France's Total keen on UAE Bab gas field development

Source: Reuters - French oil major Total plans to bid for the development of the United Arab Emirates' Bab gas field, a senior company executive said on Sunday.

The UAE holds the world's seventh-largest gas reserves, at around 227.1 trillion cubic feet, according to BP statistics. Much of the UAE's gas is sour.

The world's third-largest oil exporter launched in 2007 a tender to develop the Shah and Bab fields.
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Pirates riddle U-Ming VLCC

Source: Safety at Sea - PIRATES have fired shots at a VLCC west of India, while a products tanker has been attacked while in a convoy in the Gulf of Aden. 
The 317,970dwt Starlight Venture was attacked early today by armed pirates on two small vessels about 340 n-miles west of Mangalore, ReCAAP ISC reported. The pirates fired at the U-Ming VLCC, leaving about 50 bullet holes in its accommodation doors and breaking foremast light fixtures, the Singapore-based anti-piracy body said. 

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Yard workers occupy office

Source: Safety at Sea - SPANISH yard workers today stormed a Galicia regional government office in Vigo to underline the severe financial plight of the Vulcano shipyard. 
About 100 workers entered the public building about 0900 to demand finance from regional authorities after Pymar, Spain's public-private shipyard fund, decided this week not.......
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Operating costs set for moderate rise

Source: Tanker Operator - Crew costs will continue to rise particularly on the back of an undersupply of officers, a leading shipmanager predicted. This will impact primarily on specialist vessels, including some tanker types, said V Ships CEO Ship Management Capt Bob Bishop, speaking at the Moore Stephens’ annual Operating Cost seminar.
He said that increased vetting by various organisations now required competent people both ashore and afloat.
He analysed five areas of a 10-year old Suezmaxes opcosts, saying that there would be a modest increase in repair and maintenance and drydocking costs, but that stores’ costs were flat.
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Shipping industry sees 'depressed' freight markets to remain in 2011

Source: MB.com.ph -  Global oil tanker and dry bulk freight markets will likely be ''depressed'' next year because of an oversupply of vessels and slow economic growth in developed countries, senior maritime executives said.

The expansion of the world's fleet is expected to outpace global economic growth in 2011, a result of the industry's buying spree two years ago before the financial crisis severely slashed sea trade.
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WEEK43 - Dry Cargo Market "Highlights" 22-October-2010 until 29-October-2010

Source: Hellenic Shipping News - In contrast to last week, it was the Panamaxes that gave us a little green tint in what proved to be another red coloured downward moving dry bulk market. We had identified that the rates between Capes and Panamaxes were too......
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Feature: The good news for tanker owners?

Source: Bimco - Tanker owners must have thought the worst was over. With the global economy emerging from recession and upbeat GDP growth figures, they might for a while have believed that they would escape a double dip recession. In fact, tanker owners in most segments are only just understanding how painful the market will be. But curiously this has not stopped them from placing ever more orders. 

Like the dry bulk sector, the tanker industry was looking for a fourth quarter bounce after a summer in which VLCC and Suezmax rates collapsed to below break-even levels. In fact things have gone from bad to worse and seem unlikely to improve soon. 

Analysis from Lorentzen and Stemoco estimates that earnings in these segments are way below break-even - in broad terms between USD 20,000 - 30,000 per day - depending on gearing and operational efficiencies of the ship. Spot rates linger in the mid teens per day on average and in time charter equivalent earnings, the first half of October 2010 put in a performance worse than the comparable period of 2009. 
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Steady as she goes! The heartstopping moment £1bn cruise liner squeezes under bridge... with just '1.5 inches' to spare


Source: Mail Online - It required a steady hand... and nerves of steel. 
Fortunately for the captain, the world's newest superliner squeezed under this Danish bridge with ease, even though there was just an inch-and-a-half margin of error.
The Allure of the Seas - which cost a staggering £1billion ($1.5bn) - measures around four football fields and accommodates 8,300 people including crew members.
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Kobe Steel announces Q2 segment results

Source: Steel Guru - The sales volume of steel products (in terms of tonnes sold) increased in the first half of fiscal 2010 in comparison to the same period last year. Spurred by economic measures, demand was strong from domestic and overseas manufacturing industries. Sales prices were similar to the same period last year.

Sales of steel castings and forgings decreased in comparison to the same period last year, mainly due to low demand from the shipbuilding industry. On the other hand, sales of titanium products rose in comparison to the same period last year, as customers made progress in reducing their inventories.

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Shipping Corp to buy seven new ships for Rs.2,942.78 crore

Source: Livemint.com - Shipping Corp. of India Ltd (SCI), India’s biggest ship owner by fleet size and revenue, will buy seven ships costing $661.3 million (Rs.2,942.78 crore) as part of a plan to expand capacity, two persons familiar with the plan said.
The purchase will include four oil super tankers, or so-called very large crude carriers, each with a capacity to carry as much as 318,000 tonnes of crude oil, and three container ships, each with a capacity to load 6,500 standard cargo containers.
The oil super tankers will be constructed by Jiangsu Rongsheng Heavy Industries Group Co. Ltd, one of China’s largest private shipbuilders, for $104.95 million each. The cost of constructing an oil super tanker from scratch had touched $160 million in early 2008, when the shipping market was at its peak.

