Naval Group inks $36B Submarine Contract
Australia signed a production contract with French shipbuilder Naval Group for a fleet of 12 new submarines, worth $35.5 billion, ending a two-year wrangle that cast doubt over one of the world's most lucrative defense deals.Australia selected the French builder as its preferred bidder for the fleet of submarines in 2016 ahead of other offers from Japan and Germany.However, final contracts were delayed…
Fund Buying Slows on Crude
Hedge funds added more bullish positions in crude at the start of February but at a much slower pace than before, as optimism about OPEC output cuts was tempered by renewed anxiety about the U.S.-China trade talks.Hedge funds and other money managers increased their net long position in Brent crude futures and options for the eighth time in the last nine weeks but by just 1 million barrels.Fund managers added new short positions (+13 million barrels) for the week ended Feb.
Marine Lube Market: $5.9B by 2024
Marine lubricants market, which was above $4 billion in 2016, is expected to surpass consumption of 3.5 million tons, to exceed $5.9 billion by 2024.Asia Pacific…
Bahri Refutes U.S. Charges on VLCC
The National Shipping Company of Saudi Arabia (Bahri) on Sunday clarified that its very large crude carrier (VLCC) tanker Abqaiq was not breaching the US sanctions on Venezuela.Earlier…
EU Cuts Red Tape for Ships
The last Trilogue negotiation between the Council, the European Commission and the European Parliament on the “European Maritime Single Window environment”, (EMSWe)…
Ruhl Named CEO of Algoma
Ken Bloch Sørensen has stepped down as president and CEO of Canadian shipowner Algoma Central Corporation after leading the company for four years. Gregg A. Ruhl…
Denmark Rethinks Offshore Project
The Energy Board of Appeal has cancelled and withdrawn the part of the construction licence for the Vattenfall's Vesterhav Syd Offshore Wind Farm concerning assessment of environmental impacts…
Ørsted Sells Half of US Offshore Wind Assets
Denmark’s Ørsted is selling a 50% stake in a portfolio of offshore wind assets to New England utility Eversource Energy, for about $225 million."Ørsted and Eversource…
WellConnection Marks UK Debut
Norwegian inspection, maintenance and repair (IMR) company WellConnection Group has acquired Scotland-based Independent Oilfield Services (IOS) in a deal which marked…
Burns Harbor Extends Key Partnership
The Port of Indiana Burns-Harbor has extended its partnership with its longtime stevedore and marine terminal operating company, Federal Marine Terminals.A press note from the Ports of Indiana…
Scarlet Lady Floats Out
“Scarlet Lady”, the first of four ships which Virgin Voyages ordered to Fincantieri, touched the water for the first time for Virgin Voyages on Friday at the shipyard…
Fincantieri Launches Seven Seas Splendor
Regent Seven Seas Cruises (RSSC) launched its second extra-luxury cruise ship Seven Seas Splendor at the Ancona plant of Fincantieri. RSSC is brand of the Norwegian…
Excelerate FSRUs Hit Send-out Milestone
US-based LNG solutions company Excelerate Energy's Northeast Gateway Deepwater Terminal (Northeast Gateway), located offshore Boston, reached a peak send-out flow rate of over 800…
Ocean Infinity Searches for Lost S.Korean Ship
The seabed survey and ocean exploration company Ocean Infinity announced that its vessel, Seabed Constructor, sets sail from Cape Town to begin the search for the lost South Korean ship…
Qatar’s LNG to Reach 110 MTPA
Qatar plans to raise its liquefied natural gas (LNG) production to 110 million tonnes per year by 2023.A report in Mubasher cited Qatargas’ CEO saying that there…
Size Matters in Shale Industry
Having taken a closer look at the detailed economics of the most recent 1,000 wells drilled in the most popular shale hotspot – the Wolfcamp A zone of the Permian…
Polaris-Pireas collision Near Singapore
Malaysia government (Marine Department Malaysia) vessel Polaris and Greece-registered bulk carrier Pireas collided in territorial waters within Singapore port limits off Tuas on Feb 9…
World's First: Wartsila Intros Hybrid Retrofit
The Finnish technology group Wärtsilä has signed an agreement with the international shipping company Hagland Shipping AS for a hybrid retrofit installation.The…
IMO Counter-Terrorism Workshop
International Maritime Organization (IMO) maritime security and counter-terrorism treaties are key international instruments supporting countries to counter terrorism.The…
Woodmac: 10% of Marine Fuel to be Scrubbed
Recent research from Woodmac makes some fairly bold and insightful predictions on the future of maritime fuel as the clock ticks toward 2020 and new fuel rules from the IMO that will dramatically reduce the level of sulfur emissions from ships.* Research firm Woodmac sees a rise in the use on ships of "scrubbers", the equipment to clean up sulfur emissions, before the International Maritime Organization imposes new rules from Jan.
