what the FUCK are you saying here? that the Jones Act has created Eagle Shipping which is NOT a Jones Act operator?
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Add Genco to the list
With warchest, Genco in position to strike
New York-listed bulker owner’s $180m in cash allow it to seek growth opportunities, executive and analyst say.
August 8th, 2017 15:45 GMT
by Eric Martin
Published in Finance
Genco Shipping & Trading is positioned with ample liquidity that puts it in a position to take advantage of buying opportunities, an analyst and company executive said after the company’s earnings report.
Clarksons Platou Securities’ John Gandolfo said the bulker owner some $180m in cash on its balance sheet against $526m in debt.
Genco sees narrower loss in second quarter
Read more .
“Assuming the application of a modest 50% leverage to potential acquisitions and based on Clarksons current assessments of $32m for a five-year-old capesize, we project the capacity for the company to comfortably take on a potential seven to eight five-year-old capes in the current market environment,” he said.
Chief executive John Wobensmith said in an earnings briefing that the company is “well positioned to capitalise on compelling growth opportunities”.
His note to came after Genco reported a net loss of $14.5m in the second quarter, which is slightly smaller than analysts were expecting.
The John Wobensmith-led company has also put three panamaxes and two handysize bulkers, all built in 1999, on the selling block, with potential lowering the average age of to eight years from nine years, Gandolfo said.
“As the company continues shed its older tonnage, we see it operating a cash-laden platform, primed for opportunistic growth along the course of a dry bulk market recovery,” said the analyst, who rates the company’s New York-listed shares as a “buy”.
When will this little beauty make her first appearance in the GoM??: http://www.osjonline.com/news/view,massive-vessel-quickly-makes-its-mark-in-heavy-lift-and-pipelay-markets_49072.htm
BP is building up their fleet of LNG Carriers to serve their new Freeport LNG facility: http://splash247.com/bp-six-new-lng-carriers/
Moved to appropriate thread, future of ships.
could be worse, if you were/are an Australian officer, the union only looked after the dumbass’s on the deck so low and behold with the government help there is no industry.
I fully expect to see both GOV maritime colleges close as there are hundreds of officers no longer working and no boats to get job on.
The only time you get tax relief is if you leave Australia and domicile somewhere else.
Singaporean/Malaysian/Philippine(you choose the status)/Indonesian all dont need to pay tax
This impressive CSV has got an extension on her contract in the GoM:
Don’t know if that is on the US or Mexican side though. (Or a bit of both??)
Looks like Harvey Gulf is taking up competition with the foreign boats in the GoM:
At least in the MPSV /Light Construction segment.
From the specs it appears to be pretty much same design (VARD Marine) and similarly equipped to vessels of this type built in Europe lately, incl. MLC’06 -Accom and SPS Class notation (Not Comfort Class though)
Here is the spec sheet:
www.harveygulf.com/vessels.html?vtype=mpsv&vclass…
PS> I notice that the time from launching to delivery was abt. 18 months:
Was the delivery delayed by mutual agreement, which is frequently the case these days, or does it normally take that long to do outfitting at US yards??
Regarding your second paragraph, the law says that it has to be above 50% foreign control “at every tier”.
At least the foreign vessels operating in the GoM are doing their part to ensure that USCG Marine Inspectors gets some practical training:
http://www.hellenicshippingnews.com/wallem-works-with-us-coast-guard-to-enhance-safety-at-sea/
Maybe they are just getting tired of being inspected by young inexperienced USCG Inspectors with an inflated ego??
Perhaps. But I would prefer they were having that experience on Jones Act shuttle tankers. They have been doing this foreign shuttle shit, with foreign mooring masters, for forty years. Yes, I know it is legal, but one would think the US shippers would like a piece of that action after staring at it for so long.
I wasn’t aware of how big business STS and shuttling to (and now from??) US Ports are.
One company alone, AET Tankers Pte. Ltd. Singapore, has 40 Aframax tankers doing so in the GoM and Caribbean:
https://www.aet-tankers.com/our-business/lightering/
Why doesn’t this attract US tanker Owners is a very good question. The cost of building in US and operating tankers under US flag appears to be the most logical reason, though.
Maybe some US Ownersare active in that market under foreign flag??
DOF Subsea is securing more work in the GoM, thus creating work for more Americans:
http://www.offshoreenergytoday.com/dof-subsea-finds-work-for-several-vessels/
They’ve been slow rolling all these hulls, Harvey and HOS, by mutual agreement. These are just upgraded tiger sharks, just like every other OSV out of ESG since Ares Marine. Not that there’s anything wrong with them, they seem to be money makers.
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A new type of vessel for offshore installation is making first appearance in US GoM soon:
http://www.oilandgastechnology.net/news/jumbo-awarded-installation-contract-gulf-mexico
The Floatel POSH XANADU is now operating in the GoM for Chevron U.S.A Inc.’s on the Big Foot tension-leg platform project.
This is a purpose built 750 bed, DP3, Semi-submersible Accommodation cum Construction support unit, built in 2014. Owned and operated by POSH in Singapore, but flying Bahamas flag:
http://www.posh.com.sg/accommodation-vessels.html
Another Subsea company setting up office in Houston and bring more CSVs to the Americas:
https://splash247.com/havila-shipping-fixes-csv-to-reach-subsea/
Another foreign company setting up shop in Houston to serve the markets in the Americas:
https://www.ipspowerfulpeople.com/blog/houston-has-an-ips-office
Maybe some job opportunities for US mariners?
Another Dutch company with good ideas:
They MAY want to set up operation in USA to serve not just the US market.
Free idea for someone with the right contacts and background. (cmakin, are you listening?)
A foreign company is planning to install a SPM off Galveston to load VLCCs without transhipment and without the need to enter port:
https://splash247.com/trafigura-applies-to-build-the-texas-gulfs-first-vlcc-terminal/
Trafigura is already the biggest exporter of US Crude oil, but 11 MMbls./day may be an exaggeration.
What is left for domestic consumption then??