US Firm, Tidewater, agrees with HitecVision to purchase Norway's Troms offshore, including 5 large PSV's.Tidewater say that the acquisition of Troms Offshore, headquartered in Tromsø, Norway, will expand their global footprint into the Norwegian…
Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, announces financial results for the first quarter ended 31 March 2013.Financial highlights:• Net profit of AED 241 million, up 17% year-on-year• Production of 61…
The shipbuilding industry shows signs of bottoming out with the global market index pointing to an upturn, & Korean players receiving more orders from abroad.Citing Clarkson Research Services, the Korea Times reports that a total of 277 vessels were ordered in the first quarter of the year…
During April, 2013 new build prices for capesize, kamsarmax and ultramax vessels rose higher than in the previous month. Purchase prices for ships are often good indicators of financial health in the shipping industry. When shipping demand is expected to grow more than the supply of ships…
Royal Boskalis Westminster N.V. (Boskalis) say that developments in first quarter 2013 to date are in line with expectations. In their latest trading update Boskalis show:· Revenue higher than in the same period last year·…
COSCO (Lianyungang) shareholders pass a resolution to dissolve the company.The company is principally engaged in ship repair work, and the decision ot dissolve it was made in light of the landlord of the shipyard in which the operations of…
A finance lawyer with a focus in the transportation industry, Brian P. Devine, joins the New York office of Fulbright & Jaworski L.L.P as partner.“Brian’s experience in shipping will increase the capabilities of our maritime practice,” said Thomas W…
Somalia wins extra cash, military aid, at the recent London donor summit.Britain will help boost radio communications on the Somali coast to combat piracy that the World Bank has estimated costs the world economy $18 billion despite the dramatic drop in incidents so far this year…
On May 8-9, 2013 the National Marine Manufacturers Association (NMMA) will release updated economic impact data for the recreational boating industry during the American Boating Congress. The update reflects 2012 data across the United States…
Wilh. Wilhelmsen Holding ASA (WWH) operating profit and total income declined quarter on quarter and year over year.The company attributes the decline in profits mainly as a consequence of continued drop in shipping volumes and a less favourable cargo mix…
At the end of Q1 2013 the Norwegian company's backlog totalled a record-high NOK 31.6 billion, including incorporated joint ventures.Kvaerner, a specialised provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants…
The Finland PM is hopeful that a strong new owner can turn around the prospects of the cash-strapped Finnish shipyards.This past week, the South Korean parent company STX announced it plans to sell off the Rauma and Turku shipyards as well as its half-share in the Helsinki shipyard…
The United Nations Trust Fund for the Fight against Piracy approves projects in support of anti-piracy efforts in Somalia & other affected States in the region.Other affected States in the region, include Djibouti, Ethiopia, Kenya, Maldives and the Seychelles…
Creditors are expected to inject 800-billion Won (US$ 730-million) into STX Group during 2013, according to Yonhap News Agency.Creditors of STX Group will likely pump at least 800 billion won (US$730 million) into the troubled shipbuilding conglomerate in a bid to keep it afloat…
Ocean carriers cannot afford to operate services from Asia to Europe at rates which are between 25% and 30% lower than in January, says Drewry.Although the recent collapse of rates was excessive, it will not be reversed until carriers withdraw…
