Power Capital Consulting
Pleasure Craft
The recent Southern California Boat Show was smaller in size this year, analogous to the trend during previous recessionary periods. Power and sailboats under 30 feet were fairly well represented, while the brokerages and new boat manufacturers that customarily sell 30+ foot products were showing limited stock or were absent from the show.
Ferretti, the well known Italian luxury yacht manufacturer, and owner of Pershing, Riva, and CRN, failed to make a 1.4 MM Euro payment on their credit line in February. Production has been halted at Pershing, according to a Financial Times statement, with 270 workers sent home for 15 days from the Fano production facility. Larger yacht orders have remained strong, according to one source, while demand for the mid-range products has declined.
Several other large and small domestic and international manufacturers, including Silverton, Tiara, Riviera, Pro-Line, and Christiansen, have reduced their personnel as a result of the current global economic crisis.
Marine Industry News
Feb 06, 2012 08:30AM
Ocean Rig: Three Year Drilling Contract
Ocean Rig UDW Inc. (NASDAQ:ORIG) signed a new drilling contract for its semisubmersible drilling rig “Leiv Eiriksson” with a consortium coordinated by Rig Management Norway for drilling on the Norwegian Continental Shelf. The maximum total revenue backlog is estimated at $653 million for a minimum period of 1070 days...
Feb 06, 2012 08:26AM
Iran Sanction Proposal Targets Oil Companies, Tanker Fleet
A U.S. proposal to sanction Iran’s state-owned oil company and its main tanker fleet may ensnare any person or business in the world involved in purchasing or shipping Iranian oil, according to a report from Bloomberg. Pressure is mounting on Iran’s nuclear program, as the prospect of an attack from Israel grows beyond rhetoric...
Feb 06, 2012 07:48AM
Purfresh Names Westcott President and CEO
Proven executive to build upon Company’s leadership position and growth. Purfresh, Inc., a provider of ocean transport and supply chain management technologies that optimize the quality and safety of fresh produce as it moves around the world from the farm to the consumer, announced the appointment of Dr...
Feb 06, 2012 07:46AM
Rapp Hydema Establishes Office in Stavanger
Rapp Hydema, the winch and deck machinery specialist, are opening a new office in Stavanger. “We are pleased to be present in Norway’s most expansive offshore environment. This new establishment is both strategic and necessary to meet our customers’ demands for service and support,”...
Feb 06, 2012 07:44AM
Moray First Marine Continues to Grow
Moray First Marine based in Lossiemouth on the Moray Firth has recently seen the delivery of a second boat allowing them to take on a greater, more varied workload as they continue to grow in the marine industry. The new vessel, MV Seeker, is a 9.5m Osprey Cabin rib MCA Category 3 licensed...
Feb 06, 2012 07:15AM
SCI Orders 6 AHTSVs with ABG Shipyard
Shipping Corporation of India Ltd (SCI) has signed ashipbuilding contract for acquisition of six 80 Ton Bollard Pull Anchor Handling, Towing and Supply Vessels (AHTSVs), with M/s. ABG Shipyard Ltd,. according to a report on http://www.equitybulls.com. ...
Feb 06, 2012 07:09AM
The American Society of Naval Engineers (ASNE) will present many of its most prestigious awards this week at ASNE Day 2012. In addition to the notable guest presenters listed below, the ASNE Day Honors Gala will feature remarks by The Honorable Rob Wittman (VA-1), Co-Chair of the Congressional Shipbuilding Caucus...
Feb 06, 2012 07:06AM
GAC Singapore is marking the 30th anniversary of its establishment by relocating to a new head office to enable future expansion of its operations. The company, which has expanded its portfolio of services since its establishment as a ship agent in 1981, now employs 145 staff at four locations...
Feb 06, 2012 06:10AM
Containership Rescues Shipwreck Survivors
MOL-operated Containership Rescues 116 Shipwreck Survivors off Papua New Guinea. Mitsui O.S.K. Lines, Ltd. announced that the MOL-operated containership MOL Summer rescued 116 survivors from the ferry Rabaul Queen, which sank about 17 km east of Papua New Guinea. According...
Feb 06, 2012 06:07AM
American Steamship Charters ATB
American Steamship Compnay charter New Articulated Tug BargeAmerican Steamship Company (“ASC”), a subsidiary of GATX Corporation (NYSE:GMT), announced its charter of a newly constructed Articulated Tug Barge (“ATB”). David W. Foster, president of ASC, said, “We...
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Ship Technology News
Feb 06, 2012 05:00PM
Mitsui OSK Lines (MOL) has started a demonstration test of the diesel particulate filter (DPF) system installed on the diesel engine used for power generation on its ocean-going vessel.
Feb 06, 2012 05:00PM
Norwegian maritime liquefied natural gas transporter company Höegh LNG has exercised an option to build a new floating storage and regasification unit (FSRU) at South Korea's Hyundai Heavy Industries (HHI).
Feb 06, 2012 05:00PM
BGP Prospector is a new seismographic research ship built at the Nassau port in the Bahamas. It is owned by geophysical service company BGP, a subsidiary of the CNPC.
