Africa
Readers’ Picks of the Week (Nov 30 – Dec 4)
Grand Princess’ Engine Room Catches Fire Due to a fire which broke out in the engine room aboard the cruise ship Grand Princess the vessel lost power for a short period of time in the early hours on Monday a… Read More The World’s First Smart Ship About to Be Born The world’s first smart […]
Highlights of the Week
Subsea World News has put together a recap of the most interesting articles from the previous week (December 01 – December 06). The Houston-based oilfield services major, Schlumberger, said it will further reduce its workforce in light of expected reduced activity for 2016. As a result, Schlumberger
Top news of the week December 1-5, 2015
Teekay LNG, Samsung C&T, GIC to build Bahrain’s LNG terminal The government of Bahrain firmed up agreements with a consortium comprising Teekay LNG, Samsung C&T and Gulf Investment Corporation to build an LNG terminal in the country. Nigeria LNG commissions LNG quartet Bonny Gas Transport (BGT), a u
Drewry: Tanker Rates Capped Out, Set to Weaken from 2016
Tanker shipping rates are set to decline from current highs in 2016 with the forecast decline in crude oil trade due to ample stocking, and expected fleet expansion, according to the latest edition of Drewry’s Tanker Forecaster. Tanker market enjoyed high freight rates due to the buoyant crude oil t
Dry Bulk Owners Keeping Their Cool Despite Tempting Newbuild Prices
Dry bulk owners seem to be resisting the temptation of ordering new ships despite currently low newbuilding prices for dry bulk ships that have just passed the lows of 2012 and are now at the lowest level since 2003, according to BIMCO. “The fact that ship owners have refrained from ordering new dry
IUMI Calls for Action on Rising Cargo Theft
Marine insurer IUMI has called for the introduction of a range of measures to help reverse the worrying increase in cargo theft globally. During the IUMI conference in Berlin, the association published a position paper which points out that cargo theft is no longer confined to high-value goods and t
Ocean Installer Secures First Job in Nigeria
Ocean Installer has been awarded a contract for field development work in Nigeria for Folawiyo Aje Services Limited. The contract starts with immediate effect. Ocean Installer will perform the offshore construction of the Aje Ph1 project off the coast of Nigeria. The scope of work includes mooring b
Ocean Installer takes part in Aje field development
Norway’s Ocean Installer has been awarded a contract for field development work in Nigeria for Folawiyo Aje Services Limited. In a statement on Friday, Ocean Installer said it would perform the offshore construction of the Aje Ph1 project off the coast of Nigeria. The scope of work includes mooring
Pancontinental raising $2.2 million
The Australian-listed Pancontinental Oil & Gas NL announced December 4 that it has completed a bookbuild for a placement to raise up to $1.2 million. The company will issue of up to 300 million fully paid ordinary shares at an issue price of 0.4 cents per share. In addition to this, the Board of Pan
No Slowdown for the Cruise Industry
The cruise industry shows no signs of slowing down, with nearly 24 million passengers expected to sail in 2016, a dramatic increase from 15 million just 10 years prior (2006), Cruise Lines International Association (CLIA) said in its 2016 State of the Cruise Industry Outlook. CLIA also revealed that
Dry Bulk Market to Regain Profitability in 2017
The struggles of dry bulk shipping companies to recover their costs are to resume for at least the following years as the gloomy outlook for the dry bulk shipping market continues. Ship owners’ efforts to recover their costs by downsizing their vessel holdings is expected to enable oversupply to red
Eni, Anadarko working to bring Mozambique’s gas online
U.S. Anadarko Petroleum, and Italian Eni, the operators of Offshore Areas 1 & 2, in Mozambique, have signed a unitization and unit operating agreement for the development of the massive natural gas resources that straddle the two blocks. Under the terms of the signed agreements and previously announ