Yangfan wins Turkish order

Source: Seatrade Asia Online - China's privately-owned shipbuilder Yangfan Group won an order for four 57,000-dwt bulkers from Turkey's Ulusoy Denizyollari.
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Spain releases Russian cargo ship

Source: Shipgaz - Maritime authorities in Spain have released the Russian-flagged cargo ship Vysokogorsk, detained for an alleged oil spill, on a EUR 150,000 bail, the news agency Voice of Russia reports. The alleged oil spill is reported to have taken place some 190 nautical miles off La Coruña.
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Allure left the shipyard

Source: Shipgaz - Alllure of the Seas started her voayage towards Fort Lauderdale on October 29. Photo: Pär-Henrik Sjöström
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Bill of lading

Source: The Economic Times - Despite these difficult times, when world shipping is passing through doldrums, numerous research reports and studies keep coming up from time to time. Till recently, the shipping world seemed to be smaller place and only a few, handpicked companies published the research studies. Now every company worth its name seems to be at it.

There is no problem with that. But the problem arises when one report contradicts another, leaving the reader directionless and wondering what is happening. Given the precarious condition of many world economies, shipping becomes another investment area which needs to be dealt with a barge pole.

Though examples are too many to recount here, the saving grace is 'the so called public memory' which gets refurbished sooner than these reports. A few years ago when a prediction about oil price touching record levels came true, made the person an instant celebrity. But when his follow up prediction went phut, nobody really took note of it.
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Today's container ships slower than the great clippers

Source: Classic Boat - Mighty container ships are now steaming so slowly to save money that they take longer to cross the oceans than sailing ships of 150 years ago.
A report published this autumn estimates that most conatiner ships move more slowly on the great trading routes than the fast sailing ships of the late-19th and early-20th centuries.
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Shipping container company goes public

Source: NorthJersey - A North Jersey shipping container company raised $95 million in the equity markets as it went public Thursday and began trading on the New York Stock Exchange.

SeaCube Container Leasing Ltd. in Park Ridge is among the world’s largest lessors of shipping containers with more than 500,000 units used on trains, trucks and ships.

SeaCube had sought to issue 7.5 million shares at $16 to $18 a share. Instead, the company sold 9.5 million shares Thursday at $10 apiece, raising $95 million in equity financing. The company trades under the ticker symbol BOX.
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CMA CGM adds a new call at Rotterdam on its FAL5 service between Asia and North Europe

Source: Press Release - With the arrival of 13,800 teu-vessels in its fleet and in order to provide its customers with optimum services and unique port coverage, CMA CGM is pleased to announce the strengthening of its FAL5 (French Asia Line) service.
This new service launched last July extended CMA CGM’s offer on the Asia-Europe trade. It deploys the most important market capacity, with a homogeneous fleet of 10 ships of 13,800 TEUs, of which 5 CMA CGM (CMA CGM CHRISTOPHE COLOMB, MAGELLAN, LAPEROUSE, CORTE REAL et AMERIGO VESPUCCI).With a new call in Rotterdam (Westbound), starting November 6th, the FAL5 will offer faster transit times between Asia and both Le Havre and Rotterdam with delivery times respectively improved by 2 and 5 days, linking Port Kelang to Le Havre in 17 days (instead of 19 previously) and Yantian to Rotterdam in only 25 days (instead of 30 days previously).
The new FAL5 70-day rotation will be as follows: Ningbo> Shanghai> Yantian> Tanjung Pelepas> Port Kelang> Le Havre> Rotterdam (import)> Hamburg> Rotterdam (export)> Zeebrugge> Port Kelang> Singapore > Ningbo.
"To meet a strong demand, we decided to add a call at Rotterdam for import cargo. This new improvement will reinforce this major service launched last July that deploys the largest vessels of the market", explains Nicolas Sartini, Senior Vice President Asia-Europe Lines.
As a reminder, CMA CGM offers between Asia and Northern Europe:
  • 10 weekly services
  • 26 direct ports of call in Asia
  • 10 ports of discharge in Europe
  • 260 direct port combinations

Cosco's "big plans" for the port of Piraeus

Source: Hellenic Shipping News - Not more than a year back, the Port of Piraeus was plagued with an 18-strike that brought the country’s economy to a halt, seriously impacting ship agent companies and once more destroying the Mediterranean port’s reputation abroad. Today, it seems that a new wind is blowing, bringing with him a renewed container terminal, managed by the Piraeus Port Authority (OLP), while Chinese conglomerate has managed to settle in and seriously change the port’s landscape.
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U.S. natgas rig count climbs 2 to 967 - Baker Hughes

Source: Reuters - The number of rigs drilling for natural gas in the United States rose by two this week to 967, its first gain in three weeks, oil services firm Baker Hughes said on Friday.
Horizontal rigs -- the type most often used to extract gas from shale -- climbed by 12 to 919, still shy of a record-high 929 hit in early October.
The gas-directed rig count hit 992 in mid-August -- its highest since the 1,018 rigs logged in February 2009.
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Ensco reaches deal on new rig in Gulf of Mexico

Source: Press Release - Ensco plc(ESV 46.34, -0.06, -0.13%) announced that a subsidiary of the Company has reached an agreement with Nexen Petroleum U.S.A. Inc., a subsidiary of Nexen Inc. (nyse & tse:NXY), regarding the drilling contract for ENSCO 8502, an ultra-deepwater semisubmersible drilling rig in the U.S. Gulf of Mexico.

Under the agreement, a special rate applies from 13 August 2010 until the time the rig begins mobilizing to the first drilling location designated by Nexen. The two-year term under the original ENSCO 8502 drilling contract with Nexen will not be reduced by periods during which the special rate is effective.

