Bahrain LNG WLL, the developer and owner of the first liquefied natural gas (LNG) receiving and regasification terminal in the Middle East developed on a private-public partnership (PPP) basis, has completed limited recourse financing for the project after securing a USD 741 million loan from a synd
Inspection Verification Bureau (IVB), a Great Yarmouth-based oil and gas verification and inspection company, has won new overseas contracts worth more than $7 million. IVB said on Monday that the seven new contracts are for work in The Netherlands, Egypt, and the Middle East. Namely, the contracts
The International Association of Dredging Companies (IADC) has just released its Dredging in Figures 2015, an annual review of the global dredging market. The edition focuses on the global dredging industry in 2015 and IADC aims to be thorough and precise in the figures presented in this document. T
Entering into ”a strategic cooperation” with Maersk Line and the Mediterranean Shipping Company (MSC) via their 2M vessel sharing alliance and not becoming a fully fledged member is the best Hyundai Merchant Marine could have hoped for given what ”a traumatic year” this has been for the South Korean
The Sri Lanka Navy was called in on Saturday, December 10, to intervene and free two merchant vessels which had been held hostage for several days by port workers at the Hambantota Port. The port workers reportedly staged a protest campaign against the government’s plans to privatize the Hambantota
South Korean shipbuilder Hyundai Heavy Industries (HHI) has signed contracts to construct 14,500 TEU container ships and 49,000 dwt product/chemical carriers for Islamic Republic of Iran Shipping Lines (IRISL). The value of the contracts, which were signed in Seoul on December 9, 2016, was not revea
The car carrier sector has seen an increase in scrapping and almost no new orders in 2016 as vessel owners are trying to combat a decline in global seaborne car trade, according to Clarksons Research. Given the strong link between economic growth, consumer demand and car sales, the car carrier secto
Readers’ Picks of the Week (December 5 – 9, 2016)
UniSite Group, a Chinese company involved in dredging, land reclamation, offshore projects, marine, mechanical engineering and green remediation projects, took an active part in a lot of projects all over the world in 2016. During the first quarter of 2016, UniSite supplied a significant amount of s
The top five consolidated container fleets are currently worth USD 33.4 billion and account for 33% of the entire container fleet, according to the latest data provided by VesselsValue. The report on the top five fleets, including the Moller Maersk AS/Hamburg Süd, China COSCO Holdings Co, CMA CGM/ A
Kuwait Oil Tanker Company (KOTC) has opened a shipyard pre-qualification process for the design, construction and delivery of up to eight vessels. Namely, the company, a subsidiary of Kuwait Petroleum Corporation, said that the pre-qualification process is for three Very Large Gas Carriers (VLGC), o
Two non-executive Directors have stepped down from the Board of Gulf Marine Services (GMS), a provider of self-propelled self-elevating support vessels (SESVs) serving the offshore oil and gas industry. GMS said on Tuesday that two departing members of the board are independent non-executive Directo
The cost of operating cargo ships has fallen for two successive years amid weak freight rates, declining asset values, eroded profitability and denuded cash balances, according to shipping consultancy Drewry. As 2016 was another very difficult year for most shipowners and operators, the market condi
Central Dredging Association (CEDA) will hold its next webinar – Flow regimes diagrams in slurry transport – today, from 14:00-15:00hrs (CET). The webinar is the 6th webinar in the CEDA Series of Webinars on Dredging Technology. This Practitioner level webinar is meant for professionals working in t
