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Maersk Drilling Mulls Leviathan Contracts

Picture by Maersk Drilling

Jonas Bjork, commercial manager Maersk Drilling Denmark, a subsidiary of Maersk Group, says that Israel is in his radar in the near future and hinted that his company targets Leviathan contracts, reports Globes.  Bjork added that the Israeli government may make things difficult, but it is also willing to listen and to learn. His impression is that the regulation in Israel in the natural gas sector is difficult, but the government is prepared to study the energy field, is open to change, and is flexible.   According to Bjork, he came to Israel to investigate whether there is a market for drilling here. He knows that the Leviathan reservoir will need rigs for both drilling and production of gas and oil, he pointed out.   The expectation is that 8 wells will be drilled at Leviathan. The drilling alone will take a year, and the entire contract will be for 2-3 years, because there are other things to do beyond the drilling activity. Developing Leviathan, for example, includes the construction of a floating facility to produce and store the condensed gas at sea. Establishing such a facility take much longer than the drilling itself.   He says Maersk Drilling is a contractor of sorts. Maersk carries out the actual drilling, and the gas company pays it a daily rate, regardless of whether or not gas or oil is found

Aker Solutions Report Solid, Not Spectacular Financial Progress

Aker Solutions ASA release fourth quarter and preliminary annual results 2012. Aker Solutions reported revenues of NOK 12.0 billion and earnings before interest, tax, depreciation and amortisation of NOK 1.2 billion in the fourth quarter of 2012. Based on the preliminary annual results, which show revenues of NOK 44.9 billion and EBITDA of NOK 4.7 billion, the Board of Directors proposes to pay a dividend of NOK 4.00 per share.

Igor Sechin discusses Rosneft with Putin

President of the Russian Federation Vladimir Putin (Pic by Russian Federation)

  The President of the Russian Federation Vladimir Putin held a working meeting on Wednesday with the Head of Rosneft Igor Sechin, who reported on the Company’s 2014 operational results to the President of the country. The overall hydrocarbons production at year-end was approximately 252 mln toe, which is amounts to a 4.6% organic growth compared to 2013 levels. Daily production level exceeds 5 mln boe, which is by one third higher than ExxonMobil’s level

Australian Tugboat Crewing Dispute Escalates

Australian towage operators threatened by foreign competition were at standstill with the Maritime Union of Australia (MUA) last Tuesday as a dispute over tug boat manning levels escalated. "Increasingly we are seeing overseas towage companies tendering for towage contracts in our ports," said Adsteam Marine Ltd. CEO Clay Frederick, noting that comparable offshore ports operated with mostly three man crews. "I don't think our customers are going to cop the fact that we are there with four men

Aker Solutions Reports 4Q 2011 Results


Aker Solutions ASA: Fourth quarter and preliminary annual results 2011. Aker Solutions reported an 18 percent increase in revenues and a solid operating result in the fourth quarter of 2011, reflecting strong market conditions and high activity in the oil and gas industry.   Revenues in the fourth quarter of 2011 amounted to NOK 11 600 million, compared with NOK 9 794 million in the same period one year ago

Nakilat Seeks $2.5b for Tankers

Qatar Gas Transportation (Nakilat) is considering tapping the Islamic finance market as part of plans to raise $2.5b early next year to pay for tankers, Reuters said. The company has ordered 54 tankers to cope with growing global demand for its gas. Nakilat considered borrowing in accordance Islamic law when it raised $4.3 billion in December but decided instead to use a mix of conventional bonds, loans and export credits.

Greek Shipowners Hit by Tax Changes

Greek shipowners must now pay tonnage tax on ships operating under flags other than the Greek flag which are managed by companies based in Greece, or offshore companies which have a branch in Greece, operating under Law 89 of the Greek constitution. Michael Kotsapas, a partner with the Moore Stephens shipping team, said, “This new requirement to pay tonnage tax, effective from January 1, 2013, mirrors that which is already in existence for the Greek-flag merchant fleet

Caterpillar Maintains Dividend Rate

Caterpillar Center

  The Board of Directors of Caterpillar Inc. voted today to maintain the quarterly cash dividend of seventy-seven cents ($0.77) per share of common stock, payable November 20, 2015, to stockholders of record at the close of business on October 26, 2015.  “I am pleased to announce we are maintaining Caterpillar’s dividend,” said Caterpillar Chairman and CEO Doug Oberhelman. “Even in this challenging environment

Royal Caribbean Cruises Implements Fuel Supplement

In an effort to deal with the sharp increase in fuel prices, Royal Caribbean Cruises Ltd. announced the implementation of a fuel supplement of $5 per guest per day for sailings that depart on or after February 1, 2008. The company has taken measures to soften the impact of this decision. For example, the company will not apply the supplement on any bookings where the guest has already paid the full cost of the cruise

Royal Caribbean Raises Dividend

Royal Caribbean Cruises Ltd. directors raised the quarterly dividend to $0.13 per share from the $.011 paid previously. The company said the dividend will be paid Sept. 29 to shareholders of record Sept. 18 and noted this is the 28th consecutive quarter directors have voted to declare a dividend to common stock shareholders.