The approximately $485,000 day rate applicable under the original drilling contract will apply once ENSCO 8502 begins mobilizing to Nexen's first drilling location.

As noted in the Company's third quarter 2010 earnings release, the Company did not recognize revenues related to ENSCO 8502 in the third quarter. Based on the agreement announced today, Ensco anticipates that revenues will be recognized for ENSCO 8502 in the fourth quarter of 2010, including revenues for the period 13 August to 30 September 2010.

The Company now believes fourth quarter 2010 revenues will be approximately $375 million to $400 million, compared to the original outlook of $345 million to $400 million provided on the third quarter 2010 earnings conference call.

Ensco plc (ESV 46.34, -0.06, -0.13%) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. With a fleet of ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco serves customers with high-quality equipment, a well-trained workforce and a strong record of safety and reliability. To learn more about Ensco, please visit our website at www.enscoplc.com. Ensco plc is an English limited company (England No. 7023598) with its registered office and global headquarters located at 6 Chesterfield Gardens, London, W1J 5BQ.

Statements contained in this press release that state the Company's or management's intentions, plans, hopes, beliefs, expectations, anticipations, projections, confidence, schedules, or predictions of the future are forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995.

Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," "should," "will" and words and phrases of similar import. The forward-looking statements include, but are not limited to, statements about the ENSCO 8502 agreement, the payments to be received thereunder and the related accounting treatment, and the revised fourth quarter 2010 outlook.

Forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including: (i) the impact of the BP Macondo well incident in the U.S. Gulf of Mexico upon future deepwater and other offshore drilling operations in general, and as respects current and future actual or de facto deepwater drilling permit and operations moratoria/suspensions, new and future regulatory, legislative or permitting requirements (including requirements related to equipment and operations), future lease sales and other governmental activities that may impact deepwater and other offshore operations in the U.S. Gulf of Mexico in particular, (ii) renegotiation, nullification, cancellation or breach of contracts or agreements with customers or other parties, (iii) the impact of current and future government laws and regulation affecting the oil and gas industry in general and our operations in particular, (iv) governmental action and political and economic uncertainties, which may create a force majeure situation, and (v) other risks as described from time to time as Risk Factors in the Company's SEC Filings.

Copies of such SEC filings may be obtained at no charge by contacting our Investor Relations Department at 214-397-3045 or by referring to our website atwww.enscoplc.com. All information in this press release is as of today. The Company undertakes no duty to update any forward-looking statement, to conform the statement to actual results, or reflect changes in the Company's expectations.

GE Oil & Gas Awarded $113M Contract for CLOV Offshore Angola

Source: Press Release - GE has been awarded a $113 million contract to supply gas turbines and compressors for deployment in the CLOV offshore Angola oil and gas fields owned by Sonangol, Angola's national oil company, and operated by Total (40 percent share), ExxonMobil, BP and Statoil.

GE Oil & Gas will supply four LM2500+ G4 SAC aeroderivative gas turbines for power generation and five compressors for a floating production storage and off-loading (FPSO) platform that will play a critical role in CLOV, the fourth development pole in deepwater Block 17 after Girassol, Dalia and Pazflor.

Located around 140 kilometers from Luanda and 40 kilometers northwest of Dalia in water depths ranging from 1,100 to 1,400 meters, CLOV will bring on stream four fields: Cravo, Lirio, Orquidea and Violeta.

Consolidating GE's Role in Angolan Offshore Projects

The announcement coincides with GE Chairman and CEO Jeff Immelt's visit to GE's subsea tree manufacturing and test facility in Aberdeen, Scotland to inspect three GE subsea production trees pre-shipment to Angola. In line with GE's localization strategy, the equipment will undergo local fabrication and assembly in Angola, before deployment in the Block 15 Kizomba Satellites project off the West African coast. GE also is contracted to deliver long-term services to maintain the trees at peak performance levels to help optimize production.

Claudi Santiago, president and CEO, GE Oil & Gas said: "GE is committed to Scotland which serves as a global center of excellence for our drilling and production operations. The shipment of advanced technology subsea trees for Angola's Block 15 Kizomba Satellites project is typical of GE's business-wide 'company to country' localization strategy. This enables GE to support critical infrastructure projects in developing regions on a consistent and sustainable basis through high-end technology transfer, the creation of local jobs and the development of local skills and talent. Today's announcement of a $113 million equipment order for CLOV demonstrates the strength of our integrated oil and gas portfolio across all segments of the industry and reflects our continued commitment to Angola."

Immelt also met with GE Oil & Gas trainee fitters from Angola who are currently in Scotland to take part in an intensive six-month subsea assembly and testing familiarization program being delivered at GE's Aberdeen subsea tree manufacturing and Nailsea, Bristol, England subsea controls facilities.

GE Localization in Angola

GE Oil & Gas has been active in Angola since 1958, and today has more than 300 employees in the country, supporting all of the company's operations from dedicated state-of-the-art gas turbine and subsea equipment operations in Luanda and Cabinda.

GE Oil & Gas expects to recruit an additional 30 local employees in Angola by the end of 2010, to support continued business growth in the region.

Terra Seis Wins Lukoil Contract In Iraq

Source: The Wallstreet Journal - Russia's Lukoil OAO (LKOH.RS) said Friday it awarded a 3D seismic contract at Iraq's West Qurna Phase 2 oil field to Terra Seis Trading Ltd., Lukoil said in a statement seen by Dow Jones Newswires.

