McQuilling Services Industry's Spot Market Review for First Quarter
There’s no denying that the wave owners rode into 2014 on was a welcome way to start the new year (at least from their perspective). Earnings in the large crude…
Severe Cyclone Ita heads towards Queensland
per hour. communities along the far north Queensland coast. GALES extending out to 200km from the centre. tonight and maintain cyclone intensity for longer into Saturday.
IMF April Update Sees Lower Global GDP Growth
The message from the IMF is clear: The global recovery is still fragile despite improved prospects, and significant downside risks—both old and new—remain. Recently…
EMAS Awarded Gunflint GoM Project
EMAS, the operating brand of Ezra Holdings, a global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, today announced…
Yacht Race from Hong Kong to the Philippines
Approximately 34 yachts are expected to participate in a race from Hong Kong to the Philippines will take place from April 16-21, GAC said in its daily Hot Port News report.
Harley Marine NY Welcomes New Vessel
Harley Marine NY, a subsidiary of Harley Marine Services, took delivery of the river style push-boat, HMS Justice, from Conrad Shipyard of Morgan City, Louisiana.
New Mangalore Port Traffic Up 6.29%
New Mangalore Port recorded growth of 6.29% in cargo handling during the financial year 2013-14, GAC informs. The port handled 39.36 million tons of traffic, compared to 37.03 million in 2012-13. Of the total, 14.94 million tons (up from 14.21 million) was imported crude oil for the Mangalore Refinery and Petrochemicals Ltd. Coal, another major import commodity for the port, contributed 8.34 million tons (up 6.91 million to the total cargo handled. gac.com
Private Equity Boosts Liberia Shipping Market
The Liberian Registry says the entry of private equity funding into the ship finance market is helping to sustain its continued growth. Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), the U.S.-based manager of the Liberian registry, said, “Owners are ordering ships again, and there is a great deal of private equity funding entering the market, in the U.S. and elsewhere…
Petrobras HQ Raided by Brazil Police
Brazil's Federal Police raided the headquarters of state-run oil company Petroleo Brasileiro SA in Rio de Janeiro as part of a money-laundering probe, two sources with direct knowledge of the operation told Reuters on Friday. However, they did not confirm if Petrobras was one of the locations raided. Portuguese for "Operation Car Wash," Operação Lava Jato has already resulted in the arrest of at least one former executive at Petrobras, as the company is known.
USCG Cancels Saginaw Bay Icebreaking
The U.S. Coast Guard (USCG) has canceled icebreaking operations that were scheduled to take place in Saginaw Bay, beginning Saturday morning. The icebreaking operations…
Oil Major Total Close to Angola Kaombo Decision
French oil major Total is on the verge of making a final investment decision on Angola's Kaombo oil project after lowering the cost by $4 billion, its chief executive said on Friday. "We're on the verge," Christophe de Margerie told reporters on the sidelines of an oil conference in Paris. The field is expected to produce 230,000 barrels of oil equivalent per day, with a start-up date expected in 2017.
ASNE to Host Blue Green Sustainability Symposium
The American Society of Naval Engineers (ASNE) Blue Green Sustainability Symposium is an inaugural event highlighting emerging technologies and solutions to meet…
Iran's Oil Exports Surge above Sanctions
Iran's crude oil exports have surged to their highest in 20 months, far exceeding a 1 million barrel-per-day limit set by the West under an interim deal on curbing Tehran's nuclear program.
Baltic Sea Freight Index down on Weak Capesize Rates
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped for a 14th straight session on Friday, driven mainly by falling capesize rates.
LEEVAC Launches PSV for Aries Marine
LEEVAC Shipyards Jennings, LLC launched the M/V Ram Nation, the first vessel of a new series of 4,000 DWT PSVs for Aries Marine Corporation, on Tuesday, March 18. The Ram Nation is scheduled to be delivered during the third quarter of this year. The Ram Nation is an LEEVAC-designed 270 ft., diesel-electric, DPS-2, FI FI 1 Platform Supply Vessel that will be certified for worldwide operations. Chris Vaccari…
MLC Amendments Address Abandonments, Claims
Governments, maritime employer representatives coordinated by the International Shipping Federation (ISF) and their counterparts from the International Transport…
Long Beach Dismisses Proposed Los Angeles Merger
A proposal by the LA 2020 Commission to merge the ports of Los Angeles and Long Beach – the two busiest container ports in the US – has been slated by Long Beach leaders for being “condescending and disrespectful”. The Commission made the recommendation in its A Time for Action report, along with 12 other recommendations on minimum wage and promoting regional tourism, and defended its proposal by saying it will “put the city on a path to fiscal stability and renew job creation”.
Protests Close Libya's Western Zawiya Oil Port
Libya's western Zawiya oil terminal has been closed by protesters preventing some oil product tankers from discharging, a government statement said on Friday. Local citizens demonstrating against the General National Council, the country's parliament, have blocked the entrance to the port preventing oil workers from entering. The connecting oilfield El Sharara and the pipeline itself have been blocked by other protest groups since March. (Reporting by Feras Bosalum, Writing by Julia Payne.
Sea Star Line Vessel Used in Training Exercise
On April 2, 2014, Sea Star Line’s vessel El Faro and its employees participated in a joint training exercise at North Florida shipyards. The training exercise focused on evaluating agency procedures, communication plans and training programs to assure all agencies can respond in the most efficient way to emergency events and to mitigate risks and damage. “The mock training exercise was an excellent…
NAT Closes Public Offering
Nordic American Tankers Limited announced today that, in connection with its previously announced public offering of 12,000,000 common shares at a public offering price of $8.62 per share, the underwriters exercised in full the option granted to them by the company and purchased an additional 1,800,000 common shares on the same terms on which the 12,000,000 common shares were sold to the underwriters.
