Africa
Dry Bulk Shipping Earnings Set for Comeback
Despite weak freight rates so far this year, dry bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities rises, according to the Dry Bulk Forecaster report published by shipping consultancy Drewry. Freight rates have been depressed due to a continuing overs
Chariot Secures New Licences Offshore Namibia
Chariot Oil & Gas Limited announces an update on its Namibian portfolio, its repositioning in the region and forward work programmes across these licences. These steps improve Chariot’s negotiating position in partnering discussions and provide further commercial optionality. The move also aligns th
Fitch: Big guns could target smaller offshore drillers
The cyclical downturn in the offshore oil and gas-drilling market may provide an opportunity for drillers with financial flexibility to buy high-yield peers at favorable prices, Fitch Ratings says.
Bigger Ships Needed for US Ethane Boom
Lloyd’s Register has issued a report entitled Seaborne Ethane: a Report into the Commercial Need and Technical Requirements for Very Large Ethane Carriers that looks at the commercial landscape, regulatory issues and technical realities of a new trade in ethane emerging as a result of increased US g
DP World’s Newly Added Capacity Bearing Fruit
Global marine terminal operator DP World has recorded strong financial results from its global portfolio of marine terminals for the six months to 30 June 2014, delivering profit attributable to owners of the company before separately disclosed items of $332 million, 40.8% ahead of the first half of
Drillers to Favor Buying over Building?
The cyclical downturn in the offshore oil and gas-drilling market may provide an opportunity for drillers with financial flexibility to buy high-yield peers at favorable prices, rating agency Fitch Ratings said. In this environment, master limited partnerships (MLPs) may provide additional financial
New Equipment Arrives at Suez Canal Project
Around 17.5 million cubic meters of material have been dug so far at the newly-launched Suez Canal Project, military spokesman Brigadier Mohamed Samir said. In a statement, Samir noted that some 52 companies are now working at the project site. He added that new equipment were imported from aboard f
Chariot renews Namibian licence. This time without drilling commitment
Chariot Oil & Gas, has been awarded a new licence for Blocks 2312A&B and 2412A&B, now renamed as Blocks 2312 and 2412A (the Central Blocks), offshore Namibia.
DP World: Strong Financial Results in 2014
Global marine terminal operator DP World announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2014, delivering profit attributable to owners of the Company before separately disclosed items of $332 million, 40.8% ahead of the first half of 20
Ackermans & van Haaren Posts 2014 Half-Year Results
Ackermans & van Haaren realized a net profit in the first half of 2014 of 96.4 million euros, an increase by 1.6 million euros (+1.6%) over last year. The increase of the half-year profit is primarily thanks to a substantial improvement (+31.9 million euros) in the result of the participations, amou
Deadliest Week in Mediterranean
More than 300 people died while trying to make irregular sea crossings from North Africa to Europe in the past week, bringing the death toll this year from sinking vesels on the Mediterranean to almost 1,900, including some 1,600 since June, according to UNHCR. “The past few days have been the deadl
C&I Leasing, Svitzer sign MOU
C&I Leasing signed an MOU with Svitzer, a unit of Maersk Group, a global shipping and offshore services group, to collaborate towards obtaining a contract with Nigeria Liquefied Natural Gas for terminal support tugs and pilot vessels. Under the terms of the MOU, it is intended that Svitzer will prov