News
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
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
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
GasLog posts higher Q2 revenue
Monaco-based LNG shipper GaLog posted higher revenue in the second quarter boosted by more operating days and new LNG tanker additions to its fleet. Revenue stood at $114.5 million in the second quarter this year as compared to $104.4 million for the year-ago quarter, GasLog said in its results repo
UK: Wood Group workers begin second strike in North Sea
Wood Group’s offshore workers on seven Shell’s North Sea platforms kicked off a 48-hour strike on Thursday morning after talks over pay cuts between the unions and management failed. This is a second strike action by Wood Group’s workers working on Shell’s platforms. The North Sea platforms involved
Wood Group workers to go ahead with second strike in North Sea
Next phase of strike action by Wood Group employees working on Shell’s North Sea platforms will go ahead on Thursday morning, August 4, 2016, after talks over pay cuts between the unions and management failed. The North Sea platforms involved include the Brent Alpha, Bravo and Charlie platforms, Gan
Oil edges up to $42 after slide, but glut still weighs
By Alex Lawler LONDON (Reuters) – Oil edged higher to $42 a barrel on Wednesday after hitting its lowest since April the previous day, supported by an industry report showing a fall in U.S. inventories and a weaker dollar. But prices could struggle to make much headway, analysts said, as sentiment r
Kongsberg nets contracts for Scottish LNG ferries
Kongsberg Maritime of Norway said it has secured contracts from the Glasgow-based shipbuilder, Ferguson Marine Engineering (FMEL) for two LNG-powered ferries. The two 100 meter ferries are being built by FMEL for Caledonian Maritime Assets (CMAL). The engineering, procurement, construction and insta
Singapore Exchange prepares formal offer to buy UK’s Baltic Exchange
By Anshuman Daga and Jonathan Saul SINGAPORE/LONDON (Reuters) – Singapore Exchange Ltd (SGX) is readying a formal offer to buy London’s Baltic Exchange following months of discussions that culminated in exclusive talks between both parties, sources familiar with the matter said on Tuesday. Founded i
Drewry: MR Charter Rates to Drop amid Falling Freight Rates
Time charter rates in the smaller chemical tanker vessel sizes are expected to remain stable over the next two years, but rates for the larger sizes, especially Medium Range tankers (MRs), will decline due to the impact of falling freight rates for clean petroleum products (CPP), shipping consultanc