Lukoil, however, didn't release the cost of the deal, but said 3D seismic survey at the field, in southern Iraq, would start in December and continue for nine months.

The term of the contract is nine months and there are 540 square kilometers of seismic volume to acquire, Lukoil said, adding that the "test survey is planned in early December and in the middle of December seismic trucks will be entering the contract Area."
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Circle Oil confirms further gas discovery in Sebou Permit, Morocco

Source: Energy Business Review - Oil and gas explorer Circle Oil has confirmed a further gas discovery at the CGD-11 exploration well in the Sebou Permit in Morocco in both the main Guebbas target and the secondary Hoot zone.
The well first tested gas at a sustained rate of 7.07mmscf/d on a 30/64" choke from the Hoot.
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Agip says gunmen attack facilities in Nigeria's oil-rich Niger Delta

Source: Press Release - Two pipelines belonging to Italian oil firm Agip in the deep swamp of brass in Nigeria's oil-rich Niger Delta region have been attacked by unidentified gunmen, according to a company spokesperson.
The company said the production affected by the blast is 4,000 bpd, of which 800 bpd is Italian oil firm Eni's equity.
A company source told Xinhua that the second blast at the Osiama field and the attack on the Nigerian Agip Oil Company (NAOC) facility in the area were noticed by the company workers were on routine check on Friday morning.
Security sources told reporters that NAOC pipelines from the Osiama oil field to Brass were blown with explosives suspected to be dynamites.
The attack had caused the Italian firm to shut in about 60,000 barrels per day of production facility.
State police spokesperson Eguavoen Emokpai said he was not aware of the incident but promised to check with the police formations in the area.
A military spokesman in the oil rich region Timothy Antigha said the force had not been briefed on the incident.
Armed attacks in the oil rich region, which accounts for almost all of Nigeria's oil output, have cut more than 20 percent of the country's crude exports since 2006.
Militant groups has launched several attacks on international oil facilities in southern Nigeria as part of its campaign to get what it calls a fairer distribution of the region's oil wealth to local people.

Lundin announces exploration well in PL400 spudded, offshore Norway

Source: Press Release - Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that drilling of exploration well 3/8-1 on the Barchan prospect has commenced. The well is located in licence PL400 in the Norwegian North Sea.


PL400 is located some 12 km east of the Trym Discovery in the Southern North Sea, close to the boundary between the Norwegian and Danish sectors. The well will target sandstones of Permian age in a four way dip and fault bounded structural closure. The Barchan prospect is estimated to contain gross unrisked prospective resources of 150 million barrels of oil equivalent (MMboe).


The planned total depth is approximately 4,000 metres below mean sea level. The well will be drilled from the jack-up drilling rig Maersk Guardian. Drilling is expected to take approximately 60 days.


Lundin Petroleum is the operator of PL400 with 50 percent interest. Partners are Norwegian Energy Company ASA (Noreco) with 30 percent and Petoro AS with 20 percent interest.

Full utilization of Polarcus

Source: Stock Link - Seismic Polarcus company is about to secure the entire fleet working out the first quarter of 2011.
The company has signed two letters of intent for the acquisition of 3D seismic offshore South Africa. The agreements are at least 3,550 square miles, but can be extended to the 5,000 square kilometers.
Overall we are talking about three separate projects and will use the vessels Polarcus "Polarcus Naila" and "Polarcus Samur" to fill the contracts. The duration will be equal to the work of a vessel for up to five months.

If it is entered into fixed contracts will be the first mission for the new building "Polarcus Samur." The vessel will travel to South Africa soon after it is delivered from the yard towards the end of the fourth quarter.010 are being drilled now and we expect to complete them before the end of the year."


Dragon Oil announces the completion and initial testing of the Dzheitune (Lam) B/148 and 28/149 wells

Source: Press Release - Dragon Oil announces the completion and initial testing of the Dzheitune (Lam) B/148 and 28/149 wells.
Dragon Oil plc, an international oil and gas exploration and production company, announces the completion and initial testing of the Dzheitune (Lam) B/148 and 28/149 development wells.


The Dzheitune (Lam) B/148, the third well in a series of wells to be drilled from the Dzheitune (Lam) B platform, was drilled to a depth of 3,858 metres by the Iran Khazar rig and completed with dual strings. Testing of the short and long strings resulted in production rates of 1,556 barrels of oil per day ("bopd") and 1,083 bopd, respectively. As reported in the Interim Management Statement, the 


Iran Khazar rig is now drilling the Dzheitune (Lam) B/150 well.
The Dzheitune (Lam) 28/149 well, which was drilled to a depth of 3,295 metres by the NIS rig, was also completed with dual strings. The short string tested at 1,866 bopd with the long string testing at 2,513 bopd. The NIS rig has skidded to the next slot on the Dzheitune (Lam) 28 platform and spudded the 28/151 well.
We expect to put the last two wells into production before the end of the year and as such these wells will contribute to production growth in 2011.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:

"I am pleased to report the successful completion and initial testing of the Dzheitune (Lam) B/148 and 28/149 development wells. The solid results from both wells and the near-completion of the trunkline should provide a firm foundation for driving production growth. The last two wells of the 11 wells planned for 2010 are being drilled now and we expect to complete them before the end of the year."

