Baker Hughes Profit to Fall on Mideast Unrest, Weather

Baker Hughes Inc. (BHI), the world’s third-largest oilfield services provider, expects profit to fall by 4 cents to 7 cents in the first quarter because of disruptions from unrest in the Middle East and colder weather in North America. [Read more] Source: Blo...

Posted on 3/03/2011 / 0 comments / Read More

Freighter "Brattingsborg" attacked by pirates

The "Brattingsborg" was attacked by pirates in the morning of Mar 3, 2011, 25 nautical miles off the Yemeni coast. The hijack attempt was aborted after a brief firefight with armed guards on board. At 8.40 a.m. two speedboats, each with four pirates on board,...

Posted on 3/03/2011 / 0 comments / Read More

Canadian Natural Slips To Loss In Q4

Canadian Natural Resources Ltd reported Thursday a loss in its fourth quarter, compared to prior year's profit, hurt by significant charges. Adjusted earnings declined from last year and missed market projections, despite higher production. In addition, the company...

Posted on 3/03/2011 / 0 comments / Read More

Hanjin announces comprehensive Asia-Europe rate increases

KOREA's Hanjin Shipping has announced Asia-Europe and transatlantic rate increases to take effect in April. [Read More] Source: Sea N...

Posted on 3/03/2011 / 0 comments / Read More

Beluga Shipping Announces Restructuring

Beluga Shipping has responded to reports that its future ownership structure is in question with the announcement that the group is to undertake a comprehensive financial restructuring. [Read More] Source: Heavy L...

Posted on 3/03/2011 / 1 comments / Read More

Shanghai launches marine investment fund

As part of the Shanghai local government’s plan for the city to become an international shipping centre by 2020, the local government has launched a RMB 50 billion ($7.6 billion) fund to invest in the city’s nascent shipping and shipbuilding industry. [Read More] Source:...

Posted on 3/03/2011 / 0 comments / Read More

Asia crude tanker rates to rebound on Saudi shipments

Rates for crude oil tankers on key Asian freight routes are expected to rebound in the short term as Saudi Arabia pumps more oil to make up for a near halt in Libyan exports. [Read More] Source: Manila Bulle...

Posted on 3/03/2011 / 0 comments / Read More

Oil-Tanker Contracts Gain 11% on Saudi Cargoes, Fuel Surge

Contracts tied to the cost of shipping Middle East oil jumped 11 percent because of speculation Saudi Arabia will ship more crude to compensate for lost Libyan production and as fuel prices rose. [Read More] Source: Bloomb...

Posted on 3/03/2011 / 0 comments / Read More

Oil-Tankers Rising 19-Fold Show Refiners’ Rush for Libyan Crude

A 18-fold surge in oil-tanker rates in two weeks is a sign that European refineries are rushing to secure cargoes of crude from Libya as an uprising against leader Muammar Qaddafi disrupts supply. [Read More] Source: Businessw...

Posted on 3/03/2011 / 0 comments / Read More

Hyundai-Vinashin scores kamsarmax

Hyundai-Vinashin Shipyard, joint South Korean and Vietnamese shipbuilder, continues to win bulker orders. [Read More] Source: Asia...

Posted on 3/03/2011 / 0 comments / Read More

PIL orders 4,300TEUs in China

Singapore’s Pacific International Lines (PIL) continues to order new boxships. PIL, which booked two 2,800-teu ships plus four options at Hyundai Mipo Dockyard in South Korea in January this year, has returned to its favourite yard in China — Dalian New Shipbuilding...

Posted on 3/03/2011 / 0 comments / Read More

Shanghai Shipyard inks 3,600TEU pair

China's Shanghai Shipyard has won this year's first boxship order from Germany's F.A. Vinnen & Co to build two 3,600TEU ships. [Read More] Source: Asia...

Posted on 3/03/2011 / 0 comments / Read More

Handy-bulkers wanted

While new bulker orders have decreased in general, handsize bulkers of between 20,000 and 60,000 DWT are in increasing demand. [Read More] Source: Asia...

