Solstad Farstad Bags New Contracts
Solstad Farstad ASA has entered into a contract with Fugro Netherlands Marine BV for the CSV, Normand Flower, for operations in North European waters. The contract period is 6 months firm.
DP World Moves Ahead with Suez Canal Industrial Zone
Dubai-based ports operator DP World has inked an agreement with the Suez Canal Authority and the Suez Canal Economic Zone (SCZone) to launch the first phase of an…
British Ports Association Comments on UK’s Future Border Arrangements
The British Ports Association has consistently supported the Government’s ambition for frictionless trade with the EU post-Brexit, said Mark Simmonds, Policy Manager at the British Ports Association.
Ship Finance International Bullish on 2018
Ship Finance International announced net income of $20 million and $152 million of total charter revenues for the fourth quarter ended December 31, 2017. The company…
Mitsui O.S.K. Lines Signs MoU with Russian Federation
Mitsui O.S.K. Lines (MOL) signed a Memorandum of Understanding (MOU) with the Far East Investment and Export Agency (FEIA) under the Ministry of the Russian Federation…
Flex LNG Reports 4Q Profit
Norway-listed shipowner Flex LNG reported a net profit of $1.3 million for the fourth quarter of 2017 compared to a net loss of $0.02 million in the corresponding quarter last year.
Ocean Yield to Acquire Five Handysize Dry Bulkers
Ocean Yield ASA announced that the Company has agreed to acquire five modern handysize dry bulk vessels with 10 -year bareboat charters to companies owned and guaranteed by Interlink Maritime Corp.
Star Bulk Carriers Posts USD 23.9 mln Profit 4Q
Greece-based Star Bulk Carriers Corp. sailed into a net profit of USD 23.9 mln for the fourth quarter and year ended December 31, 2017 from a loss of USD 33.1 mln…
Op/Ed: Safeguarding Our Marine Transportation System
The U.S. Coast Guard has the enduring responsibility to safeguard the MTS and enable the uninterrupted flow of maritime commerce. Our great Nation’s vast network of navigable waterways, deepwater ports and protected harbors are natural economic assets and provide unfettered access to the world’s two largest oceans. This powerful maritime capability sustains America’s national security and fuels economic prosperity through the 25,000 mile Marine Transportation System (MTS).
Peru Resumes LNG Exports after Pipeline Rupture
Peru has exported its first shipment of liquefied natural gas (LNG) in three weeks after a pipeline rupture in the jungle disrupted production, the state energy agency Perupetro said on Tuesday. The ship Barcelona Knutsen departed Peru for South Korea on Monday with 170,999 cubic meters (6,038,772 cubic feet) of fuel from the Pampa Melchorita plant, which is operated by the consortium Peru LNG, Perupetro said in a report. U.S.-based Hunt Oil has a 40 percent stake in Peru LNG.
Corvus Energy to Power Hybrid PSVs in GoM
Orca ESS from Corvus Energy has been selected to provide battery power for 3 additional SEACOR platform supply vessels. Corvus Energy is pleased to announce that it has been selected by SEACOR Marine and Rolls-Royce to provide lithium ion-based energy storage systems (ESS) for 3 new platform supply vessels (PSVs) being fitted with hybrid power systems. The brand-new PSVs were acquired by SEACOSCO, a joint venture between SEACOR and China Cosco Shipping Group (COSCO)…
MBTA Welcomes New Addition to Boston Ferry Fleet
As part of a continued effort to invest in Boston-area water transportation, the Massachusetts Bay Transportation Authority (MBTA) recently welcomed a new high-speed catamaran ferry…
Exxon Selling Stake in Terra Nova Oil Project
Exxon Mobil Corp is selling its entire stake in the Terra Nova oil project off the eastern coast of Canada, though the world's largest publicly traded oil producer said it was committed to remaining an investor in the region. The project, located about 217 miles (350 km) off Newfoundland and Labrador, produced about 5,000 barrels of oil per day in 2016. Exxon is selling all of its 19 percent stake in the project and initial bids are due March 30…
Texas LNG Gets OK from US Coast Guard
Texas LNG Brownsville LLC said it achieved another development milestone with the U.S. Coast Guard’s Letter of Recommendation to the Federal Energy Regulatory Commission (FERC) confirming the suitability of the Brownsville Ship Channel for the project’s marine traffic as it relates to safety and security. “After reviewing the information in the applicant’s [Letter of Intent] and Waterway Suitability…
Third LNG-powered Ship Ordered for AIDA Cruises
The number of liquefied natural gas (LNG) powered ships on order for AIDA Cruises has risen to three following the latest shipbuilding contract announced today by the German cruise line’s parent company Carnival Corporation & plc. Carnival said it signed a shipbuilding contract with German shipbuilder Meyer Werft GmbH to build another new 180,000-ton ship that will be fully powered at sea and in port by LNG. The vessel will be built at Meyer Werft’s Papenburg shipyard for delivery in 2023.
Lower Capesize Rates Weigh on Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, broke a six-day winning streak on Tuesday, dragged lower by lower rates for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, shed three points or 0.25 percent to end at 1,188 points. The capesize index lost 85 points, or 5.06 percent, to end at 1,595 points.
Managing the Big Risks of Marine Construction
A busy market, fraught with risk, needs specialized protection. The marine construction business is booming in the United States for many reasons. Nationwide, ports are expanding, deepening their channels to accommodate the bigger, so-called post-Panamax vessels. And, that means more than just deepening the channel. Docks, piers, cranes and other shoreside infrastructure need to be bolstered in order to stand up to heavier vessel impacts.
Austal Climbs on Strong H1 Profit
Shipbuilder Austal Ltd shares have risen as much as 4.5 percent to A$1.85, its highest since February 1. The company's H1 net profit after tax has surged 174 percent, driven by strong performance in shipbuilding programs for U.S. Navy. Over 900,000 shares have changed hands, compared with the 30-day average of 229,350 shares The stock is among top percent gainers on the ASX All Ordinaries Index.
Bahrain Ship Repairing and Engineering FY Profit Rises
Bahrain Ship Repairing and Engineering Co reported FY net profit attributable to shareholders of 3 million dinars versus 1.9 million dinars a year ago. The board…
DSME Wins $368 Mln Order
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co Ltd (DSME) has won a 394 billion won ($368 million) order for two liquefied natural gas (LNG) carrier vessels from an unnamed firm…
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