Marine Log - August 2008 - (Page 8) Update Rising fuel prices eat up shipping profits “Too much of our profitability is being eroded by the increase in fuel prices,” said Richard D. Fain, Royal Caribbean Cruises Ltd. chairman and CEO. Fain announced RCCL’s cost savings plan, which includes cutting as many as 400 shoreside jobs. It hopes to Fuel save $125 million up annually. 55% The plan was announced as RCCL reported net income for the second quarter of $84.7 million, or $0.40 per share, compared to a net income of $128.7 million, or $0.60 per share, for the second quarter 2007. Net cruise costs per Available Passenger Cruise Day (APCD) rose 6.7% (excluding fuel, net cruise costs per APCD increased 2.0%). Fuel prices rose 55%, though fuel costs per APCD increased at a lower rate of 31%, due mainly to fuel initiatives and hedging. INLAND • COASTAL • OFFSHORE • DEEPSEA More subsea vessels ordered L ast month, Singapore’s ST Marine and Norway’s Aker Yards both announced newbuilding contracts for deepwater offshore vessels specializing in subsea and well intervention work. ST Marine secured a S$127 million ($94 million) contract to build a 107.1m x 21m , DP2 Class Dive Support Vessel (DSV) for a “foreign customer registered in Singapore.” Delivery is set for mid-2010. The vessel will be built to DNV Class with a light “Ice Class” notation. Built to support diving operations in the subsea sector, the vessel will have diesel-electric propulsion, accommodate 100, have an 18-man Dive Saturation System, 140-ton Active Heave Compensation (AHC) crane and carry two ROVs. Meanwhile, Aker Yards, Langsten, has followed its delivery of two well intervention vessels for Island Offshore with an order for a third. The well intervention vessel will be a RollsRoyce UT 767 CDL, similar in design to the recently delivered Island Wellserver. The vessel, which will be delivered in the third quarter of 2011, will be 130.3m x 25m, with accommodations for 97. The contract is valued at NOK$1.2 billion ($236.2 million). Chapter 11 protection for Derecktor Derecktor Shipyards Connecticut LLC, Bridgeport, Conn., filed for Chapter 11 bankruptcy protection last month. The bankruptcy filing was only for the company’s Bridgeport operation, and Derecktor petitioned the court to allow it to continue paying its 250 workers. The filing is believed to stem from a contract dispute with one of the shipyard’s customers. That customer is believed to be Gemini II Ltd., which is building a 145 ft aluminum luxury sailing catamaran at the shipyard. Represented by maritime attorneys Holland & Knight, LLP, Gemini II Ltd. filed a suit against Derecktor Shipyard Connecticut for breach of contract on July 14 in the U.S. District Court for the Southern District of New York. The complaint for injunction in aid of arbitration claims that Derecktor is in breach of contract for the catamaran, which is about threequarters finished. Derecktor also has shipyard operations in New York and Florida. There are 120 UT design vessels on order worldwide, including this well intervention vessel for Island Offshore Penn Maritime takes delivery of ocean tug enn Maritime’s newest tug, the M/V Skipjack, was recently delivered by Thoma-Sea Boatbuilders, Lockport, La. The 4,000 hp, 116 ft x 36 ft tug is the power module for a new Articulated Tug Barge (unit). The tug was mated with a new 90,000 barrel tank-barge, which was built by Corn Island Shipyard in Indiana. A sister tug, the M/V Coho, is expected to be delivered by Thoma-Sea Boatbuilders in October this year. The two boats are part of a five vessel order placed by Penn Maritime at the shipyard. Entech & Associates, Inc., Houma, La., designed the tugs with JAK-400 model pin and socket coupling system with eight sockets in each wing of the barge notch to accommodate P varying drafts of the barge. The pneumatically operated pins are 16 inches in diameter. The JAK coupling system was supplied by Beacon Finland. Propulsion for the tug is supplied by two 2,000 horsepower, 60-liter V-16 Cummins QSK60 engines turning up to 1,800 rev/min into Reintjes gears with 7.45:1 ratios. The boat is fitted with Nautican nozzles and shutter rudders. See breaking news at: www.marinelog.com 8 MARINE LOG AUGUST 2008 www.marinelog.com http://www.marinelog.com http://www.marinelog.com
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