Dubai-based owner and operator of chemical tankers Gulf Navigation Holding PJSC (GulfNav) has seen its net income for the three months ended September 30, 2016 surge to AUD 116.8 million (USD 89.6 million) from AUD 5.6 million (USD 4.2 million) seen in the third quarter of 2015. The company’s net in
In their latest issue of Terra et Aqua, the International Association of Dredging Companies (IADC) has released a new article named ‘Dredging sound levels, numerical modelling and EIA’. This paper was initially presented at the CEDA Dredging Days in November 2015 and was included in the conference p
Moderating vessel supply growth over the next few years, combined with a mild improvement in the outlook for seaborne trade, is set to enable a reduction on chronic overcapacity and so mark a recovery in the dry bulk shipping market, according to shipping consultancy Drewry. Capesize one-year time c
Italian oilfield services provider Saipem has scooped new offshore contracts in Saudi Arabia worth around $1 billion in total. The offshore engineering and construction company has received a notification of award from Saudi Aramco for the two engineering, procurement, installation, and construction
Saipem has been awarded new contracts and change orders in the E&C offshore segment, for an overall amount of about 1 billion dollars. In particular, the most significant are the notification of award by Saudi Aramco of two EPIC contracts (engineering, procurement, installation, construction), under
Softening seaborne trade and rising fleet growth are expected to depress chemical shipping freight rates over the next few years, according to shipping consultancy Drewry. Spot rates collapsed in the third quarter as some charterers who usually fix their cargoes on contract took advantage of low spo
Following earlier reports that the French oil major Total would “be happy” to be the first Western oil company to reach an agreement with Iran, the company has signed a deal with the Iranian authorities. Total has signed a Heads of Agreement (HoA) with the National Iranian Oil Company (NIOC) for the
The members of THE Alliance have revealed plans to deploy a fleet of more than 240 ships covering 31 services in the Asia/Europe, North Atlantic and Trans-Pacific trade lanes including the Middle East and the Arabian Gulf/Red Sea starting from April 2017. The network of services would connect more t
The International Association of Dredging Companies (IADC) has just announced that their new webinar on Ecosystem Services will take place on Wednesday, November 16, at 14.00 hrs (CET, Central European Time). This webinar, with Dr. Annelies Boerema as the main speaker, will focus on the concept of e
Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, has taken over full ship management and operations of Q-Max liquefied natural gas (LNG) carrier Mekaines from Shell Trading and Shipping Company Ltd. (STASCo) with effect from November 7. Mekaines is the second Q-Max vessel tha
The containership demolition has reached its all time high as it surpassed 500,000 TEU, providing a positive surprise for the struggling container shipping industry, according to international shipping association BIMCO. BIMCO have throughout 2016 focused on the level of demolition in the container
Whilst freight rates have improved marginally from the extreme lows seen over the middle of the year, the entire container shipping industry remains under significant pressure, according to Maritime Strategies International. As most liner companies are now breaking even, with weaker lines still prob
DNO, a Norwegian oil and gas operator focused on the Middle East and North Africa, has awarded a two-year upstream services contract to SGS, an inspection, verification, testing and certification company. As a result, SGS will provide a range of electric line and slickline services for DNO’s offshor
The skiff that engaged in an attack on the liquefied natural gas (LNG) carrier Galicia Spirit was carrying “a substantial amount of explosives,” according to shipowner Teekay. Following the attack on the 79,166 dwt tanker, which occurred on October 25 off the coast of Yemen near Bab al-Mandab Strait
