McDermott International, Inc. has been awarded a large brownfield contract offshore Qatar, by RasGas Company Limited (RasGas). The contract is for the engineering, procurement, construction and installation (EPCI) of a flow assurance and looping project consisting of 74 miles of 6- and 8-inch pipeli
The Japan Bank for International Cooperation (JBIC) and Abu Dhabi National Oil Company (ADNOC) on Monday signed a memorandum of understanding (MOU) in order to further strengthen the partnership between Japan and ADNOC. JBIC has signed with ADNOC a succession of MOUs in the oil and gas sector, as we
Oman Shipping Company has signed a USD 202.6 million (OMR 78 million) financing deal with Meethaq, an Islamic banking unit of Bank Muscat, aimed at refinancing OSC’s three Very Large Crude Carriers (VLCCs). The vessels in question are the 2008-built 317,000 DWT Marbat, the 2008-built 317,000 DWT Man
Oman’s Sohar Port and Freezone saw a 53% rise in container volumes handled in the third quarter of 2015, driven mostly by the relocation of all commercial traffic from Port Sultan Qaboos in Muscat to Sohar Port in September 2014. The port’s container volumes grew from 93,000 TEUs recorded in Q3 of 2
Lebanon-headquartered Swiss Shipping Line and Jacksonville-based Africa Car Carrier have formed a joint venture company in an effort to to strengthen their RoRo services in the U.S. The new company, operating under the name of Blue Alliance Shipping, will combine resources and experience of the two
CEO of Fredriksen Group Arrested in Norway Chief Executive Officer of the Fredriksen Group Jo Lunder was arrested by Norwegian police in Oslo on Wednesday Reuters reports… Read More Royal Caribbean Orders 5th Quantum-Class Ship Royal Caribbean Cruises Ltd has ordered a fifth Quantumclass ship from M
WERPO, an Israeli wave energy developer, has teamed up with Sunbelt Israel, a capital investment group, to raise funds for the delivery of WERPO’s announced wave energy projects. According to WERPO, the companies will start an aggressive campaign to raise funds so that WERPO can start building all t
Maersk’s terminal operating company, APM Terminals delivered a profit of USD 175m in the third quarter of 2015, substantially down from USD 345m reported in the same period last year. The company’s return on invested capital (ROIC) was 11.6%, down from 22.5% in 2014, and the underlying profit was US
Tokyo-based Kawasaki Kisen Kaisha, Ltd. (“K” Line) and Dubai-headquartered Sharaf Group have established a new company called K Line Shipping & Logistics L.L.C (KLSL) in Dubai, UAE, the first time any Japanese shipping company formed a joint venture in the Middle East, ”K” Line said in a statement.
Greece-based bunker company Aegean Marine Petroleum Network Inc. has entered into a new $120 million credit facility for its wholly-owned subsidiary, Aegean Oil Terminal Corporation arranged by local United Arab Emirates banks. “With this new facility, we have established more favorable terms with l
Atlantic Navigation Holdings, a provider of marine logistics services in the Middle East, has signed a shipbuilding agreement with a shipyard in China for a new liftboat. The total cost of the order is approximately $56 million, which is inclusive of vendor-supplied equipment, retrofit and mobilisat
The CKYHE Alliance of Asian container lines will cancel a total of 9 voyages on their current Asia-North Europe and Mediterranean service loops from November 2015 through December 2015. COSCO, “K” Line, Yang Ming, Hanjin Shipping and Evergreen said that the service reduction on their joint Asia – No
Manila-headquartered container terminal operator International Container Terminal Services, Inc. (ICTSI) managed to improve its revenue from port operations in the first nine months of 2015 by 2% compared to the same period a year earlier, despite an 11% revenue dip in the third quarter ended Septem
UAE-based port owner and operator DP World Limited said that it has agreed with Associated British Ports (ABP) to extend the license agreement for DP World Southampton for a further 25 years until 2047. Simultaneously, DP World announced that it has acquired the remaining 49% stake in DP World South
