‘Business as Unusual’ for Oil in the Medium Term
The recent crash in oil prices will cause the oil market to rebalance in ways that challenge traditional thinking about the responsiveness of supply and demand, the International Energy Agency (IEA) said in its annual Medium-Term Oil Market Report (MTOMR). The U.S. light, tight oil (LTO) revolution has made non-OPEC production more responsive to price swings than during previous market selloffs, the report said, adding that this would likely set the stage for a relatively swift recovery.
New Dive Support Vessel for N-sea
N-Sea has launched its third diving support vessel, the Edradour, representing a $2.2 million investment for the company to be immediately utilized in its inspection, maintenance and repair (IMR) operations in the North Sea, as well as in Holland and Germany. Launched in Aberdeen Harbour at the beginning of the month, the Edradour’s capabilities as a daughter craft will be showcased at Subsea Expo in Aberdeen this week.
Award Winning Vessel Designed Using QinetiQ Software
QinetiQ’s ship and submersible design software, Paramarine, has been used by Mojo Maritime to design an offshore construction vessel for the marine renewables sector. The Hi Flo 4 (HF4) is a dynamic positioning vessel capable of operating in extreme coastal and continental shelf environments, designed with the support of InnovateUK (formerly the Technology Strategy Board). Mojo Maritime recently won…
German Seaports Seek Federal Backing
The Port of Hamburg, along with the other German seaports, is calling for appropriate recognition in the Federal Transport Infrastructure Plan. “When the new Federal Transport Infrastructure Plan is agreed this year, the forecast growth in freight traffic makes it essential that maintenance and expansion of routes to the seaports is given top priority,” said Ingo Egloff of Port of Hamburg Marketing’s Executive Board.
Wärtsilä Gensets for Five New Box Ships
Five new 14,500 TEU container vessels being built for China Ocean Shipping Group (COSCO) will be powered by 20 Wärtsilä Auxpac 32 generating sets. The ships are under construction at the Hudong-Zhonghua Shipbuilding Group yard in China, a subsidiary of the China State Shipbuilding Corporation. The order was placed in January, 2015 with Wärtsilä's joint venture company, Wärtsilä Yuchai Engine Co. Ltd (WYEC).
SAL Heavy Lift’s MV Frauke Wraps Up Offshore Gig
The specialist vessel MV Frauke operated by SAL Heavy Lift has just completed a major long term offshore industry project, the company announced. The Type 176 vessel MV Frauke finalized the project, which it began in July 2014, in December 2014. Demobilization of the vessel in Germany in December. A significant challenge within this project was the absolute precision required on the weight spreading calculation on the hatch covers.
Glander International Bunkering Adds Trader in Dubai
Glander International Bunkering has hired Carina Baekkegaard as senior bunker and lubricant trader at the company’s Dubai office. Baekkegaard joins Glander International Bunkering with technical and physical supply knowledge from several years of experience in the bunkering industry. She is familiar with the Middle East and various international ports and speaks Danish, English and German.
Iran Fuel Oil Revenue Up 30 pct
Iran has earned $1.35 billion for selling more than 3 million tonnes of fuel oil in the 10 months to Jan. 21, up 30 percent in revenue from the same period of last year…
U.S. West Coast Port Ops Resume
U.S. West Coast port operations resumed in full on Monday after shipping companies halted loading and unloading of freighters for the weekend, citing chronic cargo…
Dry Bulk Shippers to Coordinate Chartering
Five dry bulk shipping firms, including shipping tycoon John Fredriksen's Golden Ocean will form a new venture to coordinate chartering services, hoping to reduce costs in a fragmented market…
Indian Diesel Cargoes to Australia in Rare Move
India-Australia vessels booked despite higher freight costs; Chevron moving 1-2 cargoes a month to Australia. Indian diesel cargoes are being shipped to Australia…
Libya's Hariga Oil Port Reopens After Strike
Libyan oil export port Hariga has reopened after guards ended a strike over salary payments, and the terminal will start loading tankers once better weather allows…
CGC Alex Haley Returns from 70-day Bering Sea Patrol
The crew of Coast Guard Cutter Alex Haley returned to Kodiak Sunday following a successful 70-day deployment patrolling more than 10,800 miles throughout the Bering Sea and Aleutian Islands.
Incentive for Cargotec Management
The Board of Directors has approved a new long-term incentive programme for key personnel of Cargotec for 2015 - 2018. The programme is similar in form to the one…
IMO Training for Mariners in the Arctic Finalised
The IMO has now agreed on training requirements for seafarers navigating Arctic and Antarctic waters. The requirements are to enhance safety of navigation in polar…
Hong Kong - Macau Yacht Races
Yacht races between Hong Kong and Macau will take place on 19 February 2015 (Thursday) and 21 February 2015 (Saturday). About 20 sailing boats are expected to participate in the races.
Greek Port Privatization at Cross Roads
The privatization of the port authorities of Piraeus and Thessaloniki has become bone of contention for the government, reports Kathimerini. The finance ministry…
India Relaxes Vessel Sharing Pacts Regulation
The government of India may continue to exempt vessel sharing agreements among shipping companies from the purview of fair trade watchdog CCI, reports Press Trust of India.
Viking Star Succeeds In Sea Trials
There is no question that Viking Ocean Cruises is launching an exceptionally innovative series of new ocean-going vessels, layered on its successful series of river cruise vessels…
Baltic Sea Freight Index at All-time Low
The Baltic Exchange's main sea freight index slid to an all-time low on Monday as sluggish cargo demand especially from China battered sentiment, according to data…
