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Oil Rebounds on Impact of U.S. Crude Drawdown

File Image (CREDIT: AdobeStock / (c) Leeylutung)

U.S. crude stocks drop 7.2 million barrels in week - EIA.   Oil prices rose to near eight-week highs on Wednesday, with Brent crude futures at over $50 a barrel, as a fall in U.S. inventories bolstered expectations that the long-oversupplied market was moving toward balance.   Brent crude futures were up 58 cents or 1.

Baltic Index Falls as Capesize Rates Sag

File Image (CREDIT: AdobeStock / (c) Lukasz Z)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday as rates for larger vessels dropped.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 12 points, or 1.22 percent, at 968 points.

France to Nationalize STX if Italy Deal Fails

File Image (CREDIT: AdobeStock / (c) Burnel11)

French govt has made 50/50 ownership offer to Italy; Minister says offer on the table until Thursday.   The French state said on Wednesday it would nationalise the STX France shipyard if Italy does not accept its offer to split STX's capital equally, putting down a marker on the limits of economic liberalism under new President Emmanuel Macron.

Costamare Adds Three Vessels

Image: Costamare Inc.

Costamare accepted delivery of three second hand vessels during the last quarter ended June 30, 2017, said Gregory Zikos, Chief Financial Officer of Costamare.   In a press statement he said that the vessels have been chartered for periods ranging from 5 to 7 years. "During the quarter we entered

Proserv Secures Decommissioning Work in Asia Pacific

Photo: Proserv

Energy services company Proserv has been awarded a series of contracts worth around $4m for its well severance, platform and FPSO decommissioning services in the Asia Pacific region. The contracts have been awarded by Premier Oil in Indonesia; Chevron, through Baker Hughes, in the Gulf of Thailand; BHP,

Baltic Index Firm on Capesize Support

File Image (CREDIT: AdobeStock / (c) Lidian Neeleman)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday, supported by higher rates for capesize vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 3 points, or 0.31 percent, at 980 points.

Weeks Marine Orders $60 Mln Cutter Dredger

Weeks Marine Inc. (WMI) has ordered a new $60 million oceangoing, 30-inch hydraulic cutter suction dredge, the JS Chatry. Construction is underway in Belle Chase, La., at C&C Marine and Repair.   “While the national coastal restoration and protection market is growing, we are especially optimistic about the market here in Louisiana.

Pemex: $5 Bln Bond Deal Covers Needs through 2018

Mexico's national oil company Pemex said on Monday that recent bond placements totaling about $5 billion would cover its minimum financing needs through the end of 2018.   Petroleos Mexicanos, as the company is formally known, said on Sunday it had successfully reopened two long-term bonds to raise about $5 billion,

Six Countries Vie for US$2 Bln Philippines LNG Hub

Image: PNOC

 State-run Philippine National Oil Company (PNOC) has shortlisted six countries and will choose one from them as a partner for its planned US$2 billion receiving and distribution facility for imported LNG, Reuters reported.  The company has received six proposals from China, Indonesia, Japan, Singapore,

Mermaid Maritime Wins Subsea Charters

Image: Mermaid Subsea

 Thailand-based Mermaid Maritime, a subsea and offshore drilling services company, has  been awarded two subsea contracts with a combined estimated value of $4.6 million.    The company press release said that the first contract award will involve a short ROV campaign for pipeline touchdown monitoring

STX Bags Orders for Six Tankers

Photo: STX Offshore & Shipbuilding

 South Korea’s STX Offshore & Shipbuilding won contracts to build six tankers from Greece and local shippers, reports Korea JoongAng Daily.   STX announced that Greek shipper OceanGold Tankers placed an order for four medium-range tankers of 50,000 DWT capacity. Two were order on an option contract,

Svitzer Bags FSRU Support Contract in Bangladesh

 Svitzer Bags FSRU Support Contract in Bangladesh   Svitzer will provide marine support services for the Excelerate Energy FSRU at Bangladesh’s first liquefied natural gas (LNG) import terminal.   Excelerate Energy Bangladesh Limited awarded Svitzer the 15-year contract following a competitive tender process.

Deepwater Atlantic Habitats Study Commissioned

Image: TDI-Brooks International

 TDI-Brooks International, Inc. said it has been awarded an interagency five year, multimillion dollar study focusing on the exploration and investigation of deepwater biological communities located in U.S. federal waters of the northwest Atlantic Ocean, potentially including offshore Virginia, North Carolina, South Carolina and Georgia.

Baltic Index Win Streak at 9 Straight Days

File Image (CREDIT: AdobeStock / Lucasz Z)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday for the ninth straight session, on higher rates for capesize and smaller vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 13 points, or 1.

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