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Norway SWF Dumps 3 Shipping Firms

Photo: Studio Fasching, Chittagong, Bangladesh, 2017 -  NGO Shipbreaking Platform

 The Norwegian Central Bank  has decided to exclude ship owners Evergreen Marine Corporation, Precious Shipping, Korea Line Corporation and Thorensen Thai Agencies from the Government Pension Fund Global (GPFG).    The exclusion is based on the companies’ poor management of their end-of-life ships

BP Deepwater Horizon Costs Balloon to $65 Billion

Response crews battle the blazing remnants of the off shore oil rig Deepwater Horizon April 21, 2010 (File photo: U.S. Coast Guard)

BP said on Tuesday it would take a new charge over the 2010 Deepwater Horizon spill after again raising estimates for outstanding claims, lifting total costs to around $65 billion.   The post-tax, non-operating $1.7-billion charge BP will take in its fourth quarter results came after claims resolved

MOL Acquires Seafarers Manning Company

Group photo of MOL Maritime (Europe) B.V. and MOL management provided  by MOL

 Japan's Mitsui O.S.K. Lines (MOL) has announced that MOL acquired 100% of the issued shares of Azalea Maritime B.V. on December 21st, 2017.   Azalea Maritime changed its name to "MOL Maritime (Europe) B.V." on January 1st, 2018.   MOL will enhance providing top-quality seafarers for MOL-operated

Lauritzen Reflags Two Gas Carriers to Denmark

Photo: J. Lauritzen A/S

 Lauritzen Kosan has reflagged two of its ships to Denmark for the first time since 2003. The registers of the two vessels, the Helena Kosan and the Linda Kosan, have been changed to the Danish International Register of Shipping (DIS) as they begin a period time charter which will require an EU flag.

Canada Unveils New Arctic Shipping Safety Regulations

Photo: Transport Canada

 Canada's Arctic is a vast and diverse region that is an integral part of this country. Marine transportation in the Arctic connects Canada to other countries and provides an essential lifeline for northern communities.   To uphold the Government of Canada's high standards for marine shipping in the north,

US Supreme Court to Hear Schlumberger Fight over Patent Damages

© eurobanks / Adobe Stock

The U.S. Supreme Court on Friday agreed to review a bid by Schlumberger NV, the world's largest oilfield services provider, to allow companies to recoup profits lost due to patent infringement when patented technology is used overseas.   The case involves a fight over how much rival ION Geophysical

Nexans Acquires BE CableCon

Nexans' New Cable-Laying Vessel to Bring More Clean Energy to the World. Photo: Nexans

 French company Nexans has acquired a controlling interest in Denmark-based BE CableCon, which supplies cable kits to wind turbine companies.   The acquisition is part of Nexans’ strategy aimed at reinforcing the Group’s portfolio of activities and accelerating its growth in the renewable energy segment.

US Senators from 12 States Seek Offshore Drilling Exemptions like Florida's

© Daniel Gillies / Adobe Stock

Twenty-two Democratic U.S. senators from 12 states on Thursday joined the chorus of local representatives seeking exemptions from Interior Secretary Ryan Zinke's newly proposed offshore drilling plan, after his surprise move on Tuesday to shield Florida.   Zinke surprised lawmakers, governors, and

IMO Orders Fuels of the Future

© Evren Kalinbacak / Adobe Stock

The new sulfur, carbon dioxide limits will demand precise understanding by ship owners and operators.    Globally, new regulations are coming into effect governing the Sulfur Oxide (SOx) limits and CO2 emissions. The International Maritime Organization (IMO) has updated the maximum amount of SOx allowed

China Oil Spill Compensation Claims Face Iran Payment Snags

(Photo: China's Ministry of Transport)

The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say.   The tanker Sanchi, carrying 136,000 tonnes of highly flammable condensate oil, collided with the Chinese

Bahri Dry Bulk Secures Newbuild Finance

New vessels being built by Hyundai Mipo Dockyard will be used to cater to the growing demand for the import of essential grains into Saudi Arabia. Photo: Bahri Dry Bulk

 Bahri Dry Bulk, a business unit of global transportation and logistics leader Bahri, has announced that it has secured a Sharia-compliant funding of SAR 360 million (USD 96mln) from Bank Albilad, one of the fast-growing banks in Saudi Arabia.   The fund is to finance the purchase of four new bulk

GasLog Partners Eyes USD 97mln through IPO

Image: GasLog Partners LP.

 US based LNG carrier GasLog Partners is expecting to raise up to USD 97 million by selling shares to finance future fleet expansion.   The New York-listed spinoff of LNG shipper GasLog  has announced that it has priced its public offering of 4 million units of its 8.200% Series B Cumulative Redeemable

Seadrill Bondholders Post Cash Deposit for Rival Restructuring

(Photo: Seadrill)

Owners of unsecured bonds in rig firm Seadrill have posted a cash deposit to back an alternative financial restructuring, paving the way for talks with the drilling operator over its future, the two sides said on Monday.   Seadrill, once the largest drilling rig operator by market value, filed for bankruptcy protection in a U.

US Could Get First LNG Import from Russia despite Sanctions

Christopher De Margerie (Photo: SCF Group)

A vessel that may be carrying liquefied natural gas from Russia's new Yamal LNG export terminal could be heading to the United States despite sanctions against the company that operates the Russian facility, according to a report by S&P Global Platts and Thomson Reuters shipping data.   The tanker Chris.

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