Posted on 3/03/2011 / 0 comments / Read More

Kor-Jap vie for KOTC new tankers

Korean and Japanese shipbuilders are competing to win a rare tanker newbuilding order, from Middle Eastern shipowner. [Read More] Source: Asia...

Posted on 3/03/2011 / 0 comments / Read More

HHI aims 20 newbuildings for Gunsan yard

Hyundai Heavy Industries's (HHI） Gunsan shipyard has received 14 newbuildings orders this year with a sharp growth against 3 ships of 2009 and 9of 2010. The yard expects to bag 20 newbuildings this year.The yard won 320,000dwt large oil tankers for the first...

Posted on 3/03/2011 / 0 comments / Read More

Universal builds new-type ships

Japan's Universal Shipbuilding will extend its shipbuilding range to the ship types the yard has not built to grab new orders. [Read More] Source: Asia...

Posted on 3/03/2011 / 0 comments / Read More

[OPINION] Turkey to become international shipbuilding base

With the expansion of the global economic crisis -- the epicenter of which is in the United States -- to the rest of the world, primarily EU countries, Turkey has gotten its share of the crisis as well. The shipbuilding sector has been affected most by this crisis, as it was in the rest of the world....

Posted on 3/03/2011 / 0 comments / Read More

Maersk contract benefits Korean yards

Following last week’s announcement of a 10-ship order, with options for further vessels, placed with Daewoo by Maersk Line, shares in Daewoo and other Korean yards are soaring in value. [Read More] Source: Motors...

Posted on 3/03/2011 / 0 comments / Read More

Tianjin Port, CNOOC in talks for LNG terminal

The operator of northern China's Tianjin Port was in talks with China National Offshore Oil Corp (CNOOC) to build a liquefied natural gas (LNG) receiving terminal at its port, the China Daily reported on Friday. "The project will include an LNG dock and receiving...

Posted on 3/03/2011 / 0 comments / Read More

Mitsubishi Heavy Industries to build eco-LNG carrier for NYK

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order from Nippon Yusen Kabushiki Kaisha (NYK) for a liquefied natural gas (LNG) carrier capable of marked reductions in fuel consumption. The vessel is the first of its kind to adopt "MHI Ultra Steam Turbine...

Posted on 3/03/2011 / 0 comments / Read More

Kosmos Energy’s Enyenra-2A Appraisal Well Confirms Extension of Light Oil Field Offshore Republic of Ghana

Kosmos Energy announces today that the company’s Enyenra-2A appraisal well has confirmed a downdip extension of the light oil field discovered by the Owo-1 (renamed Enyenra) exploration well drilled in 2010 offshore the Republic of Ghana on the Deepwater Tano...

Posted on 3/03/2011 / 0 comments / Read More

Polarcus takes delivery of fourth 3D sesimic ship

Polarcus Limited reports that Polarcus Samur Ltd, a member of the Polarcus Group, took delivery on March 2, 2011 of POLARCUS SAMUR, the fourth 3D seismic vessel to date to join the Polarcus fleet. The vessel was built at the Drydocks World - Dubai shipyard in...

Posted on 3/03/2011 / 0 comments / Read More

Mustang Al-Hejailan Bid Group Awarded General Engineering Services (GES+) Contract by Saudi Aramco

A bidding group led by Mustang Al-Hejailan Engineering, a Wood Group company, has been awarded a general engineering services (GES+) contract by Saudi Aramco. The contract establishes a long-term framework for the supply of engineering, procurement and construction management services to support the...

Posted on 3/03/2011 / 0 comments / Read More

Total sees launch of 12 top projects by 2012

Total plans to launch 12 large oil and gas projects over the next two years, the oil major said on Thursday, noting its exploration budget may rise next year as it searches for more reserves. "We expect twelve major projects to be launched in 2011 and 2012," Matthieu...

