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All Aboard for Hedge Funds as Trade Tide Lifts Shipping

© leeyiutung / Adobe Stock

Forced to abandon ship after mistiming their investments five years ago, hedge funds are venturing back in a bid to profit from growing global trade flows.   Around 90 percent of traded goods by volume are transported by sea and global shipping sectors, including dry bulk, are on course for a recovery this year after a near-decade long crisis,

U.S. Sues to Stop Wilhelmsen From Buying Rival Drew Marine

The U.S. Federal Trade Commission said on Friday it would challenge in court the Norwegian company Wilhelmsen Maritime Services' plan to buy smaller U.S. rival Drew Marine Group. The FTC said the $400 million proposed deal would reduce competition in the market for marine water treatment chemicals,

AP Moller-Maersk Planning Roadshow ahead of Euro Benchmark

File Image: A Maersk boxship alongside and working cargo. CREDIT: HR Wallingford

A.P. Møller - Mærsk A/S rated Baa2/BBB (on review for possible downgrade/CreditWatch negative) by Moody's/S&P, the integrated transport and logistics company, has mandated Barclays, Danske Bank, HSBC, MUFG and SG CIB as Joint Bookrunners to arrange a series of fixed income investor meetings in Europe commencing on the 28th of February 2018.

Diana Shipping Reports Loss for 4Q

Photo: Diana Shipping Inc.

 Greece-based Diana Shipping inc. (DSX) has reported a loss of $436.9 million in its fourth quarter. The net loss attributed to common stockholders of $438.4 million for the fourth quarter of 2017, including a $422.5 million impairment loss.   Time charter revenues were $48.9 million for the fourth quarter of 2017, compared to $28.

Teekay Offshore Partners Up on Revenue

Libra FPSO. Photo: Teekay Corporation

 Teekay Offshore Partners reported fourth quarter revenue at USD 295.7mln versus USD 274.9mln year ago, registering a growth of +7.6% YoY basis.   “During the fourth quarter of 2017, we generated higher cash flow from vessel operations driven mainly by the delivery and contract start-up of two of

Borr Drilling Buys Paragon Offshore

© Lukasz Z / Adobe Stock

Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday.   A plunge in oil prices in 2014 forced oil firms to cut back on offshore exploration,

DP World Accuses Djibouti of Seizure of its Dorelah Port

File Image: a typical DP World terminal.

Dubai-based port operator DP World accused Djibouti of illegally seizing control of Doraleh Container Terminal on Thursday, after the Djibouti government said it was unilaterally terminating DP World's contract to run the terminal.   "The Government of Djibouti today illegally seized control of the Doraleh Container Terminal,

LNG Heats Up Again as Market Changes: Russell

File Image: A Depiction of Harvey Gulf's Q-LNG ATB bunkering vessel. When built, this vessel, partnering with Shell, will provide LNG to a raft of new LNG / Dual Fuel Cruise ships currently being built. CREDIT: Harvey Gulf

If you were looking for signs that the liquefied natural gas (LNG) merry-go-round is starting to spin a little faster, the announcement of a planned massive expansion in Papua New Guinea is ample evidence.   Global majors Exxon Mobil and Total are considering plans to double LNG exports from Papua New Guinea to about 16 million tonnes per annum,

HSH Nordbank to Finance Brotorp Wind Farm

Image: Center for Climate Protection

 HSH Nordbank will provide the investor BlackRock with a long-term loan amounting to about € 31 million to refinance the Brotorp wind farm in southern Sweden.   The farm with 14 Vestas 126 type wind turbines and a total capacity of 46.2 megawatts (MW) has been in operation since December 2015.   With US$ 6.

European Commission Exempts Mitsui O.S.K. Lines from Penalty

PCTC Emerald Ace. Photo: MOL

 The DG Competition of European Commission (EC) announced that several companies including MOL breached European competition law with respect to car carrier services.   Mitsui O.S.K. Lines  (MOL) and other shipping companies have been investigated by the EC due to the suspicion of competition law violation.

European Commission Fines Four Car Carriers $486.5mln

Photo: CSAV GROUP

 The European Commission (EC) said Wednesday that it had fined four maritime car carriers 395 million euros (U.S. $486.5 million).      Four shipping companies – CSAV, K Line, NYK and WWL-Eukor – have been fined by the EC for collusion in operating a cartel on the car carrier trades, in breach of EU antitrust rules.

Transocean Upbeat About Offshore Recovery, Despite Quarterly Loss

File photo: Transocean

Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row.   Companies that provide services and equipment for oil and gas exploration and production, among the worst hit by the 2014 oil price downturn,

Noble Corp Reports Smaller Q4 Loss

Offshore drilling contractor Noble Corp Plc's fourth-quarter loss narrowed from a year earlier, when it recorded impairment charges of $1.44 billion.   Net loss attributable to Noble narrowed to $24.68 million, or 10 cents per share, in the quarter ended Dec. 31, from $1.3 billion, or $5.36 a share, a year earlier, the company said on Wednesday.

Port Spat Delays Russian Black Sea Product Exports

Shipments of oil products from a Russian Black Sea outlet have been disrupted since early February due to a row over the port's control, four industry sources told Reuters on Wednesday.   Three sources said oil products shipments from the IPP terminal at the port of Novorossiisk have been delayed over a managerial conflict.

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