Feb 05, 2012 05:00PM
South Korean shipbuilder Hyundai Heavy Industries (HHI) has reported a 91% drop in net profit to KRW71.3bn ($64m) during the fourth quarter of 2011, compared to the KRW826.7bn ($739m) it reported during Q4 2010.
Feb 05, 2012 05:00PM
Western Australia to consolidate port activities
The state government of Western Australia (WA) has announced a plan to consolidate seven of the eight regional port authorities into four to reduce unnecessary bureaucracy.
Feb 02, 2012 05:00PM
BHP Billiton approves funding for Port Hedland in Australia
BHP Billiton has approved $917m in pre-commitment funding for constructing a 100 million ton-a-year harbour, to strengthen its iron ore operations at Port Hedland in the Pilbara region of Western Australia.
Feb 02, 2012 05:00PM
Indian shipbuilder ABG Shipyard has won an order from the Shipping Corporation of India (SCI) to build six offshore support vessels.
Feb 01, 2012 05:00PM
Norsafe wins lifeboats contract for Shells' massive floating LNG platform
Norsafe has won a contract from South Korea's Samsung Heavy Industries (SHI) to deliver large free fall lifeboats and davit arrangements for the world's biggest floating offshore installation, the Shell FLNG facility, off of the coast of Australia.
Feb 01, 2012 05:00PM
DSME to build five new tankers for KOTC
South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) has won an order from the Kuwait Oil Tanker Company (KOTC) to build four very large crude carriers (VLCC) and one product carrier for $560m.
Feb 01, 2012 05:00PM
Austal Wind Express Offshore Support Vessels
Wind Express is a series of offshore support vessels (OSVs) built by Austal. The vessels are specifically developed to provide transportation services for the offshore wind industry.
Feb 01, 2012 08:33AM
Solutions for Fluid Management
Fluids are essential in life, 70% of the earth consists of fluids and most of the human body consists of water, so these must be handled with care.
Jan 31, 2012 05:00PM
Algoma to install Wartsila freshwater scrubbers in six vessels
Canadian shipowner Algoma Central (Algoma) has signed an agreement with Wartsila for the installation of freshwater exhaust gas scrubbers on six new Equinox Class vessels.
Jan 31, 2012 05:00PM
Italian authorities end search for Costa Concordia victims
Italy's civil-protection agency has abandoned the search for 16 missing people inside the wrecked cruise ship Costa Concordia on the Tuscan island of Giglio in which 32 people are feared to have died.
Jan 30, 2012 05:00PM
Frontline to order ten oil-product tankers
Bermuda-based oil tanker shipping firm Frontline is planning to order ten oil-product tankers for about $330m.
Jan 30, 2012 05:00PM
EMP unveils Aquarius Eco Ship concept
Japan-based Eco Marine Power (EMP) has unveiled a new concept of ship design featuring its aquarius marine renewable energy (MRE) system which allows a ship to harness solar power and wind power.
Jan 29, 2012 05:00PM
International Paint introduces silyl acrylate antifouling coatings for ships
International Paint, a unit of specialty chemical company AkzoNobel, has introduced Intersmooth 7465Si SPC and Interswift 6900Si silyl acrylate antifouling coatings for application to vessels.
Jan 29, 2012 05:00PM
Forth Ports takes full control of Tilbury Container terminal in Scotland
Forth Ports, a subsidiary of Otter Ports Holdings, has acquired the remaining 67% stake in Tilbury Container Services (TCS) for £95m ($149m) from DP World and Associated British Ports (ABP).
Jan 26, 2012 05:00PM
Wärtsilä to supply integrated scrubbers systems to six Great Lakes vessels
Wärtsilä has received a contract from Canadian shipowner Algoma Central to supply fresh water integrated scrubbers for installation in its six vessels with an option for a further two scrubbers.
Jan 26, 2012 05:00PM
ABB to provide energy management system to Viking ferry
ABB has received an order to provide an energy management system (EMS) to a Viking Line ferry under construction at the STX Yard in Turku, Finland, and scheduled to be delivered to Viking Line in 2013.
Jan 26, 2012 09:47AM
Promeco-Electromechanical Systems and Services for the Marine Industry
Promeco is a globally-operating solution supplier providing electromechanical systems and services for demanding applications.
Naval Technology News
Feb 07, 2012 03:46AM
Navantia Commissions OPV for the Spanish Navy
Navantia has commissioned the naval ship BAM 'Relámpago' for the Spanish Navy, in a ceremony presided by Pedro Morenés, the minister of defence.
Feb 07, 2012 03:00AM
US Navy conducts fleet experiment on USVs
The US Navy has conducted a follow-on fleet experiment on unmanned surface vessels (USVs) equipped with non-lethal weapons off the shoreline of Fort Eustis, Virginia, US.
