Maritime Vessels Directory

* Each VLCC raised about $30 mln* Bunker barges sold at $2 mln to $3 mln* Greek ship owners among buyersAbout one third of the roughly 150 ships owned by companies controlled by Singapore tycoon Lim Oon Kuin and his family have been sold as part of efforts to repay billions of dollars of debt owed to creditors, two sources told Reuters.Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. Xihe Holdings is owned by the Lim family and held the bulk of their fleet.

ENERGY: Oil Rises on Vaccine Optimism, U.S. Stimulus

53 minutes ago

Oil prices open March 2021 on a strong note, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.Brent crude was up 63 cents or 1% at $65.05 a barrel by 1150 GMT, and U.S. West Texas Intermediate (WTI) crude jumped 62 cents or 1% to $62.12 a barrel. Both contracts finished February 18% higher."The three major supportive factors are the prevalent vaccine rollouts, the optimism about economic growth and the view that the oil balance will get tighter as a result of the first two points," PVM Oil Associates analyst Tamas Varga said.Support also came from a $1.

MARKET: Why Don’t OSVs Get Scrapped?

an hour ago

The OSV sector will be reliant on a hitherto unseen amount of scrapping to balance the market, writes Gregory Brown, Associate Director – Offshore, Maritime Strategies InternationalThere is a consensus that an OSV market recovery will only be driven a supply side rationalization. As well as a lack of newbuild activity, that rationalization will have to include unprecedented levels of scrapping in a market which has historically witnessed only limited levels of attrition.That limited level of attrition has several deep-seated roots, most notably weak scrap values, a fragmented supply chain, and low idle costs (~<$1,000/day). These fundamentals are unlikely to change.

Brunswick Appoints Arbuckle as Marine Autonomy Technology Lead

an hour ago

Brunswick Corporation, in a move to to build on its ACES (Autonomy, Connectivity, Electrification & Shared Access) strategy to develop solutions to further improve boater experiences, named Jason Arbuckle to a newly formed role of Marine Autonomy Technology Lead. Arbuckle joined Mercury Marine in 1997 and has since advanced through the company, working to lead some of the company’s many award-winning innovative technology solutions. Throughout his career, Arbuckle has been instrumental in the development of helm software for Mercury Marine products from single engine to six engine vessels and has been granted more than 45 patents related to marine control systems.

Machado Named MD at Maersk Training UK

an hour ago

Maersk Training UK (MTUK) has appointed a new managing director as the company looks to expand its offering to the North Sea energy sector. Leonardo Machado joins MTUK having previously been managing director of the company’s operations in Brazil for six years. Machado played a key role in developing training for the wind and production industries, as well as expanding service solutions for the firm.With plans in place to grow and expand the business in the UK, Machado is aiming to make MTUK the preferred training and solution partner across the oil and gas and renewables sectors.He said: “Moving to the UK to take up this role seemed like a natural step in my career.

Maritime Reporter and Engineering News (February 2021)

Government Shipbuilding