Rio Tinto expects to remain the lowest-cost iron ore supplier to China and therefore to be least affected by a slump in prices of the material, a senior executive said, dismissing rival BHP Billiton's threat to displace it in the ranking.Iron ore has lost about half of its value this year…
Hapag-Lloyd and the Chilean Compañía Sud Americana de Vapores (CSAV) are joining forces, by merging CSAV´s container business activities into Hapag-Lloyd, becoming the fourth-largest liner shipping company in the world. The corresponding contracts…
Oil workers in Gabon began an open-ended, industry-wide strike on Monday night after talks with the government collapsed, union ONEP said, and long queues formed at gas stations on Tuesday on fear of shortages.The trade union had been in…
Rolls-Royce confirmed today that it has completed the deal to sell its Energy gas turbine and compressor business to Siemens for a £785 million cash consideration. The deal was originally announced on 6 May this year.Rolls-Royce has also…
In November 2014 Angarsk Petrochemical Company produced about 100 thousand tons of winter diesel fuel of environmental class V of the Technical regulations (Euro-5).This is almost twice the amount produced in previous November, when 50…
Schmidt Ocean Institute Selects Adonis AS Personnel Manager to Automate HR and Payroll Processes for Flagship Research Vessel.Adonis AS has announced that Schmidt Ocean Institute (SOI) has selected Adonis Personnel Manager (APM) to automate crew rotation and payroll for the R/V Falkor…
As previously communicated, Viking Supply Ships has entered into an agreement with a major oil company for the charter of three vessels. The contract applies to the drilling seasons 2014 and 2015, with options for the drilling seasons 2016 and 2017…
United Nations’ International Maritime Organization (IMO) has decided to make it mandatory to weigh loaded containers before they are transported by sea. This will enhance safety and prevent pollution of the marine environment.In the future…
Norwegian Energy Company’s (Noreco) production in the third quarter of 2014 was basically unchanged from the previous quarter, significant impairments took down Noreco net results after tax to minus NOK 1 101 million.Revenues in the third quarter 2014 were NOK 296 million…
Keppel Infrastructure Holdings Pte Ltd (KI), through its wholly-owned subsidiary, has signed an agreement for the sale of its entire stake in Keppel FMO (KFMO) to Cofely GDF SUEZ for a cash consideration of S$44.72 million, subject to a post…
Saudi Arabia's oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers.Ali al-Naimi won the argument at Thursday's meeting…
Total and Rosneft signed a Term Sheet that envisages the main terms and conditions of the purchase of 16.67% share in a refinery located in Schwedt, Germany (PCK Raffinerie GmbH). The document was signed in Sochi by the Head of Rosneft Igor…
One of a series of management improvement measures adopted by Petrobras in the last two years, the Logistics Infrastructure Optimization Program (Infralog) should generate approximately R$1.8 billion (US$719 million) in savings for the company…
BIMCO has today launched the Bunker Non-Lien Clause, aimed at reducing bunker suppliers’ reliance on ship arrest as a means of resolving claims for bunkers ordered but not paid for by time charterers, often due to bankruptcy.If a time…
Van Oord has reached agreement on the acquisition of the activities of Ballast Nedam Offshore. The acquisition consists of the assets of Ballast Nedam Offshore, the dedicated EPCI staff (Engineering, Procurement, Contracting and Installation)…