Africa
CHEC Secures Port Expansion Project in Guinea
China Harbor Engineering Company Ltd. (CHEC), a subsidiary of China Communications Construction Company (CCCC), recently won a major port expansion project in Conakry, Guinea. The contract that was signed in late October is estimated to be worth around $774 million. Conakry Port is the fourth-larges
Ophir, OneLNG to form Fortuna FLNG joint operating company
Ophir Energy and OneLNG, a joint venture between Golar LNG and Schlumberger, signed a shareholders agreement to establish a joint operating company to develop the Fortuna FLNG project off Equatorial Guinea.
Ophir forms joint company to develop Fortuna FLNG project
A joint venture company has been established to develop the Fortuna FLNG project, in Ophir-operated Block R, offshore Equatorial Guinea, with final investment decision (FID) targeted for the first half of 2017. Ophir Holdings & Ventures LTD, a wholly owned subsidiary of Ophir Energy, and OneLNGSM, a
Drewry: Slow Dry Bulk Market Recovery Is Underway
Moderating vessel supply growth over the next few years, combined with a mild improvement in the outlook for seaborne trade, is set to enable a reduction on chronic overcapacity and so mark a recovery in the dry bulk shipping market, according to shipping consultancy Drewry. Capesize one-year time c
Rana Wraps Up FSO Gaza Diving Job for Emas
Italian diving specialist Rana has completed diving campaign for Emas for the installation and hook-up of the new FSO Gaza at Bouri Field offshore Libya. The FSO Gaza will replace the FSO Sloug at Bouri field located 120 kilometers north of the Libyan coast in the Mediterranean Sea in water depths b
Tullow On Track with Jubilee Field FPSO Repair
UK-listed oil and gas player Tullow informed on Wednesday that Jubilee field FPSO turret remediation project is progressing as planned. The interim spread-mooring of the vessel on its current heading is on track to be completed by the end of 2016. To remind, in April this year, Tullow notified that
Tullow pushes forward with Jubilee FPSO repairs
Oil and gas company Tullow Oil is pushing forward with repair works on the Jubilee field FPSO, offshore Ghana. Tullow, the operator of the Jubilee field, said in an update on Wednesday that the Jubilee field FPSO turret remediation project is progressing as planned and that the interim spread-moorin
VDR: Risk of Pirate Attacks Remains High
The German Shipowners’ Association (VDR) has once again warned that the threat to shipping posed by pirates has not yet been eliminated as the risk of attacks remains high around the Horn of Africa. The warning was made only days after an alleged pirate attack on a German tanker some 300 nautical mi
ICS: IMO Could Set Initial CO2 Reduction Goals by 2018
The recent International Maritime Organization (IMO) agreement on a CO2 Road Map for shipping is a significant decision giving further impetus to the substantial CO2 reductions that are already being delivered by the global industry, according to the International Chamber of Shipping (ICS). “We are
Oil stumbles as Trump stuns markets with White House win
By Henning Gloystein SINGAPORE (Reuters) – Oil prices tumbled on Wednesday as Donald Trump stunned the world by winning the U.S. presidential election, throwing global markets into turmoil in a result reminiscent of June’s Brexit vote. Crude futures markets roared into action, with trading accelerat
Drewry: Fleet Oversupply to Weaken Chemical Shipping Rates
Softening seaborne trade and rising fleet growth are expected to depress chemical shipping freight rates over the next few years, according to shipping consultancy Drewry. Spot rates collapsed in the third quarter as some charterers who usually fix their cargoes on contract took advantage of low spo
THE Alliance Unveils Services Network
The members of THE Alliance have revealed plans to deploy a fleet of more than 240 ships covering 31 services in the Asia/Europe, North Atlantic and Trans-Pacific trade lanes including the Middle East and the Arabian Gulf/Red Sea starting from April 2017. The network of services would connect more t