The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) announced that the maximum civil penalty rate for Outer Continental Shelf Lands Act (OCSLA) violations will increase from $35,000 to $40,000 per day; and from $25,000 to $30…
Container shipping line APL has announced a new fuel surcharge formula in the Trans-Pacific Trade that reflects the financial impact of slow-steaming, the industry-wide practice of reducing vessel speed to reduce fuel consumption, control costs and reduce emissions…
According to Braemar, 2011 is already a record year for dry bulk carrier demolition. In Jan-May 2011, 13.6m Dwt of bulkers have been scrapped, including 7.1m Dwt of Capesize (over 120k Dwt) bulkers. If scrapping continues at this pace for the balance of 2011…
The VDMA (German Engineering Federation) has noted an upsurge in orders for German marine equipment and offshore suppliers, despite a six percent drop in sales in 2010.“We continue to be successful in world markets and have also found new customers in attractive niches in 2011…
OSX Brasil S.A., a Brazilian corporation engaged in the equipment and services sector for the offshore oil and gas industry, by means of integrated operations in shipbuilding, chartering of exploration and production (E&P) units, and operation and maintenance (O&M) services…
DryShips Inc., a provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced that it has obtained unanimous consent from its existing syndicate members to amend the $495…
TT Club, the leading mutual insurer in the international freight and logistics arena, has had its financial strength rating of A- (Excellent) re-affirmed by the US rating agency, A. M. Best. TT’s issuer credit rating was also maintained at 'a-' by the agency…
The “MonaLisa” project, an action in the Baltic Sea region aimed at improving the quality of maritime transport, will benefit from €11.23 million (nearly $16 million) in EU contribution from the 2010 TEN-T Multi-Annual Call. The project, which…
Today, Statoil (OSE: STL, NYSE: STO) presented its long term growth outlook. The company expects to raise production from around 1,9 million barrels in 2010 to above 2.5 million barrels of oil equivalents per day in 2020. With premium positions…
IHC Merwede has recently increased its underwriting capacity by more than 50 percent to nearly $2.2 billion. Of this amount, over $1.3 billion has been committed. The financial agreement has been forged between IHC Merwede and an international banking consortium made up of five banks…
BMT Group Ltd, the international design, engineering and risk management consultancy, announced today that it has achieved strong financial results, despite a difficult year for the global economy and the maritime industry in particular. A…
Ulstein Group did well in 2010 with NOK 2.4 billion in operating income and an operating profit of NOK 354 million.”We have a solid organisation of competent employees with a strong focus on delivery precision. Through good project management…
2010 was a Gullåren for Kleven Maritime. The Company delivered record results for 2010. Operating profit came to 238.7 million, an increase of 96 million from the record year 2009. The profit before tax was 213.8 million, an increase of 97.3 million from the year before…
Directors of North of England P&I club confirm that the ‘A' rated club emerged substantially stronger from the annual renewal in February 2011, with an underwriting surplus and investment income boosting its free reserve by 30% to US$ 312 million…
Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period ended March 31…
