Business & Finance
OKEA dives deeper into the red
OKEA sank deeper into the red in the first quarter of the year affected by lower oil and gas prices and sales volumes resulting in impairments of over $60 million.
MHI Vestas and Swancor confirm blade materials contract in Taiwan
MHI Vestas has finalized the contract with Swancor to locally source offshore wind turbine blade materials in Taiwan. According to MHI Vestas, the scope of the contract covers a significant percentage of the direct materials value of overall blade manufacturing, including carbon tow, carbon pultrusi
Norwegian Cruise Line targets half a billion worth of cost cuts
On the heels of a significant economic blow from the suspension of global cruises due to the COVID-19 pandemic, Norwegian Cruise Line Holdings has had to launch a serious cost-cutting mission to stay afloat. In its latest business update, the cruise line company said that it was targeting a $515 mil
Living Shoreline Project in East Providence
The Nature Conservancy (TNC) is partnering with the Rhode Island Coastal Resources Management Council (CRMC) and the City of East Providence to test the effectiveness of “living shoreline” erosion controls at Rose Larisa Park. The construction contract was awarded to SumCo Eco-Contracting of Salem,
Report: Inpex sells Ichthys LNG cargo at record low price
Japan’s Inpex has reportedly sold a liquefied natural gas cargo produced at its Ichthys plant in Australia for a record low price. Inpex had offered two cargoes for loading in May and has sold at least one of them at about $1.70 to $1.75 per million British thermal units, Reuters reported on Tuesday
Fountain Lake Dredging Project Continues
Dredging has resumed on Edgewater Bay to remove the remaining material from the Bayside Water Ski Show area, informs the Shell Rock River Watershed District. According to the officials, this will conclude Phase 1 of the multi-phased project. The dredging contractor, J.F. Brennan, will then mobilize
BP profit slips on demand destruction and low prices
BP reported a significant decline in its quarterly profit due to lower prices and the destruction of oil demand by the coronavirus crisis.
Q1 demand for Alfa Laval’s scrubbers down
Swedish engineering group Alfa Laval saw a significant drop in demand for its exhaust gas cleaning systems (scrubbers) during the first quarter of this year, the company said in its quarterly report. The order intake was down year-on-year amid general uncertainty around retrofit yard slot availabili
Annual Weipa Dredging Program Starts Soon
North Queensland Bulk Ports Corporation (NQBP) has just announced that the trailing suction hopper dredger (TSHD) Brisbane is about to begin work within the Port of Weipa from early May 2020. “Regular maintenance dredging ensures efficient, navigable shipping depths for our port users,” NQBP CEO Nic
NYSE to delist Diamond shares after bankruptcy filing
Following its filing for Chapter 11 bankruptcy protection, Diamond Offshore Drilling has received a delisting notice from the New York Stock Exchange (NYSE).
Indonesia’s PLN cancels two Tangguh LNG cargoes
Indonesia’s state power company PT Perusahaan Listrik Negara has reportedly cancelled two shipments of liquefied natural gas from the BP-operated Tangguh plant. The cargoes of around 213 billion British thermal units per day were for May delivery, Reuters reported on Tuesday citing Arief Setiawan Ha
Works Kick Off on Maroochy Groyne Field Renewal
Work is underway on the Maroochy Groyne Field Renewal project to help maintain and protect the Cotton Tree coastline from erosion, after some sections of the existing structures were identified for renewal, reports Sunshine Coast Regional Council. The groyne will be renewed with geotextile container
Helge Møgster resigns as DOF chairman
Norwegian supply shipping company DOF said that Helge Møgster will resign as its chairman of the board. Helge Møgster is one of the main owners in the Møgster family’s holding company, Laco. Møgster, who has served as a cahirman of DOF for 18 years, will also resign as chairman in DOF Subsea. The no
Sea-Intelligence: We are at the peak impact of the pandemic in terms of blank sailing
Danish consultancy Sea-Intelligence believes that the container shipping market has reached the peak impact of the pandemic in terms of blank sailings. Voiding of sailings has been a dominating technique adopted by liners to adapt to the drop in demand caused by the COVID-19 pandemic, to cut costs a