News

Tanker owners are still in the loop following OPEC’s inability to provide the oil markets with some positive news on increased production figures, while demand is ever so growing. This week, IEA raised the issue once again, trying to exert pressure on OPEC

In April 2011, The Chicago Fire Department took delivery of a new Fireboat to replace the aging Victor L. Schlaeger. The vessel was named in memory of Firefighter Christopher Wheatley, who lost his life in active duty in 2010. The new vessel was designed by Robert Allan Ltd., Naval Architects

The development of Exhaust Gas Scrubber technology for SOx emissions control has advanced to the point that it is now possible to quickly ramp up production volumes to meet the increasing demand in the marine market as regulations become more stringent.

Kyodo Tokyo Electric Power Co. said Friday it will take a month to start circulating radioactive water cleaned using a newly installed water treatment system to cool the Fukushima No. 1 plant's crippled reactors.

Statoil wants to compress gas on the seabed to boost recovery. Subsea compression was recently selected as the preferred concept for Gullfaks.

Daewoo Shipbuilding & Marine Equipment has awarded Norway’s Aker Solutions a contract to supply a complete drilling equipment package for a new deep-water drill ship

Petrobras has its sights set on pre-salt plays off West Africa after it bought into a pair of assets off Gabon.

UK independent Bayfield Energy Holdings has set its sights on a London listing as it looks to expand its activity in the Caribbean.

UK: Maersk Approves USD 1 Billion Investment for Golden Eagle Development Plan

At No. 1 Dock, HVS held the launching ceremony for Hull No. S057, the 1st vessel of the order of series two 56,000 DWT Class Bulk Carriers from Blue Tide Shipping No.1 S.A., Panama.

DWT BC(HUll No.:SF060138), the second sister vessel being built for Indian MSPL company by SF shipyard, finished sea trial smoothly and came back to shipyard. It is reported that this vessel will be named as well as delivered at the end of June.

BL reported that the Indian steel makers may have to pay more for the imported coking coal in the next quarter beginning July 1.Steel industry insiders told Business Line that the forthcoming quarterly contracts, which would be finalized by the third week of this month, could see upward price revision. The last revision saw 47% jump.

Oil traders and companies holding stocks of crude and fuel oil ready to cash in on a surge in demand from Japan's power plants may have bought more than needed. Japan's oil demand for power consumption has shown little of the expected rise. If traders decide to give up the wait and sell elsewhere, prices of the stockpiled sweet crude grades from Indonesia, Vietnam and Sudan and fuel oil could slide in the weeks ahead.

The International Energy Agency, the West's energy watchdog, stands ready to release strategic reserves of crude oil to ensure adequate supply and support the global economy, Executive Director Nobuo Tanaka said on Thursday.

The risk of demand destruction in the United States is underestimated by the market, an Investec fund manager said, predicting a weaker U.S. summer driving season and a fall in the oil price as a result.

European refiners may be forced to reduce processing rates this summer as rising crude prices erode profits, according to Singapore-based researcher Facts Global Energy Inc

Singapore’s stockpiles of residues, or fuel oil, fell to the lowest in four months, data from a unit of the Ministry of Trade and Industry showed. Onshore inventories of residues, including fuel oil and low-sulfur waxy residue and excluding bitumen, dropped 13 percent to 18 million barrels in the seven days to June 15,

Russia and China may delay a natural-gas accord until later this year as wrangling continues over how much China needs to pay the world’s largest energy exporter for the fuel.Chinese President Hu Jintao is in Russia for a four-day visit and had been expected to sign a gas-supply agreement with his Russian counterpart Dmitry Medvedev

The fourth edition of Lloyd’s Register’s popular guide, Ballast Water Treatment Technology, has been released.With the International Maritime Organization's Ballast. Water Convention potentially coming into force as early as next year, ship-owners, managers and operators should be planning now for retro-fits of their operational ships,

Dutch offshore and ferry operating companies Workships Contractors and the Doeksen family announce their continued expansion into the service sector of the offshore wind industry by signing a Heads of Agreement for an Anglo-Dutch co-operation with Offshore Wind Power Marine Services Ltd,