The outlook for the global shipping industry remains negative, according to Fitch Ratings, as the rating agency doesn’t expect a material improvement in market fundamentals in 2018 due to lingering overcapacity. As explained, both container and bulk markets show signs of a revival, but the longevity
Changes in supply and demand and near the end long-term contracts can drive more LNG sales to spot markets and may result in the adoption of short-term sales contracts, Qatar National Bank said in a report.
Italian oilfield services specialist Saipem has secured a new offshore engineering and construction contract in Saudi Arabia. The new contract has been awarded by Saudi Aramco for Engineering, Procurement, Construction (EPC) activities in Saudi Arabia, under the Long Term Agreement renewed in 2015 u
A unanimous decision had been made to extend production cuts both within OPEC and between OPEC and Non-OPEC nations.
OPEC has reportedly agreed to extend the oil production cuts for another nine months after the original agreement expires next year.
The energy world will be watching closely as members of OPEC hold final meeting in Vienna on Thursday to decide on whether to extend the oil production cuts until the end of 2018.
Wood has entered into a memorandum of understanding with Saudi Aramco to create and accelerate opportunities for local workforces in Saudi Arabia.
The cellular containership fleet has reached a new high of 21 million TEU in November, according to Alphaliner. However, the fleet growth was somewhat slower than expected over the past two years as it took 22 months for the fleet to pass the 20 million TEU threshold. As disclosed, this is the slowe
A product tanker was fired upon while underway some 33 nautical miles South West of Mukalla, Yemen on November 21. The vessel was chased by a speedboat manned by a group of armed persons, who opened fire upon the tanker once it closed in. The crew of the tanker raised the alarm, increased the speed
Abu Dhabi’s Supreme Petroleum Council (SPC) on Monday approved ADNOC’s key strategic investments program, according to which the state-owned oil and gas company plans to spend over $108.9 billion over the next five years. The SPC is the highest governing body of the oil and gas industry in Abu Dhabi
The first aid ship has reached the Yemeni Port of Hudaydah as Saudi Arabia-led Coalition allowed for the Red Sea port to reopen on November 22 in order to receive urgent humanitarian relief. The port was closed at the beginning of November after a rebel-fired ballistic missile, which targeted Riyadh
Global loaded container traffic is on track to break the 200 million teu threshold this year for the first time ever, shipping consultancy Drewry said citing recent port and trade statistics. “The Drewry Global Container Port Throughput Index shows no sign of slowing down, with the latest reading fo
Read Offshore Energy Today’s most popular news for the week November 20 – 26, 2017
It was a happy occasion, last September 20 at Royal IHC’s shipyard in Kinderdijk, the Netherlands. An international crowd had gathered to see the launch ceremony of Arzana, the 6,000 cubic metre trailing suction hopper dredger for National Marine Dredging Company (NMDC) from Abu Dhabi. Flowers adorn
