Eagle Bulk Disposes of One More Supramax

first_imgConnecticut-based bulk carrier owner and operator Eagle Bulk Shipping is continuing with its fleet restructuring program as it sold another Supramax vessel.The company said it recently signed a memorandum of agreement (MOA) to dispose of Thrasher, the 53,400 dwt vessel built in 2010.The agreement was inked with Indonesia-based Meratus Line at the end of April 2019, VesselsValue’s data shows.The ship was sold for gross proceeds of USD 10 million, Eagle Bulk revealed.The transaction follows two Supramax sales in January this year when the company sold the 2001-built vessels Condor and Merlin for USD 12.8 million.Also in January, Eagle Bulk acquired Cape Town Eagle, an Ultramax bulker, for USD 20.4 million. The 2015-built ship has been delivered into the company’s fleet.The sale of Thrasher was unveiled in Eagle Bulk’s financial report for the first quarter of this year showing that the company delivered a net income of USD 29.5 million, a decrease of 44 percent compared to USD 52.7 million seen in the corresponding period a year earlier.During the first quarter of 2019, the company generated revenues of USD 77.4 million, representing a drop of 2 percent compared to the same three-month period in 2018. The decrease was primarily due to the decline in the dry bulk market.Time charter equivalent (TCE) revenue stood at USD 44 million in Q1 2019, lower by 14 percent year over year.“Notwithstanding weakness in freight markets during the first quarter, we were able to achieve our highest TCE outperformance to date. I am pleased to report that our first quarter TCE outperformance, relative to the adjusted benchmark Baltic Supramax Index equated to almost $2,400 per vessel per day, representing a beat of over 30%,” Gary Vogel, Eagle Bulk’s CEO, commented.“With respect to our fleet, preparations for IMO 2020 are well underway. To date we have fitted five vessels with scrubbers, with the majority of the installation time occurring at sea while ships continue to trade.” “We expect to have thirty-four scrubbers installed within 2019, and three additional units in 2020,” he concluded.last_img read more

Impairments drag McDermott into the red

first_imgU.S. offshore engineering and construction company McDermott reported a loss for the third quarter of 2019 compared to a profit in the same period last year mostly due to charges of $1.5 billion related to impairment. McDermott’s Amazon vessel; Source: McDermottMcDermott on Monday reported revenues of $2.1 billion, a net loss of $1.9 billion, and an operating loss of $1.7 billion for the third quarter of 2019.In the third quarter 2018, McDermott reported revenues of $2.3 billion, a profit of $2 million, and an operating income of $129 million.According to the company, the net loss was due primarily to non-cash accounting charges of $1.5 billion related to impairments of goodwill and intangible assets and $256 million of changes in project gross profit on specified projects identified in a covenant of the company’s new Superpriority Credit Agreement.The goodwill impairment of $1.4 billion primarily resulted from updates to the 2019 management budget and increases in discount rate assumptions driven by increases in cost of capital and risk premium assumptions associated with forecasted cash flows. The intangible assets impairment of $0.1 billion primarily resulted from a reduction in the estimated remaining useful life of the trade names associated with the NCSA segment, causing a decrease in future attributable cash flow expectations.McDermott said that, operationally, four of five operating segments reported solid performance during the third quarter, led by the Middle East and North Africa (MENA), which reported operating income of $69 million and an operating margin of 13.3%, both sharply improved from the second quarter of 2019.Additionally, the company reported backlog of $20.1 billion, new awards of $1.7 billion and a revenue opportunity pipeline of a near-record $89.1 billion for the third quarter of 2019.David Dickson, President and Chief Executive Officer of McDermott, said: “We experienced continued strong backlog, with several significant customer project awards, including the Ichthys Phase 2a Gas Field Development Project in Australia, which we developed in conjunction with our integrated subsea-solutions partner, Baker Hughes, as well as a large LNG tank project on the U.S. Gulf Coast. We also achieved solid operating results in our MENA, Asia Pacific (APAC), Europe, Africa, Russia and Caspian (EARC) and Technology segments.“At the same time, our capital structure continues to be pressured by certain legacy CB&I projects. Our recently announced $1.7 billion financing agreement with our lenders signals their confidence in our underlying business.”Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.last_img read more

