News

Even as it announced plans to order five big new containerships, Hanjin Shipping said it will suspend its Asia-Europe NE5 service in early July.The carrier operates the service in conjunction with its partners in the Green Alliance, formerly the CKYH alliance, between Cosco, K Line, and Yang Ming

The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, inched lower on Friday although further iron ore business provided support to the larger capesize market.

NIGERIAN may have moved closer to the realization of the ideals of the Local Content policy with the commencement of partnership between an indigenous Oil and Gas logistics provider,

The government plans to hold talks with natural gas buyers and producers to review the terms of their sales contracts as it tries to boost gas revenue, an Energy Ministry official said.

The South Korean government won't be able to ask domestic oil refiners to maintain their lowered retail oil prices once their "self- imposed" price cuts end, a senior official

BIMCO General Meetings have a reputation for being rather different to those in the run of the mill conference circuit, and that in Vancouver last week was no exception. They make their delegates think – about big pictures – about the important background trends

Tanker owners are still in the loop following OPEC’s inability to provide the oil markets with some positive news on increased production figures, while demand is ever so growing. This week, IEA raised the issue once again, trying to exert pressure on OPEC

In April 2011, The Chicago Fire Department took delivery of a new Fireboat to replace the aging Victor L. Schlaeger. The vessel was named in memory of Firefighter Christopher Wheatley, who lost his life in active duty in 2010. The new vessel was designed by Robert Allan Ltd., Naval Architects

The development of Exhaust Gas Scrubber technology for SOx emissions control has advanced to the point that it is now possible to quickly ramp up production volumes to meet the increasing demand in the marine market as regulations become more stringent.

Kyodo Tokyo Electric Power Co. said Friday it will take a month to start circulating radioactive water cleaned using a newly installed water treatment system to cool the Fukushima No. 1 plant's crippled reactors.

Statoil wants to compress gas on the seabed to boost recovery. Subsea compression was recently selected as the preferred concept for Gullfaks.

Daewoo Shipbuilding & Marine Equipment has awarded Norway’s Aker Solutions a contract to supply a complete drilling equipment package for a new deep-water drill ship

Petrobras has its sights set on pre-salt plays off West Africa after it bought into a pair of assets off Gabon.

UK independent Bayfield Energy Holdings has set its sights on a London listing as it looks to expand its activity in the Caribbean.

UK: Maersk Approves USD 1 Billion Investment for Golden Eagle Development Plan

At No. 1 Dock, HVS held the launching ceremony for Hull No. S057, the 1st vessel of the order of series two 56,000 DWT Class Bulk Carriers from Blue Tide Shipping No.1 S.A., Panama.

DWT BC(HUll No.:SF060138), the second sister vessel being built for Indian MSPL company by SF shipyard, finished sea trial smoothly and came back to shipyard. It is reported that this vessel will be named as well as delivered at the end of June.

BL reported that the Indian steel makers may have to pay more for the imported coking coal in the next quarter beginning July 1.Steel industry insiders told Business Line that the forthcoming quarterly contracts, which would be finalized by the third week of this month, could see upward price revision. The last revision saw 47% jump.

Oil traders and companies holding stocks of crude and fuel oil ready to cash in on a surge in demand from Japan's power plants may have bought more than needed. Japan's oil demand for power consumption has shown little of the expected rise. If traders decide to give up the wait and sell elsewhere, prices of the stockpiled sweet crude grades from Indonesia, Vietnam and Sudan and fuel oil could slide in the weeks ahead.

The International Energy Agency, the West's energy watchdog, stands ready to release strategic reserves of crude oil to ensure adequate supply and support the global economy, Executive Director Nobuo Tanaka said on Thursday.