Latest Maritime News

Rising Stocks Reflect Overpriced US Crude

U.S. crude stocks held by refiners, traders and pipeline companies have hit the highest level since the Great Depression, as refiners hold out for cheaper prices before they take in more domestic oil.

IMB: Piracy Falls to Lowest Level since 2007

The International Chamber of Commerce’s International Maritime Bureau (IMB) has revealed that piracy on the world’s seas is at its lowest first-quarter level since 2007,

Saipem Q1 Net Profit Beats Market Consensus

Italian oil services group Saipem confirmed its guidance for the year on Thursday after posting a first-quarter net profit above market consensus.   In a statement Saipem,

Pipeline Sabotage Drops Iraq's March Oil Exports

Iraq's oil exports fell to 2.39 million barrels per day (bpd) on average in March, the oil ministry said, down from a record 2.8 million in February due to repeated sabotage of a northern pipeline.

Court: Japan's Mitsui Paid to Release Ship

China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money.

U.S. State Dept.: Libya Faces Enormous Security Challenge

U.S. Deputy Secretary of State William Burns, the most senior U.S. official to visit Libya since a deadly 2012 attack on a U.S. compound there, said on Thursday

Peabody Loss Widens on Weak Coal Prices

Peabody Energy Corp, the world's largest private-sector coal miner, said first-quarter loss more than doubled due to weak prices for steelmaking coal. Net loss

Lawyer: Korea Ferry Owners Accept Responsibilities

The family that has a major stake in companies that control the shipping operator whose ferry sank last week, likely to have killed hundreds, will take social and

Fredriksen Joins Rival for New Capesize Firm

Shipping tycoon John Fredriksen is joining one of its shipping firms with rival Knighsbridge Tankers Ltd to create the largest U.S. listed Capesize firm, which

Korean Ferry: Pair Drowned with PFD's Tied Together

A boy and girl trapped in a sinking South Korean ferry with hundreds of other high school students tied their life jacket cords together, a diver who recovered their bodies said,

Diamond Offshore profit falls as rig demand softens

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 17 percent drop in quarterly profit as demand fell for rigs used in deep water drilling.

Wind Farm Operator Theolia to Refinance Bond

French wind farm operator Theolia said it was looking at several options to refinance a 126 million euro ($174.2 million) convertible bond, which it would be unable

Noble Energy Q1 Profit Drops 23 Percent

Oil and natural gas producer Noble Energy Inc posted a 23.4 percent drop in quarterly profit on Thursday due in part to hedging losses and a jump in income taxes.

Wärtsilä Reports Healthy Ship Power Sector in Q1 2014

In its interim financial report January to March 2014 Wärtsilä notes healthy development in ship power and services offsetting challenges in power generation markets.

Farsounder to Upgrade Navigation Sonar Software

This fall, FarSounder says it will be launching a major software upgrade for its FarSounder-500 and FarSounder-1000 forward-looking navigation sonars. The upgrade

Additional Russian Gas for Turkey Deal Likely

An additional 3 billion cubic metres (bcm) of natural gas may flow from Russia to Turkey by end-2015 if a deal is reached on the price, Turkish Energy Minister

No Lift for Konecranes as Q1 2014 Profit Slips

Finnish crane maker Konecranes on Thursday reported a 32-percent fall in its core quarterly operating profit amid slow demand and tight competition. January-March 2014 operating profit,

Marine Diesel Purification Breakthrough by SurePure

Liquid photopurification specialist company SurePure Inc. apprises of a breakthrough in the microbiological purification of contaminated marine diesel fuel, using

GulfMark Offshore Records its Highest Ever Q1 Revenue

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever,

GAO: Limited Commercial Arctic Development Foreseen

Decreasing seasonal sea ice has opened up Arctic waters for longer periods with resulting potential economic opportunities in commercial shipping, cruises, commercial fishing, oil, and mining.

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