Man Dies after Fall From Color Magic Cruiseferry

first_imgA cruiseferry passenger has died after falling overboard Color Line’s ship Color Magic off the Swedish coast.The incident occurred in the waters off Strömstad on March 4, 2020, according to the Swedish Maritime Administration.The 75,156 gross ton vessel, which operates on the route connecting Oslo, Norway, with Kiel, Germany, was on its way to Kiel at the time of the incident.After receiving a mayday distress call, the Swedish Coast Guard, the Swedish Sea Rescue Society and the Joint Rescue Coordination Center Southern Norway immediately launched a search for the missing person.At around 8 p.m. that day, a Norwegian helicopter found the body of the man, a German national, in the sea. The body was recovered and transported to a Norwegian hospital.#Skagerrak kl. 20:00 Redningshelikopter Rygge har gjort funn av en person i sjøen, aksjonen avsluttes.— HRS Sør-Norge (@HRSSorNorge) March 4, 2020 World Maritime News has approached Color Line for more details on the incident, however, the Norwegian cruise company is yet to reply. World Maritime News Stafflast_img read more

CSBC-DEME starts working on first Taiwan-built offshore wind installation vessel

first_imgCSBC-DEME Wind Engineering (CDWE) has started working on a floating heavy-lift installation vessel to be named Green Jade. According to CDWE, this will be the first Taiwan-built offshore wind installation vessel. Namely, in October 2019, the joint venture entered a large-scale Balance of Plant (BOP) Preferred Supplier Agreement for a part of the multi-phase Hai Long offshore wind project. Under the BOP package, CDWE is in charge of the Engineering, Procurement, Construction and Installation (EPCI) of foundations, inter-array and export cables, and transportation and installation of turbines. CDWE, a joint venture between Taiwan’s shipbuilder CSBC and Belgian offshore construction company DEME Offshore, informed on 30 April that it had initiated the contract for early works and ordering of critical packages. Along with dual fuel engines, a Green Passport and Clean Design notation, the Green Jade will also be fitted with other environmental innovations on board, such as a waste heat recovery system, according to CDWE. The Green Jade will be equipped with a 4,000-tonne capacity crane, DP3 capability, and will be able to accommodate up to 160 people. The Green Jade is scheduled to start construction works on the local offshore wind farm projects in 2023.center_img Furthermore, the 216.5-metre installation vessel will have a large deck space to enable transport and installation of multiple massive next-generation foundations and wind turbines in a single shipment. The vessel will be built at CSBC shipyard in Taiwan and delivered in 2022. The following month, CDWE signed two contracts for the 300 MW Zhong Neng offshore wind project. One of the contracts is for transportation and installation of foundations, and the other one is a Preferred Bidder Agreement for transportation and installation of wind turbines. The installation vessel will be deployed on the Hai Long and the Zhong Neng offshore wind projects in Taiwan.last_img read more

