China's shipping industry grapples with recession caused by waning demand & higher costs, & many small businesses are facing bankruptcy.The Ministry of Transport said that In the first six months, turnover at ports increased 7.2 percent year on year to 4…
Royal Caribbean reports Q2 2012 results and updates 2012 guidanceExtracts from the company's report are as follows:Since the company's April guidance, the strengthening of the U.S. Dollar and decreases in fuel pricing have essentially offset one another…
U.S. based Marine Products Corporation release its unaudited results for the quarter ended June 30, 2012.Marine Products is a leading manufacturer of fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral…
The Congressional Budget Office (CBO) analyses the Navy's fiscal year 2013 shipbuilding plan.Since 2006, CBO has performed an analysis of the Navy’s annual report on its plans for building new ships over the next 30 years. The current CBO…
New Bunker Trader with A/S Dan-Bunkering Ltd., Middelfart.Commencing from 1 July 2012, Søren Mikkelsen, 26, has been employed as Bunker Trader in A/S Dan-Bunkering Ltd.'s head office in Middelfart, Denmark. Søren comes from a position with Shipping…
CNOOC Limited (SEHK: 00883, NYSE: CEO) and Nexen Inc. (TSX: NXY, NYSE: NXY) announced today that they have entered into a definitive agreement under which CNOOC Limited will acquire all of the outstanding common shares of Nexen for $27.50 per share in cash…
The Cardiff-based Graig Group has teamed up with Global Maritime Investments to provide shipping lenders with tailor-made solutions for problematic shipping exposures.Working together the two groups will provide lenders with workout solutions…
Higher salaries paid in the expanding offshore sector are putting wage pressure on other industry segments like classification societies and port state administrations, employment consultant Spinnaker Consulting says.“With demand for personnel continuing to grow in the offshore sector…
Offshore drilling activity on the UK Continental Shelf (UKCS) rose 64% during the second quarter of 2012 compared to the same period last year, according to the latest industry figures released by Deloitte.The report, which documents drilling…
Talk about ups and downs. In 2009, the container shipping industry lost US$16 billion. In 2010, it made a profit of $20 billion, and last year was back in the red ink business with an $8 billion loss. This year? Break even is about the best…
The U.S. Treasury Department yesterday said the United States is imposing additional sanctions on Iran’s nuclear and ballistic missile proliferation networks, and is also taking additional steps to prevent the evasion of sanctions by publicly identifying a group of Iranian front companies and banks…
Eagle Bulk Shipping Inc. (Nasdaq:EGLE) has announced that Adir Katzav, formerly Director of Financial Reporting, has been promoted to Chief Financial Officer. Mr. Katzav succeeds Mr. Alan S. Ginsberg, who has advised the Company of his decision to pursue other professional interests…
Following a $68 million government investment in Brazilian ports, Inchcape Shipping Services is forecasting significant growth in cruise ship port calls to the region.The investment by The Ports Secretariat in Brazil includes $10 million in passenger terminals at Salvador…
J.F. Lehman & Company acquired ACR Electronics, Inc. from Chelton Avionics, Inc., a subsidiary of Cobham plc. ACR Electronics, Inc. is a leading provider of safety products and solutions to the aviation, marine, military and commercial markets worldwide…
Statoil preparing to halt production after notice of lockout. Statoil is preparing to shut down production on the Norwegian continental shelf (NCS) following a notice of lockout. The Norwegian Oil Industry Association (OLF) announced today…