Pemex: Crude Output Increase for 2011 on New Contracts


Source: Market News - Mexico's state-owned oil company Pemex Friday said it expects a "slight" increase in crude oil output next year as new performance-based contracts will be launched within weeks and the unconventional Chicontepec field will substantially increase output in 2011.
Pemex officials predicted the slight increase in a conference call with investors after the company was able to stabilize production in 2010's third quarter at 2.567 million barrels per day (bpd), the same figure as 3Q 2009. Previously, crude output had dropped by close to one quarter between 2004 and 2010.
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Chevron’s Q3 income drops 1.6%

Source: Whatistherend.net - According to San Ramon Oil Company, Chevron’s income for its third quarter dropped 1.6 percent, or $1.87 a share.
The oil company said that the falling of Chevron’s income is due to the weakening of dollar and its growing expenses. Moreover, Chevron also not passed the expectations of Wall Street and helped push the stock of the company down to 2.2 percent.

Senators call for Keystone analysis

Source: Calgaryherald.com - A group of influential American senators on Friday aired a laundry list of concerns with TransCanada Corp.' s proposed Keystone XL pipeline they said would undermine the United States' clean energy goals and increase its reliance on "dirty" oil from Canada.
In a letter to U.S. Secretary of State Hillary Clinton, a group of 11 Democratic senators, including appropriations head Patrick Leahy and other members of the powerful foreign relations committee, said Keystone "would significantly increase our dependence on this (oilsands) oil for decades . . . we believe the Department of State should not pre-judge the outcome of what should be a thorough, transparent analysis of the need for this oil and its impacts on our climate and clean energy goals."
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Brazil's Libra oil field may be biggest in Americas since 1976

The Libra oil field in Brazil may be the biggest discovered in the Americas for more than 30 years, according to the country's industry regulator.
Click here to read more at Telegraph.co.uk

China: To pass tough time

Chairman Zhang Guangqin of China Association of the National Shipbuilding Industry (CANSI) expressed on Shiptec China 2010 that the tough time of ship industry hadn’t passed yet. During 2012 to 2013, the situation would become worse. 
Click here to read more at Asiasis.com

Giant cruise liner handed over to buyer at Turku shipyard

The world’s largest cruise ship, the Allure of the Seas, was officially handed over by the STX Europe shipyard in Turku to the buyer Royal Caribbean International on Thursday evening. 
 The ship was to have set sail from Turku in the early hours of Friday morning, but a fault in the propeller system delayed the departure. 
      
The 225,000 GRT vessel is almost identical to its sister ship Oasis of the Seas, which was delivered a year ago. 
The two vessels are the most expensive individual export products ever produced in Finland. 
Click here to see more at hs.fi

Northrop Grumman 3Q profit rises, boosts forecast

Defense contractor Northrop Grumman Corp. said on Wednesday that its third–quarter profit edged up on contributions from its aerospace, electronics and technology businesses, and boosted its earnings guidance for the year.
Shipbuilding was the only operating segment where profit dropped in the latest quarter.
Defense companies are under pressure to cut costs from the Pentagon and other weapons buyers. That has forced most of them to shrink, and Northrop is looking at selling or spinning off the shipbuilding unit, although it hasn't made a decision yet.
Click here to see more at tmcnet.com

Croatia: Government approves 17.5 million Euro guarantee for Rijeka´s shipyard

The Croatian government has approved a 17.5 million Euro guarantee for Rijeka’s '3. Maj' shipyard to finish the construction of four ships ordered by Swedish clients in June.
The warranties were given to Zagreb Bank, Hrvatska Postanska banka and the Croatian Bank for Reconstruction and Development (HBOR).
Click here to read at croatiantimes.com

Nigeria, Korea explore new fields of economic partnership, bilateral relations



When the director general, Nigerian Maritime Administration and Safety Agency (NIMASA), Temisan Omatseye, led a delegation of Nigerians to South Korea, the infrastructure gaps identified in the Nigerian maritime sector were huge. They include inadequate modern shipyards, as the biggest shipyard facility in the country currently has 25,000 tons lifting capacity.
Also, there are no ship demolition and recycling facilities in the country despite the large number of wrecks and abandoned ships that litter the nation’s waters and lack of functional container freight stations in strict technical sense despite vast hinterland with cargo commercial metropolis.  
ICT enablers are yet to be fully developed in port, shipping and logistics operations in Nigeria; there are no distribution, logistics and maritime industrial parks.  Yet, most of the imported goods into West and Central African sub-region come through Nigerian ports.  Passenger ferry service is underdeveloped despite large populated communities with the creeks and coastal areas of the Niger Delta that can only be accessed through water mode.   While there is only one Maritime Academy in the country at present, therefore, the country is faced with acute shortage of qualified seafarers.
Click here to see more at independentngonline.com

Daewoo sale 'all ready'

Concerning the sale of Daewoo Shipbuilding & Marine Engineering, the Korea Development Bank president Min Yoo-sung said on Thursday, "The preparations are enough and we are now just selecting the right timing." 
Click here to read more at Asiasis.com

Russia: Shipbuilding industry needs USD 12.8 bln in order to continue

The commercial shipbuilding industry is suffering from a dwindling fleet and scant domestic manufacturing, while needing USD 12.8 billion in investment over the next decade to keep the fishing fleet afloat, the government informed.
At the first meeting ot the newly established subcommission on fishery and aquatic farming of the Union of Entrepreneurs and Industrialists, Igor Orlov, chief executive of the Yantar Baltic Shipbuilding Plant, stressed that the shipbuilding industry could make a comeback, reports The Moscow Times.