Higher bunker costs hurt Hapag-Lloyd’s earnings

first_img Posted: 4 months ago As explained, this had a negative impact on earnings, as did a devaluation of bunker inventories of around $64 million due to the rapid decline in crude oil prices that began at the end of the first quarter. In the first quarter of 2020, Hapag-Lloyd’s bunker costs increased by $98 to $523 per tonne as a result of the transition to low-sulphur fuel oil (LSFO). Consequently, the company’s transport expenses rose by almost 10 per cent. Categories: The group net result declined by 82 per cent to approximately $27 million in Q1 2020 from $109 million seen in Q1 2019. The International Maritime Organization’s (IMO) new rule mandating lower sulphur emissions from the shipping sector went into effect on 1 January 2020. In order to comply with the new regulation aimed at reducing marine pollution, shipping companies around the world either switched to LSFO or installed scrubbers on board their vessels. This means that Hapag-Lloyd still continues to expect EBITDA of €1.7 (about $1.8 billion) to 2.2 billion and EBIT of €0.5 to 1.0 billion for the current financial year. On the other hand, revenues in the first quarter of 2020 increased by around 6 per cent to $3.7 billion from $3.5 billion reported in Q1 2019. This can primarily be attributed to a 4.3 per cent increase in transport volumes to more than 3 million TEU, and an improved average freight rate of $1,094 per TEU, according to the company. Taking into account the prevailing uncertainties and building on the planned cost-cutting measures as well as based on the premise that the pandemic will peak in the second quarter and give way to a gradual recovery in the global economy in the second half of the year, the company’s executive board has substantiated its earnings forecast from the start of the year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased by 38 per cent to $517 million in Q1 2020 from $556 million posted in the corresponding three-month period a year earlier.  Business & Finance Posted: 4 months ago “The financial result is below the first quarter of the previous year as we faced higher bunker prices after the new IMO 2020 rules on 1 January and we had a significant negative bunker stock valuation after the decline in crude oil prices at the end of the first quarter,” he added. Hapag-Lloyd gets 2020 off to a decent start despite COVID-19 “Although we were able to pick up a bit of tailwind at the beginning of the year, we anticipate that the coronavirus pandemic will have very significant impacts in 2020, beginning in the second quarter,” Hapag-Lloyd CEO added. Afif containership. Image Courtesy: Hapag-Lloyd The majority of Hapag-Lloyd’s vessels started sailing with the new low-sulphur fuel oil, resulting in higher fuel prices. In order to cope with the additional costs projected at around $1 billion per year, the carrier introduced an IMO 2020 Transition Charge (ITC) in December last year. He revealed that the company would launch cost-saving measures in order to stay afloat during the coronavirus pandemic.  long read Outlook for 2020 “We have taken a wide range of measures designed to save an amount in the mid-triple-digit million range to safeguard our profitability and liquidity.” “We adjust our service network to the lower demand and seek savings in all cost categories, from terminal, transport, equipment and network costs to overhead.” “Despite the coronavirus pandemic, we have gotten the year off to a good start. Higher transport volumes and better freight rates have boosted our revenues,” Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd AG, commented. Cost-saving measures and the corona crisis Hapag-Lloyd has a fleet of 248 containerships with a total transport capacity of 1.7 million TEU. In addition, Hapag-Lloyd has a container capacity of approximately 2.6 million TEU. Hapag-Lloyd CEO: We are well-positioned to weather the storm For Q1 2020, Hapag-Lloyd recorded earnings before interest and taxes (EBIT) of $176 million, which is a drop of 67 per cent compared to the corresponding prior-year figure of $243 million. However, unless there is a recovery in demand for container transport services earlier and stronger than expected in the market studies cited in the financial report for the first quarter 2020, the upper end of the forecast ranges is barely achievable from today’s perspective, the company concluded. German shipping major Hapag-Lloyd felt a negative impact of higher bunker prices in the first quarter of this year as it reported lower earnings. last_img read more

Odfjell Drilling acquiring stake in Norwegian floating wind developer

first_imgOdfjell Drilling is investing in Oceanwind AS with an aim to acquire a stake that would ensure a controlling position in the Norway-based floating wind company. “In 2001, as founders of SWAY, we initiated the game-changing technology for floating offshore wind turbines. Almost twenty years later we have decided to enter the business of owning and operating such assets and become an important contributor to the reduction of fossil fuel emissions”, said Oceanwind Founder Jon Erik Borgen and CTO/Founder Eystein Borgen. “Developing solutions to connect our rigs to offshore wind installations is one possible road to zero emission drilling. With ownership in Oceanwind, we are well positioned to make it a reality”, said Per Lund, EVP Technology & Sustainability of Odfjell Drilling. A long-term goal for Oceanwind is “to own and operate harsh environment floating offshore wind turbines” and, according to the two companies’ press release from 27 August, both believe that partnering is a winning combination for further commercialising offshore wind energy. Oceanwind AS has been founded by a team that was part of Sway, a Norwegian technology developer that tested the Sway turbine in 2010/2011. “Our objective is to create value for our shareholders and society by leveraging almost five decades of competence in operating floating assets in harsh environments to develop a solid concept within offshore wind together with Oceanwind’s founders. I hope this day is the beginning of a new chapter, and another major milestone in the company’s history”. “In 1971, Rederiet Odfjell made the final investment needed to complete the first floating drilling rig design ever created in Norway. This was the beginning of what we now recognise as Odfjell Drilling. I believe we are in a similar situation today”, said Simen Lieungh, CEO of Odfjell Drilling AS. According to the Norwegian offshore drilling contractor, the move will support it on a path to zero-emissions drilling through projects that would connect its rigs to floating wind farms. Odfjell Drilling’s buy-in is now subject to successful completion of the contemplated equity tranches, according to the company.last_img read more

