News
UK court puts Paragon Offshore in administration
A UK court has appointed joint administrators for the drilling contractor Paragon Offshore following the driller’s application last week for administration in the United Kingdom to advance its Chapter 11 plan. Paragon reported on Tuesday that the High Court of Justice, Chancery Division, Companies C
Xblocs Part of the Largest Airport in the World
The construction of the largest airport in the world, the new Istanbul airport, is currently underway. The airport, located in Arnavutköy district on the European side of Istanbul, is being constructed by a consortium called IGA, which is formed by Cengiz, MAPA, Limak, Kolin and Kalyon. On the north
Shell shareholders reject emissions target proposal
By Karolin Schaps THE HAGUE (Reuters) – Royal Dutch Shell shareholders on Tuesday widely rejected a proposal by an environmental group calling for the oil company to set and publish annual targets to reduce carbon emissions. The vote is a setback for climate activists who are increasing pressure on
Gallery: World’s 1st Dual-Fuel Asphalt Carrier Christened in Montreal
Image Courtesy: Besiktas Shipyard M/T Damia Desgagnés, the world’s first dual-fuel asphalt tanker, was christened at the Port of Montreal on May 18. The 14,700 dwt asphalt-bitumen-chemical tanker is the first in a series of four carriers built by Turkish Besiktas Shipyard for Canadian shipping compa
Carrier Reliability Drops in April amid Alliances’ Vessel Reshuffling
Carriers’ overall on-time and transit time reliability decreased in April as the great migration of vessels ensued amid launching of the mega ocean shipping alliances, 2M, OCEAN Alliance, and THE Alliance on April 1. Namely, the on-time reliability in April decreased to 59% from 63% in March 2017, a
VesselsValue: Good position vs bad position – Observations on the recent MODU market
By Charlie Hockless, Senior Offshore Analyst at VesselsValue Since 2014 we’ve seen a significant decline in the oil price from 115 USD/bbl to 28 USD/bbl, with a recovery to around 50 USD/bbl (today’s price 53.86 USD/bbl). The collapse of oil pricing, reduced spend on exploration and production and t
EU wants more renewables
The leaked report on the revision of the Renewable Energy Directive calls the EU to raise its 2030 renewable energy target to at least 35%.
Town of Wellfleet Seeks USACE’s Permit for Harbor Dredging
The town of Wellfleet is seeking a permit from the U.S. Army Corps of Engineers, New England District, to conduct work in waters of the U.S. in order to dredge in Wellfleet Harbor at Kendrick Avenue in Wellfleet, Mass. The proposed work involves maintenance dredging of all town-managed channels and
Boskalis Kicks Off Peterhead Harbor Dredging
A joint venture between Boskalis Westminster and McLaughlin & Harvey has begun dredging at Peterhead Harbor. Overall, the £50 million worth North Harbor development project includes strengthening and deepening of quay walls within the port as well as 430,556sqft land reclamation with revetment, wide
Gallery: Crane Collapses after Ship Hits Pier at Abidjan Port
Image Courtesy: Autonomous Port of Abidjan While docking at the Port of Abidjan’s container terminal on May 18, a cargo vessel hit Pier 21 and collided with a gantry crane, causing it to collapse. The vessel in question is Da Zhi, according to Blueoceania Incorporated. The 28,000 dwt multipurpose (M
NKT Victoria Reports For Caithness-Moray Cable Duty
NKT Cables’ recently launched cable laying vessel – NKT Victoria has started working on itsher maiden project – the installation of two subsea power cables connecting Caithness and Moray in Scotland.
Report: KDB to Back DSME’s Restructuring Despite Investor Opposition
The restructuring of the financially-troubled South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) will go ahead as Korean Development Bank (KDB) plans to inject fresh funds to support the bailout plan despite the opposition from an individual investor, the Korea Herald reports
Taiwan’s LNG imports climb in March
Taiwan increased its imports of liquefied natural gas (LNG) by 29.4 percent in March on a yearly basis. The world’s fifth largest LNG buyer imported 1.22 million mt of LNG in March, as compared to 943,047 mt in the same month last year, according to the data released by the Directorate General of Cu
OPEC set to prolong oil cuts as delegates predict smooth meeting
By Alex Lawler and Rania El Gamal VIENNA (Reuters) – OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC’s de facto leader, Saudi Arabia, favours extending t