Steel Cut for Johan Sverdrup, Norway’s Biggest Project

Johan Sverdrup rendering. Photo: Statoil

  Construction has begun on the first structure for the biggest and most expensive industrial project in Norway for decades to come - the development of the giant Johan Sverdrup offshore oil field. Statoil announced Monday that the first piece steel for the riser platform jacket was cut at the Kvaerner Verdal yard in Norway on June 29, marking the official start of … [Read more...]

Ship Photos of the Day – Quantum of the Seas Arrives in China

Quantum (b)

  Royal Caribbean International's Quantum of the Seas arrived at its new homepage in Shanghai, China last week where it will sail three- to eight-night, roundtrip itineraries, year-round from Shanghai to North Asia destinations. The ship sailed a 53-night journey from New York to Shanghai via the Atlantic Ocean, Mediterranean Sea and Indian Ocean, following its … [Read more...]

World’s Biggest Shipbuilder Sees Mega Ships Leading Global Demand

MSC Oscar

  By Kyunghee Park (Bloomberg) -- Hyundai Heavy Industries Co. expects mega- sized container ships to lead global orders until early next year as shipping companies seek ways to cut costs. The company and its Hyundai Samho Heavy Industries Co. unit could win orders for as many as 11 vessels in July, said Ka Sam Hyun, a senior executive vice president in charge of … [Read more...]

ICS: Global Shipping Industry Concerned By Protectionist U.S. Approach to Energy Exports

Photo: Shutterstock/Oleksandr Kalinichenko

  The United States Congress signaled last week its firm intention to approve major free trade deals with Asia and Europe. But the global trade association for merchant ship operators, the International Chamber of Shipping (ICS), has voiced serious concern about the potentially protectionist approach being taken by the U.S. with respect to the future transport of … [Read more...]

Houston’s Northern Offshore to Be Acquired By Chinese Company

Energy Endeavor northern offshore rig jackup

  Houston-headquartered offshore drilling company Northern Offshore Ltd. (NOF) says it has reached a deal for the all-cash sale of the company to the Chinese company Shandong Offshore Company Limited. Under the deal, the Shandong Offshore will acquire all shares of NOF for the purchase price of NOK 7.59 per share, for a total value of approximately NOK 1.3 … [Read more...]

COSCO Group Among China State Firms That Falsified Revenue and Profit, Auditor Says

cosco

By Bloomberg News (Bloomberg) -- Some of China’s biggest state firms were found to have falsified revenue and profits, while some state lenders doled out loans to unqualified borrowers, the nation’s auditor said amid an intensifying crackdown on corruption. Fourteen state-owned companies, including State Grid Corp., Cosco Group and China Southern Power Grid Co., falsified … [Read more...]

Australian Government Hopes UNESCO Won’t Blacklist Great Barrier Reef

Photo: Shutterstock/Martin Maun

By David Gray LADY ELLIOT ISLAND, Australia, June 29 (Reuters) - With the Australian sun illuminating the crystal clear waters of the Great Barrier Reef in all their glory, UNESCO World Heritage delegates snorkelled for hours surrounded by manta rays, dolphins and reef sharks. Their mission was to check the health of the world's largest living ecosystem, thousands of … [Read more...]