International Transport Intermediaries Club (ITIC) has recently supported a claim for ship sale commission by a shipbroker wrongly accused by a shipowner of incompetence.The shipbroker had entered into an exclusive commission agreement with a shipowner…
Abu Dhabi National Oil Company (ADNOC) plans to invest around US$25bn over the next five years in a bid to boost oil production from offshore fields. The investment is part of the UAE's strategy to increase its crude oil output potential from its current production of 2…
MISC Bhd is selling AET Tanker Holdings Sdn Bhd, which owns a fleet of 74 crude oil and product tankers, to US-listed Teekay Tankers Ltd, reports local media. AET is a wholly-owned subsidiary of Malaysia's MISC Bhd. and a major global…
Growth, competitiveness and sustainability are the three axes that underlie the Port of Barcelona's Third Strategic Plan 2015-2020, which sets the main objectives for the coming years.This Plan maintains the Port's mission as defined…
Labor’s indecision has left shipbuilding in a precarious and uncertain state The Abbott Government is committed to a sustainable Australian naval shipbuilding industry. Sadly, years of neglect by the former Labor government has left shipbuilding in a precarious and uncertain state…
NYSE-listed Scorpio Bulkers confirmed the sale of seven newbuildings for a total of $290mln to an unnamed buyer, said a company press release. The newbuildings comprise three capesizes and a kamsarmax bulk carriers, and three LR1 product tankers…
Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage and Offloading (FSO) conversion contract worth S$56 million from Teekay for the Gina Krog Field in the North Sea. Sembawang Shipyard will work closely…
Banks are beginning to recommend efficiency retrofits to shipowners, and are using energy-efficiency data in deciding which vessels they finance—and which they won’t, says a survey conducted by Carbon War Room. If this trend continues…
Since last nationwide analysis in 2007, U.S. seaport contributions to economy up dramatically Lancaster, Pa.-based Martin Associates, a provider of economic and strategic assessments of the world’s transportation systems, released the results…
Lower oil prices are sharply reducing the cost of shipping merchandise from Asia to the United States and Europe as the cost of bunker fuel tumbles.Container shipping companies deal with the volatility in fuel prices by adding a separate…
Oilfield services provider Baker Hughes Inc, which is in the process of being acquired by Halliburton Co for $35 billion, posted a quarterly loss compared with a year-earlier profit as it recorded a $772 million charge related to restructuring and other items…
From 2007 to 2014, the total economic value that U.S. coastal ports provide in terms of revenue to businesses, personal income and economic output by exporters and importers rose 43 percent to $4.6 trillion. This accounted for 26 percent of the nation's $17…
Svitzer, salvage division of AP Moller-Maersk and Titan Salvage, a division of Crowley Maritime Corp are merging their salvage operations to create a new market leader. In this US in shipping’s latest consolidation move, Svitzer is joining…
Royal Caribbean Cruises Ltd cut its adjusted profit forecast for the year, citing a jump in fuel prices since its January forecast and a strong dollar. Shares of the world's second-largest cruise operator, which also cut the higher end of its full-year net yields forecast…
A report in the USA Today says that the U.S. ports are busy deepening harbors and building bigger terminals to draw the bigger ships. Across the USA, public ports and their private sector partners will spend more than $46 billion in port-related improvements through 2016…