Omani government-owned Oman Shipping Company (OSC) has secured USD 227 million in debt to finance the acquisition of ten tankers, Reuters said citing France-based Societe Generale. Comprising a combination of commercial debt and export credit agency financing, the agreement covers the purchase of 50
Israeli shipping company ZIM has managed to return to profit in the fourth quarter of 2016, generating a net profit of USD 4.6 million and adjusted EBITDA of USD 43.9 million in Q4 2016. This is a significant improvement over Q3 2016 when ZIM posted a loss of USD 37.6 million on the back of [&hellip
Egyptian company Petrobel has extended a contract for Saipem’s jack-up rig for work offshore Egypt. According to data from VesselsValue, Petrobel extended the contract for the Saipem-owned Perro Negro 4 jack-up drilling rig by two additional years last Friday. The contract started on Wednesday, Marc
Very large crude carrier (VLCC) rates on the AG/Japan route tumbled by nearly w10 points within a day to w60 on Tuesday, according to Ocean Freight Exchange (OFE). The drop comes on the back of S-Oil placing its tanker Australis on subs for an AG/Onsan run at w54.75, as charterers “went for the jugu
The International Association of Dredging Companies (IADC) has just introduced the March 2017 edition of Terra et Aqua. Terra et Aqua is a quarterly publication of the International Association of Dredging Companies, emphasizing “maritime solutions for a changing world”, IADC said. It covers the fie
Global bunker fuel costs could rise by up to USD 60 billion annually from 2020, in a full compliance scenario, when the International Maritime Organization’s (IMO) 0.5% sulphur cap for bunker fuels kicks in, Wood Mackenzie said. With the implementation of the IMO regulation in 2020, the shipping ind
The International Association of Dredging Companies’ (IADC) International Seminar on Dredging and Reclamation will take place from March 26-30th 2017 in Abu Dhabi. The seminar starts Sunday, March 26th at 8:45 hrs and ends Thursday, March 30th at 17:30 hrs. This five-day course strives to provide an
By examining the correlation between carrier terminal ownership and the choice of port calls by the 2M and upcoming Ocean and THE liner alliances, Drewry said that the choice of port call is often not in line with carrier terminal ownership interests. The shipping consultancy conducted a research an
After ten years and more than 100,000 operating hours dredging up silt, sand, rocks and stones, the Thordon Composite bearing installed on the Al Mirfa’s dredge cutter head shaft has emerged unscathed. The information was reveled by the Thordon Bearings’ Dubai-based distributor, Ocean Power Internat
Danish blade designer and manufacturer LM Wind Power reported EUR 51.7 million net profit for the Fiscal Year 2016, a 776 per cent increase compared to EUR 5.9 million net profit recorded in FY 2015 driven by higher sales and better operating performance.
Danish blade designer and manufacturer LM Wind Power reported EUR 51.7 million net profit for the Fiscal Year 2016, a 776 per cent increase compared to EUR 5.9 million net profit recorded in FY 2015 driven by higher sales and better operating performance.
Two ballast tanks aboard the 121,946 dwt liquefied natural gas (LNG) carrier Al Khattiya were breached with a loss of some ballast water after the ship was hit by an oil tanker on February 23 off Fujairah, United Arab Emirates. The vessel’s manager Shell International Trading and Shipping Company Lt
Amid a huge gap between supply and demand in the container shipping industry, carriers seem to be reluctant to fully seize the opportunity to narrow the difference, according to shipping consultacy Drewry. Namely, the shipping companies are not expected to take the advantage and delay gratification
Abu Dhabi national oil company Adma Opco has hired the Al Hudairiyat jack-up rig from National Drilling Company (NDC). The drilling rig was delivered by Lamprell earlier this month in the UAE. According to VesselsValue website, the rig will stay on a contract with Adma Opco for a year and a half, un
