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Articles published in 2013

Korean Government Looks for Banks to Help Sell Daewoo Shipbuilding Stake

The Korean government is looking for banks to help sell its 17.15% stake in Daewoo Shipbuilding & Marine Engineering, one of the world’s three largest shipbuilders by orders, for about $754 million.

The Financial Services Commission put up a public notice Friday that it will hire a consortium of a local advisor and a foreign advisor to sell its 32.83 million shares in the shipbuilder through either after-hour block trades or an auction.

Based on Monday’s closing share price of KRW25,900 a share, the stake is valued at 849.7 billion won ($754 million).

“We need a (new) advisor to seek strategy and timing of the sale,” an official at the financial regulator said, adding the FSC doesn’t expect a quick sale given the weakness in the shipping industry.

The government’s plan for Daewoo Shipbuilding is part of efforts to restart the sale of state assets.

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Life on a Tugboat

Mr. Mike Upchurch, a Workboat Academy student, is documenting his 2-year path of becoming a deck officer onboard an ocean-going tugboat and getting back to his roots on the water.

His detailed blog, Back to Sea with Me…, provides an in-depth view of what life on a tug is all about.  MITAGS-PMI is very proud of the Workboat Academy and the efforts from everyone that has continued to make this program relevant.

Here is a short excerpt from his latest post on May 16th:

“As far as readiness goes, I felt that my 4 weeks of classes that I had prior to my sea phase, prepared me more than sufficiently for working on a tugboat for the first time. I knew the terminology, understood the processes fairly well, had good expectations and came aboard with a fair amount of confidence and respect for what I was about to undertake. PMI goes a little farther with their classes than most schools so that you are not just getting trained, but that you are comfortable with the subject knowledge and "ready" to implement it. Being fresh out of class, it was nice being able to recite rules of the road, navigation lights, marlinspike seamanship and safety training topics verbatim. I'm sure the freshness will wear off and I too will fall prey to some lost knowledge over time, but for now, it feels good to have at the ready.

I term that I use to use quite a bit when I managed an outdoor adventure company, was "withitness". It was coined by one of our rock climbing instructors and I've held onto it ever since. We use it to explain a leader’s demeanor with regards to guiding, leading, working in technically challenging jobs that can and will contain elements of risk and or safety. I try to always strive for a certain level of "withitness" and try to have my sh#% together so-to-speak when on the job. Tug boating is no exception, especially when trying to move up the ladder into the pilothouse. My goal in life is to build that "withitness" through training, practice and assessment. PMI did a great job in that regards and I look forward to the remainder of my classroom sessions in June and October this year.”

To keep up with Mr. Upchurch and his tugboat adventures, be sure to follow his blog!

MITAGS-PMI has expressed immense pride in the Workboat Academy and the efforts from everyone that continue to make this program relevant.

source: The Maritime Executive

MC-Class vessel venture targeting heavy offshore transport

BigLift Shipping and RollDock Shipping have formed a joint company, BigRoll, which will operate two newbuild transportation vessels.

The MC-Class module carriers (maximum deadweight 22,500 metric tons/24,802 tons) will be available around end-2014 to early-2015 for transport of ultra large and heavy modular cargoes by sea, including offshore structures.

The design focus will be on short loading and discharging times, high service speed (13 knots) and low acceleration. Both vessels will have DP-2 and Finnish Swedish 1A ice class notations.

Overall length of the MC-Class is 169 m (554 ft) with a beam of 42 m (138 ft), providing a deck space of 42 x 125 m (138 x 410 ft). Room on the main decks is maximized by keeping them free of manholes and air heads.

Loading and discharging of modules can be performed over the vessels’ stern or side by ro-ro or skidding. To minimize loading/discharge time the ballast capacity of the vessel is 12,000 cu m/hr.

Specifications MC-Class
Length over all: 169 m
Width over all: 42 m
Hull depth: 12 m
Design draught: 5.5 m
Deadweight (max).: 22,500 mt
Ballast capacity: 12,000 m3/hr
Free deck space: 125 x 42 m
Deck strength: 20 ton/m2
DP 2
Finnish/Swedish Ice Class 1A
Service speed 13 knots

source: PennEnergy