Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions
Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S.
Apples and Oranges When it Comes to Vessel Finance
Companies, lenders, and their auditors worldwide need vessel appraisals that can be relied upon when put into legal documents. As the offshore energy support markets awaken, this is more important now, than ever.While a great deal of shipping finance is done at a 10,000' level, with bond deals and equity swaps, the value of the assets found on ground level are still very important. There are taxation issues…
Aker BP CEO Predicts Fast Johan Sverdrup Ramp-up
Aker BP, a partner in Norway's giant Johan Sverdrup oilfield, expects a fast ramp-up of production when the initial development phase ends in late 2019, its chief executive said on Thursday."I think it will be done in a few months, because the production per well is so high," Karl Johnny Hersvik told Reuters on the sidelines of an energy conference.Johan Sverdrup Phase 1 will have capacity to produce 440,000 barrels of oil equivalents per day (boed), while the second phase, starting production i
Maritime Accidents & Confidential near-miss Reporting
As in most if not all industries, the maritime sector experiences many more near-misses than actual casualties. And yet, information regarding near-misses is seldom shared outside the particular company or vessel/facility involved. This is a needless waste of valuable learning opportunities.The Federal Aviation Administration (FAA) established the first formal confidential near-miss reporting system in the federal government in 1975.
Marine Low Sulphur Fuel: Organizing the Switch
The International Maritime Organization’s (IMO) decision to implement a 0.50 percent cap on sulphur emissions has created uncertainty among vessel operators. Questions are already being asked about how to comply with the changing emissions target, what types of fuels will be available and where. However, ensuring compliance isn’t just about fuel selection; the actual switchover process from heavy fuel oil (HFO) to new, low-sulphur alternatives needs careful management.
Wärtsilä Automation for Maersk Tankers
Wärtsilä inked an agreement to supply propulsion control system and advanced alarm and control system, the Nacos PCS/MCS Platinum, for Maersk Tankers’ six 110 DWT…
Gazprom, Mitsui Sign MOU on Baltic LNG Project
Russian energy giant Gazprom and Japanese Mitsui & Co. Ltd. have signed a memorandum of understanding at the Eastern Economic Forum on the liquefied natural gas…
Total E&P South Africa Contract for Solstad Farstad
Norwegian offshore vessel owner Solstad Farstad has been awarded contact for two of its vessels by French oil major Total Total E&P South Africa."Total has awarded…
Mol Chemical Tankers, SEA-Invest to Build Tank Storage Farm
The Japanese group MOL Chemical Tankers is coming to the port of Antwerp. Together with the port group SEA-Invest it is to invest some 300 to 400 million euros in…
Novatek, Rosatom Plan LNG-Powered Icebreaker Fleet
Russia’s natural gas producer and the operator of the giant Yamal LNG export project Novatek, has signed an agreement of intent with Russian state nuclear firm Rosatom…
Damen Shipyards Carries Out Tank Testing of New FCS 7011
Damen Shipyards Group has carried out tank testing of its 70-metre Fast Crew Supplier (FCS) 7011. The tests were carried out at the Delft University of Technology…
Icebreaking LNG Carrier Named Vladimir Vize
Mitsui O.S.K. Lines (MOL) announced that a naming ceremony for a new icebreaking liquefied natural gas (LNG) carrier, which was jointly ordered by MOL and China COSCO Shipping Corporation…
Teekay Tankers Completes of Sale-Leaseback of Six Vessels
Teekay Tankers announced that it has completed and closed the previously-announced sale-leaseback transaction for six Aframax tankers, the Whistler Spirit, Blackcomb Spirit…
IMO Open House for London Visitors
Every year, more than 800 landmark buildings in London throw their doors open to the general public in a scheme called Open House London. The scheme enables the…
High-speed Catamaran Delivered to VS Grand Ferries
Austal Limited has delivered a 30-meter high-speed aluminum catamaran for VS Grand Ferries of the Philippines. The vessel was designed by Incat Crowther and built at Austal’s shipyard in Balamban, Cebu.The new vessel, named MV Seacat, provides capacity for 300 passengers at speeds up to 25 knots. The new ferry is first locally operated vessel to be built to achieve Pioneer status, an enhanced safety standard rating in the Philippines…
Kosonen Named Managing Director of Turku Repair Yard
Oskari Kosonen has been named managing director of Turku Repair Yard, a Finnish ship repair arm of the Estonia-based BLRT Grupp.Kosonen joined Turku Repair Yard in November 2007. Before that, he held positions at a design and engineering company as well as at a shipyard, where he mainly managed naval projects. Kososnen graduated with a degree in mechanical engineering from Turku University of Applied Sciences.
Tug Catches Fire on the Mississippi River
A section of the lower Mississippi River has been closed to vessel traffic after a tug caught fire near mile marker 673 on Wednesday. All crew is reported safe, and there have been no reports of pollution.The U.S. Coast Guard said it is responding to a fire on board the uninspected towing vessel Jacob Kyle Rusthoven near West Helena, Ark. after being notified of the incident at 10:30 a.m.The stricken vessel has been pushed to the Arkansas bank of the river where firefighting efforts continue.
Briggs Marine Acquires Canadian Companies
U.K. based marine services company the Briggs Group announced it has acquired a consortium of three marine companies in Canada: Foreshore Technologies, Balanced Environmental and Ocean Tech. The three companies are based in North Vancouver, B.C. and have been trading for 25 years.Foreshore Technologies Inc. is an underwater survey and inspection company that specializes in diving, environmental survey…
Borr Drilling Aims to Start Paying Dividends by 2020
Drilling rig contractor Borr Drilling aims to start paying dividends by 2020, the company's founder and chairman, Tor Olav Troeim, said on Wednesday.Troeim, a former business partner of Norwegian billionaire John Fredriksen, founded Borr Drilling at the end of 2016 and the company has quickly grown into one of the largest owners of jack-up rigs which drill in the shallow waters.Schlumberger, the world's top oil service firm…
New Strategies to Guard Against Future Security Threats
The international conference on maritime security and defense (MS&D), held for the seventh time in Hamburg during the SMM maritime trade fair, focused on current and future challenges to maritime security and defense. Twenty naval, industrial and science experts discussed topics such as how to protect international ocean trading routes, when and how to deploy naval forces on crisis missions, as well…
