Africa
BIMCO: January Tanker Deliveries at a Record High
Crude oil tanker deliveries reached a record high in January as 5.5 million dwt of the capacity entered the fleet so far this year, representing an increase of 220% from January 2016, BIMCO said citing preliminary data from VesselsValue. The month already accounts for 22% of the previous year’s tota
Drewry: Chemical Vessel Oversupply to Continue Squeezing Rates
The expected expansion of the chemical shipping fleet in 2017, driven by the large number of orders placed in previous years, will continue “squeezing rates on major routes over the next two years,” shipping consultancy Drewry said. Time charter rates weakened in 2016, especially for larger tankers,
New service company secures first contract in Tunisia
UES Seanic, a new company made by merging Aberdeen-based company Underwater Engineering Services (UES) and Houston-headquartered Seanic Oceans Systems, has won its first contract since the merger. The company said on Thursday that the newly formed business would support Oceana Subsea on a decommissi
Oil prices stabilise as Russia joins OPEC in production cut
By Henning Gloystein SINGAPORE (Reuters) – Oil steadied on Wednesday as Russia joined OPEC in cutting production to try to balance the market, although plentiful supply in places such as the United States dragged on prices. Brent crude futures <LCOc1>, the international benchmark for oil prices, wer
Alphaliner: A Hundred More Panamaxes Need to Be Scrapped
Despite a massive scrapping spree of classic Panamax containerships, the sector remains under pressure as up to one hundred further Panamaxes will need to be scrapped before the segment can regain its footing again, according to Alphaliner. A total of 130 Panamax units of 4,000 – 5,100 TEU were remo
Genesis to provide engineering support to BP
TechnipFMC’s subsidiary and a provider of engineering services for the oil & gas industry, Genesis, has been awarded two front-end engineering contracts by the UK oil major BP. Genesis said on Wednesday that the two frame agreement contracts with BP would cover conceptual, pre-FEED, and FEED stages
Mercator suffers setback in floating production unit sale
India’s Mercator Limited has informed that the sale of the floating production unit (FPU) Virini Prem to Oriental Energy Resources has been delayed due to process reasons. The sale of the FPU Virini Prem was agreed on December 9, 2016, at which time Oriental agreed to pay $76 million for the FPU. Th
OES teams up with IEC TC-114 on OTEC
Ocean Energy Systems (OES) has teamed up with the IEC TC-114 for the development of ocean thermal energy conversion (OTEC) standards.
UNEP: Gambia Program Helps Combat Coastal Erosion
The West African country of The Gambia is prone to flooding and coastal erosion, said the United Nations Environment Program (UNEP) in its latest study. The River Gambia, which passes through it, is both a source of livelihoods for communities and at the same time can become an environmental hazard
IECRE marine energy standardization making progress
The Marine Energy Operational Management Committee (ME-OMC) held a meeting in Paris to discuss rules for the conformity assessment for marine renewable energy industry.
BIMCO: Supply-Side Crucial for Boxship Market Recovery
The demand for container shipping grew steadily in 2016 improving the fundamental balance in the market in the second half of the year, driven by decisive actions by shipowners selling excessive tonnage for demolition, according to BIMCO. An early assessment of the overall market demand growth rate
CMA CGM Enhances Turkey-North Africa Coverage
French container shipping major CMA CGM has launched Turaf Express, a new service linking Turkey, Tunisia and Libya via Malta. The company has deployed three 1,100 TEU containerships in the service, which commenced on January 20, 2017. Turaf Express is said to be the first CMA CGM service to offer a