Propulsion report predicts growth

A major new report that examines the future prospects for the marine propulsion sector has recently been published by analysts Douglas-Westwood. The World Propulsion Report 2003-2007 reveals that marine propulsion systems are expected to become a US$5 billion market by 2007, while total propulsion power will increase by 8% in the next five years when compared to to the 1997-2002 period. The report also forecasts a 4% increase in vessel tonnage delivered by yards, but vessel numbers are predicted to fall by 10% in the same period.

The voice of the future - event for young scientists

The Royal Society of Chemistry (RSC) is organising a major initiative this Spring with the objective of strengthening links between the scientific community and Parliament. Entitled the Voice of the Future 2003, the RSC wish to invite a significant number of younger scientists (primarily those aged between early twenties to their mid thirties) drawn from all disciplines whether in industry or academia to meet Members of Parliament on the House of Commons Science and Technology Select Committee. The event will be held within the precincts of the Palace of Westminster and will feature a Science Question Time, like the BBC TV Question Time, which will enable all the participants to put any question to a panel of MPs. For further information about the above event please visit the Parliamentary Activities Website

Tonnage tax regime tightens

New legislation recently issued in the UK will have a significant impact on tonnage tax companies that lease vessels. This was the stark warning from Sue Bill of shipping accountants Moore Stephens. Bill said: "These changes will particularly affect the financing of expensive ships such as gas carriers or large cruise ships, as capital allowances will be restricted where a ship costs more than £40M. As a result, the cost of financing such ships will increase where the lessee is in the tonnage tax regime."
The new rules will mean capital allowances will only be available at a reduced rate of 10% on vessels costing between £40M and £80M.
"The ship leasing industry is likely to be affected as the new rules will restrict lessors' ability to offer attractive leasing deals, particularly for expensive ships. The change in the rules may reduce the number of ships coming into the UK tonnage tax regime in the future as one of the more attractive aspects of the UK tonnage tax regime, compared to others, has been reduced. The rules may also affect companies looking to raise finance by using sale and leaseback arrangements," said Bill.

The WOCE Atlas Series

The World Ocean Circulation Experiment (WOCE) Atlases will be the definitive hydrographic atlases of the world's oceans. Four atlas volumes covering the Southern, Pacific, Atlantic and Indian Oceans will be available. Each volume contains vertical sections of up to fifteen parameters along the WOCE one-time lines; horizontal property maps on depth and density surfaces; property plots; electronic version of the atlas on DVD with additional parameters, depths and isopycnal maps. Publication is due late 2003 with estimated cost being as little as $50 per volume. If you are interested in purchasing one of these atlases please email Mrs Jean Hayes jchy@soc.soton.ac.uk so the print run can be defined. Further details available from http://www.woce.org/

Hugin 1000 system in mine countermeasures role

The Royal Norwegian Navy (RNoN) has directed the Norwegian Defence Research Establishment (FFI) to deliver a military Autonomous Underwater Vehicle (AUV) prototype. The Navy intends to use this military AUV system in mine countermeasure (MCM) and rapid environmental assessment (REA) operations. The delivery of a military AUV prototype is part of a long-term national plan to establish a forward autonomous MCM/REA capability for the Navy.

Spanish LNG's look to the future

Izar's Astillero Sestao shipyard in Spain is developing a new 148 000m3 LNG design for Izar, which the shipbuilder claims will represent a step ahead in gas carrier innovation. A CSI containment system, which utilises newly developed membrane technology, has been selected for the project and the LNG carrier's machinery arrangement will consist of two independent propulsion plants with slow-speed diesel engines. These will operate in combination with a redundant reliquification plant, a concept which is said to give economical, operational and environmental advantages over other configurations. The re-liquification technology allows the boil-off gas to be compressed and re-injected again into cargo tanks, enabling the use of cheaper fuels such as heavy fuel oil. After several years development involving model plants, Izar's technical team is confident that this technique will be widely used in future vessels.

Forties sold to Apache

BP has agreed to sell its 96.14% stake in the North Sea Forties oilfield, together with a package of shallow-water assets in the Gulf of Mexico, to the US independent oil and gas company Apache, for US$1.3bn. BP's share of production from Forties is some 48 000 b/d oil equivalent. Its overall current production from the UK North Sea is approximately 750 000b/d.