Rig Report: Atwood Oceanics' CEO analyzes offshore rig trends


Focusing on both jackups and floaters, Atwood Oceanics (NYSE: ATW) CEO Rob Saltiel offers PennEnergy readers insight into emerging trends in the offshore drilling rig market.
With nine existing rigs – four shallow-water, two midwater and three deepwater – Atwood Oceanics is growing both on the ultra-deepwater front and in the shallow-water arena with four rigs currently under construction.
Click here to read more at Pennenergy.com

Lawsuit blasts Merrimack Premium Outlets

With blasting set to start any day at Merrimack Premium Outlets, a town resident, concerned over water testing, has filed a lawsuit against the developer seeking to stop the work before it starts.

Michael Mills, who lives within 500 feet of the 130-store outlet mall under construction off Industrial Drive, filed suit Monday against Premium Outlets, a division of the Simon Property Group, alleging the development firm has strayed from the water testing conditions required under the project’s development agreement.

The developer and its consultants have failed to adhere to the timing, schedule and placements of the tests, outlined in the operations and management plan, approved by the town Planning Board in 2008, Mills claims in the suit, filed in Hillsborough County Superior Court in Nashua. The lapses have left the town without legal recourse should the project affect the area’s water supply, Mills said.

Premium Outlet representatives did not return calls for comment Wednesday . A court hearing is scheduled Nov. 10.

“Now (the developer) chooses to ignore the safeguards established by the mandated water sampling at this Site and leaves the Town residents to their own peril,” Mills wrote in the suit. “If blasting contaminates (the district’s) water supply, almost 28,000 residents will be directly affected.”

Mills, a former member of the retired opposition group Concerned Citizens of Merrimack Alliance, first brought his concerns this summer to the Town Council, the district water supplier and project consultants, among other bodies.

Town officials and consultant groups acknowledged the deviations from the testing conditions, but they said the lapses did not substantially affect the testing results.

“It is (our) professional opinion that the timing of the proposed sampling events is not a reasonable expectation and furthermore is not critical to further understanding the groundwater quality underlying this site,” James Emery and Jeff Marts, of Emery and Garrett Groundwater, the town’s water consultant, wrote in response to Mills’ inquiry, echoing the sentiments of other town boards.

“It’s ridiculous,” Mills, a retired real estate developer, responded this week. “People stood up at Planning Board meetings for five years, saying we need this testing for the town, and now they’re trying to ignore it.

“You can’t ignore it,” he said Wednesday. “It was put in there for a reason. It was put in there to protect our water supply.”

Construction crews conducted some site work this summer before formally starting on the first phase of the project at a September ground-breaking. The first phase of the $100 million project includes 100 stores to be constructed over 392,000 square feet, likely to open in 2012, developers have said.

They have planned to start blasting work this week, construction crews wrote in an Oct. 19 letter to area residents, included in the court files. But town officials have yet to issue the required blasting permit, according to Town Manager Keith Hickey.

Fire Chief Michael Currier, who authorizes blasting permits, has been working with the project developers to complete the required application, and he expected to sign off on the permit by the beginning of next week at the latest, Hickey said Wednesday.

But now officials will have to consult with the town attorney to see if the lawsuit will impact the permit application.

Currier did not return calls for comment Wednesday.

“We’ll have to seek guidance from our legal counsel and take their recommendation on the appropriate action for the town to take,” Hickey said.

“This really isn’t a town issue,” he said. “It’s not a town project. But we’ll have to make sure we’re moving forward appropriately.”

SOURCE: Nashua Telegraph By JAKE BERRY

Ann Taylor takes over 40 Liz Claiborne locations

One brand's loss is another's gain. To achieve a stronger foothold in the off-price world, women's retailer AnnTaylor Stores Corp. will take over 40 factory outlets being closed by apparel brand Liz Claiborne Inc.

Ann Taylor announced the move Thursday, adding that 35 of the spots will be branded as Ann's lower-priced Loft division, while five will house the company's namesake Ann Taylor merchandise.

“We had identified our highly productive factory outlet channel as an area for future growth, particularly for our Loft brand,” Ann Taylor Chief Executive Kay Krill said in a statement. “This extraordinary opportunity to open premium store locations significantly and efficiently accelerates our planned expansion and represents meaningful growth for our very successful Loft outlet business.”

She added that, nationally, the extra outposts will create 1,000 jobs.

The new factory stores will open during the second quarter of fiscal 2011 and are expected to generate $75 million in revenue. Capital expenditures for the takeover of Liz's leases are estimated to be $25 million, the company said.

Retail experts applaud the move on Ann Taylor's part. The outlets give the company a way to clear out excess product and expand to more markets.

“Given the current environment and productivity from their factory locations, we believe it is a prudent strategy,” said Betty Chen, vice president of equity research at Wedbush Securities Inc. “Moreover, with 500-plus Loft stores and 265-plus Ann Taylor Stores, we do believe expanding in the outlet center will provide the company will more high-margin growth opportunities.”

In July, Liz Claiborne announced it would be closing all of its 87 Liz Claiborne-branded factory outlets. Chief Executive William McComb said the company would instead focus on its four direct brands—Kate Spade, Lucky Brand Jeans, Juicy Couture and Mexx. Once a staple at higher-priced department stores, the Liz Claiborne label has shrunk to a fraction of its size.

Over the summer, it launched exclusively at J.C. Penney, and the Isaac Mizrahi-designed Liz Claiborne New York now sells only on QVC. The deal with Ann Taylor allows Liz Claiborne to get rid of the unwanted outlet leases, without paying early termination fees.