Feb 07, 2012 03:00AM
Northrop to test F-35 sensor capabilities during Bold Alligator 2012
The Northrop Grumman-developed BAC1-11 test aircraft, configured with F-35 Joint Strike Fighter's (JSF) AN/APG-81 active electronically scanned array (AESA) radar and the AN/AAQ-37 infrared distributed aperture system (DAS), is participating in the B?
Feb 06, 2012 03:00AM
US Navy 5th Fleet?s MK 54 torpedo receive software upgrades
The US Navy 5th Fleet?s MK 54 lightweight torpedos have been successfully upgraded with the latest software on time and within budget.
Feb 06, 2012 03:00AM
HMS Lancaster completes refit, ready to undergo sea trials
The UK Royal Navy?s Duke Class Type 23 frigate HMS Lancaster has completed a 16-month, £22m refit at Portsmouth Naval Base, UK, and is set to undergo sea trials off the South Coast for the first time since September 2010.
Feb 03, 2012 03:36AM
Cloudis Announce STG Use CMPIC Software
Cloudis is delighted to announce that Sea Trucks Group (STG) has become its latest CMPIC cable management software user.
Feb 03, 2012 03:00AM
Japanese Maritime Defence Force procures ALMDS from Northrop
The Japan Maritime Self-Defence Force (JMSDF) has procured four airborne laser mine detection systems (ALMDS) from Northrop Grumman for use on its AgustaWestland MCH-101 helicopters to better protect its coastline and daily maritime traffic.
Feb 03, 2012 03:00AM
Babcock tests Hobart Class AWD torpedo launcher for RAN
Babcock has begun testing the Royal Australian Navy?s (RAN) Hobart Class air warfare destroyer?s (AWD) Mk32 Mod 9 torpedo launchers at its Techport facility in South Australia.
Feb 02, 2012 05:00PM
HMAS Cairns is a naval base of the Royal Australian Navy (RAN). Located in Cairns, on the northern shore of the Trinity Inlet, the naval base supports the RAN in its operations.
Feb 02, 2012 10:14AM
Navantia Prepares Spanish Navy?s Fifth Frigate for Sea Trials
On 9 January, the F-100 class frigate 'Cristóbal Colón', under construction in Navantia for the Spanish Navy, left the shipyard dry dock after a period of dry docking for hull and platform readiness for sea trials, which will take place in March 2012?
Feb 02, 2012 09:46AM
CBG Systems-Thermal and Acoustic Insulation Systems for the Marine Defence Industry
CBG Systems is an Australian company, based in Tasmania, that specialises in the supply and installation of thermal and acoustic insulation systems for a range of marine, industrial and commercial clients.
Feb 02, 2012 07:21AM
Dr Jörg Brechtefeld New General Manager of L-3 ELAC Nautik
L-3 ELAC Nautik today announced the appointment of Dr Jörg Brechtefeld as its new general manager.
Feb 02, 2012 05:36AM
Assessing vehicle noise is a faster and easier process with the launch of Brüel & Kjær's latest data analysis software platform, PULSE 16.1.
Feb 02, 2012 04:08AM
Current marine threats have proven the need to extend tactical response options beyond the mother ship to its boats and RHIBs used for security and combatant craft roles including antipiracy, antidrug, illegal trade, and border security.
Feb 02, 2012 03:00AM
Boeing begins DTS production for US Navy F/A-18E/F
Boeing has begun production of the new distributed targeting system (DTS) for the US Navy F/A-18E/F Super Hornet strike fighter as part of the navy?s F/A-18E/F Network Centric Warfare Upgrades programme and F/A-18E/F Flight Plan.
Feb 02, 2012 03:00AM
Lockheed, Raytheon team up to upgrade US Navy EA capability
Lockheed Martin has teamed up with Raytheon to bid for a US Navy contract intended to modernise the fleet?s electronic attack (EA) capability against anti-ship missiles as part of the Surface Electronic Warfare Improvement programme (SEWIP) Block 3 u?
Feb 01, 2012 03:00AM
HMS Dauntless deployed to Falklands
The UK Royal Navy?s second of six Type 45 destroyers, HMS Dauntless, is due to set sail from Portsmouth, UK, on its maiden voyage off the coast of the Falklands Islands in the South Atlantic, amidst rising tensions with Argentina over the islands' so?
Feb 01, 2012 03:00AM
GD to provide TDACS actuators in support of SM-3 missile
Aerojet has awarded a contract to General Dynamics (GD) Ordnance and Tactical Systems to develop and deliver electromagnetic control actuators for the Throttleable Divert and Attitude Control System (TDACS).
Jan 31, 2012 05:00PM
Deep secret ? secure submarine communication on a quantum level
Quantum key distribution technology could enable submarines to communicate securely both at depth and speed. Berenice Baker investigates how rapid underwater communication can be achieved at a level of secrecy protected by the very laws of physics th?
Jan 31, 2012 03:00AM
Raytheon to develop PFN to power future projectiles
The US Naval Sea Systems Command has awarded a contract to Raytheon to design and develop the pulse forming network (PFN) needed to drive projectiles off the deck of a naval warship without the use of an explosive charge or rocket motor.