Junior gamblers battle addiction, shows major study (Aust)

first_imgHerald Sun 26 June 2012Children as young as 10 are battling serious gambling problems, a major study has revealed. A concerning number of children are addicted to gambling, including betting on football games. Picture: Getty Images Source: Herald Sun And they have few difficulties side-stepping the law.The first national study of the gambling habits of Australia’s youth has found a tenth of kids aged 10-14 fit definitions of “at-risk” or “problem” gamblers.And a third have adults willing to place bets on their behalf.Anti-gambling campaigner the reverend Tim Costello said “every parent should be very concerned” by the report, released by the Australian Council for Educational Research.“Essentially the long arms of the gambling industry reach into our youth,” Mr Costello said.“It softens them up, even when they are children, because they always need a new generation (of addicts).”The study, based on surveys with 5600 Australians aged 10-24, found widespread experimentation with gambling.http://www.heraldsun.com.au/news/more-news/junior-gamblers-battle-addiction/story-fn7x8me2-1226408348239last_img read more

Medicinal cannabis data limited, report finds

first_imgStuff co.nz 17 March 2015A government investigation into the use of marijuana for medicinal purposes has found little evidence to support a wider review.Associate Health Minister Peter Dunne called on the Ministry of Health to provide a report, amid growing domestic and international pressure to legalise the drug’s use among certain patients.The report said although some research had found evidence was accumulating to show cannabinoids might be useful to treat some ailments, overall, data was limited.“To date, clinical trials of unprocessed or partially-processed cannabis products have suffered from limited participant numbers and lack of data on long term effects.“Results can’t be compared across trials because they have used different products in different patient groups,” the ministry said.A 2013 review of trials on adults with HIV or AIDS concluded evidence for the effectiveness and safety of medicinal cannabis was lacking.But the report cited “recent developments” in Australia toward allowing the use of medicinal cannabis.Late last year, the New South Wales Government announced A$9 million (NZ$9.3m) to support clinical trials, and the Victorian Government asked the Law Reform Commission to report on options for changes to legislation to allow people with terminal or life-threatening illness to be treated with cannabis.But the ministry here said one of the major challenges to any potential law change would be developing a regulatory regime for the production, manufacture and supply of cannabis to patients. Dunne, who spoke on the topic at the UN Commission on Narcotic Drugs meeting in Vienna last week, said the evidence was “underwhelming”.“So I took the opportunity there to discuss with both the United States Federal Director of Drug Policy and Australia’s Assistant Health Minister on the work being done in both countries in the area of clinical trials.“In both cases, the response was similar: it is simply too early to draw definitive conclusions.”The Government would not be changing its stance on the use of medicinal cannabis, but Dunne said it needed to be addressed as and when new evidence emerged.New Zealand already regulates the medical use of one cannabinoid product, but in highly restricted circumstances.That only product available in New Zealand is Sativex, which is unfunded and costs about $1000 a month for patients using it.http://www.stuff.co.nz/dominion-post/67419474/Medicinal-cannabis-data-limited-report-findslast_img read more

