News
S&P slashes Diamond Offshore’s credit rating on tough drilling market conditions
Credit Rating’s agency Standard and Poor’s has downgraded its corporate credit rating on Houston-based offshore drilling company Diamond Offshore Drilling Inc. to ‘BB+’ from ‘BBB’. The rating outlook is negative. S&P pointed to the persisting weak conditions in the global offshore drilling industry,
Eimskip Buying Nor Lines to Expand Presence in Norway
In an effort to expand its presence in Norway, the Reykjavik-based shipping company Eimskip has reached an agreement to acquire the Norwegian shipping and logistics company Nor Lines. The company now plans to restructure Nor Lines’ business in order to improve its services and profitability by align
Lyttelton Port Development Plans on Display
More than 30 Lyttelton locals and some berth holders from the inner harbor pile moorings visited Lyttelton Port of Christchurch’s information cabin Port Talk, located on Lyttelton’s main street, last week to find out more about the latest port’s development projects. Recently, LPC announced that it
Oil CEOs to unveil renewable energy fund in new climate push
By Ron Bousso LONDON (Reuters) – Top oil companies including Saudi Aramco and Shell will join forces to set up an investment fund to develop technologies to cut carbon emissions and promote renewable energy, sources said on Wednesday. The chief executives of seven oil and gas companies — BP, Eni, Re
Fincantieri, HRDD Ready for First Joint Project in China
Italian shipbuilding group Fincantieri and Shanghai-based shipyard Huarun Dadong Dockyard (HRDD) have expanded their recently signed collaboration agreement as the two companies gear up for their first joint project. In March 2016, the duo agreed cooperation related to repair and conversions of Chin
GIB gets trustees
A special Nominations Committee has selected five trustees to head Green Purposes Company (GPC), a newly incorporated shareholder unit within Green Investment Bank (GIB), set up to ensure its green investment obligations.
Pocklington Canal Scheme Includes Dredging
The Canal & River Trust announced yesterday that the drop-in event about plans to improve important wildlife habitats and historic features on the Pocklington Canal will take place on 17 November. The event, being held at Melbourne Village Hall, is a chance to understand the improvements that are se
Gas Natural Fenosa sees decline in profit
Spanish LNG operator Gas Natural Fenosa reported a 15 percent lower net profit of 930 million euros (US$1.03 billion) in the January-September period when compared to a year ago. Earnings before tax and amortisation (Ebitda) for the nine-month period were 3.64 billion euros, down 6.8 percent on year
GLDD Reports Third Quarter Results
Great Lakes Dredge & Dock Corporation (GLDD) today reported financial results for the quarter ended September 30, 2016. For the three months ended September 30, 2016, Great Lakes reported revenue of $198.9 million, net income of $4.6 million and Adjusted EBITDA of $29.1 million. The company recorded
Maersk’s Containership Suffers Engine Room Fire
The engine room of the 1998-built containership Maersk Patras caught fire in the early morning hours of November 1 while the vessel was off the coast of Las Palmas, en route to Conakry, Danish shipping firm Maersk Line confirmed. “The fire was quickly controlled by the crew onboard and heat developm
Macquarie Capital Pledges USD 792 Million for Taiwanese Offshore Wind Projects
Australia’s Macquarie Capital and Taiwan’s Ministry of Economic Affairs signed a Memorandum of Understanding which will see the Sydney-based company invest around USD 792 million in offshore wind projects in Taiwan over the next three years, the company’s chairman John Walker said in an interview wi
Willing Handed Over Sennebogen Crane to Eberswalde WSA
A Sennebogen 630 HD duty cycle crane has been supplied to Eberswalde Water and Shipping Authority (WSA) in Germany by sales and service partner Willing. As a federal agency, the Eberswalde Water and Shipping Authority (WSA) is responsible for the upkeep of the approximately 660km of federal waterway
LNG Fuel Not a Solution for Cutting Greenhouse Gases
In contrast to reports claiming that the use of liquefied natural gas (LNG) as a marine fuel can reduce the industry’s CO2 emissions by 75%, Ian Adams, the former CEO of the International Bunker Industry Association said that LNG is not a panacea to reducing greenhouse gas emissions. “Whilst it is w
VIDEO: Höegh Grace Arrives in Colombia
The Floating Storage and Regasification Unit (FSRU) Höegh Grace, owned by Norwegian-based Höegh LNG, has been installed at a terminal in the port of Cartagena in Colombia. The FSRU is now ready to receive the commissioning cargo and to enter the commissioning phase, leading up to the start of commer