A U.S. Coast Guard vessel operating in international waters in the Arabian Gulf fired on an Iranian dhow in what U.S. military officials described as a defensive move after the crew of the Iranian vessel trained a machine gun on the Americans with hostile intent, the U.S. Department of Defence said.
Saudi Aramco, a national oil and gas company of Saudi Arabia, plans to invest $40 billion annually over the next ten years, the company’s CEO said at an industry conference. Speaking at the ONS 2014 conference in Stavanger, Norway, the company’s CEO Khalid A. Al-Falih, touched both, the bearish and
The latest spate of fleet status reports – with news of low dayrates and contract terminations – provide further evidence that being an offshore driller is just not fun right now, Zacks Equity Research writes in its blog. Year-to-date, shares of major companies have significantly underperformed the
A new UNHCR report on irregular maritime movements in South East Asia estimates that 20,000 people risked their lives in sea crossings in the first half of this year. Many were Rohingya who fled Myanmar and arrived in the region suffering the effects of malnutrition and abuse during the journey. Sev
Reopening of the Libyan ports Ras Lanuf and Es Sider that were blocked for about a year by federalist rebels, along with the restart of crude oil transport will see a spike in Mediterranean Aframax freight rates, according to Platts. The first cargoes have already been shipped from the two ports and
The global cost of piracy, including the cost of piracy off eastern Africa, remains uncertain, with existing assessments providing divergent estimates and conclusions. Studies carried out by RAND Institute and the IMB have estimated piracy costs to range between US$1 and US$16 billion per year, acco
Researchers from the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI), have for the first time extensively mapped Greenland’s and Antarctica’s ice sheets with the help of the ESA satellite CryoSat-2, and have thus been able to prove that the ice crusts of both regions m
The International Maritime Bureau (IMB) is calling for vigilance in the maritime sector as it emerges that shipping and the supply chain is the ‘next playground for hackers’. IMB said, “Recent events have shown that systems managing the movement of goods need to be strengthened against the threat of
The number of container ships transporting goods around the world has fallen in the first half of 2014 but the total capacity of the global fleet continues to increase, consulting firm Drewry Maritime Research said in a note on Monday. Drewry Maritime Research predicts a fall in the number of contai
Hamid Reza Araqi, managing director of National Iranian Gas Company, said that Iran is preparing to invite potential investors in mini-LNG plants very soon. He was quoted by Shana saying, “After the launch of the invitation, investment companies can announce their readiness for contribution to the c
The freight market, which performed so well in Q1, has certainly not delivered in the past 4 months. BDI has dropped from 1,621 on 20 March to hit 747 on July 29. Panamax ships have not been above USD 10,000 per day since February20, and below USD 5,000 per day for most of June and […]
Nakilat received two 16-metre mooring boats built by shipbuilder Nakilat Damen Shipyards Qatar for towage operator Nakilat SvitzerWijsmuller. The two Stan Tug 1606 mooring boats — named Ras Al Allaj Qatar and Al Esaiwed — are the first of a seven-vessel order that Nakilat Damen Shipyards Qatar is cu
The crew of the U.S. ship MV Cape Ray has completed the work of neutralizing Syrian chemical weapons components, Pentagon Press Secretary Navy Rear Adm. John Kirby said in a statement on Monday. “This morning (August 18th), Secretary of Defense Chuck Hagel called Navy Captain Rich Dromerhauser aboar
Crude oil tankers have shown incredibly positive momentum going into Q3. Earnings surpassed the expected ceiling at USD 20,000, to reach USD 44,058 per day briefly in mid-July for Suezmax tankers, according to BIMCO’s latest market analysis report. A stronger freight market is often followed by a st
