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Ernst Russ Sells Marenave Schiffahrts Stake

Photo: Marenave Schiffahrts AG

 German asset and investment manager Ernst Russ Group has sold its stake in Marenave Schiffahrts AG, a shipping company in Germany.   "The focus of the Ernst Russ Group’s work was on restoring the business activities and realigning Marenave Schiffahrts AG in the maritime sector. This was concurrent

British Ports Association Calls for ‘Frictionless’ Brexit

Photo: British Ports Association

 The British Ports Association has published a new strategic report - ‘A Brexit Dividend’, which calls on the UK Government to deliver on the Prime Minister’s pledge of ‘frictionless’ trade after Brexit.   Following Monday's (March 19) agreement between UK and EU negotiators on the terms of a transition

AISUS Bags Contract in the Middle East

AISUS - Stuart Lawson credit AISUS

Offshore inspection company AISUS  announced its first major contract win in the Middle East with North Oil Company (NOC). The six-figure agreement marks a  milestone for the firm and provides the foundation on which the company plans to build its growing business in the Middle East. The project, which is currently underway,

Statoil Takes Over as Martin Linge Operator

Martin Linge is an oil and gas field under development west of the Oseberg field in the North Sea. (Photo: Statoil)

Statoil and Total have completed their previously announced transaction whereby Statoil has acquired Total’s equity stakes in, and taken over the operatorships of, the Martin Linge field and the Garantiana discovery on the Norwegian continental shelf. Statoil now has a 70 percent interest in Martin Linge and 40 percent in Garantiana.

Trump Proposes Boost to Maritime Infrastructure Investment

© Marek Slusarczyk / Adobe Stock

On February 12, President Trump released his highly anticipated infrastructure proposal, a “Legislative Outline for Rebuilding Infrastructure in America.” Unlike prior federal infrastructure development strategies, which rarely discussed the need for maritime infrastructure investment, the proposal

McDermott and CB&I Conclude Merger

Image: CB&I

 McDermott International and CB&I announced that the companies have received antitrust clearance in Russia for their proposed combination. With this clearance, McDermott and CB&I have received all the required competition authority approvals for the transaction.   As previously announced on December 18,

DP World Acquires Cosmos Agencia Maritima in Peru

Pic: Cosmos

 Dubai-based DP World, , one of the world's largest port operators, said it had bought a logistics firm  Cosmos Agencia Maritima (CAM) in Peru for $315.7 million, giving it a 50 percent stake in the country's second largest container terminal.    "CAM owns a fully integrated logistics service business (Neptunia S.

U.S. Wants Export Caps in Return for Scrapping Tariffs

The United States has set conditions for scrapping its planned punitive tariffs on steel and aluminum imports from Europe, German magazine Der Spiegel reported, including capping U.S.-bound exports of the metals at 2017 levels.   The European Union has been pushing for talks to avert a trade war since U.

Panama Canal Pact with Mato Grosso for Bulk Grain Cargoes

Photo: Panama Canal Authority

 The Panama Canal signed a Memorandum of Understanding (MOU) in Cuiabá, Brazil that will promote the Panama Canal's position as a route for grain shipments traveling from northern Brazil to ports accessed in the Pacific Ocean.   The agreement, signed with the Association of Soybean and Corn Producers of Mato Grosso (Aprosoja),

Bourbon in Red Ink

Photo: Bourbon

 French offshore vessel provider Bourbon Offshore recorded a bigger loss of EUR 576.3 million for 2017 in 2017 when compared to EUR 279.6 million for 2016 dragged down by lower revenues and vessel impairments amid a third year of cyclical downturn.   The net loss at EUR 576.3 million, including €277

Seatrade Convicted for Scrapping Ships on Indian Beach

© knovakov / Adobe Stock

The Dutch shipping company Seatrade and two of its directors were found guilty by a Dutch court on Thursday of illegally sailing ships to India to have them demolished, the first criminal case of its kind in the Netherlands.   The company and the directors were fined up to 750,000 euros ($925,275).

DP World Says Committed to Port Project in Somaliland

© homocosmicos / Adobe Stock

DP World, one of the world's largest port operators, said on Thursday it is committed to the port project in Somaliland despite Somalia's move to ban the ports operator from operating in Somalia.   Djibouti's decision to end a contract with DP World to run its Doraleh Container Terminal will make it difficult for Africa to attract investment,

Kuwait Oil Tankers Inks Financing for Eight Tankers

Kuwait Oil Tanker Company said on Thursday it had signed a 140 million dinar ($467 million) financing deal with three local banks for eight oil tankers, state news agency KUNA reported.   The 10-year financing was obtained from Warba, Ahli United and Kuwait International banks, KUNA said.   Reporting by Ali Abdelati 

Gener8 Maritime Reports 4Q Loss of $45.4 mln

Photo: Gener8 Maritime Inc

 The New York-based Gener8 Maritime Inc. (GNRT) reported a loss of $45.4 million for the fourth-quarter ended December 31, 2017, after reporting a profit of $5.8 million in the same period a year earlier.   The crude oil transportation services provider reported a loss of $168.5 million for the year ended December 31, 2017.

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