“Transgender toilets don’t harm” – five reasons that’s false

first_imgDaily Wire 22 April 2016Family First Comment: These are just some examples that have made media attention. There will be plenty more….Here are 5 times “transgender” men abused women and children by exploiting such facilities:1. A Seattle man, citing transgender bathrooms laws, was able to gain access to a women’s locker-room at a public recreational center while little girls were changing for swim practice. In February, The Daily Wire reported that a Seattle man who walked into the women’s locker-room—on two occasions—and began undressing, cited the “new state rule that allows people to choose a bathroom based on gender identity.” You know, those laws the ingenious left has been pushing because of “inclusiveness.”“It was a busy time at Evans Pool around 5:30 p.m. Monday February 8,” reports KING5 News. “The pool was open for lap swim. According to Seattle Parks and Recreation, a man wearing board shorts entered the women’s locker room and took off his shirt. Women alerted staff, who told the man to leave, but he said ‘the law has changed and I have a right to be here.’”Subsequent to this new rule, no one called the police on this man who reportedly came back a second time when young girls were changing into their swimsuits for swim practice.2. A Toronto man claiming to be transgender was arrested and sentenced to jail for sexually assaulting several women in a women’s shelter after he gained access to the shelter and its shower facilitates as “Jessica.”As Life Site notes, “A biological man claiming to be ‘transgender’ so as to gain access to and prey on women at two Toronto shelters was jailed ‘indefinitely’” in early March.Christopher Hambrook, 37, using the name “Jessica,” was able to gain access to Toronto women’s shelters.“Her tights had been pulled down past her bottom and her bathing suit had been pulled to the side,” reads a court document of one of the incidents. “She yelled at the accused, demanding to know what he was doing. He simply covered his face with his hands, said ‘Oops!’ and started giggling.”Per Life Site:Court also heard evidence of Hambrook terrorizing a deaf woman living in the shelter. “The accused grabbed the complainant’s hand and forcibly placed it on his crotch area while his penis was erect,” court heard.The same deaf women reported that Hambrook would peer at her through a gap between the door and its frame while she showered.3. A Virginia man was caught and arrested for peeping on and filming two women and a 5-year-old child in a women’s restroom after receiving entry by dressing in drag.“Richard Rodriguez, 30, filmed a woman in a bathroom stall at the Potomac Mills Mall, Prince William County Police said,” reported NBC Washington. His victim was a 35-year-old woman who was in a bathroom stall when “she saw a bag moved toward her under the stall divider.” According to police, Rodriguez had been filming her.Apparently, when the victim rushed out of the stall to confront the man, he had already moved to another woman just one stall over. “The victim alerted the woman and then contacted mall security of the shopping center on 2700 block of Potomac Mills Circle in Woodbridge, Virginia,” noted NBC Washington.Reports suspect that this was not Rodriguez’s first time peeping on women by dressing himself up as woman to enter a restroom; disturbingly, he likely spied on a 53-year-old woman in May of 2015 and a 35-year-old and her 5-year-old daughter back in October.“Rodriguez, of Fredericksburg, was charged with three counts of unlawful filming of a non-consenting person and three counts of peeping,” reported NBC Washington.4. A Los Angeles man dressed in drag, entered a Macy’s department store bathroom and videotaped women under bathroom stalls. As The Daily Wire reported in late March, charges were filed against Jason Pomare, 33, for allegedly disguising himself as a woman, sneaking in to the women’s restroom at a Macy’s department store and secretly videotaping hours of footage of women in bathroom stalls.Pomare reportedly disguised himself with a wig and fake breasts; he kept his video camera with him in a small purse.The suspect “was charged Tuesday with six counts of unlawful use of a concealed camera for purposes of sexual gratification. After his arrest, investigators said a video camera found in his purse had ‘hours’ of video of women using the restroom inside the store,” reports NBC4 News.5. Two male students were caught at the University of Toronto exploiting “gender-neutral” facilities to peep on women in the shower with their cellphone cameras. As The Daily Wire’s Pardes Seleh reported in October, The University of Toronto had to change their gender-neutral bathrooms back to bathrooms separated based on biology “after two separate incidents of ‘voyeurism’ were reported on campus September 15 and 19. Male students within the University’s Whitney Hall student residence were caught holding their cellphones over female students’ shower stalls and filming them as they showered.”READ MORE: http://www.dailywire.com/news/5190/5-times-transgender-men-abused-women-and-children-amanda-prestigiacomoKeep up with family issues in NZ. Receive our weekly emails direct to your Inbox.last_img read more

Coen Lammers: What it’s really like living with Down syndrome

first_imgNZ Herald 9 August 2018Family First Comment: “Iceland has reached a near-100 per cent termination rate, while last year only four births with Down syndrome were recorded in Denmark. Before the New Zealand medical community quietly eliminates one section of our society, it is vital for our country to have a national debate on the value we put on people with Down syndrome, or any other disability that can be screened.”Having a daughter with Down syndrome is possibly the best thing that has happened to our family — as well as the most challenging.Watching Bella flourish for the past 16 years, we know that living with Down syndrome is not a curse or punishment, but a terrific, enriching adventure filled with joy and surprises, as well as the odd road bump.Last week’s storylines on Shortland Street created a storm in parts of the Down syndrome community because they depict old-fashioned, ignorant ideas around the disability and have nothing to do with our day-to-day experiences in a modern, inclusive New Zealand society.Bella’s birth was a shock and surprise to the family because we had decided not to have any pre-natal screening test.My wife and her family took a while to come to terms with this new reality, but I had grown up with an uncle with Down syndrome and thought I knew what to expect.What I did not realise back in 2001 was the incredible impact our wonderful, multi-talented, sociable and loving daughter would have on our entire wider community.READ MORE: https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12103397Keep up with family issues in NZ. Receive our weekly emails direct to your Inbox.last_img read more