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Fast Facts: What is GPS?

The Global Positioning System lets us know where we are (and where we are going) anywhere on Earth.

For thousands of years, humans found their way by looking to the sky. Sailors used the constellations, sun, and moon to navigate to distant shores. Today, all that's needed is a device called a GPS receiver. GPS stands for Global Positioning System, and it lets us know where we are and where we are going anywhere on Earth.

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Nord/LB Pulling Out of Ship Financing, Eyes USD 3.9 Bn Capital Injection

Germany’s Norddeutsche Landesbank (Nord/LB) decided to withdraw from the ship financing sector as it looks for a fresh start with a capital injection of EUR 3.5 billion (USD 3.9 billion).

Owing to the run down of bad loans from ship financing, Nord/LB set aside additional risk provisions of EUR 1.893 billion in 2018. Although all the bank’s other business segments remained profitable in 2018, expanding risk provisions for the ship financing portfolio led to a net loss for the year, as previously reported.

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Maersk Can't Find a Buyer for its Offshore Vessel Division

After years of trying, Maersk Group has admitted that it cannot find a buyer for its offshore vessel division, Maersk Supply Service. 

Citing the continued market oversupply, extensive consolidation, years of market distress and a poor OSV sector outlook, Maersk said that the division's valuation and market cap has been reduced. This has made it difficult to find a buyer or other exit solution, Maersk said. 

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WSS and Airbus Start Shore-To-Ship Drone Delivery Trials

Wilhelmsen Ships Services and Airbus have begun shore-to-ship trials of a new parcel delivery drone in Singapore.

The two companies pointed out that this marks the first time drone technology has been deployed in real port conditions, to deliver a variety of small, time-critical maritime essentials to working vessels at anchorage.

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BP Introduces New MARPOL-Compliant Marine Fuel

BP Marine has announced that it will begin to retail low sulphur fuel that meets new MARPOL regulations limiting the sulphur content of marine fuels. BP is introducing a new very low sulphur fuel oil (VLSFO), with a maximum 0.5% sulphur content, following successful sea trials with fuel manufactured and supplied by BP in the Amsterdam/Rotterdam/Antwerp (ARA) and Singapore hubs.

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IMO: World Maritime Day 2019 to Raise Gender Equality Awareness

The International Maritime Organization (IMO) will provide an opportunity to raise awareness of the importance of gender equality at this year’s World Maritime Day with the “Empowering Women in the Maritime Community” theme.

 

In line with the United Nations’ Sustainable Development Goals, the theme would also highlight the important, yet under-utilized, contribution of women within the maritime sector.

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Fincantieri and Abu Dhabi Shippbuilding to Collaborate in the UAE

During the Abu Dhabi 2019 International Defence Exhibition & Conference (IDEX), Fincantieri and Abu Dhabi Shipbuilding (ADSB), the leading shipbuilder in the United Arab Emirates specialized in the construction, repair and refit of military and commercial vessels, today announced that they have reached an agreement in principle to explore future forms of industrial and market cooperation in the UAE shipbuilding segment.

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Ocean Infinity Locates Stellar Daisy

Ocean Infinity, the next generation seabed survey and ocean exploration company, has successfully located the wreck of the lost South Korean tanker, Stellar Daisy, at a depth of 3461 meter in the South Atlantic Ocean, approximately 1800 nautical miles due west of Cape Town. Stellar Daisy sank on 31 March 2017, transporting iron ore from Brazil to China. Tragically, 22 of the 24 crew were lost.

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Construction of Brisbane’s Mega Cruise Terminal Moves Forward

Australian Port of Brisbane has announced the principal contractors for its AUD 158 million (USD 114.3 million) Brisbane International Cruise Terminal, paving the way for construction to begin in the coming months.

Wharf construction will be undertaken by Brady Marine & Civil, a specialist marine infrastructure and engineering contractor headquartered in Brisbane.

In addition, civil works and terminal building will be delivered by Hindmarsh, an Australian construction company.

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