Neptune Orient Lines(NOL) confirmed that it is continuing in discussions with respect to a potential acquisition of the group as previously announced on Nov 7 on the local bourse, reports Business Times. This comes after the Singapore Exchange…
In October a number of trade bodies released a joint press release to formally announce a reduction of the High Risk Area (HRA). Insurance companies have said the reduction may not result in reduced insurance costs due to the assessment…
Chinese transport giant China Merchants Group looks set to takeover Sinotrans & CSC in the potential merger between the two shipping giants in China, reports Reuters. The two companies have been locked in reorganization talks, financial magazine Caixin said…
Norway's Songa Offshore SE referred Tuesday to its announcement July 15 regarding the receipt of notices of arbitration from South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) in respect of the construction contracts for the Cat D rigs…
Marco Polo Marine has unilaterally terminated a rig building order worth US$214.3 million from a subsidiary of Sembcorp Marine. Sembcorp Marine on early Wednesday morning said its subsidiary, PPL Shipyard, will regard the termination by Marco Polo Drilling (I) of the US$214…
Ensco plc has named Jon Baksht the company’s new chief financial officer based in London, succeeding Jay Swent, who will retire at year end. Baksht was most recently vice president - finance after joining Ensco as vice president - treasurer…
The cost of operating cargo ships is forecast to rise over the next two years after falling in 2015, according to the latest Ship Operating Costs Annual Review and Forecast 2015/16 report published by global shipping consultancy Drewry. The…
A five point plan to help tackle Africa’s infrastructure gap is among the findings of a new DP World report to be unveiled at the Africa Global Business Forum this week. Public private partnerships, domestic bond financing, monitoring…
Up to now, the port of Rotterdam, the largest seaport in Europe, has played a negligible role in the construction of offshore wind farms in Europe. But that is about to change. On Maasvlakte 2, Sif Group and Verbrugge International are building…
The South Korean shipyard STX Offshore & Shipbuilding is apparently close to a bankruptcy if not yard soon find new vendors who are willing to pump huge sums into the yard. Otherwise, there is the prospect of a collapse in the first half of the 2016th…
Davao International Container Terminal (DICT) will start the operation of its rehabilitated second berth by July next year as it prepares to handle bigger cargo volume, reports Edge Davao. Anflocor president and CEO Alexander N. Valoria said the company invested a total of P1…
Royal Dutch Shell plans to retain four members of BG Group's executive team after the companies' planned merger next year, according to an internal memo seen by Reuters on Monday. The memo indictates that the planned $70 billion takeover of BG by Shell remains on track…
“The dry cargo markets have shown no signs of recovery during Q3. A lack of demand growth in combination with deliveries of new tonnage will make this the reality of the market for an extended period. Our Q3 result in dry cargo is as expected and a reflection of these market conditions…
IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016 and 2020…
TORM’s strong operational platform has delivered the highest product tanker freight rates since 2008 and a positive EBITDA of USD 96m in the third quarter of 2015, says its CEO Jacob Meldgaard. TORM has demonstrated its financial and strategic…