shipping industry. He expressed his hope that demand would rebound in the first half of next year, instead of lasting for years. "The financial tsunami affects real shipping demand. Shipping is diving due to the panic of investors ... but the diver has to come up eventually," Cosco CEO said.
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Hu is scheduled to sign a 3.4 billion euro deal to manage and upgrade facilities at Piraeus Port (OLP) for up to 35 years. The amount will be paid over the duration of the contract. Speaking in a press conference organized yesterday in Athens, Cosco’s s President and CEO, Capt. Wei Jafu said the concession would profit Cosco in the long term and would bolster Greece's cargo business. OLP has already said it expects the deal to boost profit by at least 60 percent over five years. "We don't expect the crisis to last for 35 years," said Wei, laughing. "In 35 years, we can make a reasonable return on this investment." Cosco will invest at least 350 million euros to upgrade the port’s facilities and raise annual handling capacity from 1.6 to 3.7 million TEU’s (twenty-foot equivalent units). But, Captain Wei Jiafu also commented on the recent downturn of the dry bulk shipping industry. He expressed his hope that demand would rebound in the first half of next year, instead of lasting for years. "The financial tsunami affects real shipping demand. Shipping is diving due to the panic of investors ... but the diver has to come up eventually," Cosco CEO said.
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Fincanteri falters with cruise ship order delays
Italian cruise ship builder Fincantieri has admitted that several cruise ship buyers have requested for a slowdown of delivery dates.
The state shipbuilder, which cited the weak dollar and high cost of raw materials as the reasons for the order delays, said that it had also lost a major superyacht order. The Uilm metalworkers’ union said that the Muggiano, Castellamare di Stabi, Sestri Ponente and Ancona shipyards would be affected. Furthermore, Fincantieri now fears that two ships that were to be ordered by Grimaldi might not take place at all. Military orders on the other hand continue to thrive. Fincantieri recently received a number of military orders and will takeover the US military shipbuilder Manitowoc by the end of this year.
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The state shipbuilder, which cited the weak dollar and high cost of raw materials as the reasons for the order delays, said that it had also lost a major superyacht order. The Uilm metalworkers’ union said that the Muggiano, Castellamare di Stabi, Sestri Ponente and Ancona shipyards would be affected. Furthermore, Fincantieri now fears that two ships that were to be ordered by Grimaldi might not take place at all. Military orders on the other hand continue to thrive. Fincantieri recently received a number of military orders and will takeover the US military shipbuilder Manitowoc by the end of this year.
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Debt laden C& Heavy likely to start workout program
Seoul: C& Heavy Industries, a flagship unit of the cash-strapped C& Group, is expected to ask Woori Bank and other creditors to place it under a workout program this week in a bid to stay afloat amid the deepening credit squeeze and a global economic downturn, the Korea Times reported.
If creditors accept its request, the shipbuilder will undergo drastic restructuring in return for the extension of loan maturities and an injection of fresh capital. The main creditor, Woori Bank, recently demanded that C& Heavy Industries submit a self-rescue plan, after the company had failed to pay back maturing loans for the past two months. ‘We received the self-restructuring scheme from the shipbuilder. We are currently studying the feasibility of the plan. If the company files for a workout program, we will hold a meeting with other creditors and decide what to do,' a Woori Bank official said. Industry experts expect C& Heavy Industries to apply for the restructuring program Wednesday, when C& Group holds a bidding for its ailing construction arm, Woobang Engineering, in an attempt to sell the builder at a higher price. If 75 percent of creditors approve the plan, the shipbuilder will have its debts rescheduled or receive new loans. But in return, the company will be required to sell assets and take a range of self-rescue measures, along with a management reshuffle. It is estimated that commercial banks and savings banks have extended a total of 1.3 trillion won to 41 subsidiaries of C& Group.
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If creditors accept its request, the shipbuilder will undergo drastic restructuring in return for the extension of loan maturities and an injection of fresh capital. The main creditor, Woori Bank, recently demanded that C& Heavy Industries submit a self-rescue plan, after the company had failed to pay back maturing loans for the past two months. ‘We received the self-restructuring scheme from the shipbuilder. We are currently studying the feasibility of the plan. If the company files for a workout program, we will hold a meeting with other creditors and decide what to do,' a Woori Bank official said. Industry experts expect C& Heavy Industries to apply for the restructuring program Wednesday, when C& Group holds a bidding for its ailing construction arm, Woobang Engineering, in an attempt to sell the builder at a higher price. If 75 percent of creditors approve the plan, the shipbuilder will have its debts rescheduled or receive new loans. But in return, the company will be required to sell assets and take a range of self-rescue measures, along with a management reshuffle. It is estimated that commercial banks and savings banks have extended a total of 1.3 trillion won to 41 subsidiaries of C& Group.
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