A joint statement, officially establishing the Arctic Coast Guard Forum (ACGF), was signed today by leaders representing all eight coast guard agencies of the Arctic nations.The Arctic Coast Guard Forum (ACGF) is an operationally-focused…
U.S. shipbuilder Huntington Ingalls Industries (HII) announced today a number of changes across its leadership team.HII’s Board of Directors has elected Christopher D. Kastner to succeed Barbara A. Niland as the company’s chief financial officer and corporate vice president…
Richard Lawson, Executive Director of the Marine Technology Society (MTS), has stepped down to pursue other professional opportunities, MTS’ Board of Directors announced today. Lawson has served as MTS Executive Director since December of 2007…
Professor Anna Gervasoni has resigned from the position of Statutory Auditor of Saipem S.p.A. due to “new professional and academic commitments”, Saipem announced today. Gervasoni had been appointed from the list presented by Eni S.p.A. at the General Shareholders’ Meeting of May 6…
Vessel operating costs are expected to rise in both 2015 and 2016, according to the latest survey by international accountant and shipping consultant Moore Stephens, which found cost categories likely to increase most significantly include crew wages…
Press release - The Lincoln Electric Company, a subsidiary of Lincoln Electric Holdings Inc., announced it is investing approximately $30 million in a new Welding Technology Center on its Euclid, Ohio campus.The Center will focus on the…
Brazil's largest oil workers union said on Friday it will start an open-ended strike against Petrobras on Sunday in a bid to overturn moves to shrink the state-run oil company.FUP, which represents platform, refinery and other workers, will join a number of smaller unions already on strike…
Husky Energy Inc, Canada's No.3 integrated oil company, swung to a quarterly loss due to a C$3.8 billion ($2.9 billion) after-tax impairment charge.The company said it has cut about 1,400 jobs till the end of the third quarter ended Sept…
NYK has been recognized with the 2015 Seafarers Safety Initiative Grand Prize awarded by Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT) for the company’s seafarer safety activities. The award recognizes the safety…
While, weak spot prices and higher futures prices created demand for oil tankers has boomed, bulk carriers have been hit by massive overcapacity, as Chinese demand for such commodities has collapsed, says latest report from the Economist. The…
Worse is still to come for many bulk carriers, warns a report in the Economist that claims that the dry-bulk cargo shipping has hit the bottom. Between the start of the financial crisis and January this year Baltic Dry Index - a measure of bulk freight rates—had fallen by 95%…
Creditors of South Korea's Daewoo Shipbuilding and Marine Engineering Co. will pour 4.2 trillion won about (US$3.68 billion) into the ailing shipyard to help it get back on track, the main creditor bank said, according to South Korea's (Yonhap) News Agency…
Retrieving an unreliable blowout preventer (BOP) is a necessary but expensive operation, costing upwards of one or two million dollars and easily the double in developing ultra-deepwater regions. It is also the main cause of downtime during drilling activity…
GasLog Partners LP, an international owner and operator of liquefied natural gas (LNG) carriers, increased quarterly cash distribution by 10% to $0.478 per unit for the third quarter of 2015, equivalent to $1.912 per unit on an annual basis…
Looking at the Company’s business performance for the first half of FY2015, operating income and ordinary income improved as the tanker division enjoyed favorable market conditions, backed by a decline in bunker prices, says Mitsui O.S.K. Lines (MOL)…