OSD-IMT develops range of windfarm vessel designs
OSD-IMT, the UK division of Offshore Ship Designers (OSD), has developed a range of innovative new designs of offshore wind-farm service operation vessels (SOVs).
The 1,350 dwt IMT972 SOV is powered by two Steerprop SP25 or equal 1900 kWe fixed pitch azimuth propulsion units. There is also an option for fitting two 2.5 MW Voith Turbo main thrusters. Frequency-controlled electric motor-driven CPP thruster units are fitted forward, comprising two tunnel-type bow thrusters and one retractable bow thruster for station-keeping and high-dynamic performance under manoeuvring or DP conditions.
The IMT972 has a LOA of 72.20 m and conforms to the Clean Design classification requirements of DNV for wind-farm service operation vessels. It can provide accommodation for up to 60 persons, including 22 crew, and is able to operate for 30 to 45 days on station, and longer if replenished at sea.
The main features of the IMT972 include a heave-compensated turbine platform, and an aluminium access gangway arranged with a telescopic frame which facilitates the transfer of equipment to the platform. A back-up evacuation process is arranged by using the workboat to transfer technicians from the turbine access ladder in an emergency. The vessel has a small pallet lift and conveyor lift system for the loading and transfer of stores and spares, with access to/from a heated under-deck workshop and stores area. A mono-hull workboat is fitted with a heave-compensated single point lift davit for general wind turbine work duties as well as for emergency evacuation of technicians.
There are two boat-landing areas, one starboard and one at the stern of the vessel. There is a large deck area arranged for additional equipment or the retrofitting of an ROV system for turbine tower or seabed inspection.
The IMT972 has an electro-hydraulic 1.0 tonne SWL motion-compensated folding jib crane fitted on a pedestal on the main deck aft of the access gangway tower. It accesses the wind tower platform when the gangway is stowed and can also work over the stern, deck area or ship’s side.
The air-conditioned crew facilities include a mess room and recreation room. All accommodation will be fitted with an electronic identity access system, similar to the system used on passenger ships, to help locate personnel at any time.
In addition to its role as a wind farm maintenance SOV, the IMT972 can be used as a standby rescue vessel, command/control vessel, survey vessel and ROV support vessel.
Michiel Wijsmuller, managing director of OSD, says, “These new designs are based on the outcome of four years of extensive discussions with wind-farm developers, operators and maintenance companies. They fulfil the operational demands of the wind-farm maintenance industry and can also provide logistics support services to transformer platforms.”
Offshore Ship Designers Group (OSD) is a global one-stop resource delivering naval architecture and marine engineering skills to the shipping and offshore energy industries. It draws on an experienced global workforce to provide high quality feasibility studies, conceptual and detailed designs for tugs and offshore support vessels of all types. OSD is based in IJmuiden, The Netherlands, and has offices in Dundee, York, Appledore, Shanghai and Singapore. www.offshoreshipdesigners.com
For more information:
Offshore Ship Designers
+31 (0)255 54 50 70
Labels: new designs, Offshore Ship Designers, offshore wind farm vessels, OSD-IMT
Moore Stephens emphasises high cost to shipping of environmental regulatory compliance
International accountant and shipping adviser Moore Stephens says that finding enough money to remain compliant with environmental regulation is going to be a challenge for shipowners and operators over the next few years.
Moore Stephens shipping partner Michael Simms says, “The Ballast Water Management (BWM) Convention, for example, has not yet entered into force, although some countries, including the United States, have already implemented BWM regulations independently of the IMO. But it is known that BWM systems can cost between $500,000 and $5m per vessel, depending on the system as well as on the size and design of the ship. That cost may increase as a result of demand requirements and shipyard capacity. There are also operational costs to consider of between $10,000 and $50,000 per annum per vessel.
“Meanwhile, the regulation of emissions from shipping continues apace. Emissions Control Areas (ECAs) are currently in force in the North Sea/Baltic Region and in North America, and new IMO regulations mean that, by 1 January 2015, all vessels operating within these areas will be required to meet an 0.1 percent SOx emissions limit. In addition, there are more complex calculations for 2016, when IMO NOx limits based on the vessel’s age and engine’s rated speed enter into force.”
