First Ship Lease Trust Narrows Q4 Loss
First Ship Lease Trust, Singapore-based business trust which owns a fleet of vessels across major shipping sub-sectors, narrowed its fourth-quarter loss to US$33.87 million…
Milaha Reports USD 129 mln Net Profit for 2017
Qatar Navigation (Milaha) reported a net profit of QAR 470 million (USD 129 mln) for the twelve months ended December 31, 2017. Operating revenues decreased by…
Ocean Rig Signs New Drilling Contract with Tullow Namibia
Ocean Rig UDW, an international contractor of offshore deepwater drilling services, today announced that it has signed a new drilling contract with Tullow Namibia…
Hyundai Merchant Marine’s Expansion Plans: Drewry
Korean carrier Hyundai Merchant Marine (HMM)’s expansion plans are incompatible with market stability. Will it settle for more limited ambitions? An Analysis by Drewry.
Navios Maritime Containers to Buy an Additional Boxship
Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced that it agreed to acquire a 2010-built, 4,250 TEU containership for $11.78 million.
Statoil Reports Spud of First Well at Oseberg Vestflanken 2
In the early hours of Sunday 25 February drilling started at Oseberg Vestflanken 2. On the Capital Markets Day on 7 February the project could boast break-even reduction…
Samsung Heavy Industries Delivers Johan Sverdrup Offshore Platform
South Korea's Samsung Heavy Industries (SHI)'s Geoje shipyard has completed a riser platform topside for Statoil's giant Johan Sverdrup development offshore Norway.
US Prepares High-seas Crackdown on N.Korea Sanctions Evaders
The Trump administration and key Asian allies are preparing to expand interceptions of ships suspected of violating sanctions on North Korea, a plan that could include deploying U.S. Coast Guard forces to stop and search vessels in Asia-Pacific waters, senior U.S. officials said. Washington has been talking to regional partners, including Japan, South Korea, Australia and Singapore, about coordinating…
Israeli Navy Kills Palestinian after Boat Breaches Sailing Limit
A Palestinian from the Gaza Strip died on Sunday after the Israeli navy fired on the boat he and two others were sailing in, a military spokeswoman said. The navy opened fire after the boat ignored warnings and strayed from a permitted fishing area in the northern Gaza Strip towards Israel, the spokeswoman said. One of the men in the boat was seriously wounded and later died. But the Gaza fishermen’s union said the boat was targeted as it was making its way back to Gaza…
PDVSA: 4 Cargoes of Heavy Crude for March
Venezuela's state-run oil company PDVSA has launched tenders to sell on the open market up to four cargoes of heavy crude for March delivery at its Jose and Puerto Miranda terminals…
Petroperu offers a Loreto crude cargo for April
Peruvian state-run oil company Petroperu has launched a tender to sell a 450,000-500,000 barrel cargo of Loreto heavy crude for delivery April 15-30 at Boyovar port…
Falling Rocks Closes Corinth Canal for Ships
Greece on Monday closed the Corinth canal after a rockfall that followed heavy rain, temporarily blocking a transit route used mainly by commercial ships and pleasure yachts. The 6.4-km canal serves about 11,000 ships a year, offering a short transit from southern Italy to the Eastern Mediterranean and the Black Sea, saving mariners a 700-km (434-mile) journey around the Peloponnese Peninsula. But its 21.5-metre (64-foot) width means it is not a key waterway for ocean-going vessels.
EU Mergers and Acquisitions
The following are mergers under review by the European Commission that could be of interest to the global maritime and energy communities. -- Austrian company Borealis, Canada's Nova Chemicals and French oil and gas major Total to set up a joint venture (notified Feb. -- British turnaround specialist Melrose Industries to acquire British engineering company GKN (notified Feb. -- German steel company ELG Haniel and and Spanish peer Iberinox 88 SA to set up a joint venture (notified Feb.
TOTE Completes Phase 1 of LNG Conversions
TOTE Maritime Alaska said it has completed the first of four conversion periods for the Orca class vessels, a process which will enable the ships to use liquefied natural gas (LNG) as fuel. TOTE Maritime’s North Star arrived in Anchorage yesterday, completing her first voyage after being outfitted with two LNG tanks immediately behind the ship’s bridge. In addition to the LNG tanks and accompanying infrastructure…
Sanmar Delivers New Tug to Abu Dhabi Ports
Turkish shipbuilder Sanmar Shipyards said it has delivered Al JIMI 1 (Yenicay VII), the latest addition to Abu Dhabi Ports’ growing tug fleet, which already includes two sister vessels, Al SHAHEED (Yenicay IV) and AlHILI 1 (Yenicay VI), which were delivered by Sanmar in 2017. The Yenicay Class tugs are based on the Robert Allan Ltd Rascal 1800 basic design and are equipped to service both Musaffah Port and Zayed Port and complement Abu Dhabi Ports’ existing fleet.
USS Little Rock Helps the Homeless in Montreal
A group of American sailors stuck in Montreal for the winter are pitching in to help the local community. The U.S. Navy’s new Freedom-variant littoral combat ship, USS Little Rock (LCS 9), which was originally scheduled to sail for its home port in Mayport, Fla. after its December 2017 commissioning in Buffalo, N.Y., is spending the winter in Montreal due to worse than expected weather and ice in the St. Lawrence Seaway.
Shipping Carriers M&A to Wane in 2018 - iContainers
Mergers and acquisitions activities for shipping carriers are expected to slow down in 2018, and instead will likely to pivot to freight forwarders, where the industry can expect to see an increase in M&A talks, says online freight forwarder iContainers. Following an unprecedented number of mergers and acquisitions over the past few years, iContainers says this trend can now be expected to ebb. “In terms of carriers, I doubt we will see anymore movements in the near future.
Seadrill, Creditors Reach Joint Restructuring Deal
Shipping tycoon John Fredriksen has reached an agreement with a majority of creditors over a restructuring plan for oil rig firm Seadrill, according to U.S. court documents on Monday. The company, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy protection with debt and liabilities of over $10 billion last September after a sharp drop in oil prices in 2014 cut demand for rigs.
Seadrill Rises as Creditors Reach Joint Restructuring Deal
U.S.-listed shares of oil rig firm Seadrill are up 10 percent at 28 cents in early trade. Seadrill, controlled by John Fredriksen, has reached an agreement with a majority of creditors over a restructuring plan according to U.S. court documents. Under an amended plan, the company will raise $1.08 billion in new capital via the issuance of new secured notes and equity. The company filed for Chapter…
Interlake Commences 2018 Sailing Season
The Interlake Steamship Company said its articulated tug-barge unit (ATB) Dorothy Ann-Pathfinder has departed winter layup on Saturday, February 24, to begin early-season shuttles of iron ore for ArcelorMittal, an integrated steel and mining company with blast furnaces at the head of the Cuyahoga River. A workhorse of Interlake’s nine-vessel fleet, the 700-foot Dorothy Ann-Pathfinder is one of Interlake’s two River-Class vessels…
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