Hapag-Lloyd Buys Back US Bonds

Photo: Hapag-Lloyd

 German container line Hapag-Lloyd  Hapag-Lloyd settles a high-yield dollar bond partly prematurely. The carrier would seek to pay off $125m in principal on its US dollar-denominated bond two years early.   "In the context of a continuous effort in optimising its capital

RINA Launches Competence Management System Certification

International classification society RINA Services has launched a new Competence Management System certification which it says helps ship owners and managers to raise the skill levels of their crews and shore staff above the basic statutory requirements

SSA Welcomes Decision To Extend BEO


  The Singapore Shipping Association (SSA) has welcomed the decision by Singapore’s Minister for Trade and Industry to extend the Competition (Block Exemption for Liner Shipping Agreements) Order (BEO) for another five years until 31 December 2020

Greek Shipowners Fiercing Protect Tax Breaks

Shipping minister says current measurement method not effective. On the day he took office as Greece's shipping minister in June 2012, Kostis Moussouroulis received a visit from a 90-year-old shipowner. He still remembers the older man's words: "Don't forget

Fredriksen's Firms See Diverging Fortunes

Rig firm Seadrill sees tough market continuing in 2016. Firms in Norwegian-born billionaire John Fredriksen's empire saw contrasting fortunes on Tuesday, as rig firm Seadrill booked $1.8 billion in writedowns while tanker firm Frontline turned around its fortunes after years of turmoil.

Diana Shipping Nets $ 17.4 mln 3Q Loss

Courtesy Diana Shipping

  Diana Shipping Inc. today reported a net loss of $17.4 million and net loss attributed to common stockholders of $18.8 million for the third quarter of 2015, compared to net income of $7.7 million and net income attributed to common stockholders of $6

New Tug Delivered to Vane Brothers

Fort Schuyler (Photo: Vane Brothers)

Baltimore-headquartered marine transportation provider The Vane Brothers Company has taken delivery of the Fort Schuyler, the latest Maryland-built tugboat to join the company’s fleet.   Fort Schuyler is the 11th Sassafras Class tugboat contracted by Vane Brothers through Chesapeake

Sydney farewells Namesake RAN Ship

Farewell to HMAS Sydney

  Australia has farewelled a Royal Australian Navy ship that has served the country for over three decades in a ceremony today on Sydney Harbour.   The Governor-General, His Excellency General the Honourable Sir Peter Cosgrove, AK MC (Retd), together with the Minister for Defence

World-First, Dual-Fuel Container Ship Conversion

Pictured at the signing at Europort were (front, left to right) Dr Thomas Spindler (Head of Upgrades & Retrofits, MAN PrimeServ Four-Stroke) and Christian Hoepfner (Wessels Reederei GM); (back, left to right) Marcel Lodder (Project Engineer, Upgrade & Retrofit, MAN PrimeServ), Stefan Eefting (Vice President, MAN PrimeServ), Rainer Runde (Project Manager, Wessels Reederei), and Gerd Wessels (Managing Partner – Wessels Reederei)

  Wessels Reederei, the German shipping company, has signed a contract with MAN Diesel & Turbo at the Europort exhibition for maritime technology to retrofit the 8L48/60B main engine of its 1,000-teu container ship ‘Wes Amelie’ to dual-fuel operation

Deal Struck for Dual-fuel Containership Conversion

At the signing at Europort - front left to right: Dr. Thomas Spindler, Head of Upgrades & Retrofits, MAN PrimeServ Four-Stroke; and Christian Hoepfner, Wessels Reederei GM; and back left to right: Marcel Lodder, Project Engineer, Upgrade & Retrofit, MAN PrimeServ; Stefan Eefting, Vice President, MAN PrimeServ; Rainer Runde, Project Manager, Wessels Reederei; and Gerd Wessels, Managing Partner – Wessels Reederei

German shipping company Wessels Reederei has signed a contract with MAN Diesel & Turbo at the Europort exhibition for maritime technology to retrofit the 8L48/60B main engine of its 1,000-teu containership Wes Amelie to dual-fuel operation

Diana Shipping Continues Charter with RWE

m/v Maia (Photo: Diana Shipping)

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with RWE Supply & Trading GmbH, Essen, Germany

Aker Shipyard Declares Dividend

Aker Philadelphia Shipyard

  On 4 November 2015, the Board of Directors of Aker Philadelphia Shipyard ASA resolved to pay a dividend to the shareholders of AKPS as of expiry of 10 November 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment

World Wide Metric Celebrates 45 Years

World Wide Metric President, Theo Contos; Vice-President, Anthee Contos; and CEO George Contos celebrate 45 years in business. (Photo: World Wide Metric)

World Wide Metric, a global supplier specializing in the distribution of valves, flanges, piping systems and hydraulic components in JIS and DIN, and ANSI standards, is celebrating its 45th anniversary.    In 1970, former ship captain Constantinos Contos

DP World Now Sole Owner of Southampton Box Terminal

Dubai-listed ports operator DP World has became sole owner of the company which operates Southampton container terminal after it bought the remaining 49 percent stake held by Associated British Ports (ABP), the company said on Monday. DP World also said it extended the license agreement for DP

Port Truckers Take Wage Theft Grievances to City Hall, LA

Courtesy Port of Long Beach

  Striking Southern California port truckers who accuse shipping companies of wage theft took their grievances on Friday to City Hall in Los Angeles, where they gained new political backing for their cause. The City Council voted unanimously in favor of a resolution voicing support for

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