Africa
Tullow swings to loss. Suspends dividend
Tullow oil, an independent oil and gas explorer and producer focused mainly on Africa, has today reported loss after tax of $1.64 billion for the full year 2014, versus a profit of $216 million in 2013. The group said its revenues fell 16% to $2.2 billion due to oil price decline in the second half
Marine Fuel Improves in Quality
The early results for 2015 show that there has been a marked improvement in bunker fuel quality, the International Bunker Industry Association (IBIA) said. According to the data gathered by Intertek ShipCare, 8% of samples tested in 2015 reported off-spec, compared with 10% in 2014. ”Test figures fo
Sogester Invests in Dredging
The Port of Luanda dredging program is nearing its completion, announced Sogester – Terminal Management Company SA. Due to the development of the port sector, Sogester decided to invest in dredging, aiming to achieve an 11.7 meters pier depth. This dredging scheme started on December 26, 2014, and t
Drybulk Shipowners Pool Capesizes
Bocimar International NV, CTM (C Transport Holding Ltd), Golden Union Shipping, Golden Ocean Group and STAR BULK CARRIERS have announced the formation of a new joint venture company, Capesize Chartering Ltd. The joining of forces comes as neither of the parties owns, controls or manages sufficient C
Drewry: Ordering Spree Could Lead to Tanker Market’s Ruin
A steep rise in vessel orders risks bringing the recent bonanza in oil tanker shipping to an abrupt end, according to the latest edition of Drewry’s Tanker Forecaster. Following recent modest growth, the oil tanker fleet is expected to reach new heights by 2016, climbing to 371 million dwt, Drewry e
Ghanaian wave energy project kicks off
The trial phase for the proposed wave energy plant at Ada Estuary, Ghana, is scheduled to begin next month. The first phase of wave energy generation trials will begin with the construction of 8MW power plant and the production is expected to increase up to 1,000MW by the end of 2015. Installation w
Picture of the Day: ‘Artemis’ in New Suez Canal
The New Suez Canal dredging program is moving ahead. The Van Oord’s self-propelled cutter suction dredger ‘Artemis’ arrived two days ago at the site and started work immediately. The project was inaugurated by the Chairman of the Suez Canal Authority Mohab Mamish in the presence of Egyptian Presiden
ILO Revises Seafarers’ Identity Documents Convention
International Labour Organization (ILO) held a tripartite meeting of employers, seafarers’ unions and governments in Geneva last week, to consider possible adjustments to the Seafarers’ Identity Documents Convention (Revised), 2003 (ILO 185), the International Chamber of Shipping, shipowners’ repres
CLIA Sees Signs of Growth
23 million passengers are expected to sail on cruise ships in 2015, a four-percent increase over 2014 estimates of 22.1 million, Cruise Lines International Association (CLIA) predicts in its annual State of the Cruise Industry Report. 61 percent of North American CLIA-certified travel agents have re
Sterling joins Tullow in Mauritania
Sterling Energy Plc will buy a 40.5% interest in the Production Sharing Contract for Block C-3, located offshore in the Islamic Republic of Mauritania from Tullow Oil. Sterling will assume a 40.5% participating interest in the PSC from Tullow, including an entitlement to a corresponding interest in
Get Ready for IADC’s South Africa Seminar
Preparation are well underway for the International Association of Dredging Companies’ (IADC) seminar on dredging and reclamation that will be held next moth, March 23-27, in Cape Town. The event is being organized for (future) decision makers and their advisors in governments, port and harbor autho
AGR nets deal to increase Lukoil’s drilling efficiency
AGR has announced a contract win to optimise drilling performance with LUKOIL Overseas, the operator of LUKOIL’s international upstream projects. The contract covers LUKOIL’s drilling operations in several territories internationally, including Middle East, Black Sea, Africa and Central Asia. AGR sa