Danish shipping and offshore energy conglomerate Maersk Group reported its profit at US$ 224 million for the first quarter of 2016, a drop of 86 percent compared to $ 1.6 billion seen in the same period a year earlier. Hit by low oil prices and freight rates…
CMA CGM has announced to its customers that there is increasing deterioration of the port congestion up to 15 days in Zanzibar, Tanzania, which is beyond their control. CMA CGM will implement an Emergency Operational surcharge in Zanzibar…
Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer and part of Adani Group, has announced the financial results for the fourth quarter and year ended March 31, 2016. Consolidated cargo across all ports handled by the company was 152 MMT in FY16…
Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable, shipping officials said on Tuesday. Attacks in the Gulf of Guinea - a significant source of oil…
Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training providers in order to meet flag state requirements under STCW regulation I/12.…
The Shah Deniz consortium today announced the award of a $1.5 billion contract for the transport and installation of the deeper water subsea production systems for Shah Deniz Stage 2 to the BOS Shelf LLC, Saipem Contracting Netherlands B.V. and Star Gulf FZCO consortium…
Ithaca Energy Inc. announced having successfully completed its planned semi-annual reserves based lending (“RBL”) facilities review and continues to maintain in excess of $100 million of funding headroom ahead of planned first hydrocarbons from the Greater Stella Area in the third quarter of 2016…
BAE Systems has received a $72 million contract from the U.S. Navy to produce and deliver propulsor systems for Block IV Virginia-class (SSN 774) submarines. The award continues the company’s current position as the premier provider of propulsors to the U…
Indian Petroleum Minister Minister Dharmendra Pradhan says India has expressed interest in setting up an LNG terminal at Chahabar port in Iran to ship back home natural gas from Persian Gulf nation, reports PTI. India is ready to invest…
South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line, local media reports suggest. Creditor banks of cash-strapped…
Unfamiliar specifications and processes often result in rework, delays and misunderstandings, and are adding thousands of engineering hours to the design and construction of offshore oil and gas installations. Cost savings are delivered by addressing variations in owner…
On the European continent, the Alps form a natural barrier for international transport. Containers can be transported to Southern Germany, the Czech Republic or Poland cheaper as well as more sustainably via North European ports than via Southern European ports…
The Society of Petroleum Engineers (SPE) Aberdeen Section has announced the recipients of its annual student bursaries programme for 2015-2016. In total, £7,500 was awarded to seven students attending Aberdeen, Robert Gordon, Dundee, Heriot-Watt and Strathclyde universities…
Nordic American Tankers Limited ('NAT' or the 'Company') announced today that it has entered into an agreement to acquire four existing Suezmax sister vessels built in Japan at a world-class shipyard. The aggregate price is $106 million. NAT expects the vessels to be delivered during May…
Highlights * Earnings of $1.8 billion decreased 63 percent from the first quarter of 2015. * Earnings per share were $0.43 assuming dilution. * Cash flow from operations and asset sales was $5 billion, including proceeds associated with asset sales of $177 million…
