Evergreen buys container ships from CSBC Co

The Evergreen Group has placed an order with CSBC Corp, Taiwan (CSBC) to build 10 container vessels for US$1.03 billion with delivery set to start in the fall of 2013 or earlier, both firms said in separate statements yesterday. [Read More] Source: TAIPEI TI...

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Slow steaming to contribute to peak season container shortage

CONTAINER shortage is to continue into 2011 and will affect peak season with three million TEU fewer in 2011 compared to historical industry-standard level, said the World Shipping Council (WSC) in its latest Container Supply Review. [Read More] Source: Sean...

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Reduce piracy off the coast of Somalia

In the last few years, Somali pirates have evolved from a small group of bandits into a network increasingly functioning like a sophisticated global organisation with hijackers, investors, guards, professional negotiators and money laundering agents working in...

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Hamworthy lands 11-vessel China order

Hamworthy has won a contract to supply pump room systems for 11 vessels to be delivered to the China Shipping Group (CSG).The first three systems are destined for installation on three CSG 112,000 dwt aframax newbuildings, to be constructed at Dalian Shipbuilding...

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Evergreen Marine, other shippers accused of cartel conduct

The EU Commission said Friday it suspects that Taiwan-based Evergreen Marine Corp. and several other shippers have been engaged in cartel activities in violation of EU antitrust regulations. [Read More] Source: Focus Tai...

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China offers ASEAN joint effort to counter piracy

China has offered to hold joint patrols with ASEAN countries to escort vessels from the region crossing the Gulf of Aden in the wake of rampant Somali piracy.“China offered [ASEAN countries] a coordinated convoy to escort merchant vessels crossing the Gulf of Aden for their safety. If any ASEAN countries...

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Tanker market short-term outlook looks uncertain

With the tanker market picking up some moderate speed this week, analysts have begun to wonder about the short-term prospects of the market, as we head towards June loadings. According to a report from CRWeber, uncertainty abounds as to the near term prospects...

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Aibel: Mayor cut first steel in Haugesund

With a traditional ceremony Thursday afternoon, Aibel marked the start up of the fabrication of the Gudrun topside.‘This is the first time Haugesund’s mayor chain has been worn over an overall,’ said mayor of Haugesund, Petter Steen.‘It is a gesture to symbolise...

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FOGL - Rig Contract Confirmed

FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, announces that it has signed an assignment agreement and associated documents (together the “Rig Contracts”) with Borders & Southern...

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Nexen to Upgrade Buzzard Cooling System; Yemen Fields Back

Nexen Inc. advises that it has finalized plans to upgrade the cooling system and return to full production at its Buzzard platform in the North Sea. The cooling medium is expected to be replaced by the end of May. During this period production will be limited...

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BP Announces Settlement with Moex/Mitsui of Claims

BP Announces Settlement with Moex/Mitsui of Claims Between the Companies Related to the Deepwater Horizon Accident BP announced that it has reached agreement with MOEX Offshore 2007 LLC (“MOEX”) and its affiliates, Mitsui Oil Exploration Co., Ltd. and MOEX USA Corporation to settle all claims between...

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Shell CEO: Deep-water drilling set to continue

Royal Dutch Shell (RDSa.L: Quote) sees deep-water oil drilling continuing in the future and as of next year will produce more gas than oil, its chief executive was quoted as saying by a Swiss newspaper on Sunday. [Read More] Source: Reut...

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SEVAN MARINE - Financial and Operational Update

FPSO operation and projectIn Q1 2011, the FPSO Sevan Piranema had a commercial uptime of 88% due to continued problems with the gas cooling and booster compressor systems. The Company is evaluating the need for additional investments of up to USDm 25 in the process...

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