News
MPS completes WaveSub trials at COAST
Marine Power Systems (MPS), a Swansea-based wave energy developer, has concluded the testing of its scaled WaveSub wave energy device at the COAST facility. The tank scale power-take-off systems tested at Plymouth University’s Coastal, Ocean and Sediment Transport (COAST) laboratory have been develo
BP clinches $3.7 billion loan for Tangguh LNG expansion
Energy giant BP and SKKMigas, Indonesia’s upstream oil & gas regulator, signed a loan deal worth $3.74 billion with a consortium of international and Indonesian banks to fund the expansion of the BP-operated Tangguh LNG plant. The financing deal follows the decision made by BP and other partners in
Photo of the Day: Spot the Jack-Ups
Denmark’s Port of Esbjerg is currently a proverbial beehive of activity as major offshore wind turbine makers are working on a number of projects located in the North Sea and the English Channel. The photo above was taken on August 02 and gives an overview of the installation projects currently bein
Alphaliner: Boxship Orderbook Ratio Drops Like It’s 1999
The containership orderbook, measured as a percentage of the existing fleet, has fallen to its lowest level since 1999, and is expected to slide further in the near term, according to Alphaliner. Namely, the current orderbook-to-fleet ratio plunged to 17.1% from the peak of 64% recorded at the end o
Oil prices fall as short-covering rally fizzles, oversupply weighs
By Henning Gloystein SINGAPORE (Reuters) – Oil prices fell by 1 percent on Friday as a crude and refined product glut weighed on markets and investors eyed a possible stutter in China’s imports, ending a two-day short-covering rally. U.S. West Texas Intermediate (WTI) crude futures were trading at $
Drewry: Dry Bulk Charter Rates on Road to Recovery
Charter rates on major dry bulk shipping routes are expected to recover due to increasing trade and contracting supply, according to shipping consultancy Drewry. “Demand for coal-carrying vessels will increase in the coming quarters because Japan has decided to increase its coal-fired power generati
MISC Q2 profit up, LNG earnings down
Malaysian LNG shipper MISC, a unit of energy giant Petronas, reported an 81 percent year-on-year increase in its net profit in the second quarter to 1.35 billion Malaysian ringgit ($334.4m). MISC’s revenue for the quarter ended 30 June 2016 of 2.4 billion Malaysian ringgit was 8 percent lower when c
Klaipedos Nafta: FSRU Independence earns more cash in July
Klaipedos Nafta, the operator of the first Lithuanian LNG terminal said Friday that sales revenues from the import facility rose 1.9 percent in July. Sales revenues coming from the regasification activity from Höegh LNG’s FSRU Independence located in the port of Klaipeda were at 5.5 million euros in
Hornbeck stalls MPSV duo delivery
U.S.-based offshore vessel operator Hornbeck Offshore has made an agreement with a shipyard to postpone the delivery of two multi-purpose supply vessels (MPSVs). Hornbeck postponed the delivery of the final two 400 class MPSVs, that are being built at Eastern Shipbuilding, for the first and second q
Spotted: 1st Neopanamax Calls Philadelphia Port
MSC Sofia Celeste, an 8,800 TEU vessel operated by the Mediterranean Shipping Company (MSC), docked at the Packer Avenue Marine Terminal in South Philadelphia for the first time on August 3, becoming the first Neopanamax ship to call this port. Completed in 2014, the MSC Sofia Celeste is the first t
USA: Freeport LNG export project progressing
The construction of Freeport LNG’s liquefaction and pretreatment facilities located on Quintana Island in Texas is moving beyond foundation work and structures have begun to rise well above ground level. Freeport LNG, led by Michael Smith, Chairman and CEO, is constructing liquefaction infrastructur
Fluor posts lower Q2 earnings
U.S.-based LNG engineer Fluor posted a 31 percent drop in its second-quarter net earnings as compared to the same period last year. Fluor said Thursday its net earnings for the second quarter were $102 million, or $0.72 per diluted share, compared to $149 million, or $1.00 per diluted share a year a
Singapore’s SGX urges Baltic Exchange shareholders to back bid for historic London firm
By Jonathan Saul and Anshuman Daga LONDON/SINGAPORE (Reuters) – Singapore Exchange Ltd (SGX) plans to buy one of London’s oldest institutions, the Baltic Exchange where shipping rates are published, and urged shareholders on Thursday to support a deal. As the global shipping industry struggles with
Offshore safety watchdog finds room for improvement on Johan Sverdrup
Norwegian safety watchdog, the Petroleum Safety Authority (PSA), has found improvement points during an audit of Statoil’s design engineering of the Johan Sverdrup riser platform. PSA said on Friday that the audit was conducted during meetings with Statoil and Kværner in Oslo on May 2 and 3, 2016. T