UMW Wins Petronas Contract
UMW Offshore Drilling has received two contracts from Petronas Carigali worth US$34.81mil to provide services to its firm and optional wells. UMW Offshore Drilling is a wholly-owned subsidiary of UMW Malaysian Ventures (UMV), which in turn is a wholly-owned subsidiary of UMW Oil & Gas Corporation (UMW-OG). UMW-OG said that the contracts are to provide jack-up drilling rig services for both firm and optional wells.
Hapag-Lloyd to Omit UASC in 2017 Financials
The outlook for the 2017 financial year is based on the Hapag-Lloyd Group’s existing business activities as at 31 December 2016 and therefore does not include UASC’s business activities or the acquisition of UASC in 2016. A statement from the company said that the present outlook for the business 2017 will be omitted following the merger of Hapag-Lloyd and UASC which is expected to be completed at the end of May 2017.
Container Shipping Demand Remains Good: Hapag-Lloyd
In the medium term, demand for container shipping services should continue to rise in tandem with expected ongoing growth in global trading volume, says Hapag-Lloyd. As a result, the container shipping industry’s medium-term growth prospects remain intact, says the company in its investor outlook for 2017. In its latest economic outlook (April 2017), the International Monetary Fund (IMF) expects global economic growth to reach 3.5% in the current year.
DSME Gets Fresh $6B Bail Out
Korea's battered Daewoo Shipbuilding & Marine Engineering (DSME) is all set to receive a new bailout package worth $6 billion, after court rejected appeal from a group of individual investors. According to Pulse news, government-led bailout package that required all creditors and bondholders to agree to push back the maturity, lower borrowing rates, and convert debt into equity according to their share had been put on hold as some of the individual investors appealed to a Busan court.
Savannah Port Welcomes Record Cargo Ship
Governor Nathan Deal, Port of Savannah officials and the maritime community were on hand to welcome the COSCO Development, the largest containership to ever call on the U.S. East Coast as it handled 5,500 containers, a record for Georgia’s ports. “This is another example of how the Port of Savannah is the gateway not just for the U.S. Southeast, but for America’s East Coast,” said Georgia Governor Nathan Deal.
Canada Rolls Out Oil Tanker Moratorium Act
The transportation system is something Canadians rely on every day, from getting us to work, or bringing us the products we use in our homes. The Government of Canada is working to ensure that goods are transported in a safe and responsible way while protecting our marine environment and clean water. "The Government of Canada is committed to demonstrating a clean environment and a strong economy can go hand-in-hand.
ICC Calls for Global Guidance on Return-Refill Container Systems
Shipping goods across borders with reusable containers and tracking systems is better for the environment, consumers and companies yet differential treatment by customs authorities can be detrimental for business. The volume of goods shipped globally has reached impressive proportions in recent decades. Goods moved annually by ship alone weigh more than 10 billion tonnes, or 15 times the weight of all cows on Earth.
Port of Sohar Opens New Auto Gate System
As the container terminal operator at Sohar Port in Oman, Hutchison Ports is taking its next bold step towards modernisation and full automation, with the launch of its new Auto Gate system at Terminal C. The Terminal already features remote-controlled quayside cranes capable of handling next generation 20,000 TEU vessels. “Auto Gate promises to make container shipments at Hutchison Ports SOHAR even faster and more secure…