Norwegian Shipowners Face Cash Crunch
Access to capital for cash-hungry Norwegian offshore shipowners is expected to tighten further as lower activity and falling profits continue in 2016, the Norwegian Shipowners' Association said in its yearly outlook report on Tuesday. Since mid-2014, the price of crude has tumbled 66 percent, leading oil firms to cut investments to preserve cash and hence rent fewer drilling rigs, supply vessels, seismic ships and other equipment used in the search for oil and gas.
Mexico Aims to Spur Deep Water Oil Projects
Oil companies operating in Mexico's deep waters must use national suppliers for 8 percent of the projects by 2025, the government said on Tuesday, a relatively low…
BOEM Announces Final Rule for Oil and Gas Leasing
The Bureau of Ocean Energy Management’s (BOEM) Final Rule for Leasing of Oil and Gas or Sulfur in the Outer Continental Shelf (OCS) will be published in the Federal Register on March 30, 2016.
Somali Pirates on trial in Paris
Seven Somali men accused of hijacking a French yacht in an assault in which its owner was killed and his wife abducted in the Arabian Sea four years ago appeared before a French court on Tuesday, all facing life sentences. The men have not been charged with homicide, but with hijacking - a crime punishable with life imprisonment - as well as theft, abduction and illegal confinement, according to Martin Pradel, the lawyer of one of the suspected attackers.
Heavy Hitter: Meet the Hydrohammer S-4000
IHC IQIP has launched its new S-4000 Hydrohammer pile-driving system. The Royal IHC business unit’s latest development in hydraulic impact hammers is the largest available on the market, and enables the installation of offshore foundations in even the toughest ground conditions with the largest type of monopile. It‘s also suitable for applications in the oil and gas industry. As offshore wind farms are predicted to move further offshore into deeper waters…
RSC Bio Solutions Expands Series of Biodegradable Lithium Complex Greases
RSC Bio Solutions exanded its EnviroLogic 800 series of biodegradable greases. The EnviroLogic 800 series are VGP compliant, biodegradable Lithium Complex greases designed to operate in severe outdoor environments and withstand corrosion. RSC Bio Solutions is introducing EnviroLogic 800 and EnviroLogic 801 greases to further compliment the already established EnviroLogic 802, allowing the company to offer solutions for additional applications when specifications call for NLGI grades #0 and #1.
Euronext to Add More Wheat Silos at Ports
Euronext is to expand the number of port delivery points for wheat traded on its Paris-based futures market <0#BL2:> and is considering a system of storage certificates…
WSS Warns of Firefighting Compliance
Ship owners will need to act now to ensure they comply with new firefighting rules brought into force on January 1, 2016 for all new buildings warns WSS. New amendments…
DONG Postpones Major Oil Project Offshore Denmark
DONG Energy <IPO-DONG.CO> has terminated a contract to build an oil and gas platform for its Hejre field, postponing indefinitely the major development offshore Denmark…
Chinese Fast Ferry Delivered
Afai Southern Shipyard (Panyu Guangzhou) Ltd. and CoCo Yachts B.V., announced that the first of the two fast ferries was delivered to Zhuhai High Speed Ferry Company in late February. The vessel named HAI QIN recorded a top speed of 38.11 knots at full load on sea trials. The second vessel named HAI JING was launched and sea trials have recently been completed, the company reports.. The performance…
Indonesia Unveils Port Reforms, New Investment Rules
The amount of time it takes for imports to clear Indonesian ports will be reduced to 3.7 days from 4.7 days under new reforms of procedures, the chief economics minister said.
Firm Ship Demand Pushes Baltic Index Up
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday, helped by stronger rates across all vessel segments. The overall index that factors in the rates for capesize, panamax, supramax and handysize shipping vessels, was up three points to 409 points. The capesize index rose four points or 1.97 percent to 207 points. Average daily earnings for capesizes…
BOURBON Invests Heavily in Gas Sector
While BOURBON is undeniably a leader in the offshore marine sector, the current tough offshore environment has led it to diversify its operations in the face of a potentially prolonged down market globally. With that, the company announced the acquisition of the activities of a global leader in ethane transportation, with a market share greater than 50% in a market expected to have strong growth. - 100% of Greenship Gas Manager Pte. - 80% of JHW Engineering & Contracting limited.
Norwegian Shipowners See Tighter Capital Access
Access to capital for cash-hungry Norwegian offshore shipowners is expected to tighten further as lower activity and falling profits continue in 2016, the Norwegian…
Firmer Vessel Demand Pushes Baltic Sea Freight Index Up
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday, helped by stronger rates across all vessel segments.
Damen’s Offers Solutions for Laid Up PSVs
Damen Shipyards Group has developed a committed response to the increasing number of laid up Platform Supply Vessels (PSVs) resulting from the current predicament facing the offshore oil and gas industry. The Dutch company’s solution involves converting idle PSVs into vessels capable of taking on roles in alternative sectors such as aquaculture, shipping and defence. The situation that the offshore oil and gas industry is experiencing is having serious consequences throughout the sector.
DryShips Ups Its Revolver Facility
DryShips an international owner of drybulk carriers and offshore support vessels, today announced that it has entered into an agreement to increase its secured revolving facility (“Revolver”) provided by an entity controlled by the Company’s Chairman and CEO, Mr. George Economou. The Revolver was amended to increase the maximum available amount by $10 million to $70 million, to give Dryships an option to extend the maturity of the facility by 12 months to October 21…
ICS is Shipowners' Rep at UN Meets
At the United Nations in New York, the International Chamber of Shipping (ICS) is representing the interests of shipowners at the opening session of a UN Preparatory Committee starting work on a new legal instrument under the United Nations Convention on the Law of the Sea (UNCLOS). The establishment of the new UN Preparatory Committee, under the auspices of the Division for Ocean Affairs and the Law of the Sea…
DP World Chairman meets French President at Investment Summit
DP World Group Chairman and CEO HE Sultan Ahmed bin Sulayem recently met the President of France, Francois Hollande and senior government and business leaders at a major investment summit at the Élysée Palace in Paris. France’s attractiveness as an investment location and DP World’s projects in the country were highlights of the discussions which also covered infrastructure development, port centric development, distribution and export hubs, rail freight, customs, and other logistics topics.
Iran's First Containership Arrives at Antwerp
The first container ship belonging to Iran's IRISL docked at Antwerp after departure Homburg. According to MANA, a cargo ship belonging to Iran's IRISL docked at Antwerp as her second port, becoming the first Iranian ship to reach Europe after a hiatus of over six years. The first container ship from IRISL’s fleet after six years arrived to the port of Antwerp, Belgium as 2nd European port on her own path to Europe.