Simms acknowledges that the true cost of regulatory compliance is still unclear. He says, “Think of a number. Any number will do, so long as it is very big. Then double it. The answer is likely to be as accurate as any supposedly informed estimates currently circulating in the shipping sector about the likely size of the industry’s bill for achieving compliance with incipient environmentally-inspired regulations governing the operation of ships.
“Individual owners and operators may plot their own path through the regulations. For some, configuring new ships for easy installation of BWM systems when the convention enters force may be a viable option. Scrubbers, meanwhile, may be the most cost-effective solution for some when addressing the SOx/NOx dilemma.
“One thing is certain, however. Shipping is going to have to find a great deal of money over the next few years simply to stay within the rules. From an accounting perspective, the challenge will be how businesses should account for the expenditure and any associated costs to determine which items should be capitalised or expensed. In practice, whist additional operational costs should be expensed, certain expenditure should be recorded as an asset. But, of course, it is only an asset if you are able to recover it. “
Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 667 offices of independent member firms in 105 countries, employing 27,081 people and generating revenues in 2013 of $2.7 billion. www.moorestephens.co.uk
For more information:
Moore Stephens LLP
Tel: +44 (0)20 7334 9191
Labels: Ballast Water Management Convention, ECAs, environmental regulation, how to account for on balance sheet, Moore Stephens
RINA launches Efficient Ship notation
classification society RINA has launched a new voluntary notation to clearly
identify new ship designs which meet eco-ship criteria.
The Efficient Ship
notation is granted to ships and new designs
assessed by RINA to have very high
overall efficiency of engines, a lower fuel demand at owner defined speed,
deadweight higher than the average for the particular type of ship and a system
to monitor their performance during their life.
Dino Cervetto, head of technical services, RINA
Services, says, “It is easy for shipyards to offer eco-ship designs, but it is
much harder for shipowners and especially charterers to distinguish which
vessels are actually more economical in service than others. We can look across
the market and compare ship performance and help owners to choose the right
ships, and then with this notation, help them to stand out in the market
The first ships to be issued with the Efficient Ship
notation are a series of nine 39,000 dwt bulk carriers, built for d’Amico Dry in
China, at the Yangfan Group yard.
RINA has also recently launched two route-dependent
voluntary notations. In partnership with UAE classification society Tasneef it
has launched the SAHARA notation for ships specifically equipped for navigation
around the Arabian peninsula, and for containerships it has launched a ROUTE DEPENDENT
LASHING notation which optimises lashing strategies depending on the sea
conditions expected on different trades, giving much more flexibility in cargo
Services S.p.A. is the RINA Group’s company active in classification, certification,
inspection and testing services. RINA Group is a multi-national group which
delivers verification, certification, conformity assessment, ship
classification, environmental enhancement, product testing, site and vendor
supervision, training and engineering consultancy across a wide range of
industries and services. RINA Group operates through a network of companies
covering Marine, Energy, Infrastructures & Real Estate, Transport &
Logistics, Food & Agriculture, Environment & Sustainability, Finance
& Public Institutions and Business Governance. With a turnover of around
280 million Euros in 2012, over 2,200 employees, and 150 offices in 53
countries worldwide, RINA Group is recognized as an authoritative member of key
international organizations and an important contributor to the development of
new legislative standards. www.rina.org.
Relations Manager RINA
Media Relations RINA
Labels: eco ships, ship classification
INTESA SANPAOLO AND VEI CAPITAL TAKE A STAKE IN RINA SPA
Intesa Sanpaolo – through the Merchant Banking Management of its Corporate and Investment Banking Division – and VEI Capital - investment company of Palladio Finanziaria in the Private Equity Mid-Cap segment – have agreed to buy a stake in RINA S.p.A., parent company of the RINA Group, Italy’s leading E-TIC (Engineering, Testing, Inspection, Certification) service provider.
The initial 25 million euros investment by Intesa Sanpaolo and VEI Capital, which will be underwritten by and shared equally between the two partners, may be increased to a possible 100 million euros on the strength of subsequent capital increases and backing for acquisitions.
The financial resources and expertise of the new partners is designed to support and accelerate the growth and internationalization process which RINA has initiated in recent years. VEI Capital and Intesa Sanpaolo are undertaking this investment project to help strengthen RINA’s position as a key world-class player in certification and consulting engineering, with a view to a possible stock exchange listing in the medium-term.
