NAT in Q1 2014 Black: First Time in Four Years
Nordic American Tankers (NAT) report a cash dividend, strongly improved operating cash-flow and a positive net income in the first quarter of 2014. The Company informs that thanks to a strong winter market, Q1 2014 has produced the best results it has seen in several years. The timecharter results of NAT were significantly better in 1Q2014 than in 4Q2013. The short term rates in tanker markets are very volatile. At the time of this [financial] report the tanker market has weakened.
Deep Sea UV Implodes in Kermadec Trench
Woods Hole Oceanographic Institute (WHOI) says its deep sea unmanned submersible 'Nereus' has gone missing 10km down while exploring one of the world's deepest spots – the Kermadec Trench, located north east of New Zealand. Surface debris was found, suggesting the vessel suffered a catastrophic implosion as a result of the immense pressures where it was operating. The WHOI apprises that everything was going fine…
Watch Analysts Discuss April Tanker Market Activity
Marine services company McQuilling draw attention to an opportunity to watch a video of their analysts discussing the April 2014 tanker spot market activity. McQuilling is a privately-owned marine services company, providing transportation services to clients in the shipping, commodity and financial services industries. It represents broad commercial experience and is one of the few firms that sit on both the International and Asian Baltic Exchange Tanker Route panels.
Republicans Block Energy Bill, Forfeit A Keystone Vote
U.S. Senate Republicans on Monday blocked an energy-efficiency backed by both manufacturers and environmentalists, forfeiting a chance to vote on the long-delayed Keystone XL oil pipeline. On a vote of 55-36. President Barack Obama's Democrats fell short of the needed 60 votes to advance the bipartisan energy bill. Senate Democratic Leader Harry Reid had offered a vote on Keystone - if Republicans permitted passage of the bill. (Reporting By Thomas Ferraro; Editing by Sandra Maler)
EMGS - agreement with Nalcor Energy for 3D multi-client EM survey
EMGS has signed a multi-client license agreement with Nalcor Energy, the Provincial Energy Corporation of Newfoundland and Labrador, for the acquisition of up to 13,500 square kilometers, in a multi-season campaign. The CSEM survey is expected to begin in June of this year and will target the Flemish Pass Basin, where recent major oil discoveries have been made. The survey will collect 4,000 km2 of 3D EM data calibrated to these discoveries and will image key prospects in nearby areas.
Qatar Petroleum plans to invest over 40 billion QAR
Qatar Petroleum (QP) announced plans to invest over 40 billion Qatari Riyals (QAR) in the re-development of the existing Bul Hanine offshore oil field located about 120 kilometers to the east of the Qatari coastline. The project, which is currently at the pre-FEED stage, is one of the largest to be managed and executed by QP. It is designed to prolong the field’s life by countering its production decline and doubling its current oil production rate. Commenting on the redevelopment plans, H.E.
Wessex Exploration Plans Hague And London Oil Acquisition
London-listed explorer Wessex Exploration has signed a heads of agreement to acquire Hague & London Oil (Halo) which holds a prospective asset in the Philippines.
Höegh LNG - Takes delivery of the FSRU "Independence"
Höegh LNG has taken delivery of the "Independence", the second of the four newbuilt FSRUs that the Company has ordered from Hyundai Heavy Industries Ltd (HHI), on May 12. The "Independence" is under a long term charter to Klaipedos Nafta in Lithuania, which will commence no later than by the end of the year. In the interim, the Company will deploy the unit in the short term LNG market. Sveinung J.S.
MSC transfers activities in port of Antwerp to Deurganck dock
The MSC shipping company is to consolidate all its activities in the port of Antwerp in the Deurganck dock, on the left bank of the Scheldt. The Port Authority board of directors gave the go-ahead for the move on Monday evening. The transfer is necessary in order to permit further expansion by MSC in Antwerp. The shipping company announced at the end of last year that it wished to have a new location below the locks…
GasLog Partners Announce Closing of its IPO
GasLog Partners LP, an international owner, operator and manager of LNG carriers, today announced the closing of its initial public offering of 9,660,000 common units representing limited partner interests (the “common units”), including 1,260,000 common units issued upon the exercise in full by the underwriters of their option to purchase additional units. The public offering price was $21.00 per common unit.
EU Adds Putin Aide, 2 Crimea Energy Firms To Sanctions List
The European Union imposed sanctions on Monday on a top aide to Russian President Vladimir Putin and the commander of Russian paratroopers as well as two confiscated Crimean energy companies…
Scientists Say Antarctic Glaciers in 'Irreversible' Thaw
Vast glaciers in West Antarctica seem to be locked in an irreversible thaw linked to global warming that may push up sea levels for centuries, scientists said on Monday. Six glaciers, eaten away from below by a warming of sea waters around the frozen continent, were flowing fast into the Amundsen Sea, according to the report based partly on satellite radar measurements from 1992 to 2011. Evidence shows…
Aguirre Offshore GasPort Project FERC, USCG Approved
Excelerate Energy’s Aguirre Offshore GasPort Project Receives Notice of Schedule from FERC and Letter of Recommendation from the U.S. On May 2, 2014, Excelerate…
World’s Largest Rubber Duck Sails for L.A.
Florentijn Hofman’s Rubber Duck Project will make its U.S. West Coast debut at Tall Ships Festival L.A., August 20, 2014, sailing into the Port of Los Angeles Harbor leading the Tall Ships Grand Parade of Sail. The Port of Los Angeles is the first U.S. West Coast port to host the globally famous rubber duck and only the second North American city to do so. The Duck Project is the creative effort of internationally renowned artist Florentijn Hofman (The Netherlands).
Maritime Reporter @ 75: The Daily Cartoon
Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners, ship and boat builders, naval architects and marine engineers. Today Maritime Reporter heads a group of four print and 10 websites serving the global maritime, offshore and subsea sector.
Today in U.S. Naval History: May 12
Today in U.S. 1846 - U.S. 1975 - SS Mayaguez seized by Khmer Rouge and escorted to Koh Tang Island. 1986 - Destroyer USS David R. Ray deters an Iranian Navy attempt to board a U.S. merchant ship. For more information about naval history, visit the Naval History and Heritage Command website at history.navy.mil.
Possible Tug Strike in Port Hedland
Negotiations continue between Teekay Shipping and unions representing tug crews at Port Hedland in a bid to resolve the issue of enterprise negotiation agreements, GAC said in its daily Hot Port News report. The Fair Work Commission has granted permission to the Maritime Union of Australia (MUA), the Australian Maritime Officers Union (AMOU) and the Australian Institute of Marine & Power Engineers (AIMPE) to hold protected action ballot orders.
Veolia Retakes Control of Corsica Ferry Company
The board of France-Corsica ferry operator SNCM on Monday voted out its chief executive who had sided with trade unions, allowing shareholder Veolia to retake control…
Petrobras’ Platform P-62 Begins Production
Petrobras announced that production platform P-62, one of the strategic projects of its 2014-2018 Business and Management Plan, started-up on this Monday, May 12, in Roncador field, Campos Basin.
New SSI Paper: Leveraging Engineering Information
SSI has written a new paper about how the shipbuilding industry can leverage engineering information to increase productivity and quality in the design office as well as in the shipyard. The paper, Leveraging Engineering Information, written by Denis Morais, Mark Waldie and Darren Larkins, will be presented at the May 12-14, 2014 Conference on Computer Applications and Information Technology in the Maritime Industries (COMPIT), held at Redworth, U.K.