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MOL Group Expands its Exploration Portfolio

Photo: MOL Group

 MOL Group expanded its exploration portfolio by acquiring new licenses in Hungary and Norway. MOL acquired 6 new licences in the 4th bid round in Hungary, doubling its exploration acreage in the country.    MOL Norge participated in the latest APA licensing round and acquired 4 licences in the Norwegian Continental Shelf, one of which with operatorship. These successes significantly contribute to the implementation of the MOL 2030 strategy.   MOL has won 6 new licences in the fourth Hungarian hydrocarbon exploration tender and the concession contracts have been signed by the representatives of the Ministry of National Development and MOL.    As a result MOL can start hydrocarbon exploration on nearly 4,200 square kilometres in the area of Bázakerettye, Bucsa, Jászárokszállás, Mezőtúr, Okány-West and Zala-West in addition to the almost 4,200 square kilometres area covered by mining authority decisions and concessions already acquired.   MOL is targeting both proven exploration plays in Hungary as well as new plays which are the result of our ongoing new Trans-Pannonian basin study.   Separately, it was announced earlier that the Norwegian Ministry of Petroleum and Energy granted four licences to MOL Norge on the Norwegian Continental Shelf at the 2016 APA (Award in Pre-Defined Areas) licensing round, including one with operatorship.   


Oceaneering Acquires New Vessel

Oceaneering International, Inc. (OII) has purchased the Gulf Quest for conversion into a 145-ft. dive support vessel. Built in 2001, and renamed the Ocean Quest, the vessel will be upgraded in spring 2003 and then become available for work in the Gulf of Mexico. When completed it will feature: 2,100 sq. ft of deck space, 24 person accommodations (in addition to vessel crew), dive support equipment installed below deck, marine rated API 10 ton crane on the stern, 24 hr


Malaysia Seeks to Develop Shipbuilding

Development of marine engineering related industries, including shipbuilding and repairing, is an important sector the maritime industry in Sabah and Sarawak can exploit further, according to a report in the Daily Express, an East Malaysia newspaper. EMMC 2005 Organising Chairman, Tan Sri Halim Mohammad, according to the news report said a concerted and coordinated approach could be taken to first rehabilitate and rejuvenate some of the existing yards that have potential but have fallen


NOAA Seafloor Mapping Project Delivers Diverse Data

Bathymetric Survey Long Island Sound: Image courtesy NOAA

NOAA ship 'Thomas Jefferson' mapping Long Island Sound seafloor this summer contributes to a multi-level data gathering collaboration. In addition to updating NOAA’s nautical charts, ongoing collaborations in Long Island Sound will create products that depict physical, geological, ecological, geomorphological, and biological conditions and processes – all to balance the development of new ocean uses while protecting and restoring essential habitats.


ACP Commemorates 13 Years of Local Administration

Panama Canal Administrator Jorge Luis Quijano.

The Panama Canal is celebrating 13 years under Panamanian administration. During this period, the Canal has strengthened its role in international commerce as a result of investment in the modernization of its infrastructure, its expansion and an alliance with its natural surroundings.   “The Panama Canal reaffirms its relevance in international commerce more than ever as a result of the decisions and actions that Panamanians have taken with regard to its management


Miko Marine Launches US Subsidiary

Photo: Miko Marine

Miko Marine AS has opened a subsidiary in Morgan City, La. from where it will be able to supply ship operators and salvage companies throughout the United States with its range of products, including its magnetic patches to prevent ships from sinking. The magnetic patches, often used in conjunction with Kevlar reinforced flexible patches, create a durable water tight seal where ships’ hulls have been damaged by collision or grounding


Navios Maritime Acquires Newbuilds

Navios Maritime Holdings Inc. (NYSE:NM) , a global, vertically integrated seaborne shipping and logistics company, announced the delivery of a new build Capesize vessel and the agreement to acquire another new build Capesize vessel. The Navios Antares, a 169,059 dwt Capesize vessel, was delivered to Navios Holdings' owned fleet on January 20, 2010 from a South Korean Shipyard. Navios Holdings agreed to acquire a new build Capesize vessel of 180,000 dwt


Hempel Says 2013 Brought Record Profits

hampel.png

The Hempel Group announced it delivered a record net profit in 2013, placing it in a strong position to achieve its targets through a combination of organic and external growth. The Hempel Group’s continued focus on efficiency and profitability ensured it delivered a net profit of €65 million in 2013, despite volume growth of only two percent. The Group also secured an EBITDA result of €165 million, the highest in its history.


BP 'Grossly Negligent' in 2010 US Spill, Fines Could Be $18b

Discoverer Inspiration arrives to install the capping stack in July 2010 (Photo: BP)

A U.S. judge has decided that BP Plc was "grossly negligent" and "reckless" in the Gulf of Mexico oil spill four years ago, a ruling that could add nearly $18 billion in fines to more than $42 billion in charges the company took for the worst offshore environmental disaster in U.S. history. BP said it would appeal Thursday's ruling by U.S. District Judge Carl Barbier in New Orleans, Louisiana, who held a trial without a jury last year to determine who was responsible for


Diana Shipping Acquires Capesize Bulker

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that yesterday it signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to acquire from an unaffiliated third party the m/v Churchill Bulker, a 2011 built Capesize dry bulk vessel of 179,362 dwt, for a purchase price of $28.5 million. The vessel, to be renamed Seattle, is expected to be delivered to the buyer by mid-November 2015.


