Maersk Drilling Bags Contract with Tullow Ghana
Maersk Drilling has been awarded a four year contract for the deep-water drillship Maersk Venturer by Tullow Ghana Ltd. The contract, which was signed December 2017, is expected to commence in February 2018 and covers development drilling on the Jubilee and TEN fields offshore Ghana. Maersk Venturer is currently in transit for the job offshore Ghana thereby further strengthening Maersk Drilling’s presence in the region.
Crystal Nordic Sold to Essberger Tankers
Nordic Tankers and Embarcadero Maritime (a joint venture between Borealis Maritime and KKR) have signed and closed an agreement to sell the jointly held company Crystal Nordic to John T. Essberger in Hamburg, a leading owner and operator of chemical tankers in Europe. Crystal Nordic was established following the combination of Nordic Tankers’ inter-European stainless steel chemical tanker business with Crystal Pool in 2015. The parties have agreed not to disclose any financial information.
NAT Optimistic on 2018
Nordic American Tankers Limited (NAT) stated that its 30 more or less identical suezmax tankers are all busy, none of them are unemployed. Currently, 15 of its one million barrel ships are carrying oil East of the Suez Canal and 15 are employed West of the Suez Canal. "Our cooperation with oil companies worldwide is excellent. Together with shareholders, major oil and energy companies are our most important constituency. They are our close partners.
Cosco Offers Unconditional Buying of Cogent Shares
The offer by Cosco Shipping International (Singapore) Co. to acquire all the issued ordinary shares of Cogent Holdings has turned unconditional. The former had launched a cash buyout of the latter recently. Bank of China (Singapore Branch), acting on behalf of Cosco Shipping International, says , the offeror has received valid acceptances representing 440.5 million shares or 92.05% of Cogent. "BOC…
India Exempts Biometric Enrolment for Cruise Tourists with e-Visa
With a view to promote cruise tourism in India, Cruise tourists to India with e-visas will be exempted from biometric enrolment till December 31, 2020, the government said. This will make immigration clearance of such passengers faster, leaving them with more time to spend on shore. This is also an important factor that helps cruise lines decide whether or not to include a destination in their itinerary.
GasLog: New Shipbuilding Order with SHI
GasLog , an international owner, operator and manager of liquefied natural gas (LNG) carriers, has announces that it has ordered a newbuild 180,000 cubic meter vessel with XDF propulsion from Samsung Heavy Industries (SHI) that is scheduled to deliver in the third quarter of 2019. This vessel is currently unchartered but its early delivery means that it is expected to deliver into a strong LNG shipping market.
Kalmar Signs Contract with PSA Corporation
Kalmar, part of Cargotec, has been awarded a contract for the maintenance and repair of mobile equipment from PSA Corporation Ltd for the next 3-year term. The contract supports the overall maintenance effort of a fleet of up to 700 prime movers and trailer sets at Pasir Panjang Terminal. The contract has been booked into Cargotec's 2017 fourth quarter order intake. Peter McLean, Senior Vice-President of Kalmar Asia-Pacific…
SolstadFarstad Bags Contract for Normand Commander
Solstad Farstad ASA (SOFF) has entered a Bareboat contract with Bahia Grande LN S.A for the CSV "Normand Commander” for operation in Argentina. The contract period is 5 years firm with further 1x3 years option, commencement of the contract is February 2018. The commercial terms are confidential between the parties. Last month, Petróleo Brasileiro S.A extended the present contract for RSV “Far Swift” with approximately 1 year, in direct continuation of present contract.
Maharashtra to Modernize Ports
The Indian Government has taken steps to expand and modernise the posts in the state of Maharashtra. The Minister of State for Shipping Mansukh L Mandaviya has informed that at present, there are two major ports and 48 minor ports (non-major ports) in Maharashtra. Both the major ports in Maharashtra, Mumbai Port and Jawaharlal Nehru Port are equipped with modern facilities. The infrastructure augmentation & modernization of Major Port is a continual process.
LCS Manchester Completes Acceptance Trials
The seventh Independence-variant Littoral Combat Ship (LCS) built by Austal, Manchester (LCS 14), has completed acceptance trials December 15 in the Gulf of Mexico, marking the final significant milestone prior to the warship’s delivery in early 2018. This milestone achievement involved the execution of intense comprehensive tests by the Austal-led industry team while underway, which demonstrated to the Navy the successful operation of the ship’s major systems and equipment.
US Exits Search for ARA San Juan
The U.S. Navy said it has begun to wind down operations as part of the international search for the still-missing Argentine submarine A.R.A. San Juan that vanished in the South Atlantic in mid November. The U.S. joined the Argentina-led multinational search efforts within 24 hours of learning of the missing submarine on November 17, and is now drawing down, having twice swept the search areas assigned by the Argentine Navy with advanced sensors. U.S.
Bulker Refloated in St. Lawrence Seaway
A 623-foot bulk carrier was refloated in the St. Lawrence Seaway Saturday after running aground near Wellesley Island, N.Y. last Wednesday. The Antigua Barbuda flagged…
Oil Trades Strengthen to Mid-2015 Levels on Iranian Unrest
Oil prices posted their strongest opening to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures traded flat at around $60.40 by 1200 GMT after hitting $60.74 earlier in the day, their highest since June 2015. Brent crude futures, the international benchmark…
Iran Oil Production, Exports Not Impacted by Protests
Iran's crude oil production and exports have not been impacted by the unrest spreading across the country, Iranian oil and shipping sources said on Tuesday, as a crackdown intensified against anti-government demonstrations that began last week. Iran, OPEC's third-biggest oil producer, pumps around 3.8 million barrels per day. "I see no impact on the production and export," one Iranian oil industry source said, speaking on condition of anonymity.
Coast Guard Rescues Florida Man from Sinking Car
The U.S. Coast Guard rescued an elderly man from a vehicle that fell into a marina in Panama City, Fla. A boat crew from Coast Guard Cutter Marlin was launched to rescue the 89-year-old man behind the wheel after crew members saw his vehicle go into the St. Andrews Marina in at approximately 12:45 p.m. Saturday. The boat crew broke the car’s window, pulled the man from the vehicle and transferred him to emergency medical personnel ashore.
Saudi Aramco Shipyard Joint Venture Appoints CEO
Saudi Aramco and its partners have appointed Fathi K. Al-Saleem as chief executive of a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil. The state-owned oil giant said in a statement on Friday that International Maritime Industries (IMI) had been officially launched in partnership with National Shipping Co of Saudi Arabia (Bahri)…
Hedging Energy Bets: The Case for a 2018 Oil Bull Run
Hedge funds gamble OPEC will tighten oil market too much. Hedge funds are the most bullish about oil prices in years, expecting further gains even as prices touch multi-year highs and ignoring the risk linked to such a large concentration of positions. A record net long position has been accumulated by hedge funds and other money managers, amounting to 1,183 million barrels in the five biggest futures and options contracts covering crude, gasoline and heating oil.