Page 6: of Maritime Reporter Magazine (June 2006)

T alk to 10 different people and its likely you’ll get 10 different opinions as to the “mood” and direction of the maritime and offshore oil and gas business in the coming few years.

As oil prices — and for that matter, prices for just about everything — hold at historic highs, there is a feeling that the mythical bubble is going to burst, sending the economy into a withdrawal. In historical context, this is true, as markets in general seem to eschew the ability to avoid roller coaster-esque peaks and troughs.

Last month I was in Copenhagen with diesel engine maker MAN B&W. The company was holding a social and technical program for its licensees from around the globe, and invited us to participate in a separate program of discus- sions regarding new technological developments (which will be published in the

July 2006 edition in concert with our “Diesel Engine Buyer’s Guide”). Walking away with several thick manuals of information, there is one non-technical sta- tistic given that, to me, stands out above the rest. In 2001, the company announced an “unprecedented order intake for our MC brand engines,” quanti- fied by a historically high orderbook. The company, at the time, projected a modest but stable market. Fast forward five years, and the reality is very differ- ent. In the last five years more MC engine power has been sold than in any pre- vious period, and the backlog today is double that of the 2001 record backlog.

In collecting material and data for this, our annual yearbook edition, I’ve kept this data in mind tried to avoid bold predictions to any particular niche’s rise or demise. While data and analysis suggests a cooling shipbuilding market and a growing offshore business, keep in mind that in every market there are opportu- nities: the trick is picking the good from the bad.

All rights reserved. No part of this publication may be repro- duced or transmitted in any form or by any means mechani- cal, photocopying, recording or otherwise without the prior written permission of the publishers.

Founder: John J. O’Malley 1905 - 1980

Charles P. O’Malley 1928 - 2000

Maritime Reporter/Engineering News is published monthly by Maritime Activity Reports, Inc. Mailed at

Periodicals Postage Rates at Waterbury, CT 06701 and additional mailing offices.

Postmaster send notification (Form 3579) regarding undeliverable magazines to Maritime

Reporter/Engineering News, 118 East 25th Street,

New York, NY 10010.

Publications Mail Agreement No: 40024966

Return Undeliverable Canadian Addresses to

Circulation Dept. of DPGM 4960-2 Walker Road

Windsor, ON N9A 6J3

Publishers are not responsible for the safekeeping or return of editorial material. ©2005 Maritime Activity

Reports, Inc. 118 East 25th Street, New York, NY 10010 tel: (212) 477-6700; fax: (212) 254-6271

ISSN-0025-3448

USPS-016-750

No. 6 Vol. 68

Subscriptions: One full year (12 issues) $34.00 in U.S.; outside of U.S. $55.00 including postage and handling. For subscription information, call 212-477-6700; fax: (212) 254-6271; or e-mail: [email protected]

MARITIME

REPORTER

AND

ENGINEERINGNEWS

Member

Business Publications

Audit of Circulation, Inc. 4 Online @ www.marinelink.com 8 The Editorial Index 20 Eye on the Navy 36 Waterways Council Editorial 70 Buyer’s Directory 72 Ad Index 73 Classifieds

On the Cover: Pictured on this month’s cover is production manager John

Guzman’s ode to the yearbook theme.

Most importantly, please note the High

School Yearbook phots of two MR staffers in the bottom lefthand corner, just left of the mailing label: Lucia Annunziata and

Tina Veselov!

Editor’s Note www.marinelink.com [email protected]

On the Cover

Circle 201 on Reader Service Card

Coming in Maritime Reporter & Engineering News

JULY 2006

The Satellite Communications Edition

Training & Education • Maritime Security 2006 Diesel Engine Buyer’s Guide

Latin America

August 2006

The Shipbuilding Technology Edition

Repair & Conversion Welding, Cutting & Machine Tools Latin America www.marinelink.com 6 Maritime Reporter & Engineering News

MR JUNE2006 #1 (1-8).qxd 6/2/2006 2:04 PM Page 8