Posted on 3/03/2011 / 0 comments / Read More

Nigeria loses N6.4b in two days as Shell shutdown 225,000bpd Bonga field

Nigeria on Wednesday lost over N6.4 billion as the shutdown of 225, 000 barrels per day Bonga field entered the second day.  Shell, operator of the field, on Wednesday declared that it has shut down the field in the Niger Delta region of Nigeria.  [Read...

Posted on 3/03/2011 / 0 comments / Read More

Teekay To Sell Remaining 49% Teekay Offshore Operating Stake For $390 Mln

Teekay Corp. Thursday said that it agreed to sell its remaining 49 percent interest in Teekay Offshore Operating L.P., or OPCO to Teekay Offshore Partners L.P., or Teekay Offshore for a total price of $390 million. The company expects this transaction to be completed...

Posted on 3/03/2011 / 0 comments / Read More

Gorgon says local content is real

The manager of the Gorgon gas project insisted today that it has delivered $10 billion of work to local industry and more is on the way, despite claims that its local content figures are misleading. [Read more] Source: WABusiness N...

Posted on 3/03/2011 / 0 comments / Read More

Apache readies to drill La Rocca prospect offshore Western Australia

Apache Northwest has proposed to the Joint Venture to start drilling the first exploration well in WA-388-P offshore Western Australia in April 2011. The well will target the La Rocca prospect in the Intra Mungaroo channel zone. The well had been scheduled to...

Posted on 3/03/2011 / 0 comments / Read More

Soco's Vietnam programme gets off to an encouraging start

Soco International reported an encouraging start to its latest drilling campaign in Vietnam. Its joint venture company Hoang Long has begun a four-hole programme on block 16-1 in the Cuu Long Basin. [Read more] Source: Proactive Invest...

Posted on 3/03/2011 / 0 comments / Read More

EPL announces exploration agreement to explore deeper depths within the company’s prolific east bay field

Energy Partners, Ltd. today reported it has executed an exploration agreement (EB Deep Exploration Agreement) with Phoenix Exploration Company LP (Phoenix) to explore deeper depths within the Company’s 100% owned East Bay field. The EB Deep Exploration Agreement covers the prospective areas beneath...

Posted on 3/03/2011 / 0 comments / Read More

GDF Suez 2010 Profit Rises; Sees Earnings Growth In 2011

French energy company GDF Suez SA Thursday reported higher profit for 2010, helped by the strong performance of its energy business in Europe and international markets. The company also projects higher earnings for fiscal 2011. [Read more] Source: RTT N...

Posted on 3/03/2011 / 0 comments / Read More

President and CEO of LeTourneau Technologies Visits COSCO Shipyard (China)

On February 20, a delegation headed by Mr. Thomas P. Burke, President and CEO of LeTourneau Technologies, Inc., visited COSCO Shipyard. At the group headquarters, the guests and Mr. Wang Xiangru, General Manager of COSCO Shipyard Group, had in-depth exchanges...

Posted on 3/03/2011 / 0 comments / Read More

W&T Offshore's mature assets dry up, sees lower output

Gulf of Mexico-focused oil and natural gas company W&T Offshore Inc forecast weak production in 2011 as most of its properties have reached a saturation point, sending its shares down 14 percent to a two-week low. [Read more] Source: Reut...

Posted on 3/03/2011 / 0 comments / Read More

Fugro N.V. has acquired TSmarine Group Holdings Pty Ltd (TSM) and its subsidiaries

TSM, with its headquarters in Perth Australia and subsidiaries in Singapore, Labuan (Malaysia) and Aberdeen (UK), is a specialist provider of subsea construction, IRM (inspection, repair and maintenance) and light well intervention. The company operates ROV (Remotely...

Posted on 3/03/2011 / 0 comments / Read More

Ulstein Verft delivers PSV “Rem Hrist”

Ulstein Verft today delivered the new PSV ’Rem Hrist’ to Remøy Shipping.  ’Rem Hrist’ is Remøy Shipping´s first vessel from Ulstein Verft. Her sister vessel, ’Rem Mist’ is under construction and will be delivered later this spring.[Read more]Source: GCap...

