Rolls-Royce Completes Sale of Bergen Engines
Rolls-Royce said it has completed its sale of Norwegian maritime engine business Bergen to U.K.-based Langley Holdings.The deal, first announced in August, is part of Roll-Royce's wider disposal plan to help repair its finances damaged by pandemic. Rolls-Royce received a consideration of €91 million, plus €16 million of cash held within Bergen Engines that it retained.Rolls-Royce had previously agreed…
The Shearer Group Promotes Two
Naval architecture and marine engineering firm The Shearer Group, Inc. (TSGI) announced it has promoted two members of its team.The Houston-headquartered designer of inland towboats, ferries, workboats, marine construction equipment and barges said on Friday it has promoted Joshua S. Sebastian, P.E. to the position of vice president – operations and Harrison C. Brann, P.E. to engineering manager.Sebastian, a 13-year veteran of the firm, has served as TSGI's engineering manager for eight years.
DP World to Build Dry Port in India's Jammu and Kashmir
Dubai ports giant DP World is set to build an inland port in Jammu and Kashmir as part of plans by the emirate to invest in the Indian territory, the head of the region said on Thursday.The Indian government last year said Dubai, part of the United Arab Emirates (UAE), would invest in infrastructure and other projects in the disputed region claimed by India and Pakistan but ruled in parts by both.Jammu and Kashmir Lieutenant Governor Manoj Sinha…
Gas Gap in Europe Drives US LNG Exports to Record High
Sky-high European demand drove U.S. liquefied natural gas (LNG) exports to a record in December, Refinitiv data showed, with winter supply worries set to sustain orders for the fuel.About half of the record U.S. LNG volumes shipped last month went to Europe, up from 37% earlier in 2021, data from Refinitiv and the U.S. Energy Information Administration showed.The gains reflected soaring demand for the home heating and industrial fuel that pushed prices in Europe and Asia to record highs.
Baltic Dry Index Edges Lower
The Baltic Exchange's dry bulk sea freight index edged lower on Friday, as a decline in panamax and supramax vessel rates outweighed gains in the capesize segment.The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 7 points to 2,289.The index has risen more than 3% this week, after posting two straight week of losses.The capesize index rose 76 points, or 3.2%, to 2,432.Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron
New Management at Aibel's Haugesund Yard
Norway;s Aibel has announced a pair of leadership appointments at its yard in Haugesund.The company said Friday that Lars Inge Hellestveit will take up the role of vice president of yard operations, joined by Hans Jørgen Alfsen as the yard's new fabrication manager. Both will enter the new roles with immediate effect.Hellestveit comes from the position as project manager for the upgrade of the Njord Bravo floating storage unit (FSU)…
Danish Frigate Releases Suspected Gulf of Guinea Pirates
The Danish navy has released three suspected Nigerian pirates who were picked up by a frigate in the Gulf of Guinea in November after it failed to find a country in the region to take them, the Danish Armed Forces said on Friday.The three, who had been detained aboard the frigate Esbern Snare, were put to sea on Thursday in a small dinghy with enough food and fuel for them to reach shore safely to shore."They have no relation to Denmark…
The Latest Supply Chain Snafu: Shortage of McDonalds French Fries in Japan
While the supply chain mess has left consumer globally wanting for everthing from cars to treadmills, the latest hit is arguably the worst: a shortage of McDonalds french fries in Japan's roughly 2900 branches!Japanese customers will have to settle for a small serving of McDonald's fries for the next month or so after the fast-food chain said it was limiting portions due to shipping problems.
China Steel Hopes Drives Iron Ore Demand
Dalian iron ore rose on Friday and advanced nearly 6% this week as traders returned from New Year holidays feeling optimistic about potential demand recovery in top steel producer China.Iron ore's most-active May contract on China's Dalian Commodity Exchange ended daytime trading 1.4% higher at 719 yuan ($112.78) a tonne, rising for a fourth straight session and touching 725.50 yuan earlier in the day, its highest since Oct.
Insights: How Indonesia, the World's Top Thermal Coal Exporter, Hit a Supply Crunch
Indonesia, the world's biggest thermal coal exporter, sent shockwaves through global energy markets this week by suspending exports of the fuel in January due to critically low coal supplies at domestic power plants.WHY DID INDONESIAN AUTHORITIES DECIDE TO ACT?Coal makes up around 60% of Indonesia's energy mix and its energy ministry said by the start of 2022 only 35,000 tonnes of coal had been delivered…
Opinion: Let's Get the Plastic Out of Our Lives (& Waterways)
A confession. I'm part of a very big problem that's easy to ignore. Last year, I contributed the U.S. average-per-person 300 pounds of plastic garbage to wherever it went after convenient curbside pickup. So out of sight, out of mind, right? Not really, but does it matter? Yes, it does.In a fascinating recent report, the National Academy of Sciences, Engineering, and Medicine politely told us that…
