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.
Ottawa Express First Ship in Port of Montreal in 2018
By crossing the downstream limits of the Port of Montreal at Sorel at 11:55 a.m., the Ottawa Express became the first ocean-going vessel to reach the Port of Montreal without a stopover in 2018.
Tanker Collided with Oil Rig in North Sea
The tanker Elsa Essberger collided with unmanned oil rig Q1 with is no longer in use, at around 1820 UTC Dec 31 in North sea some 20 nm southwest of Den Helder, Netherlands.
Hyundai Glovis Bags $1.3bln Contract
Hyundai Glovis, a logistics company headquartered in Seoul and part of the Hyundai Kia Automotive Group, has secured 1.42 trillion won (US$1.3 billion) in orders to ship vehicles…
Shanghai Port Sets New World Record
The annual handling capacity of Shanghai Port surpassed 40 million TEUs (twenty-foot equivalent units), breaking an existing world record, the Chinese state media reported.
South Korean Shipyards Aim More Orders
South Korean shipyards have sharply raised their order targets for next year on expectations that the shipbuilding sector will improve, Yonhap reported. The country's…
Total Extends Energy Scout PSV Contract
Norwegian shipowner Golden Energy Offshore Services has been awarded a contract extension for one of its platform supply vessels with Total in Nigeria. The company…
Seafarer Shore Leave Gets Extra Protection
Seafarers' rights to shore leave have been strengthened through amendments which enter into force globally on 1 January 2018, under the revised treaty which aims…
NYK Study on Avoiding Collisions
NYK and NYK Group companies MTI Co. and Japan Marine Science released partial findings of a study on collision risk judgement and the autonomous operation of vessels.
Triyards Loses Two Shipbuilding Contracts
Triyards Holdings, the offshore marine division of Ezra Holdings, has swung deep into the red following the termination of two shipbuilding contracts worth some $51 million.
Guyana Government Goes with ExxonMobil
Guyana's Minister of Natural Resources, Raphael Trotman said while there is no perfect contract, the government is comfortable with the terms and conditions spelt…
BSEE Proposes to Ease Offshore Drilling Safety Rules
In response to a Presidential Order to reduce undue burden on industry, the Bureau of Safety and Environmental Enforcement (BSEE) completed a comprehensive review…
Pankaj Khanna Appointed As CEO of Ocean Rig
Pankaj Khanna has been appointed as President and Chief Executive Officer of Ocean Rig UDW, a global provider of offshore deepwater drilling services, effective January 1, 2018.
Adoption of LNG as Marine Fuel Significantly Accelerated in 2017
Titan LNG says that the stage has been set for a push in the adoption of LNG as a marine fuel beyond the tipping point. The order book for LNG-powered ships grew substantially…
Australian Navy Seizes Drug Haul in Middle East
The crew of the Royal Australian Navy frigate HMAS Warramunga have spent the Christmas season hard at work, spending nearly three days seizing almost eight tonnes…
Port Chaplain Made MBE
Apostleship of Sea (AoS) port chaplain Reverend Roger Stone has been awarded the British Empire Medal in the Queen’s New Year’s Honour’s List 2018 for services to the pastoral care of seafarers.
Yang Ming Announces Subsidiary in Thailand
Yang Ming Marine Transport Corporation will establish a subsidiary in Thailand - Yang Ming Line (Thailand) Co., Ltd. The new company will provide all services starting 1st January 2018. Mr.
Tankers Load After Libyan Oil Pipeline Fix
Repairs have been finished on a Libyan oil pipeline damaged in a suspected attack five days ago and production is restarting gradually, engineers said. The blast and resulting fire on Tuesday about 130 km (80 miles) south of the Es Sider terminal caused a drop in output estimated by the National Oil Corporation (NOC) at 70,000-100,000 barrels per day (bpd). An engineer from the company that operates the pipeline…
N. Korea Oil Embargo: S.Korea Seizes Panama-Flag Ship
South Korean authorities have seized a Panama-flagged vessel suspected of transferring oil products to North Korea in violation of international sanctions, a customs official said on Sunday. The seizure was the second to be revealed by South Korea within a few days, as the United Nations steps up efforts to squeeze essential oil supplies to the reclusive North following its nuclear or ballistic missile tests.
