Rock Blasting and Rainfall Improve Conditions on Mississippi River, Says Kirby

THEBES, Il. - Workers contracted by the Army Corps of Engineers clear rocks from the river floor near Thebes, Il., Dec. 17, 2012. The Coast Guard and USACE are overseeing rock blasting operations due to the low water situation on the Mississippi River. U.S. Coast Guard photo by Petty Officer 3rd Class Ryan Tippets.

*+-By Doug Cameron One of the largest barge operators on the Mississippi River said Thursday that emergency rock blasting and recent rainfall have improved conditions that had forced shippers to curtail traffic because of low water levels. The rains and the blasting of bedrock in a shallow section by the Army Corps of Engineers have […]

Private Equity Steers Blohm + Voss Towards Luxury Yachts

Image: Blohm + Voss Yachts

*+-By Eyk Henning FRANKFURT–London-based private equity firm Star Capital Partners Ltd. is pursuing a deal that will allow it to turn one of the oldest German marine companies into a firm dedicated solely to building and repairing yachts for the super rich. The investor is putting Blohm + Voss’s Oil Tools unit, worth more than […]

Scorpio Tankers 30.7 Million-Share Offering Priced at 5.2% Discount

scorpio tankers

*+-Scorpio Tankers Inc.’s (STNG) offering of 30.7 million shares priced at a 5.2% discount of Tuesday’s close. The company will sell the shares at $7.50 each, below Tuesday’s closing price of $7.91. Shares, which were inactive premarket, are up 46% over the past three months. The oil tanker owner said it plans to use the […]

Boskalis Finances EUR1.3 Billion to Acquire Dockwise


*+-AMSTERDAM–Dutch dredging company Koninklijke Boskalis Westminster NV (BOKA.AE) said Thursday it has closed the debt financing for the intended takeover of Dutch seatransporter Dockwise NV (DOCKW.AE). MAIN FACTS: – Boskalis it has signed the agreements for the EUR1.3 billion debt financing required for the takeover of Dockwise. – The credit facilities contain a combination of […]

Shell CEO: Both Arctic Drilling Rigs Need Work and Further Evaluation


*+-LONDON–Royal Dutch Shell PLC (RDSA, RDSA.LN) Chief Executive Peter Voser said Thursday that both its Alaska drilling rigs need more work before they can be ready for this year’s drilling season. The Noble Discoverer needs a series of upgrades, while the Kulluk, which recently ran aground, has sustained damage, Mr. Voser said. “It’s too early to say how […]

Golar Maria LNG Carrier Sold for $215 Million

golar maria lng carrier wilhelmsen

*+-By Debbie Cai Golar LNG Ltd. (GLNG) has agreed to sell the company that owns and operates the liquefied natural gas carrier, the Golar Maria, together with its time-charter, to Golar LNG Partners LP (GMLP) for $215 million. Golar LNG Ltd., which transports, liquefies and trades LNG, expects to reinvest a significant part of the net […]

Brazilian Prosecutor Seeks Injunction to Halt Work at Acu Superport

port of acu brazil

*+-RIO DE JANEIRO — A federal prosecutor in Brazil is seeking an injunction to halt work at the Acu port complex, an important part of billionaire Brazilian businessman Eike Batista’s strategy to capitalize on the country’s burgeoning oil and shipbuilding industries. A judge has not yet ruled on the request for the injunction, according to […]

$40 Million Iranian Offshore Gas Platform Sinks During Installation

south pars gas field iran persian gulf

*+-LONDON–Iran Wednesday confirmed it was seeking ways to recover a natural-gas platform made by an affiliate of Iran’s Revolutionary Guards after it sunk in the Persian Gulf, a setback for the country in its effort to cope with international sanctions. Divers have been deployed to see how the $40 million, 1,300-metric-ton platform can be pulled […]

Judge Approves $4 Billion Deepwater Horizon Plea Deal

deepwater horizon disaster

*+-By Tom Fowler A federal judge approved a $4 billion settlement of criminal charges Tuesday between BP PLC (BP, BP.LN) and the U.S. Justice Department over the deadly 2010 Deepwater Horizon accident in the Gulf of Mexico. Judge Sarah Vance made the ruling in New Orleans during a hearing where victims of the explosion and […]

John Minge Takes Over as President of BP America

bp logo

*+-HOUSTON–BP Plc (BP, BP.LN) said Tuesday it has named John Minge president of its U.S. unit, BP America, Inc. Mr. Minge succeeds Lamar McKay as BP’s chief representative in the U.S., a key role for the London-based energy giant, which has massive oil production operations in Alaska and the U.S. Gulf of Mexico, large refineries, […]

Idemitsu Partners With AltaGas to Export Canadian Natural Gas to Asia

lng carrier shutterstock natural gas shipping

*+-By Mari Iwata TOKYO–A Japanese energy company said Tuesday it is partnering a Canadian firm to export North American natural gas from Canada’s West Coast to Japan and elsewhere in Asia, aiming to meet part of Japan’s sharply rising demand for the clean-burning fuel to make up for idle nuclear power capacity. Under the 50:50 […]

DSME 2012 Net Profit Plunges

dsme crane

*+-By Kyong-Ae Choi SEOUL–Daewoo Shipbuilding & Marine Engineering Co.’s (042660.SE) net profit in 2012 plunged 82%, primarily reflecting the decision it made in 2009 to book orders for ships at lower rates to stay afloat in the aftermath of the financial crisis. In a further setback, the world’s third-largest shipbuilder by sales also lowered its […]