Novatek CEO: Sanctions Hurt Yamal LNG, Upbeat on Plans
International sanctions have undermined the ability of Russia's Yamal LNG project to raise necessary funds but it will be launched as scheduled, Leonid Mikhelson…
BAE Systems Gets $671 Mln Contract for UK Warship Project
British defence company BAE Systems has won a 472 million pound ($671 million) contract from the UK government to continue with work to prepare for the building of eight anti-submarine warships. Britain confirmed in its defence spending plan last November that it would buy eight of the Type 26 Global Combat Ships, down from the 13 ships that BAE had originally been expecting. BAE said on Tuesday the…
Baltic Index Flat, Rates for Bigger Vessels Fall
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, remained flat on Tuesday despite a fall in rates for the larger vessel segments.
Panama Canal Sets Depth Limit on Ships Due to Drought
The Panama Canal will next month impose new draft restrictions on ships due to falling water levels at nearby lakes that form part of the waterway, the authority that administers the canal said in a statement on Monday. Ships seeking to cross the waterway must comply with a maximum depth limit of 39 feet (11.89 meters) beginning on April 18, but the Panama Canal Authority (APC) said the impact on operations would be minimal.
Vitol's 2015 Revenue Sinks 38% to $168 Bln
Vitol's 2015 revenue fell 38 percent to $168 billion in "challenging" market conditions, the commodity trader said on Tuesday. The world's largest independent energy trader's sharp fall in revenue came despite traded volumes of crude oil and products rising 13 percent to 303 million tonnes. "Whilst the market structure favours a physical trader, the absolute price levels and market volatility are causes for caution," Ian Taylor, president and CEO of Vitol said.
Philippine Fishermen Used Fire Bombs in South China Sea, China Says
Philippine fishermen threw fire bombs at Chinese law enforcement vessels in the South China Sea, China's Foreign Ministry on Tuesday, after Philippine media said…
Ship Insurers Plug Hole in Iran Oil Cover Left by US Sanctions
Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil resulting from the fact that U.S. reinsurers are still restrained by Washington's sanctions, according to officials involved in the initiative. International oil and shipping companies have been eager to boost business with Iran since international sanctions related to its nuclear programme were lifted in January, but securing proper insurance cover has been among the stumbling blocks in recent weeks.
Qatargas Looks to Expand LNG Supply to UK, Netherlands
Qatargas is looking to Britain and the Netherlands in an effort to weather a looming global glut of gas supplies by expanding import deals into Europe's most liquid markets, industry sources said.
Pentair to Help Reduce, Reuse, Recover Water
Pentair, a global leader in creating sustainable water solutions, announced today its commitment to open two Application Centers dedicated to helping municipal,…
Kalmar Largest Delivery in South Africa
Kalmar, part of Cargotec, has completed the delivery of the largest supply of mobile equipment in Africa and one of the biggest reachstackers order globally for Shumani Industrial Equipment…
ISS Expands in Mexico
Inchcape Shipping Services (ISS), the world's leading maritime and logistics service provider, has expanded its operations in Mexico with the opening of a new office in Veracruz.
BOEM Proposes New Regulation for OCS
The Bureau of Ocean Energy Management (BOEM) today released proposed regulations that would provide additional clarity and certainty for its Marine Minerals Program regarding negotiated…
Seaway Opens 58th Navigation Season
The St. Lawrence Seaway Management Corporation (SLSMC) marked the opening of the Seaway’s 58th navigation season today, with the transit of Canada Steamship Lines’…
Navig8 Acquires LR2 Tanker from Sungdong
Navig8 Product Tankers Inc. an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of the Navig8 Sanctity…
SCF's Profit Zoom Fourfold
SCF Group (PAO Sovcomflot) reported steep jump in their net profit to USD 354.5 million from USD 83.9 million in the earlier year. Its gross revenue increased by 7.6 per cent to USD 1…
Kongsberg GlobalSim Management Buyout
Kongsberg GlobalSim, the wholly owned land-segment crane simulation subsidiary of Kongsberg Maritime is to become an independent business following a management buyout announced on 21st March 2016.
US, Cuba Open Doors to Marine Science Cooperation
When Barack Obama became the first president to visit Cuba since Calvin Coolidge, his visit highlighted not only a new course in international relations, but showcased…
Cuba, US Sign Memorandum on Maritime Navigation
Representatives of Cuba and the United States signed in Havana a memorandum of understanding (MoU) on cooperation in areas of hydrography and geodesy to improve the safety of maritime navigation.
CMA CGM Offers a New Direct Connection with La Reunion on its ASAF Service
CMA CGM announced that a new call at Pointe des Galets (La Reunion) will be introduced on its ASAF service, connecting Asia to West Africa, and operated with 13 vessels of 9,400 TEU.
Mega Ships Menace for Shippers
The Global Shippers’ Forum (GSF) says that the use of mega ships and alliances remain the main problems within the shipping sector. The popular belief is that larger…
