Canadian Goverment Invests in Safety of Arctic Shipping

Photo: Canadian Coast Guard

  The Government of Canada announced Thursday that it is investing $22.7 million over the next five years to help improve the safety of marine transportation and navigation in the Arctic. Nearly 95 percent of goods transported in the Canadian arctic are shipped by sea, and the money will go towards ensuring communities in the remote North will continue to … [Read more...]

U.S. Senate Panel Votes to Lift Oil Export Ban

Shutterstock/Nightman1965

  By Timothy Gardner and Valerie Volcovici WASHINGTON, July 30 (Reuters) - The U.S. Senate Energy Committee on Thursday narrowly passed a bill to lift a 40-year-old ban on the export of crude oil, but the measure faces an uphill battle in getting passed by the full Senate. The bill to allow the United States to export oil and boost state revenue-sharing for … [Read more...]

CSCL Inks Shipbuilding Contracts for Eight 13,500 TEU Containerships

cscl containership

  China Shipping Container Lines (CSCL) has entered into agreements for the construction and purchase of eight 13,500 TEU capacity containerships. The shipbuilding contracts are valued at US $934.4 million and due in four installments of US $116.8 million each, according to a CSCL announcement. Delivery of the first vessel is scheduled to begin in April 2018 and … [Read more...]

Greenpeace Bridge Hangers Stand Off With Shell Icebreaker As Fines Rack Up

Activists suspend themselves from Portland's St. Johns Bridge in an attempt to block Shell's icebreaker from returning to Alaska. Photo: Greenpeace

Update 2: The Shell icebreaker Fennica threaded through the human barricade late Thursday. Check out the video from the scene.  Update: Greenpeace updated at 3:31 PM PDT that thirteen bridge climbers are still in place and will stay as long as possible hanging from the St. John's Bridge. As of 4:05 PM PDT, AIS showed the Fennica icebreaker still stopped in … [Read more...]

Neptune Orient Lines Swings to First Profit in Six Quarters

APL is a wholly-owned subsidiary of Singapore-based Neptune Orient Lines. Sheila Fitzgerald / Shutterstock.com

  SINGAPORE, July 30 (Reuters) - Singapore's Neptune Orient Lines Ltd (NOL) swung to a tiny net profit in its second quarter after six straight quarters of losses but said it had seen severe freight rate erosion. "The group's container shipping business continued to face a challenging environment characterized by over-capacity and weak market demand," NOL Group CEO … [Read more...]

Shell to Cut 6,500 Jobs as Prolonged Market Downturn Looms

olympus tensioned leg platform shell

By Rakteem Katakey (Bloomberg) -- Royal Dutch Shell Plc said it’s preparing for a “prolonged downturn” by cutting thousands of jobs and slashing billions of dollars in investments over the next two years. The shares gained the most in almost six months. The company, which in April said it was confident prices would return to $90 a barrel in three years, on Thursday said … [Read more...]