Marine transporter Qatar Navigation (Milaha) recorded a 51.7 percent decrease in its net profit for the first half of this year, impacted by a global downturn in the maritime industry. Milaha’s net profit dropped to QAR 267 million (around USD 72.8 million) in 1H 2017 from QAR 553 million (USD 150.7
Dubai-based port and terminal operator DP World has seen its Long-Term Issuer Default Rating (IDR) upgraded to BBB+ from BBB and Short-Term IDR affirmed at F2 by ratings agency Fitch Ratings. Fitch Ratings added that the rating outlook is stable. This follows on Fitch’s rating upgrade in August 2016
Saudi Aramco has acquired Teledyne Offshore Surveyor AUV system. The Gavia AUV system is expected to enhance Saudi Aramco’s agility in meeting high demands for hydrographic survey services through the company’s in-house survey operations. The Gavia system will be utilized predominantly for debris su
Global schedule reliability improved 2.3 percentage points to 74.6% in the second quarter of 2017, from 72.3% in reported in the previous quarter, according to market intelligence provider SeaIntel informed. Although the score increased on a quarterly level, it dropped by 10.4 percentage points on a
Dredging Today Conference (DTC) proudly confirms Mark van Zanten, Senior Project Manager at Royal HaskoningDHV, as speaker during the event. DTC, set to take place on 9 and 10 October 2017 at Amsterdam RAI, will offer a forward-looking agenda for the industry addressing economic, social and environm
Spot rates in the Asia to Middle East market are seeing the most traction as container shipments on the route improved by 1.6% year-on-year in May, according to shipping consultancy Drewry. Although volumes registered in the first five months of 2017 were down by 2.6% to 1.3 million TEU, freight rat
Borr Drilling, a recently established offshore drilling company, has appointed a new chief executive officer (CEO) of the company. The company said last Friday that it chose Simon Johnson as the new CEO. Johnson most recently served as a senior vice president of marketing & contracts at another offs
National Shipping Company of Saudi Arabia (Bahri) has joined a meeting with the International Maritime Organization (IMO) to talk about Saudi Arabia’s candidacy for the membership of the IMO Council under Category (C). In line with its constant support to Saudi government initiatives and the role it
Dredging Today brings you an overview of the most popular stories from the past week (July 24–30, 2017). Vision Marine Bags Saada Land Reclamation Deal The Bahrain Real Estate Investment Edamah has signed an agreement with Vision Marine to undertake the reclamation work for the beachfront Saada Pr
Tidal Energy Today has compiled the top news from tidal and wave energy industry from July 24 – 30, 2017.
The containership orderbook has diminished by 30% in capacity terms since the start of 2016 and in the first half of 2017 it totalled less than 40,000 TEU, Clarksons Research said. However, there are several important aspects of the orderbook to consider, including the change in the overall size of
The preparations for the first annual Dredging Today Conference, which will take place on 9 and 10 October 2017 at Amsterdam RAI, are progressing according to schedule. We are pleased to announce that Richard Brakenhoff, Industry analyst at Rabobank, has confirmed his participation to our first Dred
Ensco, one of the world’s largest drilling contractors, posted a $45.6 million net loss for the second quarter 2017, a steep drop compared to the $590.6 million profit in the same quarter a year ago. Revenues in the second quarter of 2017 were $458 million, compared to $910 million a year ago. Exclu
Recent developments in the crude tanker market, such as the delay in the IMO Ballast Water Management Convention and the OPEC meeting on Monday, are expected to add downwards pressure to the ailing sector. The OPEC meeting at St Petersburg on Monday, Saudi Arabia declared that they would cap crude o
