Africa
Gunmen Attack Bulker off Nigeria
A bulk carrier was attacked off Nigeria on March 8 when seven gunmen approached in a skiff and fired upon the ship underway. The attack occurred around 106 nautical miles southwest of Bayelsa Coast, according to data provided by the International Chamber of Commerce (ICC) International Maritime Bure
Oil edges off three-month low, but glut worries fester
By Aaron Sheldrick TOKYO (Reuters) – Crude prices inched up on Friday after dropping to their lowest in more than three months the session before, pressured by concerns that a global supply glut is proving stubbornly persistent. U.S. West Texas Intermediate crude (WTI) <CLc1> was up 17 cents, or 0.4
Defer, wait, repeat: newbuild jackup delivery outlook not improving (Bassoe)
While delivery dates for the 107 jackups under construction get pushed back toward 2020, the path to achieving deliveries couldn’t be more obstructive. By David Carter Shinn Last week, COSCO Shipyard announced that it “sees no notable upturn in the global market any time soon” and will close three
Ports Event to Take Place in Kenya on March 20
On March 20 and 21, 2017, Sarova Whitesands Hotel in Mombasa, Kenya, will host the African Ports Expansion Conference, an event aimed to discuss modernization of African ports and increasing cargo and freight capacity to handle more traffic. Africa is experiencing a major surge in trade with growing
OPEC’s Barkindo: Russia doing a good job on production cuts
OPEC Secretary General Mohammad Barkindo has praised Russia’s commitment to the oil production cuts Opec and Non-Opec had agreed in December 2016. Asked about Russia’s level of compliance the OPEC Secretary General this week confirmed Russia had said from the start that it wouldn’t immediately be ab
BIMCO: Dry Bulk Fleet Tops 800 Mn dwt
Driven by a drop in dry bulk demolition and a surge in deliveries, the dry bulk fleet grew by 2.6% year-on-year in January 2017 exceeding 800 million dwt, according to shipping association BIMCO. Dry bulk demolition was halved in the first month of 2017 when compared to the same period a year earlie
Our New Dredging Vessel Directory Available!
Our new Dredging Vessel Directory (DVD), featuring more cutter suction dredgers (CSD) than the last year’s edition, is now finished and available online! Being introduced for the first time today at the IRO-CEDA meeting in Voorschoten, the new directory, which will provide the dredging industry with
Ophir set to drill Ivory Coast wildcat in May
Oil company Ophir Energy is planning to spud an exploration well off Ivory Coast in May with the Seadrill-owned drillship West Saturn. Ophir entered the country in 2016 by signing a production sharing contract with African Petroleum for Block CI-513. The agreement entailed drilling an exploration we
THE Alliance Unveils Safety Net in Case of Bankruptcy
The five member lines of THE Alliance said that they will establish an independent trustee to manage funds to be used if one of the carriers suffers a bankruptcy. Through the contingency plan, the fund will be used to continue alliance operations in the event of insolvency of one or more members of
Eni agrees Mozambique LNG development stake sale to ExxonMobil
Italian oil and gas company Eni agreed to sell its 25 percent interest in gas-rich Area 4 block offshore Mozambique to ExxonMobil for a cash price of approximately US$2.8 billion.
ExxonMobil takes stake in Eni’s block off Mozambique for $2.8B
Oil major ExxonMobil and the Italian oil company Eni have signed a sale and purchase agreement to enable ExxonMobil to acquire from Eni a 25 percent indirect interest in the natural gas-rich Area 4 block, offshore Mozambique. Eni currently holds a 50 percent indirect share in the block through a 71.
Ophir drives Fortuna FLNG closer to FID
Ophir Energy, a London-listed oil and gas company, expects to take the Final Investment Decision (FID) for the Fortuna FLNG project in Equatorial Guinea by mid-2017. The company is working on developing the gas reserves found in the Block R, offshore Equatorial Guinea, through a floating LNG (FLNG)