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Daewoo Shipbuilding to Get Fresh $2.6 Bln Bailout

South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding & Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments. Daewoo, Hyundai Heavy…

Anglo-Eastern Opens BWT Training Facility

Global ship management services provider Anglo-Eastern Ship Management has created a unique ballast water treatment (BWT) training facility at its Manila base in the Philippines. Working in conjunction with BWT specialist Optimarin and Saga Shipholding…

VSTEP, Damen Partner for Bahamas Defence Training

A recent cooperation agreement between Damen and VSTEP has been established for the delivery of a NAUTIS Full Mission Bridge Simulator with Alphatron Marine equipment to the Royal Bahamas Defense Force. The delivery is part of the Sandy Bottom Project…

Top LNG Buyers Form Alliance to Push for Flexible Contracts

The world's biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers. Japan, China and South Korea are the world's biggest LNG importers…

Poseidon Meets Substantial Water Needs

Large offshore vessels and drilling platforms have atypical water demands. Daily personal use often pales in comparison to shipboard and production operation needs. FCI Watermakers' high-output Poseidon+ produces 54–103m3/14,265–27,210 gallons of fresh, pure water per day.

CNOOC Reports Worst Result Since At Least 2011

China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound. CNOOC…

China Says Hopes New Japanese Carrier Doesn't Mark Return to Militarism

China said on Thursday that it hoped the entry into service of Japan's second big helicopter carrier, the Kaga, did not mean a return to the country's past militaristic history. The ship, along with its sister the Izumo, gives Japan's military…

Multinational Task for Australian Mine Warfare Team

Fifty navy divers and mine warfare specialists from Australia, New Zealand, the United States, and Britain converged on Bland Bay, New Zealand for Exercise FULCRUM recently. The contingent had to locate and dispose of 16 dummy mines of varying shape, size and weight, set throughout the bay.

Rotterdam Port Signs MoU with Brazilian Port of Pecém

Port of Rotterdam signs a ‘memorandum of understanding’ (MoU) with the State Government of Ceará with the purpose to jointly study a potential cooperation. This may lead to the joint venture Industrial Port Complex of Pecém. The MoU is consistent…

PensionDanmark, Danica Roll Out $300mln Maritime Investment Fund

PensionDanmark, Danica and Navigare Capital Partners have established the Maritime Investment Fund I, which, based on capital from the founders, shall build a diversified portfolio of maritime assets including dry bulk, container, offshore, product…

Mumbai Harbour Channel and JN Port Channel to Expand

The Cabinet Committee on Economic Affairs, India chaired by the Prime Minister Narendra Modi here on Wednesday approved fresh estimates of the project Deepening and Widening of Mumbai Harbour Channel and JN Port Channel (Phase-II). The cost…

Working Together No Trial

First of class flight trials onboard HMAS Canberra have truly been a tri-service affair with Army test pilots, Navy flight test engineers and Air Force technicians all working on the task. Canberra’s Commander Air, Commander Adrian Capner said…

Diana Containerships Launches USD 150 Mln Securities Offering

Diana Containerships, a global shipping company specializing in the ownership of containerships, announced today that the Company has entered into a Securities Purchase Agreement with Kalani Investments, an entity organized in the British Virgin…

Indian Navy 'Coast to Coast' Rally Team Arrives at Indian Naval Academy

A 5-car rally team of Indian Navy’s Social Outreach Programme “Coast to Coast”, arrived at Indian Naval Academy on 21 March 2017. The rally is part of celebrations to commemorate the Platinum Jubilee of INS Valsura. The team was formally received by Captain Sumeet Kapoor…

Steel Cut for First Virgin Voyages Cruise Ship

A steel cutting ceremony has signaled the start of construction for the first of three new cruise ships for the Virgin Group’s new cruise line, Virgin Voyages. The three new ships are being built by Fincantieri at its shipyard in Genoa, Italy for scheduled deliveries in 2020…

A Sea of Trouble Testing BP’s Mettle Draws $10 Billion ONGC Bet

By Debjit Chakraborty and Saket Sundria (Bloomberg) — India’s Oil & Natural Gas Corp. is wading into deep waters where energy giants BP Plc and Reliance Industries Ltd. found a sea of trouble. State-run ONGC plans to invest in a region...Show More Summary

Fisheries Research Vessel Ordered for Germany

The German Federal Office for Agriculture and Food (Bundesanstalt für Landwirtschaft und Ernährung, BLE) has signed a contract with Damen Shipyards Group for the construction of a new fisheries research vessel following a European tendering process…

Maersk Reaches Key North Sea Tax Deal with Denmark

Shipping and oil company A. P. Moller-Maersk on Wednesday reached an agreement with the Danish state that means it will pay less tax on its North Sea oil and gas activities through 2025. The deal, which has been under negotiation for months…

Maersk Reaches Key North Sea Tax Deal with Denmark

By Teis Jensen COPENHAGEN, March 22 (Reuters) – Shipping and oil company A. P. Moller-Maersk on Wednesday reached an agreement with the Danish state that means it will pay less tax on its North Sea oil and gas activities through 2025. Show More Summary

Libyan Oil Output Rises after Port Fighting Ends

Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. "We are working very hard to reach 800…

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