The Baltic Dry Index (BDI) has fell to 564 points on Thursday hitting the lowest in almost thirty years. The BDI marked a loss of 10.7% in the past week and is just 10 points off its lowest level reported in July 1986. The fall has been influenced by structural overcapacity as there are too many shi
The Icelandic provider of energy management solutions for maritime industry Marorka has posted this image to announce the contract with United Arab Shipping Company (S.A.G.) to deliver ship performance monitoring solutions. The company says its Marorka Wallboard energy management system will help op
Ten-year old tankers will outperform their younger counterparts, according to McQuilling Services Industry’s Sharpe Ratio analysis on VLCC and Suezmax tankers. McQuilling bases its argument on recent asset prices for the 10-YR old VLCC and Suezmax vessels, which have appreciated by 21.2% and 44.9%,
Polarcus informed that Rod Starr has assumed the role of Chief Executive Officer, effective today. Commenting on his appointment, Rod Starr, CEO Polarcus, said: “I am delighted to be appointed as Polarcus’ new CEO and very excited to be joining such a progressive company. Since its launch in 2008, P
Polarcus has announced that effective today (February 5), Rod Starr has assumed the role of Chief Executive Officer of Polarcus. The company elected Starr to succeed Rolf Ronningen as CEO in January this year. Commenting on his appointment, Rod Starr, CEO Polarcus, said: “I am delighted to be appoin
WERPO has signed a partnership agreement with ACEP to develop wave energy power plant off the coast of Ghana. Wave Electricity Renewable Power Ocean (WERPO) and the Africa Center for Energy Policy (ACEP) will form a joint venture in Ghana, under which they plan to erect wave energy power station. AC
Lamprell has announced the completion of construction on the jack-up rig “Jindal Pioneer” and its delivery to Dev Drilling Pte Ltd of Singapore, a D. P. Jindal Group Company, on time and within budget. The contract for the “Jindal Pioneer” rig was signed in January 2013 and this is the second rig wi
DP World Limited’s gross container volumes grew by 8.9% on reported basis and 8.0% on a like-for-like basis during 2014, the latest figures show. Namely, DP World handled 60 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during 2014. DP World said that
Norwegian ocean-bottom seismic specialist, Magseis, has secured a deal with BGP Arabia Co. Ltd for a pilot survey for the Saudi Arabian Oil Company (Saudi Aramco). According to Magseis, the survey will be conducted in the Red Sea and should last until the end of February. This is the company’s secon
To celebrate the International Association of Dredging Companies’ 50th anniversary, IADC is assembling a comprehensive photographic book with impressive pictures of the major dredging projects over the last 50 years. “Beyond Sand and Sea: 50 years – maritime masterpieces” will be published as a limi
With the upcoming entrance into force of the Nairobi International Convention on the Removal of Wrecks on 14th of April 2015, new regulations will be implemented affecting all signatory countries. Among several provisions, the Convention is aimed at placing financial responsibility for the removal o
Kuwait Oil Tankers Company (KOTC) has inked a deal with Bahrain-based Arab Shipbuilding & Repair Yard Company (ASRY) for dry-docking of record number of 19 tankers over three years. The value of the agreement is approximately USD 33 million, making it the largest of its kind made with shipyards acro
DP World Limited handled 60 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during 2014, with gross container volumes growing by 8.9% on reported basis and 8.0% on a like-for-like basis. New volume at London Gateway (UK) and Embraport (Brazil) contribute
Nautilus Minerals has pre-paid US$10 million of the US$18 million charterer’s guarantee that was to be provided to Marine Assets Corporation (MAC) on the start of the charter of the vessel, which is to be first deployed for use at the Company’s Solwara 1 Project. Under the terms of the Company’s ves