Today, RINA is a multinational group specialized in classification, certification, testing, inspection, training and consulting engineering services in shipping, energy, transport and infrastructure, environment and innovation.
RINA operates through companies dedicated to its specialist sectors. It has a network of 163 offices in 57 countries and over 2,500 employees, whose commitment has contributed to achieving a turnover which, with the latest acquisitions, exceeds 320 million euros.
“As a financial partner, Intesa Sanpaolo intends to back the company to accelerate the completion of its evolution process that is already under way”, - stated Marco Cerrina Feroni, head of Intesa Sanpaolo Merchant Banking Management. - “Indeed, the investment represents an opportunity to take a stake in an historical company of Italian heritage, very well-managed and with excellent growth opportunities, completing a path of major strategic and managerial change”.
“The operation” – said Sergio Ravagli, Managing Partner of Palladio Finanziaria – “comes within the context of ‘expansion capital’ investment in companies with a high development potential, as recently occurred with inflow into the capital of the Fila group. The backing of financial partners in respect of a sound and well-prepared management will enable the RINA Group to take up new growth opportunities in Italy and abroad”.
"The decision of two prestigious financial groups such as Intesa Sanpaolo and VEI Capital to invest in our company gives us immense satisfaction," - confirmed Ugo Salerno RINA S.p.A. President and CEO - "Their stake in our company offers us additional and decisive development opportunities in terms of both growth and also acquisitions in order to develop a leading national organisation to compete with key international players.”
Media Relations Corporate
Tel. +39 010 5385 - 643 – 505 – 555
Media Corporate & Investment Banking and International Media
Tel. +39 02 8796 3531- 2489
VEI Capital - Gruppo Palladio
Studio Noris Morano
Tel: +39 02 76004736.45
Mob: +39 335 6964585
Fax: +39 02 76004793
Labels: Intesa Sanpaolo, RINA, stake acquisition, VEI Capital
Seacurus calls for speedy implementation of MLC amendments
Specialist marine insurance intermediary Seacurus has welcomed the agreement to include in the Maritime Labour Convention unpaid crew wages in the event of abandonment, and has called for the earliest possible implementation of draft proposals to amend the Convention accordingly
Agreement was reached between shipowners, governments, seafarers, NGOs and other organisations meeting at the special Tripartite Committee of the Maritime Labour Convention (MLC) at the International Labour Organisation (ILO) headquarters in Geneva this month. At the meeting, all parties were willing to see abandonment provisions included in the Convention. Draft amendments were duly finalised and accepted almost unanimously.
Thomas Brown, managing director of Seacurus, says, “This is a decision which should be welcomed by all parties in the maritime industry. Now that it has been taken, it is in everybody’s interest to press ahead without delay.
“It was encouraging to note the pragmatic approach adopted by all parties at the STC meeting. The amendments will now be submitted to the International Labour Conference in June 2014, after which a prescribed period will be set for member states to register any disagreement to the changes. The amendments will come into force six months thereafter. The meeting in Geneva discussed the prescribed period being one year, and it is to be hoped that this will be confirmed in June.
“The requirement for cover will be mandatory on all shipowners, thereby eliminating any uncertainty. Moreover, such cover already exists in the form of the CrewSEACURE policy created last year by Seacurus which provides indemnification in the event of the financial default of seafarers’ employers, and offers recompense in respect of unpaid crew wages. The policy will enable all employers of seafarers to meet their regulatory obligations under MLC 2006. The cover is available now, and it is affordable.
“Any attempt at unreasonable delay in implementing the MLC amendments should be strongly resisted.”
Seacurus Ltd, part of the Barbican Insurance Group, is an FCA-regulated insurance broker founded in 2004, specialising in bespoke revenue protection cover for the maritime industry. It is a market leader in the design and implementation of solutions to protect companies from unforecasted balance-sheet impacts, including credit default, charter party cancellations, hijackings and voyage disruptions caused by political events. Seacurus established the first delegated underwriting binding authority for marine kidnap insurance and is an approved Lloyd’s Coverholder. www.seacurus.com
Formed in 2007, Barbican Group Holdings is an insurance group writing business predominantly through its syndicates at Lloyd’s. It also has a non-Lloyd’s financial solutions business based in Guernsey which offers insurance and reinsurance programmes to the global market. Barbican Syndicates 1955 and 6113 at Lloyd’s has a stamp capacity of £227.5m for the 2013 year of account and underwrites cyber liability, financial and professional lines, healthcare liability, international casualty reinsurance, marine insurance, marine reinsurance, North American casualty reinsurance, property, property reinsurance and corporate, middle market and scheme/affinity group clients in the UK and Ireland. www.barbicaninsurance.com
Labels: abandonment, amendments, ILO, implementation, Maritime Labour Convention, Seacurus, unpaid wages
Liberia strengthens market position as private equity gets into shipping
The Liberian Registry says the entry of private equity funding into the ship finance market is helping to sustain its continued growth.
Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian registry, says, “Owners are ordering ships again, and there is a great deal of private equity funding entering the market, in the US and elsewhere, which is filling the shortfall created by a reduction in traditional bank finance for shipping. Liberia has the second-highest share based on market capitalisation of shipping companies listed on the US stock exchange, behind only the US. Well-informed private equity investors recognise Liberia’s pedigree in shipping, and understand that it is a key player in the market.
The Liberian Registry continues to grow with the addition of ships from both existing and new owners. The fleet now stands at approximately 4,000 ships, aggregating 136m gt and over 207m dwt, which is nearly 40% larger than its closest rival, Marshall Islands.
Bergeron continues, “We have stood by our owners during what has been a difficult five-year period, and now we are starting to see a recovery in the market.”
Greek interests are playing a major role in publicly traded US companies, and
figures released by the Greek Shipping Co-operation Committee (GSCC) show that, in deadweight terms, 17 per cent of Greek-controlled ships were registered under the Liberian flag at end-March, 2014 - second only to the Greek national flag itself. This is an increase of 3.5m dwt on last year. A total of 678 Greek-controlled ships, aggregating 49.05m dwt, are currently registered with Liberia, compared to 819 vessels aggregating 76.11m dwt flying the Greek flag.
Scott Bergeron says, “Liberia and Greece share a strong maritime tradition of successful co-operation dating back 65 years to the birth of the Liberian Registry. It is a source of great satisfaction to know that Greek owners still value the efficiency, safety and responsiveness of the Liberian flag administration.”
The Liberian Registry is one of the world’s largest and most active shipping registers, and has long been considered the world’s most technologically advanced maritime administration. It has a long-established track record of combining the highest standards of safety for vessels and crews with the highest levels of responsive service to owners. www.liscr.com
Labels: fleet growth, Greek-controlled shipping, Liberian Registry, private equity, shipping
ITIC survey highlights high cost of English litigation for shipbrokers
A survey of London solicitors by ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts.
ITIC gave a panel of London solicitors – all of whom had previously been instructed on cases involving ITIC members – a hypothetical claim scenario involving a broker which had been cut out of commission. The solicitors were asked to estimate the costs that the broker would have to pay to take the matter to court. The average estimate of the costs was £177,163.
The claim scenario given to the solicitors was based on actual cases financed by ITIC under its debt collection cover. It involved a sale and purchase broker which claimed that it had introduced principals and performed the original groundwork for the deal. The broker claimed that it had then been cut out at the last minute and replaced by another broker which had simply ‘tied up the loose ends”. The sellers denied that they had any commitment to the broker.
ITIC says, “A dispute of this nature is likely to involve no more than a couple of witnesses and an expert giving evidence on each side. If, at £177,163, the cost of winning was expensive, then losing would be even more so. Under the English legal system, a losing party is responsible for its opponent’s costs. The solicitors estimated that the likely additional liability if the broker lost would have amounted to £139,687. This would have brought the total costs liability faced by the broker to £316,850.”
ITIC says that, although few cases proceed all the way to trial, and many will settle at an early stage, often without the need for formal legal proceedings, it is important that brokers have a sufficient level of cover to fund the matter going to litigation. ITIC’s debt collection cover pays not only for the broker’s own costs but also for the potential liability to opponents.
ITIC is managed by Thomas Miller. More details about the club and the services it offers can be found on ITIC’s website at www.itic-insure.com
For more information:
Tel. +44 (0)20 7338 0150
Fax. +44 (0)20 7338 0151
Labels: insurance cover, ITIC, legal costs survey, London, shipbrokers
Search all news items