Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) has reached a final settlement with three lenders including DVB Bank SE, BNP Paribas and DNB Bank ASA related to very large crude carriers (VLCCs) sold in 2014. The vessels, Gulf Sheba and Gulf Eyadah, were seized by the banks in 20
Iraq has set sights on creating a large fleet of modern oil tankers to transport the country’s crude, Reuters reports quoting a statement from the country’s Oil Minister. “The ministry wants to restructure the company’s mission to develop its operations by building and buying a large fleet of tanker
Oil and gas services company Wood Group has been awarded a global agreement with the UK oil major BP for the provision of conceptual engineering services, pre-front-end engineering design (pre-FEED), and FEED engineering services. According to Wood Group, the agreement has a contractual duration of
Three new members have joined the multi-sector industry coalition SEALNG which aims to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel. Representing key aspects of the LNG value chain, international classification society Bureau Veritas, LNG solutions provider Clea
Offshore drilling contractor Rowan Companies has cold stacked one rig, sold two, and received several extensions for its jack-up drilling rigs. According to the driller’s latest fleet status report issued on Tuesday, the 1983-built jack-up Rowan California, that previously operated in the Middle Eas
Sky-Futures, a provider of drone inspection services for the oil and gas industry, has been awarded a global contract for facility inspection with Italian oil major Eni. Eni is one of the largest operators worldwide in the energy sector and operates in 66 countries. According to Sky-Futures’ stateme
Noble Energy narrowed its net loss and increased revenues during the fourth quarter of 2016. The company also said it plans to spend more in 2017. In its report on Monday, Noble Energy reported a net loss of $252 million for the fourth quarter of 2016, compared to the net loss of $2.03 billion in th
The International Association of Dredging Companies (IADC) has announced that their webinar on safety in dredging, named ‘Collaboration, Sharing and Striving for Zero Incidents’, will take place on Tuesday, February 28, at 14.00 hrs (CET, Central European Time). Dredging operations can be risky as i
As demand for liquefied natural gas (LNG)-fuelled vessels has increased, so has the demand for practical, cost-effective and efficient LNG bunkering, leading to an urgent need to standardize these operations at the international level. Some ships in northern Europe have been using LNG as their fuel
Danish shipping giant Maersk Line and producer of petrochemicals EQUATE Petrochemical Company have signed a partnership agreement to decrease CO2 emissions in ocean transportation. The agreement, which is the first of its kind in Kuwait, is based on the parties’ sustainability priorities that includ
French container shipping company CMA CGM plans to upgrade NC Levant, a service connecting the Eastern Mediterranean Sea and Northern Europe via Malta, Spain and Italy, starting from February 23, 2017. The enhanced service will be operated in partnership with two container shipping firms, Hamburg Sü
Van Oord has successfully completed an impressive ground improvement project for Kuwait National Petroleum Company (KNPC) with the help of Coda Octopus real time 3D sonar, the Echoscope. The project, which started in 2014, involved the reclamation of 65 million cubic meters of sand and extensive soi
The first crude oil shipment was offloaded from Gaza floating, storage, offloading (FSO) unit in Bouri Offshore Field on February 11, 2017, Libya’s National Oil Corporation (NOC) said. Valfoglia, a 109,100 dwt tanker owned by Italy’s Montanari Navigazione, took the first oil from the FSU. Gaza FSO w
Although the container shipping sector saw a huge amount of consolidation in 2016 driven by the persistent pressure in the industry, the sector is still not that consolidated, according to Clarksons Research. On the basis of start 2017, this fairly fragmented shipping industry counted 88,892 ships i
