Shipping Industry Confidence at Seven-Year Low

File photo (c) Shutterstock/Lukasz Z

  Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. Respondents complained predominantly about low freight rates and overtonnaging, while … [Read more...]

Statoil Suspends Another Rig Contract

Scarabeo 5. Photo: Statoil

Norwegian oil major Statoil has decided to suspend its contract for the semi-submersible drilling Scarabeo 5 due to overcapacity in its rig portfolio.  The suspension will take effect once Scarabeo 5 has completed drilling of a well on the Kristin field in the middle of August, and will last until 1 March 2016. “We regret the need to suspend Scarabeo 5, but we will … [Read more...]

EU Ruling on River Dredging Could Hinder Port Expansion Projects

Port of Hamburg file photo courtesy Hafen Hamburg

  FRANKFURT/HAMBURG, July 1 (Reuters) - The European Court of Justice (ECJ) ruled on Wednesday that damage to water quality must be considered when authorities approve river dredging to expand ports, in a ruling which could hinder expansion at the German ports of Bremen and Hamburg. The European Union's highest tribunal raised hurdles for approval of port dredging … [Read more...]

Bahri Returns to Hyundai Samho for Five More VLCCs

Photo: Bahri

  The National Shipping Company of Saudi Arabia, aka Bahri, has returned to South Korea's Hyundai Samho Heavy Industries for five newbuild Very Large Crude Carriers. Bahri signed the deal with Hyundai Samho, an affiliate of Hyundai Heavy Industries, late Tuesday. The contract includes options for five additional VLCCs. The five newbuildings brings the total number … [Read more...]

Shell’s Noble Discoverer Drillship Heads for Alaska

Noble Discoverer drillship

  SEATTLE, June 30 (Reuters) - U.S. Coast Guard and police boats cleared a way through protesters in kayaks at a Seattle-area port on Tuesday so Royal Dutch Shell's second of two Arctic drilling rigs could depart for Alaska. The activists, who have staged frequent demonstrations during the past two months against Shell's planned oil exploration in the Chukchi Sea, … [Read more...]

Samsung Heavy Wins Johan Sverdrup Contracts

Johan Sverdrup rendering. Photo: Statoil

  South Korean shipbuilder Samsung Heavy Industries has been awarded an NOK 7 billion (US$890 million) contract from Statoil for the construction of the process and riser platforms for the Johan Sverdrup development project offshore Norway. The contract calls for the fabrication of the decks for both the processing platform and riser platform - two of of four … [Read more...]