News
IEA: Quick new investments needed to avoid sharp oil price spike after 2020
If new investments aren’t approved soon, the global oil supply will lag behind the demand after 2020, Dr. Fatih Birol, the head of the International Energy Agency said on Monday. Birol also said that IEA doesn’t see the oil demand peaking any time soon. Speaking at the Ceraweek conference in Houston
New bipartisan bill calls for shipping 30 pct of LNG exports on U.S.-flagged ships
A bipartisan bill introduced last week is requiring up to 30 percent of U.S. exports of liquefied natural gas (LNG) and crude oil to be transported on U.S.-flagged vessels.
VLCC Floating Storage Set to Dwindle
The number of very large crude carriers (VLCC) engaged in non-trading activities, primarily Iranian/non-Iranian crude storage and fuel oil storage, has started to slip, according to the latest tanker report from Gibson Shipbrokers. Namely, at the end of February, 45 VLCCs were involved in various no
UK Detains Two Foreign Flagged Ships in February
Two more foreign flagged ships were detained in UK ports during February 2017 after they failed Port State Control (PSC) inspection, the country’s Maritime and Coastguard Agency (MCA) informed. The ships in question are Hoegh St. Petersburg and Cemgulf. The Norway-flagged large car and truck carrier
US-Flagged Ships to Carry 30 Pct of US LNG Exports
A bipartisan bill titled Energizing American Maritime Act was introduced last week to the US Congress requiring up to 30 percent of US liquefied natural gas (LNG) exports to be carried on US-flagged ships. Unveiled by US Congressman John Garamendi, Ranking Member of the Subcommittee on the Coast Gua
DW: Vessel contractors preparing to bounce back as market shows signs of balance
The announcement on the 28th February of Emas Chiyoda’s bankruptcy is the latest in a long line of vessel contractors to fall victim to the downturn since January 2015, according to Douglas-Westwood’s latest DW Monday report. Multiple companies such as Cal Dive, Ceona, Cecon, Hercules Offshore, Hark
Paris MoU Detains Bulker in Romanian Port
The Paris MoU organization detained a bulk carrier in the Port of Constanta, Romania, on February 21, 2017. M/V Hekmeh flies the flag of Belize which is black on the current Paris MoU White, Grey and Black (WGB) List. The 13,800 dwt bulker is the third ship to be detained in the Paris MoU region in
Picture of the day: BW GDF Suez Boston
BW LNG, a unit of the Singapore-based shipping company BW Group, through its social media channels, released a photo of the BW GDF Suez Boston LNG carrier being escorted by tugs through the Boston harbor.
Report: Cosco to close down three offshore shipyards?
Chinese shipbuilder Cosco Shipping Heavy Industry is reportedly closing down three shipyards as part of its efforts to cut overcapacity. According to a Saturday report by China Daily, China’s English-language newspaper, the company is planning to shut down three of its five shipyards, which are able
Drewry: Southern Africa Imports from Asia on Recovery Path
Ailing South Africa imports from Asia could see a small recovery in 2017, as improving demand and capacity management helps to lift southbound spot rates to a 26-month peak, according to shipping consultancy Drewry. Containerized imports from Asia to Southern Africa slumped by 7.8% in 2016 to their
First Hywind Scotland Towers Head to Norway
The first turbine tower components built for the world’s first floating wind farm, the 30MW Hywind Scotland, have been loaded onto a cargo ship and are en route to the assembly base in Stord, Norway, according to Navacel, the manufacturer of the towers. Statoil, the owner and developer of Hywind Sco
CHC Group to emerge from Chapter 11 ‘in the next few weeks’
Helicopter operator CHC Group has been given confirmation for its financial restructuring plan by a court. The company hopes to complete it and emerge from Chapter 11 ‘in the next few weeks.’ CHC said on Sunday that the United States Bankruptcy Court for the Northern District of Texas confirmed the
Hyundai Heavy scores LNG tanker order
South Korean shipbuilding giant Hyundai Heavy Industries said it has won an order to build a liquefied natural gas (LNG) carrier.
Siem Offshore to Carry Out Beatrice Pre-Construction Subsea Works
Ahead of the construction start of the Beatrice offshore wind farm in April, Siem Offshore is set to begin with boulder removal and SCAR plough campaign at the project site as of 8 March.