SOURCE: Crain's New York Business.com By Adrianne Pasquarelli

Big crowds at The Shops of Grand River opening.

The Shops of Grand River opened to big crowds yesterday, but officials say they hope it's only the beginning of the traffic -- and sales tax dollars -- generated by the new outlet mall in Leeds.

Parking lots were filling up as officials cut the ribbon on the 330,000-square-foot development shortly before 10 a.m.

After that, lines formed outside some stores as shoppers filed in, picking up opening-day freebies. Water bottles at Nike and chocolates at Ghirardelli were among the bounty.

Many shoppers were from across metro Birmingham, checking out the latest addition to the area's retail scene. It was a diverse crowd, including retirees and young moms pushing strollers.

Rebecca Burton of Corner and her mother, Ellen Lott of Mount Olive, who were shopping with Burton's infant son, said they were impressed with the variety of the center's lineup.

"I love this," Lott said. "You've got every store that you need."

Burton said she was looking forward to having an outlet center close by.

"This is something that you can come to any day," she said.

But besides the hometown crowd, officials with development team Daniel Corp., USS Real Estate and the Retirement Systems of Alabama hope the outlets will draw out-of-town visitors, along with their shopping dollars.

The center will get its first big test this weekend, with the opportunity to attract visitors in the area for a race at Talladega and the Magic City Classic in Birmingham. The outlets also aim to feed off traffic for the nearby Bass Pro Shops and Barber Motorsports Park.

All that means more revenue for Leeds and its school system, Mayor Eric Patterson said at the ribbon-cutting.

"I hope that this will be the first of many visits y'all make here," he said.

SOURCE: Dawn Kent -- The Birmingham News

Mad Money's Jim Cramer and Steve Tanger

The same bears that predicted a miserable back-to-school season for retailers are forecasting a Scrooge-like holiday season as well. Cramer would normally push back against such reasoning, especially because August and September sales turned out to be good, but there have been a number of mixed earnings reports of late that have him questioning his own confidence.

That’s why on Thursday he went to Tanger Factory Outlet Centers [SKT 48.16 0.12 (+0.25%) ] CEO Steve Tanger to find out what’s going on. By Tanger’s account, or at least according to his most recent quarter, business is good. And he operates 31 outlet centers in 21 different states. So if that’s the case, can the retail outlook really be all that gloomy?

Cramer wanted an answer to that question, and he hoped Tanger could give it. Watch the video to see the full interview.



SOURCE: CNBC By: Tom Brennan Web Editor, Mad Money

What Not To Wear tapes from the Tanger Outlets in Deer Park


Tune in at 9/8C on Friday, November 5, 2010 as Stacy London and Clinton Kelly, hosts of TLC’s What Not To Wear, take the popular show on the road for a special visit to the Tanger Outlet Center in Deer Park, New York for an exciting episode that showcases the hottest, upscale styles at our brand name & designer stores!

Check out the show and see how you too can discover great style & savings for less!

Is there room for independent developers in the outlet industry today?


Jeffrey T. Was of Felenstein Was & Associates made the following announcement today.

THE SHOPS OF GRAND RIVER, AL

GRAND OPENING TODAY!!!!!

As many of you are aware, it is with great pleasure and pride that today we announce The Shops of Grand River, AL has officially opened for business!

Today is a very important day in the retail outlet industry for several reasons. First, not even the worst economic crisis in over 70-years could derail the success of this amazing new outlet center. Second, The Shops of Grand River clearly demonstrates to the retail outlet community that there is still a place in this industry for independent developers who are committed to the success of the retailers. Put another way, the “small guys” can still succeed in this industry!

On behalf of everyone involved at The Shops of Grand River, we would like to thank the 50+ outlet retailers who are open for business today. It is because of their support and belief in The Shops of Grand River that this amazing center has opened. To be clear----without the support of the retailers in this industry, no outlet center will flourish.

Well said Jeff!

Tanger Third Quarter 2010 Results

Tanger posted their third quarter results Tuesday. Here are some highlights from the release.

Same Center NOI Increases 3.6%

Tenant Sales Increase 6.3% for the Rolling Twelve Months

GREENSBORO, N.C., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc. (NYSE:SKT) today reported funds from operations available to common shareholders ("FFO"), a widely accepted measure of REIT performance, for the three months ended September 30, 2010 was $0.67 per share, or $31.1 million, as compared to FFO of $0.54 per share, or $24.0 million, for the three months ended September 30, 2009. For the nine months ended September 30, 2010, FFO was $82.2 million, or $1.78 per share, as compared to FFO of $81.2 million, or $1.99 per share, for the nine months ended September 30, 2009.

Steven B. Tanger, President and Chief Executive Officer, commented, "Our third quarter operating results were above plan. Same store net operating income increased by 3.6% for the quarter and 2.4% for the first nine months of 2010, and tenant sales increased 4.9% for the quarter and 6.3% for the rolling twelve months. We strengthened our Board of Directors with the appointment of Thomas Reddin as a new Director, and enhanced our management team with the hiring of Thomas McDonough as Executive Vice President of Operations. Our newest development in Mebane, North Carolina is fast approaching its Grand Opening on November 5th, and is expected to be 100% occupied. Our team is busy assisting our tenants as they move into this highly anticipated outlet center, which will open just in time for the Holiday shopping season."

