Africa
Freight Rates About to Plunge Again
Freight rates are likely to fall further as carriers stand firm in their reluctance to reduce capacity on the Asia-Europe and transpacific trades in the winter slack season, Alphaliner warned. The overcapacity-plagued market coupled with upcoming delivery of newbuilds are expected to exert further p
Tanker Scrapes Bottom off Durban
Eastern Pacific Shipping reported that an incident involving the vessel m.t. Pacific Quartz took place off Durban, South Africa on October 3, 2014. While proceeding into the port, with a port pilot on board, the vessel touched bottom in way of No. 6 starboard water ballast tank. The vessel proceeded
Kenya OKs WERPO’s 100 MW Wave Energy Project
Wave Electricity Renewal Power Ocean Ltd (WERPO) was granted official approval for the establishment of a 100MW power plant on the Kenyan coastline by the Ministry of Energy. The installation of the power plant will be executed in cooperation with a local company Sea Wave Gen. To minimize implementa
Kenya OKs WERPO’s 100 MW Wave Energy Project
Wave Electricity Renewal Power Ocean Ltd (WERPO) was granted official approval for the establishment of a 100MW power plant on the Kenyan coastline by the Ministry of Energy. The installation of the power plant will be executed in cooperation with a local company Sea Wave Gen. To minimize implementa
Shipping Industry Will Need USD 1.4 Trillion over Next Decade
Financing of the shipping industry is again on the agenda as new investments are needed to keep up with the upcoming fleet renovation drive and market growth. According to Clarksons data, the cost of financing the shipping industry over the decade from 2014 to 2023 could be around USD 1.4 trillion,
Infographics: How to build an offshore oil platform
BP has shared an infographics on how to build an oil platform in six steps. The platform shown in the infographics is located in the Caspian sea, offshore Azerbaijan. The West Chirag platform (image) began producing oil from one of the pre-drilled wells – J05, on 28 January, 2014 . The oil first p
Spectrum gets Madagascar seismic data rights
Spectrum and OMNIS (Office des Mines Nationales et des Industries Stratégiques) in Madagascar have signed an agreement where Spectrum assumes exclusive brokerage rights to the majority of the vintage seismic data located both offshore and onshore Madagascar. The various datasets total over 69,000
New Seafloor Map Reveals Mysteries of the Deep
Accessing two previously untapped streams of satellite data, scientists at Scripps Institution of Oceanography at UC San Diego and their colleagues have created a new map of the world’s seafloor, creating a much more vivid picture of the structures that make up the deepest, least-explored parts of t
Report: Kosmos, Petrosen in $400M Senegal farm-in talks
The Senegalese national oil company Petrosen is set to sign a $400 million farm-in agreement with Kosmos Energy and Timis Corporation. Reuters reported on Saturday that Petrosen was set to sign the farm-in agreement with Kosmos Energy and Timis Corp. regarding its Cayar and St. Louis blocks, located
Suezmax Tanker Market on the Rebound
This year has seen a major comeback of the Suezmax tanker market prompted by the recent surge in newbuilding orders, after three years of very few orders, according to London-based shipbroker Gibson. The “mini” surge in the newbuilding market, caused by more regular spikes in the spot market, has se
Spectreum Gets Brokerage Rights for Madagascar Seismic Data
Spectrum and OMNIS (Office des Mines Nationales et des Industries Stratégiques) in Madagascar have signed an agreement where Spectrum assumes exclusive brokerage rights to the majority of the vintage seismic data located both offshore and onshore Madagascar. The various datasets total over 69,000 km
French Frigate Extensively Damaged by Violent Fire
A French Navy frigate had to be towed to naval base in Pointe De La Galets, La Reunion having been disabled after a severe engine fire that broke out on September 30th. The frigate Nivôse was steaming her way toward Mauritius in the Indian Ocean when the fire started. Fortunately, the frigate’s sist