DHT Rejects Frontline Bid

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DHT Holdings, Inc. (NYSE: DHT) today announced that its Board of Directors has unanimously rejected Frontline Ltd.'s (NYSE/OSE: FRO) unsolicited, non-binding, highly conditional proposal to acquire all of the outstanding shares of common stock in DHT for a per-share consideration of 0


Global Eagle delivers foreign Language TV programmes for ship crew

Image by GEE

Global Eagle Entertainment Inc. (NASDAQ:ENT) has expanded its portfolio of live programming delivered by satellite to cruise ships with the addition of new channels for crew members from India and the Philippines.   Global Eagle is now delivering TV programs from Viacom 18 Colors and the


Rickmers-Linie Sold to ZEABORN

Photo: Rickmers Group

Marking further consolidation in the breakbulk and project cargo sector, Rickmers Group said it has sold its business operations of Rickmers-Linie to ZEABORN.   Rickmers-Linie GmbH & Cie. KG and MCC Marine Consulting & Contracting GmbH & Cie


McDermott Acquires New Pipelay and Construction Vessel

Photo: McDermott

McDermott International, Inc. announced it has acquired the newly built pipelay and construction vessel Amazon to better position the company for ultradeepwater and SURF projects.   McDermott plans to upgrade the vessel to address the ultradeepwater market with a state-of-the-art J-lay


MPI Installs All Turbines at Nordergründe

MPI Enterprise is the newest addition to the company’s WTIV fleet. Photo MPI Offshore

Following the successful installation of the foundations earlier this year, MPI has now informed that their wind turbine installation vessel (WTIV) MPI Enterprise has completed the installation of 18 6.2M126 Senvion turbines at the Nordergründe offshore windfarm.


DP World increases Stake in Pusan Newport

DP World has acquired an additional 23.94% stake in Pusan Newport Company Limited (PNC) in South Korea from Samsung Corporation & Subsidiaries. This increases DP World’s holding in PNC to 66.03%, and the terms of the transaction are undisclosed.  


Wagenborg's Acquired Vessels Undergoing Paint Job

From left to right: Leuveborg, Ziltborg (ex Vechtdiep) and Zaanborg (ex Vliediep). Photo: Royal Wagenborg

 Ziltborg and Zaanborg, the third and the fourth of seven general cargo vessels acquired by Dutch shipowner and operator Royal Wagenborg earlier this year, are currently undergoing a paint job at Royal Niestern Sander shipyard in the Netherlands.  


China COSCO Shipping Buys Shanghai Rural Commercial Bank

Image: Cosco

 Australia & New Zealand Banking Corp (ANZ) has agreed to sell its 20 percent stake in Shanghai Rural Commercial Bank (SRCB) for US$1.33bn.   China Cosco Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp had each agreed to acquire 10 percent of SRCB


DryShips Expands to Gas Carrier Market with Four New VLGCs

Image: DryShips Inc.

 DryShips Inc. has agreed to enter into a "zero cost" LPG Option Agreement with companies controlled by its Chairman and Chief Executive Officer,  George Economou, to purchase up to four high specifications Very Large Gas Carriers (VLGC) capable of carrying liquefied petroleum


Dryships to Expand into VLGC sector

The Table

DryShips Inc. announced today that, it has agreed to enter into a “zero cost” Option Agreement (“LPG Option Agreement”) with companies controlled by its Chairman and Chief Executive Officer, Mr. George Economou, to purchase up to four high specifications Very Large Gas


Maersk Sees Strong Growth in Mexico

Photo: Maersk Line

 Maersk Line saw a 21 percent jump in cargo volumes in Mexico between January and October 2016 compared with the year-earlier period, says a report by T21.   Mexico is expected to be one of the main beneficiaries of the newly expanded Panama Canal and its infrastructure is undergoing a


Hyundai Merchant to Hire 220 Hanjin Employees

Photo: Hanjin Shipping

 As many as 220 former Hanjin Shipping employees could be set to start work at Hyundai Merchant Marine. The South Korean carrier has already hired 131 employees including onshore, offshore, overseas staffs and ship managers.   Moreover


TGS Hires Polarcus for Europe

Polarcus Alima. Photo: Polarcus DMCC

 Polarcus has received a letter of award from TGS-NOPEC Geophysical Company, a marine seismic data acquisition specialist, for acquisition of 30,000 square kilometers of 3D multi-client data in Europe.   Approximately 20,000 sq.km


DryShips Buys First Very Large Gas Carrier

Image: DryShips Inc

 DryShips Inc., a diversified owner of ocean group cargo vessels, announced that it has acquired one Very Large Gas Carrier (VLGC) currently under construction at Hyundai Heavy Industries (HHI) for a purchase price of $83.5 million.   


Frontline Proposes DHT Takeover

DHT Leopard Photo: DHT Holdings, Inc

 DHT Holdings, Inc has received a non-binding, highly conditional proposal from Frontline Ltd to acquire all of the outstanding shares of common stock of DHT in a stock-for-stock transaction.    Frontline has proposed a ratio of 0






 
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