Marine Log - August 2007 - (Page 7) Update INLAND • COASTAL OFFSHORE • DEEPSEA biz NOTES MSC charters two tankers The U.S. Military Sealift Command (MSC) will time-charter two 49,000 dwt product tankers being built at NASSCO, San Diego, for a subsidiary of U.S. Shipping Partners, L.P. MSC will charter the 331,000 bbl tankers for one year from USS Product Carriers LLC, Edison, N.J., under a $51,309,850 fixedprice contract. The tankers, which will operate worldwide transporting petroleum products for U.S. military forces, will replace government-owned T-5 tankers that are expected to reach the end of their service lives in 2010. Steve Larsen, president of Woodside Natural Gas (at left) and U.S. Maritime Administrator Sean Connaughton at the announcement last month of Woodside’s commitment ot the U.S. flag Woodside commits to U.S. flag oodside Natural Gas announced late last month it would sail its two new LNG regasification ships under the U.S. flag for its proposed OceanWay natural gas project off California. Both regasification ships would also employ officers and crews of U.S. licensed mariners once the ships are U.S.-flagged. They will be the first LNG vessels on the U.S. registry since 1999. OceanWay will use a ship and buoy system to deliver gas to California, unloading at two buoys more than 28 miles off- More shipping companies tap New York IPO’s There’s plenty of publicly listed shipping action in New York, according to Chris Chasty, head of the shipping industry group at shipping accountant Moore Stephens. “More investors there now know about shipping,” wrote Chasty in a recent company newsletter, “so more money chases a shipping IPO there than in any other market, so for most shipping companies higher multiples are achievable. Put simply, more money comes in if you go to New York.” As proof, Chasty points out that in 2000 there were three listed shipping companies in the U.S., with a total market cap around $3 billion. Now there are 12 analysts that follow the sector with over 30 listed shipping companies, with a market cap of around $32 billion. W shore, southwest of the Los Angeles Hyperion sewage treatment plant, and connecting into the existing gas network via undersea pipelines. Under an agreement signed in July by Steve Larson, president of Woodside Natural Gas and U.S. Maritime Administrator Sean Connaughton, Woodside will register two new LNG regasification vessels under the U.S. flag. Woodside will also work with the U.S. Merchant Marine Academy, state maritime academies, and other certified training facilities as sources for cadets and unlicensed seafaring personnel, offering training opportunities on natural gas cargo ships. Woodside’s application to build the deepwater port terminal must be approved by the Governor of California and the Maritime Administration after vigorous technical and environmental review as well as public comment. The initial public “scoping” hearing for this project is expected in mid-September in Los Angeles. MarAd intends to grant Woodside’s application “priority status” under a public law that gives top status to firms that will use the U.S. flag. market cap $32b BW Offshore in U.S. Gulf FPSO talks BW OFFSHORE LTD (BWO), Oslo, Norway, part of the BW Group, says it is in the final negotiations with a U.S.-based oil producer for the conversion, installation and operation of a Floating Production, Storage and Offloading (FPSO) www.marinelog.com vessel for the U.S. Gulf of Mexico with a disconnectable turret supplied by Advanced Production & Loading PLC (APL). APL recently became a subsidiary of BW Offshore. APL is a leader in turret technology and offshore terminals. BW Offshore expects to release further details on the project once a final agreement is reached. The BW Group owns nine FPSO’s and Floating Storage and Offloading (FSO) vessels. AUGUST 2007 MARINE LOG 7 http://www.marinelog.com
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