H. Shipping news. 31.01.2014
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- Category: General
- Published on Friday, 31 January 2014 04:46
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Dry Bulk Shipping Rates Crash the Most in 30 Years. Market Freakout?
Friday, 31 January 2014 | 00:00
The Baltic Dry Index is now down 48% since the start of the new year. While a rate drop-off in the new year is typical because the Chinese New Year decreases demand in the world's largest economy, what is uncommon here is the magnitude of this drop. An article from Zerohedge points out that this is the biggest drop in 30 years for this part of the year, though even after the drop, rates are still 50% higher than they were at this point last year.
In this video, Motley Fool industrials analyst Blake Bos looks at how this is affecting dry bulk shipping companies, such as DryShips (NASDAQ: DRYS ) and Genco Shipping (NYSE: GNK ) . With the enormous amount of debt that companies in this industry typically carry, many investors are worried that the companies won't be able to remain in business with rates at these levels, and the stocks look to be selling off as a result.
Blake also mentions that shipping rates do tend to rebound going into the summer, so for these shipping companies, it's vital that the rebound is a strong one. Various pundits are calling for a shipping-rates rebound in 2014, though Blake is less optimistic and still sees a lot of rough seas ahead for these companies.
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Source: Motley Fool
Damen Shiprepair Brest wins double order from Knutsen NYK Offshore Tankers
Friday, 31 January 2014 | 00:00
Damen Shiprepair Brest (France) received a booking for the dry-docking and repairs of two shuttle tankers managed by Knutsen NYK Offshore Tankers A/S. The 88,109 GRT sister vessels Karen Knutsen and Sallie Knutsen expect to arrive end February and Middle of March respectively.
Damen Brest’s Managing Director Jos Goris commented: “We are very pleased with the order from Knutsen NYK Offshore Tankers. Shuttle tankers are delicate vessels and require a high level of operational reliability hence the selection criteria of a dry-docking will always be carefully considered by owners and operators. We are happy to see that Knutsen NYK Offshore Tankers has chosen for Damen Shiprepair Brest.” Mr. Goris continues: “We are known for our highly qualified and trained mechanical department and surely this has been taken into consideration by owners in the decision making process”
Karen Knutsen and Sallie Knutsen
Activity
The shipyard offers a broad range of services for any vessel type, including LNG tankers, oil tankers, semi-submersibles, shuttle tankers, FPSO’s, offshore construction vessels, jack-up rigs, RoRo vessels and ferries. The highly skilled workforce is particularly well-known for its LNG tanker expertise.
Damen Shiprepair Brest
Damen Shiprepair Brest presently has two Hyproc Shipping Company LNG carriers in the yard for extensive maintenance works, Italian owner LPG carrier Pertusola and Jan De Nul’s Simon Stevin for various modification works.
DSB is a well-established repair yard with modern facilities. The yard employs over 200 staff and has three graven dry docks and sufficient repair berths. The biggest dry dock measures 420 x 80 metres and is one of the biggest in Europe, allowing the yard to accommodate almost any ship in the world.
The shipyard offers a broad range of services for any vessel type, including LNG tankers, oil tankers, semi-submersibles, shuttle tankers, FPSO’s, offshore construction vessels, jack-up rigs, RoRo vessels and ferries. The highly skilled workforce is particularly well-known for its LNG tanker expertise.
Source: Damen Shipyards Group
Cargotec's MacGregor completes acquisition of Aker Solutions' mooring and loading systems unit
Friday, 31 January 2014 | 00:00
Cargotec's MacGregor has completed the acquisition of the mooring and loading systems unit from Aker Solutions. Cargotec announced the agreement to acquire the unit in October 2013 for an enterprise value of approximately EUR 180 million. The unit will be consolidated into MacGregor's results as of 1 February 2014.
"The addition of the mooring and loading systems' team members, technologies and products further positions MacGregor as a true leader in the marine and offshore equipment market. When combined with our other MacGregor products and the expertise of the recently acquired Hatlapa marine equipment business, we can now offer customers the most complete range of high performing equipment and systems", states Eric Nielsen, President, MacGregor. "With this acquisition now complete, we look forward to a quick and smooth integration into MacGregor family, with the clear goal of serving our existing and new customers with the most innovative and well supported offering", Eric Nielsen continues.
"We are happy to become part of MacGregor and see exciting opportunities coming from the combined resources, technologies and global footprint of our two companies. This is a very positive development for all of our customers and team members," says Leif Haukom who leads the mooring and loading systems unit.
Completion of this acquisition follows receipt of required approvals from the relevant countries and authorities.
Source: Cargotec