“Weak market situation” prompts realignment of Wärtsilä’s Ship Power business Wärtsilä announced a realignment of its Ship Power business, now renamed Marine Solutions. The reorganization, triggered by “sluggish global marine market situation”…
ConocoPhillips today for its convenience provided a notice of termination for the three-year ENSCO DS-9 drillship contract. Under the terms of the contract, ConocoPhillips is obligated to pay Ensco termination fees monthly for two years equal to the operating day rate of approximately $550…
Gemeco Marine Accessories, world-leading experts in the selection, placement and technical support for marine transducers and NMEA networking products, announced today its partnership with non-profit organizations, the Impossible Dream and…
Mitsui O.S.K. Lines, Ltd. today announced that on July 5, 2015, the MOL-operated bulk carrier Spring Zephyr safely rescued all three survivors clinging to driftwood 165 km east of the island of Mindanao, the Philippines.Details of the…
Trine Sæther Romuld has informed Kværner ASA that she resigns from her position as non-executive Director and Chair of the Board's Audit Committee of the Company with immediate effect. This is due to change in employment to a position without opportunity to hold directorships…
The port of Baku on the Black Sea is Azerbaijan’s largest port. Now to support its further development it is calling on the know-how and expertise of the port of Antwerp. For this purpose the management of Baku International Sea Trade Port…
Platts, a leading global energy, metals, petrochemicals and agriculture information provider, announced today that it has acquired Petromedia, a specialist provider of news and analysis for the shipping and oil industries. The purchase helps…
In order to meet demand and keep the system moving, all available back-up Washington State Ferries vessels will be called into service while two larger ferries are out for emergency repairs between Monday, July 20, and Wednesday, July 22…
Unpredictable markets and continuing marine claims volatility means the international shipping industry is facing a particularly challenging time, says Pratap Shirke, chairman of North P&I club. His comments are published today (16 July 2015) in the 170 million GT…
When it comes to innovation in new boats, few hold a better record than the Norwegians. As pioneers in the salmon farming industry they have several decades of innovation in maintaining the farms and in transporting fish from farm to market as well as developing work vessels to support the farms…
South Australian defence shipbuilding company ASC has axed 101 blue collar jobs from its facility at Osborne near Port Adelaide. The submarine and shipbuilder ASC has let go 101 contractors from its facility in Adelaide in a move it says…
A flotation of a minority stake could value the world's fourth-largest shipping group German-Chilean Hapag-Lloyd AG at more than 5 billion euros ($5.5 billion) and could take place as early as autumn. Hapag-Lloyd AG has already mandated investment banks Deutsche Bank AG…
Singapore Sovereign Wealth Fund Temasek Holdings has put Neptune Orient Lines (NOL) up for sale, says a Wall Street Journal (WSJ) report. The WSJ reported that Temasek was in talks with one buyer in recent months but the two sides could not agree on a price for the loss-making company…
Cosco Corporation has warned investors of an expected net loss for the second quarter ended 30 June 2015, as against a profit in the previous corresponding period. The company said the loss is mainly due to the low crude oil prices over…
Suez Canal revenues reached $5.4 billion in the fiscal year 2014-15, with a $3.7 million increase compared to the fiscal year 2013-14, says Cairo Post. This year’s revenues are the highest in the history of the canal with a slight increase than the previous year…
