SembCorp Industries reported that its engineering and shipyard units have jointly completed the fabrication and assembly of an offshore rig for Woodside Energy of Australia. The vessel - Northern Endeavour - is owned by Woodside Energy of Australia, Shell Development (Australia) and BHP Petroleum. The barge type steel hull vessel has an oil storage capacity of 1.4 million barrels and was scheduled to start production in October.
Satellite communications provider, KVH Industries, reported its results for the second quarter ended June 2003. The Middletown, R.I. company, which also manufactures defense-related navigation and guidance systems, reported net income for the period was $0.4 million. By comparison, KVH recorded a net loss of ($0.8) million, during the same period last year. Revenue for the period was $14.4 million, up 14 percent from $12.6 million for the second quarter ended June 30, 2002
Many Chinese shipbuilders flounder in the face of a declining world shipping slowdown according to the latest industry reports. Production at Chinese yards, the world's biggest shipbuilders by tonnage, declined steeply during the first three quarters of the year, reports 'China Daily'. During the period, finished capacity dropped by 18.5 percent from last year to 41.58 million deadweight tons, and new orders decreased by 46.9 percent year-on-year to 15
U.S. stocks of crude oil, gasoline and heating oil grew last week according to the Energy Department on Wednesday, which was more bearish than Tuesday's industry report, analysts said. The figures were evidence that threadbare crude and products stocks that have plagued the petroleum complex most of this year are finally being replenished by increasing imports, analysts said. Crude stocks rose 3.1 million barrels last week according to the Energy Information Administration (EIA), about 700
MarineCFO, a provider of On-Vessel, Marine Operations, Personnel, Fleet Maintenance and Financial Management Software Solutions to the workboat industry, reports that its on-line version, MarineCFO Live! – launched in late 2009 – has seen explosive growth in 2010. Marine companies report a number of benefits with MarineCFO Live!, which is now being used by more than 40 marine companies in 10 countries, including Harvey Gulf, Otto Candies, Enterprise Products
Singapore's Swiber Holdings construction & support services providers to the offshore oil and gas industry, reported that net profit in the half year ended June 30, 2013 rose 11.8% to US$37.4 million from US$33.5 million in the half year ended June 30, 2012. Commented Mr. Francis Wong, Group Chief Executive Officer and President of Swiber, “The first half of this year has seen Swiber making strides in several ways
Conrad Industries, Inc. reported net income of $71,000 for the quarter ended September 30, 1999, compared to net income of $1.3 million for the quarter ended September 30, 1998. The company had net income of $1.6 million for the nine months ended September 30, 1999. Revenues for the quarter and nine months ended September 30, 1999 were $6.9 million and $25.1 million, respectively. Revenues for the quarter and nine months ended September 30, 1998 were $12.8 million and $36
Conrad Industries Inc. expects to report earnings per share for the quarter ending Sept. 30 of between $.01 and $.03 compared to earnings per share of $.10 for the quarter ending June 30. For the quarter ending Dec. 31, earnings per share are expected to be between $.05 and $.08. The company expects earnings per share of between $.28 and $.33 for the year ending Dec. 31. William H. Hidalgo, president and CEO, stated, "Our earnings for the third and forth quarters will be below the levels we
Shipowners seeking $10 per tonne from Brazil-China; dry cargo demand to remain subdued this year. Freight rates for large capesize dry cargo ships on key Asian routes may firm up next week on increased chartering activity, tighter tonnage supply and possible port disruption caused by bad weather in China, ship brokers said on Thursday. "The general consensus is there will be an improvement in rates next week," a Singapore-based capesize broker said.
KVH Industries, Inc. was chosen by BW, a worldwide maritime energy transportation company, as the satellite communications solution for its Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) fleet. BW’s vessels will use KVH’s advanced, dual-mode TracPhone V11-IP onboard satellite communications system and mini-VSAT Broadband service for the “always-on” broadband connectivity that is essential for today’s commercial maritime operations
Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects demand for commodities to pick up this year. Africa's biggest shipping group, which is present in 37 countries worldwide
In June this year, the Singapore Exchange (SGX) introduced sustainability reporting on a ‘comply or explain’ basis. To assist and encourage the maritime sector to embrace the new requirement for Sustainability / Integrated reporting
Helen Delich Bentley, a former journalist and a U.S. Republican congresswoman from Maryland who gained global attention by smashing Japanese goods to protest Tokyo's trade policies, died over the weekend at the age of 92, officials said.
The Seoul Central District Court begins a rehabilitation process for STX Heavy Industries Co, after the financially strapped company applied for protection late last month, reports Yonhap. STX Heavy Industries is the latest victim in South Korea's faltering maritime industry
International accountant and shipping adviser Moore Stephens says the shipping industry must adopt a transparent, proactive approach to corporate governance or else risk exposure to business and reputational damage. Corporate governance in shipping has been in sharp focus recently
Shipping was not included in the global temperature-reduction targets agreed in the historic 2015 Paris Agreement on Climate Change, yet the shipping industry pledged to move forward “in the spirit of Paris,” says a report in the WSJ.
ACO Marine has welcomed the findings reported in the Friends of the Earth 2016 Cruise Ship Report Card, the annual survey of cruise shipping’s impact on the environment, which highlights a growing need for the sector to update its sewage treatment technology.
A group of South Korean companies including shipbuilders have come together to establish an association dedicated to developing liquefied natural gas (LNG) bunkering facilities and infrastructures including LNG-fueled vessels, says a report in the Pulse.
South Korean shipbuilder Hyundai Heavy Industries said on Wednesday that its affiliate aims to sell its brokerage unit Hi Investment & Securities by the end of this year. The affiliate, Hyundai Mipo Dockyard, holds an 85 percent stake in Hi Investment & Securities.
India’s position to 35th rank in the latest bi-annual World Bank Logistics Performance Index (LPI) report will open many corridors of opportunities as industry will witness swift growth in international as well as inter-state freights, an effect of Union Government’s commitment to make
As the take-up of liquefied natural gas (LNG) as ship fuel in Europe is still largely in its early stages, DNV GL has provided a report for the EU providing recommendations on how to address barriers to wider adoption. By November 2016 all member states are required to submit national
As air emission requirements are becoming more stringent, one possible solution for reduced emissions is to use LNG as fuel for shipping. However take-up of LNG as ship fuel in Europe is still at an early stage. DNV GL has provided a report for the EU1 providing recommendations on how
Business Korea reports that rumours are now rife in the container business world that Maersk could swoop on Hyundai Merchant Marine and subsume its activities into their own business. The report says that recent moves by Hyundai Merchant Marine to join the 2M alliance led by Maersk
The Global Wind Energy Council (GWEC) launched a new report: “Supply Chain, Port Infrastructure and Logistics Study” for offshore wind development in the states of Gujarat and Tamil Nadu in India. This study is a significant step forward in preparing a roadmap for
Moody's Japan K.K. says that its outlook for the global shipping industry over the next 12-18 months is negative. "The negative outlook reflects our expectation that earnings will worsen, with freight rates likely to remain depressed amid ample supply," says Mariko Semetko