Britannia will no longer rule the waves, if a European Union warning of court action over discriminatory pay for British and overseas workers on ships is followed through.
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Source: AF...
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Jan 28, 2011
CMA CGM and YILDIRIM: $500-Million Equity Note Issuance Finalised New Board of Directors Elected
In accordance with the agreements signed on 25 November 2010 between CMA CGM Group and the Yildirim Group, CMA CGM announced today that it has issued $500 million in Redeemable bonds, all of which were subscribed by the Yildirim Group.
This investment enables the Group to sustainably strengthen its...
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Shipping Lines Drop the Most in Five Months After Rates Slump
Stocks of dry bulk shipping lines headed for their biggest weekly drop since August after charter rates slumped to their lowest in almost two years and Korea Line Corp. filed for receivership.
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Source: Bloomb...
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Benalec signs deals to buy two vessels for RM20.7mil
Newly-listed Benalec Holdings Bhd, via units Pacific Shipping Ltd and Pacific Link Ltd, has entered into memoranda of agreement with Middlesbrough Shipping and Investment Ltd and Bolton Shipping and Investment Ltd for the acquisition of two vessels for RM20.75mil.
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Source: The S...
Posted on 1/28/2011 / 1
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Samsung Heavy 2010 net up 33 pct on drill ship orders
Samsung Heavy Industries Co., South Korea's third-largest shipbuilder, said Thursday that its earnings rose 32.6 percent in 2010 from a year earlier, helped by orders of high-value products such as drill ships.
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Source: Yonhap N...
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Grains turmoil to lift smaller dry bulk ship rates
Rising demand for Australian, U.S. and South American grains due to global supply disruptions is set to provide modest earnings support for smaller ships at a time when the dry bulk market is struggling with oversupply.
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Source: Reut...
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Diana Shipping Inc. Announces Time Charter Contract for M/V Thetis
Diana Shipping Inc., a global shipping company specializing in the transportation of dry bulk cargoes, Friday announced that it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk carriers,
the m/v...
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Single-hull tankers still active, but exodus could be on the cards pretty soon
The phase-out of single-hull tankers under the IMO accelerated scheme was to be completed by the end of 2010, although certain exemptions has allowed some of the older tankers to trade up until 2015.
As a result, the latest weekly report from Gibson estimates that as of today approximately 26 million...
Posted on 1/28/2011 / 0
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First of BigLift's 'Happy D-class' ships enters service
BigLift's newbuilding Happy Delta has left the shipyard in China for her first employment in the Far East.
Happy Delta is the first of a series of five 17,250 dwt heavy lift ships, all equipped with two cranes capable of lifting 400 tonnes, or 800 tonnes in tandem...
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Keppel buys out gov't in Subic Shipyard
Keppel Philippines Marine Inc. (KPM) has acquired the Philippine government's stake in Subic Shipyard & Engineering Inc. for P584.8 million, raising its stake in the subsidiary to almost 88 percent.
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Source: Manila Bulle...
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China retains No 1 place for shipbuilding
According to the latest figures from the China Association of the National Shipbuilding Industry the country’s many shipyards completed a record volume of vessels during 2010.
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Source: Motors...
Posted on 1/28/2011 / 0
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World’s first guidelines on friction stir welding in shipbuilding
Classification society ClassNK has released the guidelines on the application of friction stir welding to the construction of commercial maritime vessels.
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Source: Motors...
Posted on 1/28/2011 / 0
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Metgasco to kick off drilling four coal seam gas pilot production wells in NSW
Metgasco will commence drilling the first of four coal seam gas multi-lateral pilot production wells in February.
The Harrier Pilot wells are located in the Eden Creek trend area and will target the Richmond seam within the Walloon Coal Measures at depths of between...
Posted on 1/28/2011 / 0
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AusTex Oil Limited Pratt No.1 Well Encountered Free Oil And Gas
AusTex Oil Limited is pleased to announce the following update on drilling operations underway in Kansas.
Castle Resources Inc., as operator, advises that drilling on the Pratt #1 well has reached 3,862 feet and has encountered free oil and gas in the Toronto...
Posted on 1/28/2011 / 0
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Woodside in Pluto LNG deal with Petronas
WOODSIDE Petroleum has inked a deal with Malaysia's Petronas for up to 19 cargoes of liquefied natural gas from its Pluto project in Western Australia.
Woodside said in a statement today it had signed an LNG sale and purchase agreement with Asean LNG Trading Co, a subsidiary of Petronas International...
Posted on 1/28/2011 / 0
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Kingaroy celebrates end of Cougar plant
The company might be disappointed but the people of Kingaroy are celebrating the end of Cougar's bid to establish an underground coal gasification (UCG) plant in their region.
The Queensland government announced on Friday it had pulled the plug on Cougar Energy's...
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