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.: 10-Aug-2019 :. Search News
Displaying 1 to 5 of Records.
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Product Tanker, Ocean Self-Unloader Segments Boost Algoma s Earnings
Canadian shipping company Algoma Central Corporation wrapped up the second quarter of 2019 with higher net income, driven by an increase in operating earnings.
Algoma s net earnings rose to CAD 22.1 million (USD 16.7 million) in Q2 2019 from CAD 14.4 million (USD 10.9 million) seen in the corresponding period a year earlier.
As explained, profit was higher as a result of a rise in operating earnings and a foreign currency gain versus a loss reported last year.
Consolidated revenue for the 2019 second quarter was CAD 159.2 million, an increase of 14% compared to CAD 139.4 million reported for the same period in 2018.
Specifically, product tanker operating earnings grew 222% which was driven by high customer demand and having two additional vessels operating in the quarter compared to last year. During the quarter, the company added the tanker Algoterra to the Canadian fleet.
The ocean self-unloader segment grew earnings by 85% based on strong pool performance and the acquisition of three vessels that began operating for Algoma in the CSL Pool in June.
On the other hand, domestic drybulk results were lower due to having one less vessel in operation, partially offset by a strong pricing environment on the Great Lakes - St. Lawrence Seaway.
"Since last fall we have added six new vessels into our core businesses, each of which have been strong contributors to our year to date earnings," Gregg Ruhl, President and CEO of the company, commented.
"These new vessels have integrated well into the Algoma fleet and we look forward to continued strong results with the added capacity going forward," he added.
Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma.

Posted On:10-Aug-2019



CMB, Tsuneishi Team Up on New Hydrogen-Powered Ferry
Antwerp-based maritime group Compagnie Maritime Belge (CMB) and Japanese shipbuilder Tsuneishi Facilities & Craft (TFC) have joined forces to construct a hydrogen-powered ferry.
By combining TFC s shipbuilding capabilities and CMB Technologies knowhow in marine hydrogen systems, both parties hope to build "a revolutionary ship that will be a milestone in the journey towards zero carbon emission shipping."
After receiving the necessary regulatory approval, the ship will be built at TFC s facilities in Onomichi, Japan, and is expected to be delivered in 2021.
As explained, the new development also supports Japan s vision to become a leading hydrogen society by 2050.
CMB has accelerated its investments in hydrogen technologies as it recently acquired RTL which specializes in the engineering, development, prototyping, design and testing of automotive and marine engines.
RTL has been pioneering and developing hydrogen combustion engines (H2ICE) and systems for more than 10 years. The company has also developed the engines on board the CMB-owned Hydroville, the world’s first sea-going vessel with dual fuel diesel-hydrogen engines.
To be renamed CMB Revolve Technologies, the newly acquired company will focus on CMB’s hydrogen projects and continue to supply consultancy services to third party customers in the automotive and marine industries.

Posted On:10-Aug-2019



Klaipeda Oil Terminal to Make Room for Larger Tankers
Terminal operator JSC Klaipedos nafta (KN) has, together with the Klaipeda State Seaport Authority (KSSA), signed a tripartite agreement on the reconstruction of KN oil terminal s berth No 1 with the winners of the public tender.
The winners of the public tender, which was valued at EUR 22.5 million (about USD 25.2 million), were joint venture partners UAB Tilsta and UAB Fegda.
It is planned that the partners will carry out construction and dredging work over the course of almost two years.
Under the agreement signed this week, the currently unused 235-meter section of berth No 1 will be adapted for stevedoring. In addition, the adjacent ship channel will be dredged to a depth of 17 meters.
Once the three planned stages of reconstruction are completed, KN will be able to receive and load three tankers at a time at the Klaipeda oil terminal. Currently, the facility can receive only two tankers.
"The market has been dictating the need for these changes for some time now - the amount of cargo is growing, new types of cargo are emerging, and customer expectations are changing," Darius Silenskis, KN Oil Business Director and acting CEO, said.
"The new KN oil product storage tank park that is currently operating in pilot mode demonstrates this need - we are already loading a greater variety of products and testing a wider range of loading schemes. This dictates the need to develop and adapt the existing infrastructure," he added.
Specifically, KN will invest in the installation of the superstructure for the works planned to be carried out, and the port authority in the quay infrastructure.
These are extremely significant jobs that will increase the competitiveness of the Port of Klaipeda even more. Once the berths are reconstructed and a maximum depth of 17 metres is ensured next to them, KN will be able to receive more and larger vessels," Vidmantas Paukste, Klaipeda State Seaport Authority Infrastructure Director and acting Director-General, commented.
Reconstruction of the berths is planned to be carried out in several stages, doing the work in such a way that throughput is not disturbed. In the first phase, the port authority will invest EUR 22.52 million."
"In parallel with this project, the port authority is also implementing other public infrastructure improvement projects, such as pier reconstruction and dredging of the canal. All this will make even better conditions for KN to accept the largest tankers that can enter the Baltic Sea," Paukste explained.
The cost of the first phase works assigned to KN amounts to just over EUR 1.7 million, with the reconstruction work scheduled to begin within a month.

Posted On:10-Aug-2019



Black Marlin arrives with 18 hulls for Concordia Damen in Werkendam
The Black Marlin will arrive in the Port of Rotterdam on Monday 12 August. This semi-submersible vessel has 18 inland vessel hulls on board and a crane vessel for Damen. The 18 hulls were constructed in China for delivery to Concordia Damen in Werkendam.
The Black Marlin will berth on the Rotterdam/Maasvlakte inland lake, after which Boskalis will submerge the Black Marlin at dolphins 90-91 on Wednesday 14 August. The pontoons carrying the 18 hulls will then be towed to Waalhaven. The hulls will start being unloaded on 20 August; a task that will take seven working days. Bonn en Mees will unload the hulls using three floating sheerlegs.

Posted On:10-Aug-2019



Credits: www.bunkerportsnews.com

Iron ore port stocks decline as steelmakers buy the dips
Iron ore stocks across Chinese ports declined this week, as sharply lower prices prompted steelmakers to ramp up purchases in the second half of the week.
SMM data showed that stocks across 35 Chinese ports shrank 1.29 million mt from a week ago and 31.45 million mt from a year ago, to stand at 107.84 million mt as of Friday August 9.
For the same week, daily iron ore deliveries from those ports averaged 2.69 million mt, up 212,000 mt from the prior week and 158,800 mt from the same period last year.
Jingtang port saw greater deliveries, with a daily average of above 310,000 mt this week, while that for Caofeidian port recovered to about 240,000 mt. This sharply lowered stocks across the two ports in Tangshan.
Daily deliveries from major ports in the east, the north where exclude Tangshan, and along the Yangtze River little changed this week.

Posted On:10-Aug-2019



Credits: www.bunkerportsnews.com
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