Africa
Oil falls close to three-month low as oversupply weighs
By Karolin Schaps LONDON (Reuters) – Oil prices fell close to three-month lows on Wednesday after U.S. industry data showed weekly oil stocks declined by less than expected, feeding into concerns over persistent oversupply dragging down prices. Global benchmark Brent crude <LCOc1> was on track for t
Salvors Switch MV Benita’s Towline Connection
As the bulk carrier MV Benita settled deeper into the water while being towed to the Indian coast, the salvors needed to switch the towline connection as towing by the stern “was no longer possible,” the Greek company Five Ocean Salvage said. Namely, the 44,183 dwt vessel will now be towed from the
Anadarko posts Q2 loss, Mozambique LNG moving forward
Woodlands-based Anadarko posted better-than-expected results for the second quarter of this year as the company reduced costs amid low oil and gas prices. Anadarko reported a net loss of $692 million, or $1.36 per share, in the second quarter, compared with a profit of $61 million, or 12 cents per s
USD 43.8 Bn Fleet Awaiting Delivery in 2016
During the first half of 2016, some USD 28.4 billion worth of vessels have been delivered to their respective owners, while over USD 43.8 billion worth of ships is left on the orderbook to be delivered by year’s end, according to data provided by VesselsValue. So far this year, a grand total of 905
Xeneta: Container Shipping’s Peak Season Weakens?
Due to a glut of surplus capacity in the container shipping industry, the peak season seems to have lost its previous impact, which was instead spread out through the year, the market intelligence platform for containerized ocean freight Xeneta said. As the traditional peak shipping season is fast a
MV Benita Being Towed to Indian Coast
Following the refloating of the bulk carrier MV Benita on July 23, the Greek owner of the vessel Unit Maritime is making arrangements to tow the vessel to Alang, India. Tug Ionian Sea FOS with salvage crew on board remains connected to the 44,183 dwt bulker and is currently towing at slow speed towa
OPDR to Expand Presence in Russia
German short sea container shipping company Oldenburg-Portugiesische Dampfschiffs-Rhederei (OPDR), a subsidiary of French giant CMA CGM, has revealed its plans to open a new agency in Saint Petersburg, Russia, on August 1. With this move, the company said that it will reinforce its presence in the B
Damen to Build Angola’s Fishery Research Vessel
Damen Shipyards Group has received an order for a 74-meter fishery research vessel from the Angolan Ministry of Fisheries. The vessel, designed by Skipsteknisk (FRV 7417), will be the forth Damen delivers to the Angolan Ministry of Fisheries following the two 62-meter fishery inspection surveillance
CMA CGM Reopens Regular Service from Barcelona to Djen Djen
French container shipping company CMA CGM NAF Lines is relaunching a regular service from Barcelona, Spain, to Djen Djen, Algeria, within its EURONAF service, effective immediately. First departure from ETS Barcelona was scheduled for July 15, with an estimated time of arrival to Djen Djen on July 1
IMB: Maritime Crimes Hit Lowest Levels in Decades
Piracy and armed robbery at sea have fallen to their lowest levels since 1995, despite a surge in kidnappings off West Africa, according to a report from the International Chamber of Commerce’s International Maritime Bureau (IMB). IMB’s global piracy report shows 98 incidents in the first half of 20
Pirates Attack Cable Layer in Red Sea
Pirates have attacked a cable laying vessel during operations in the Red Sea on Friday, International Chamber of Commerce (ICC) informed. Sixteen pirates in two skiffs armed with AK47 and an RPG reportedly approached and fired upon a cable laying vessel. The master of the vessel activated ship secur
Oil prices dip on ongoing oversupply, economic headwinds
By Henning Gloystein and Osamu Tsukimori SINGAPORE/TOKYO (Reuters) – Oil prices held near two-month lows on Monday amid worries that a global crude and refined product glut would weigh on markets for some time to come. International Brent crude oil futures <LCOc1> were trading at $45.51 per barrel a