Five-year credit default swaps (CDS) for offshore drilling companies in North America have widened 46% over the past month and 20% over the last week, underperforming other sectors in the region, according to Fitch Solutions. New York-based rating agency Fitch Ratings said that CDS have likely widen
United Arab Shipping Company (UASC) and Hamburg Süd, have signed a global cooperation agreement. The agreement came after a series of discussions focused on the companies’ respective customers’ business needs, key growth areas, and operational requirements. The need to address logistical imbalances
Tanker market players have not lost their hope for an increase in tanker rates, however little movement is expected in the product tanker sector. According to the latest survey figures by Moore Stephens, there was a fall in the number of respondents anticipating higher rates in the dry bulk and cont
The shipping industry is ready for the introduction of new technology, all we need is a new generation of tech-savvy middle and senior managers, says Dr. Martin Stopford, author of textbook Maritime Economics. “The introduction of new technology is hindered by the industry’s current wide-spread lack
Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to Moore Stephens’ latest Shipping Confidence Survey. The confidence is, however, still higher than at the corresponding period twelve months ago, and confidence among charterers actual
DSIT Solutions Ltd., a subsidiary of Acorn Energy, Inc., has announced that a leading Mediterranean Navy has placed an order for its AquaShield™ Diver Detection Sonar (DDS) system. The system is expected to guard the underwater perimeter of a strategic coastal asset. Dan Ben-Dov, DSIT’s Vice Preside
The World Resources Institute (WRI), Deltares and three other Dutch research organizations launched a four-year initiative yesterday at the UN Climate Summit in New York. This initiative is supported by the Government of the Netherlands, that will assess flood risks and recommend practical steps to
The appointment of Steve Molloy as Regional Manager for the Middle East and North Africa at Aquaterra Energy has reinforced the company’s presence in the region. Molloy will be responsible for developing new growth for the offshore engineering solutions specialist’s products and services from its of
The 2014 had been a much more rewarding year for owners than 2013 with positive spikes seen in the spot market and a definite shift in sentiment, with reasonable expectations for the second half of the year, according to the UK shipbroker Gibson. Based on Gibson’s latest Weekly Tanker Report, some 3
The two new 4000t demountable turntable systems were successfully used to load 2x50km of power cable on the Hanjin Pioneer at the LS Cable plant in Donghae, South Korea. LS Cable managed, with the support of RentOcean’s team onside, to have the job done well within their time frame. The vessel is no
The concept design of Abu Dhabi’s planned permanent cruise passenger terminal was unveiled at Seatrade Med 2014, which took place from 16-18 September in Barcelona, Spain. The model was showcased by Abu Dhabi Ports Company (ADPC) following an international design competition and extensive industry s
Iran is ready to re-establish the Baku-Anzali shipping line to improve its ties with Azerbaijan. Reza Mansour, head of the Anzali Trade-Industrial Free Zone Organization said re-launching the shipping line could strengthen the ties between the two countries, tourism especially, Fars News Agency repo
Marine extraction sites alter the morphology of the seabed and in doing so offer unique opportunities to create a new environment in these locations, stated the article “Utilizing the Full Potential of Dredging Works: Ecologically Enriched Extraction Sites”, published in the September issue of Terra
The Azerbaijan International Operating Company (AIOC) operated by BP, celebrated the 20th anniversary of the Azeri-Chirag-Gunashli (ACG) production sharing agreement, signed on 20 September 1994 between Azerbaijan and eleven international companies. The Early Oil Project which was sanctioned in Febr
