Africa
Key Challenges to Paying Seafarers during Captivity
In light of increased maritime piracy attacks, especially off the Horn of Africa, which often include hijacking of seafarers, employers are facing new challenges. Namely, employers are obliged to pay salaries to their workers while in captivity, however, an issue arises on the duration of that payme
Bassoe: Forget rig oversupply, the offshore rig market presents opportunity
The world is awash with more offshore rigs than it will ever need. But established rig owners can ignore that and focus on the market recovery. By David Carter Shinn Certain trends which signify a rig market recovery have emerged insidiously over the past four months. Now they’re obvious enough to
Siem Offshore finds work for eight vessels (GALLERY)
Shipping company Siem Offshore has been awarded charter contracts for eight vessels for work across four continents. Namely, Siem said on Friday that it found work for four anchor handling tug supply (AHTS) vessels, two platform suppliers (PSVs), and two offshore subsea construction vessels (OSCVs).
IMB: Pirates Take Eight Crew from Tug off Nigeria
Eight crewmembers have been kidnapped by armed pirates from an offshore tug off the coast of Brass, Nigeria, according to data released by the IMB Piracy Reporting Centre. The pirates boarded the tug while it was some 10.8 nautical miles south of the coast of Brass in the morning hours of April 19.
Moore Stephens: Shipping Pools – Potential Traps for the Unwary
Pressured by difficult markets and periods of economic uncertainty, shipping companies often turn to pool arrangements, not being aware of the financial, tax and jurisdictional implications of participating in such deals. As “shipping pools can be an attractive option,” the international accountant
Oil prices to revolve around $60–70 in next three years, MEI says
McKinsey Energy Insights (MEI), a specialist energy data and analytics unit within McKinsey consulting firm, has released its latest Global Oil Supply and Demand Outlook, which claims that oil prices will revolve around $60–70/bbl over the next three years. The report identifies five potential suppl
Gov’t approves Guinea concession farm-out to SAPETRO
Hyperdynamics’ subsidiary, SCS Corporation (SCS), South Atlantic Petroleum (SAPETRO), and the government of Guinea have executed a third amendment to the 2006 production sharing contract (PSC), which will enable the transfer of interest in the Guinea concession to SAPETRO. The second amendment, whic
VLCC, Suezmax Fleet Sees Less Ton Miles in Q1
The global very large crude carrier (VLCC) and Suezmax fleet completed 4.6% less ton miles during the first quarter of the year compared to the fourth quarter of 2016, according to VesselsValue. The fleet’s reach was over 2.5 trillion ton miles in the first three months of 2017, with a reduction in
Portugal books Nigerian LNG cargo
REN-operated Sines LNG import terminal in Portugal is to receive a new cargo of the chilled fuel from Nigeria.
Marine Survey Completed for Angola – Brazil Subsea Link
Angola Cables informed that marine survey for the South Atlantic Cable System (SACS) has been completed and that the cable loading started on the Angolan side of SACS. When completed, SACS will interconnect with the Monet cable system — connecting the United States and Brazil — and WACS, the West Af
Alphaliner: Vessel Demand Rises with New Alliances
With the launch of the new carrier alliances on the east-west trades on April 1, 2017, the demand for vessels and the final tally of containership tonnage is set to increase by 5% in TEU capacity and by 4% in vessel count compared to March, according to Alphaliner. Compared against the peak season d
Solstad in ‘Normand Cutter’ charter with Saipem
Norwegian offshore shipping specialist Solstad has signed a frame agreement with Saipem for the use of its construction support vessel Normand Cutter. According to Solstad, the frame agreement with Saipem’s Portuguese subsidiary is valid for 4 years. Through this agreement, Saipem can utilize the “N