Portfolio Operating Results

During the first nine months of 2010, Tanger executed 358 leases, totaling 1,441,000 square feet within its wholly-owned properties. Lease renewals during the first nine months of 2010 accounted for 1,014,000 square feet, which represented approximately 69% of the square feet originally scheduled to expire during 2010, and generated a 10.1% increase in average base rental rates. Base rental increases on re-tenanted space during the first nine months averaged 25.0% and accounted for the remaining 427,000 square feet.

Same center net operating income increased 3.6% for the third quarter of 2010, and increased 2.4% for the first nine months of 2010, compared to 1.8% for the first nine months of 2009. Reported tenant comparable sales for our wholly owned properties for the rolling twelve months ended September 30, 2010 increased 6.3% to $349 per square foot, while reported tenant comparable sales for the three months ended September 30, 2010 increased 4.9%.

Development Update

Scheduled to open on November 5, 2010, the company's 317,000 square foot outlet center in Mebane, North Carolina now has leases signed or out for signature on 100% of the leasable square feet. Tanger field personnel are already in place assisting store personnel as they move into their suite. Construction crews are putting the final touches on the center, working towards completion of this $65 million project. This new addition to the company's portfolio is located on Interstate 85/40 between the major North Carolina metropolitan markets of Raleigh/Durham/Chapel Hill and Greensboro/High Point/Winston-Salem.

Demolition is now complete and a redevelopment is in process on the company's Hilton Head I center in Bluffton, South Carolina. Currently, this center has leases signed or out for signature on 73.4% of the leasable square feet. When completed, the new 176,000 square foot center, with an additional four outparcel pads, will be the first LEED certified green shopping center in Beaufort County. The company's $50 million redevelopment in Hilton Head is projected to open during the second half of 2011. The company's other property on Highway 278, Hilton Head II, remains open during the construction and redevelopment of Hilton Head I.


For the full report click the link below:
Tanger Third Quarter 2010 Results

The Shops of Grand River outlet mall wins environmental gold


The $127 million Shops of Grand River outlet mall in Leeds has yet to make its first sale, but it has already earned gold.

Audubon International has certified the development as the state's first Gold Signature Sanctuary, meaning the development has adhered to a strict set of criteria and goals from planning through the completion of construction. The project will have to file documentation annually to retain its certification.

Audubon International, which is not affiliated with the National Audubon Society, certified the development on Oct. 5. Officials with developer Daniel Corp. plan to unveil a plaque recognizing the achievement at the retail center's grand opening Thursday.

"This development has not only done the things necessary to meet Audubon International's Gold Signature Sanctuary criteria, but it has incorporated a number of other green initiatives throughout the project," said John Knutsson, the vice president of development at Daniel who has worked closely with Audubon International.

Kevin Fletcher, executive director of Audubon International, said the ecology and the economy of this state make it the ideal candidate for programs like Signature Sanctuary.

"Alabama is one of the most biologically diverse states in our country. Yet, the economic hope of development is critical to helping the overall economy," he said. "Audubon International's Signature Program is designed to help design build and manage new developments with land water wildlife and other vital resources in mind."

Fletcher noted that not many developments opt for the more stringent Gold certification.

"Grand River is one of only a handful of new developments around the world that have met our organization's highest standards for developments," he said. "Certified as Audubon International Gold Signature Sanctuary means the project is being developed and managed with nature as a partner."

The development's location near the banks of the Cahaba River made adapting such standards a necessity, according to Beth Stewart, executive director of the Cahaba River Society.

"The river comes within 200 feet of where the grading was done in some places for this project," she said. "It was vitally important for them to have great armor for the site. They kindly allowed the Society to work with them before construction to learn about their sediment and erosion control plans. They listened and accepted many of our recommendations. During the project we went on site on several occasions at critical points during the development to look at how their sediment and erosion control practices were working."

Stewart said she was pleased at the effort by the developers and construction crews to ensure that only clean water from the site made its way to the Cahaba -- a task that required some trial and error and out-of-the-box thinking with the clay and sediment ponds on the site.

"They came up with a new method we had never seen before" using a long trench as a natural path filtration system that cleaned the water to a clear state, Stewart said. "We were really impressed at what they achieved. No development is perfect and construction is a messy project. But in terms of their level of effort and what they achieved, we were deeply impressed."

She said the work of Audubon International on the projects was visible, particularly when it comes to environmental education throughout the process.

Stewart said the developers used an Audubon program to educate all of the contractors on the site on storm water protection, even going so far as to provide a manual for the head of crews and a water-proof, pocket-sized version in English and Spanish for workers.

"We would love to see this replicated with other major construction projects," she said.

Stewart said the developers had a tight timetable to complete the outlet mall in time for the upcoming holiday shopping season. Because of that, the developers could not afford work stoppages or permitting issues from regulators, making it a smart business move to undergo the extra measures.

But she said it did not appear Daniel and its partners on the project were doing it for show.

During the summer, more than a dozen officials from the project went with Society members on a canoe trip down the Cahaba River and passed by the construction site.

"We could hear the machines, though you couldn't see them," Stewart said. "I think they felt pleased and proud the work they had done had paid off for the river."

Stewart said she would like to see the developers maximize their access to the river by turning the area by the Cahaba into a greenway with pedestrian trails linked to the nearby Ruffner Mountain Nature Center. The Shops of Grand River could even add bicycle rentals or rent canoes or inner tubes for those wanting to experience the Cahaba River directly.

"When your development is named for the river, a very real direct linkage can be made," she said.

SOURCE: Michael Tomberlin -- The Birmingham News
 
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