Business & Finance
Second Comment Period for Charleston Peninsula Study
The Charleston Peninsula Coastal Flood Risk Management Study – a three-year, $3 million federal study to develop a feasible peninsula-wide coastal storm risk reduction plan – was released last month. In recognition of the importance of this project and circumstances associated with the COVID-19 pand
Hapag-Lloyd CEO: We are well-positioned to weather the storm
The COVID-19 pandemic seems to have shattered the ability of analysts to predict the outlook for the global economy putting a veil of uncertainty on different market prospects including shipping. Predictions are being revised downwards ever more frequently as new metrics and factors are being consid
Port of Long Beach bags $500 million loan
The Port of Long Beach has secured a $500 million loan from the U.S. Government to help finance a massive infrastructural project aimed at allowing larger ships to enter the port. “This $500 million federal investment reflects the President’s continued emphasis on infrastructure that will reduce tra
DOF books two charters while Skandi Acergy gets axed
DOF Subsea has received a notice of early termination of a two-year charter contract for the vessel Skandi Acergy, from an international client. The notice period is 60 days, and the termination of the charter contract will be effective on 1 July 2020. DOF Subsea should receive a termination fee aft
Scorpio Tankers bolsters liquidity, defers scrubber projects on 19 tankers
Monaco-based tanker owner and operator Scorpio Tankers has secured additional liquidity having received new loan commitments for debt repayment. The company said it had received a commitment for a new credit facility for up to $225 million. The loan, still to be finalized, is expected to consist of
Maersk Supply to axe jobs amid negative development in oil and gas market
Maersk Supply Services, a Danish offshore supply vessel provider, has decided to reduce its onshore organization due to challenging oil and gas market situation. In response to the negative development in the oil and gas industry, Maersk Supply Service said on Wednesday that it would reduce its onsh
Jan De Nul in 2019: Challenging Year for Dredging
Jan De Nul Group has just released their business figures for the past year, saying that in line with previous years, 2019 remained a challenging year for international dredging activities. Market conditions have not yet revived public and private investments. On the other hand, activity in the offs
Charter Contracting Wins Muddy River Deal
Phase 2 of the Muddy River Flood Risk Management construction project in Boston and Brookline, Massachusetts, will be completed under the terms of a $36.5 million contract issued by the U.S. Army Corps of Engineers, New England District. The non-Federal sponsors for the project are the Commonwealth
East Anglian offshore wind supply chain eyeing US market
Norfolk & Suffolk Unlimited is looking to export its supply chain expertise to the U.S. offshore wind market. A preliminary online event organized with the City of Virginia Beach saw 20 local businesses meet with operators and developers involved in the 2.6 GW Coastal Virginia Offshore Wind (CVOW) p
Port of Santos Dredging Kicks Off
The dredging operations at the Brazilian Port of Santos are officially underway, the port said in their latest announcement. This development program also includes the reinforcing of the structure for the installation of rails for new ship to shore cranes at TECON Santos, located on the left bank of
Bogojevo and Prahovo Expansion Plans on Display
The Ministry of Construction, Transportation and Infrastructure of the Republic of Serbia has awarded contracts for the preparation of technical documentation for the expansion of the Danubian ports of Bogojevo and Prahovo to two consortia. The contract for the expansion of Bogojevo Port is worth $7
Aker BP swings to loss over impairment charges
Aker BP sank to a net loss in the first quarter of the year after being hit by impairments due to a significant decline in oil and gas prices.
Greensea boosts European footprint with Wight Ocean
Richmond-based marine robotics firm Greensea is expanding its international presence to meet demand for its navigation, control, autonomy, and human-machine interface technology. Newport-based Wight Ocean will represent Greensea products to customers across Europe. This will include the Greensea INS
Petrofac bags $100 million in contract renewals
Oilfield services provider Petrofac has secured contract renewals in the UK totalling $100 million.