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Northrop Grumman Corporation (NYSE: NOC) today announced that its board of directors has approved the spin-off of its wholly owned subsidiary, Huntington Ingalls Industries, Inc. (HII), to Northrop Grumman stockholders, subject to final U.S. Securities and Exchange Commission (SEC) clearance, and set the distribution ratio, record date and distribution date for the spin-off. ...

Japan Drilling Company has placed its first newbuild offshore drilling rig order in six years. It has awarded Singapore's Keppel FELS shipyard a contract worth about $210 million for a KFELS Super B Class jack-up rig. The unit is slated for delivery in the first quarter of 2013.Mr. Wong Kok Seng, Managing Director of Keppel FELS, said, "JDC has been very specific wi ...

Sanko Steamship and Hellespont Group have set up a manning and ship management joint venture to serve their offshore service vessel fleets.The  Singapore-based JV company, Sanko-Hellespont Offshore Management Pte. Ltd. is owned  on an equal partnership basis by Sanko Ship Management (Singapore) Pte. Ltd. and Hellespont Singapore Pte. Ltd. It started operations March 7, ...

The Indian Navy has put a Somali pirates mother ship out of business and detained 61 pirate suspects.Here's the Indian Navy version of what happened. On the night of 12th Mar 11, at about 2100 hrs INS Kalpeni intercepted a pirate mother vessel named 'Vega 5' in the Arabian sea about 600 nautical miles west of India. 13 crew members were rescued and 61 pirate ...

Seaspan Corporation, the Washington family, Gerry Wang and Graham Porter are partnering with the Carlyle Group and Tiger Group Investments to acquire more than $5 billion of ships. The joint venture - which according to a 6K filed by Seaspan is called Greater China Intermodal Inv ...

The devastating earthquake and tsunami have caused extensive damage to the ports in northeastern Japan. These ports include Kashima, Hitachinaka, Hitachi, Onahama, Soma, Sendai, Shiogama, Ishinomaki, Kesennuma, Ofunato, Kamashi, Miyako and Hachinohe, according to the Tokyo office of Inchcape Shipping Services (ISS).According to ISS, the oil port and ter ...

A turbocharger specifically designed for small-bore, two stroke engines has completed an extensive test program on MAN Diesel & Turbo's turbocharger test bed in Augsburg, Germany.The TCA44 completes MAN's TCA turbocharger range for two-stroke engines at its lower end. Stefan Mayr, Project Engineer responsible for the TCA44, said: "This new turbocharger has been sp ...

A hearing on "Navy Shipbuilding Acquisition Programs and Budget Requirements" held March 9 by the House Subcommittee on Seapower and Projection Forces produced some interesting testimony. The good news to emerge for shipbuilders: the Navy is planning a bigger fleet, The bad news? It may have gotten its sums wrong. It seems that the Navy's goal of achieving and maintaining a ...

The U.S. Coast Guard issued a Port Security Advisory for Libya today, suggesting security measures for ships to take when calling upon Libyan ports.Civil unrest in Libya has prompted U.S. government concerns regarding whether port facility requirements of the International Ship and Port Facility Security Code are still being executed and maintained.  The U.S. ...

U.S.-flag containership operator Horizon Lines, Inc. (NYSE: HRZ) says it has entered into a credit agreement amendment with its lender group, effective March 9, 2011. The deal waives a default under the senior credit facility that would have arisen from the $45 million fine that the company has agreed pay under a plea deal to settle a Puerto Rico trade price fixing case. The ...