IEA Raises Oil Demand Figures
An upwards revision to world oil demand means the West will need more oil from the OPEC cartel this year and next than previously thought, the International Energy Agency (IEA) said.
Tanker Blood-bath Continues
Friday's dirty tanker fixture lists revealed the full extent of this week's blood-bath on VLCC trades from the Mideast Gulf. Rates collapsed by 15 percent overnight…
NOL Shares Suspended
Shares of Singapore-based Neptune Orient Lines (NOL), the world's sixth largest container ship operator, were suspended on Friday pending an announcement. "We suggested…
Cargo Ship and Fishing Trawler Collision off Newfoundland Kills Three
A Cypriot tanker is being been detained in the eastern Canadian province of Newfoundland after a reported collision between a cargo ship and a U.S. trawler off the…
Merrill Lynch Slashes Rates On Trio of Oil Giants
Merrill Lynch on Thursday said it cut its rating on oil drilling companies Rowan Cos Inc., ENSCO International Inc. and Global Marine Inc., citing slack demand in the Gulf of Mexico drilling market.
P&O Wins 30-Year Concession for Container Terminal
British shipping and logistics group The Peninsular & Oriental Steam Navigation Company (P&O) said on Thursday its Ports unit had won a 30-year concession to develop…
Navy: U.S. Forces Cannot Handle Growing Threat of Mine Warfare
U.S. naval forces are poorly equipped to counter a growing mine warfare threat and are about to lose the potentially decisive ability to plant sea minefields of their own…
COD Signs Deal With BP Trinidad
Chiles Offshore Inc. (COD) has executed a three-year contract with BP Trinidad and Tobago LLC for the use of the ultra-premium jackup drilling rig the Chiles Coronado…
Coflexip Stena Offshore Wins Bongo Installation Deal
Coflexip Stena Offshore International has been awarded through Single Buoy Moorings (SBM) a significant part of the mooring and installation package for Shell Nigeria…
P&O India Port Concessions
The Peninsular & Oriental Steam Navigation Company (P&O) said its Ports unit had won a 30-year concession to develop a container terminal in India worth $170 million.
Skaramanga Workers Favor HDW/FS Bid
Greece's Skaramanga shipyard workers are in favor of a Hoawaldtswerke Deutsche Werft-Ferrostaal (HDW/FS) offer to buy out 100 percent of the shipyard for 1.5 billion drachmas ($3.8 million)…
VLCC Rates Collapse
Rates for VLCCs collapsed by 15 percent overnight as shipowners scrambled to book voyages out of the Mideast Gulf before September 1 when OPEC cuts are expected to hit tanker demand.
Hellenic Shipyards Skaramanga To Go Private With HDW Werft
Hellenic Industrial Bank was outperforming the Athens bourse on Wednesday on expectations it will soon sell its majority stake in Skaramanga shipyards, analysts said.
Bids Are In For Struggling Cammell Laird
Accountancy firm PriceWaterhouseCoopers (PwC) said on Wednesday it had received a second management buyout bid for the U.K. shipyard assets of struggling shipbuilder Cammell Laird Plc…
Pilot Strike Shuts Down Russian Ports
Ships were marooned at a buoy in the Gulf of Finland on Wednesday as a strike by pilots kept St. Petersburg and other Russian ports shut. The strike, which began on Tuesday…
Oversupply Leads Pacific Panamax Rates Tumble
Panamax owners in the Atlantic have fought off charterers' attempts to push freight rates lower, but panamaxes in the Pacific are weaker due to oversupply, brokers said on Wednesday.
Dresser-Rand To Supply Power Generation Equipment For BP
Dresser-Rand has received orders to supply power generation equipment to the BP Deep Water Development Program in the Gulf of Mexico. The equipment is being supplied…
Southwest Marine Lands $54 Million Contract
The Navy has granted a $54 million, five-year continuous maintenance contract for work on DDG-51-class ships to Southwest Marine (SWM). USS Stetham is scheduled…
Royal Olympic Cruises Cancels Remainder Of Olympic Explorer's Summer Program
Royal Olympic Cruise Lines Inc.announced that it has regretfully been forced to cancel the cruises of its new vessel, Olympic Explorer, for the remainder of the summer season.
U.K. Manufacturers Seek to Forge New Partnerships
Launched in March 2001, The Marine Export Partnership (MEP) is a new initiative designed to assist British marine companies in their exporting efforts and to raise…