Posted on 3/03/2011 / 0 comments / Read More

Transocean nominates Lucas as new director

Transocean Ltd. has recommended that the company's shareholders approve the election of Steve Lucas as a Class III Director for a three-year term. Lucas is the retired group finance director of National Grid plc and has previously served in a variety of finance roles with the Lattice Group plc, the...

Posted on 3/03/2011 / 0 comments / Read More

Capacity-Cargo Ratio to Narrow in 2011

Container ship lines are poised to break a years-long pattern of vessel capacity expanding faster than cargo volume but only if they avoid another ship-ordering binge, Dynamar says in a report profiling the 25 largest global container lines. [Read More] Source:...

Posted on 3/03/2011 / 0 comments / Read More

Ship glut to hit bulker rates until

An oversupply of ships will pose problems for the dry bulk industry and keep freight rates under pressure over the next two years, Moody's Investors Services said. [Read More] Source: Reut...

Posted on 3/03/2011 / 0 comments / Read More

Navy officials discuss piracy agenda at IMO

Within the context of IMO’s World Maritime Day theme “Piracy: orchestrating the response”, a meeting took place yesterday (28 February 2011) at the Organization’s headquarters. Invited to the meeting were representatives of countries that participate in the anti-piracy...

Posted on 3/03/2011 / 0 comments / Read More

Dry bulk market keeps gains, but demand seen modest say analysts

The dry bulk market has been on the upside so far into the week, with the Baltic Dry Index (BDI) rising once more yesterday to reach 1,281 points, up by 1.51% on the day. The leader of the day, in terms of gains, was the “forgotten” Capesize market,which was up...

Posted on 3/03/2011 / 0 comments / Read More

China's DDHI & GSI wins 2+1

China's DaoDa Heavy Industry Group(DDHI) and Guangzhou Shipyard International (GSI) have jointly won two semi-submersible barge ships of 50,000 DWT plus one optional ship from Fairstar of the Netherlands. [Read More] Source: Asia...

Posted on 3/03/2011 / 0 comments / Read More

Yangzijiang turns shipbreaker

Ren Yuan-lin, head of China's New Yangzijiang Shipbuilding, says that it will enter into the offshore plant, ship repair, ship-equipment, ship-scrapping and metal-product logistics businesses as it has began to roll out its diversified management strategies.   [Read More] Source: Asia...

Posted on 3/03/2011 / 0 comments / Read More

HMD wins 37K handy BCs

Hyundai Mipo Dockyard has won more handysize newbuildings from Japanese shipowner. [Read More] Source: Asia...

Posted on 3/03/2011 / 0 comments / Read More

Wärtsilä extends its waterjet line with new midsize series

Wärtsilä has introduced a new series of midsize waterjets. The new series means that Wärtsilä's range of stainless steel jets now includes all sizes from 510 mm to 3,250 mm. Wärtsilä says this makes it the only supplier serving both midsize and the lower range...

Posted on 3/03/2011 / 0 comments / Read More

Costs rise for new Baku shipyard

Excavation work is under way at the site of the new Baku shipyard, southwest of Baku. The shipyard should come into operation by the end of 2013, Afgan Isayev, executive director of the Azerbaijan Investment Company (AIC), said on Wednesday, Fineko/abc.az reported. [Read...

Posted on 3/03/2011 / 0 comments / Read More

JFE’s Shipbuilder May Seek More Mergers as Japan Yards Lose Out to China

JFE Holdings Inc. (5411)’s shipbuilding unit, in talks to merge with IHI Marine United Inc., may invite other Japanese companies to join the enlarged group to help it compete with South Korean and Chinese rivals. [Read More] Source: Bloomb...

Posted on 3/03/2011 / 0 comments / Read More