News

Failure of Nigerian banks to grant loans to operators in the maritime industry has been identified as a major factor, crippling investments in the capital-intensive sector.

In response to unfavourable trading conditions, Hamburg Süd will rationalise its services between North Europe and the Eastern Mediterranean. From the first week of August onwards,

The Containership Company's bankruptcy trustee is seeking $25 million in liquidated damages from approximately 80 shippers who failed to fulfill their cargo commitments

In view of the economic contributions of seafarers in trade facilitation between nations, Amaka Anagor who witnessed the maiden edition of United Nations

After the critical shortages of containers of last year, production has picked up again, but high container prices and a tight ratio of containers to vessel slots will continue to constrain the availability of boxes, according to the Container Census – Annual Survey and

The World Shipping Council and regulators in Japan say their joint plan on vessel efficiency would set fees for operators of ships that do not meet new environmental and energy standards.

High availability of vessels is pressuring Asia crude tanker markets, while rates for ships that carry clean petroleum products have remained largely steady, defying expectations

Spot container freight rates from Asia to the United States plunged dropping 6.7 percent over the past week, a new sign that excess vessel capacity is eroding rates,

Scorpio Tankers Inc. announced yesterday that it has amended its 2010 Credit Facility converting it to a reducing revolving credit facility from a term loan and that

Mitsui O.S.K. Lines, Ltd. yesterday announced the exterior and basic design of the hybrid car carrier aiming at zero emissions while berthed had been determined.

Wärtsilä has recently been awarded a series of orders to supply propulsion solutions for dredger vessels to be built in China and the Netherlands. Since dredging applications

Electric utility Ente Vasco de la Energia has inaugurated the Mutriku wave power plant, the world's first in commercial operation.

Metso will supply a 100MW biomass boiler island and plant automation system to Gainesville Renewable Energy Center (GREC) in Florida, US.

India has completed a feasibility study for the planned construction of a 1.3GW coal-fired power plant in Khulna, Bangladesh.

AVEVA, a leader in engineering design and information management solutions for the plant, power and marine industries, yesterday announced a new customer

Mitsubishi Heavy Industries, Ltd. (MHI) has completed development of a new-generation liquefied natural gas (LNG) carrier marking an evolutionary advance

The Organization of Petroleum Exporting Countries said in its monthly report Tuesday that its oil production increased to 29.6 million barrels a day in June, 0.5 million barrels a day

Saudi Arabia’s oil revenues will reach $324 billion this year, a sharp increase from the $153 billion in 2010 income.The International Monetary Fund, which released the estimate

Large integrated oil companies have reduced their US refining capacity by nearly 10% in the past 30 months, and could reach as low as 20.245 million b/d by the end of the year,

In 2010, the BTC pipeline exported 37m tonnes of oil.The Baku-Tbilisi-Ceyhan pipeline is to export 21.7m barrels (2.93m tonnes) of oil from Azeri-Chirag-Guneshli block of