BAE Systems delivered a new tug, the 1,317gt Sea Power (above), to Seabulk Tankers in August, built at BAE Systems’ Jacksonville, Florida. The Sea Power is a 12,000-brake horsepower, twin-screw tug that will work in tandem with a high-specification, 30,000dwt chemical tank barge as an articulated tug and barge unit. BAE Systems and Guido Perla & Associates, Inc., of Seattle, Washington, designed the vessel.

Rickmers Maritime worried spooked Singapore investors on 14th September by admitting that it is close to liquidation unless creditors come to its rescue. The listed shipping trust has told creditors it needs to defer $253 million of debt. The company also admitted that it is unable to repay $179.7 million of bonds due in March 2017 and the interest and principal on S$100 million ($73.3 million) of notes due in May 2017. Rickmers Maritime has 16 panamax containerships, ranging in size from 3,450 TEU to 5,060 TEU.

Shemara Refit LLP announced on 3rd September that the activities of this UK aluminium high speed craft builder and luxury motor yacht specialist are set to be rebranded. Following a landmark year which included the delivery to Red Funnel of the 41 metre Red Jet 6, the Isle of Wight fast ferry and aluminium vessel side of the Shemara Refit business will be known as Wight Shipyard Co. Ltd. or WSC. Across the Solent on the mainland, Shemara Refit LLP recently acquired the well known business Southampton Marine Services (SMS) and the steel vessel construction and all motor yacht restoration activities will in future trade under that respected identity. Southampton Marine Services Ltd. was established in 2004 and continues the long tradition of shipbuilding on the River Itchen along with vessel repair and marine engineering. Shemara Refit LLP was born out of a unique project to manage the revival of a magnificent motor yacht to her former glory in 2010. Since then the business has grown exponentially.

STX Offshore & Shipbuilding Corporation, the debt-ridden South Korean group, plans to sell the STX France shipyard in St. Nazaire in which the French government holds a 33% minority stake. The Damen Shipyards Group and Fincantieri are reportedly in talks to purchase STX France. STX also planned to cut its staff numbers in Korea by 35% from 2,090 by the end of September. If these cutbacks are not accepted by the company’s creditors in October then the company will be liquidated.

The Panama Canal handled its 100th transit through the expanded canal system on 14th August, just prior to celebrating 102 years of operations. Less than eight weeks after the system was inaugurated the 74,962gt/2007 built Neopanamax vessel Hanjin Xiamen became the 100th vessel through the new locks. On 18th August the 81,349gt/2016 built Aegean Unity became the first Suezmax to use the expanded Panama Canal as Suezmaxes were unable to transit the old canal. Baere Maritime had chartered the ship to move crude oil from the west coast of the US to the Bahamas. Larger tankers now able to use the new Panama Canal system must first undergo modifications involving fittings and fixtures that secure the ship’s berthing and tow lines as the new canal uses tugs rather than locomotives to pull the vessels. Although the new standards were published in advance of the canal’s opening, the required retrofits come as the shipping industry is already facing financial strain. There are more than 900 Aframax tankers in the global fleet and around 500 Suezmax vessels, according to databases and between half to more than three-quarters of the vessels, especially those built before 2015, would need retrofits. The work requires a ship to be out of service sending a $1,000-£3,000 task to a much higher loss of $100,000- $150,000 when lost revenue is taken into account.