Idling Drillships Turn Gulf of Mexico Into One Big Expensive Parking Lot

Ensco 9 drillship file photo courtesy Ensco Plc

By David Wethe (Bloomberg) -- Imagine parking your $300 million boat for months out in the open sea, with well-paid mechanics hovering around it and the engine running. The Gulf of Mexico and the Caribbean Sea have become a garage for deepwater drillships -- at a cost of about $70,000 a day each. It’s either that or send your precious rig to a scrapyard. The dilemma … [Read more...]

Stowaways – Complicated, Messy, Expensive and Possibly Dangerous

Photo (c) Shutterstock/ Iablonskyi Mykola

  By Rick Spilman, Old Salt Blog Recently, the New York Times published Stowaways and Crimes Aboard a Scofflaw Ship, the first of a four part series, by Ian Urbina. At the core of the article, Urbina tells the story of two South Africans who have the misfortune to stowaway onboard a Greek reefer ship whose owner is notorious for shady dealings. Only one of the … [Read more...]

INTERTANKO Livid Over Nigeria Tanker Ban

Photo: Shutterstock/Montenegro

  By Jonathan Saul LONDON, July 23 (Reuters) - A ban on 113 oil tankers by Nigerian state oil company NNPC must be lifted immediately as no grounds have been given for the measure, the global oil tanker industry association said in a letter of protest. NNPC issued a letter on July 15, citing a directive from President Muhammadu Buhari, which said the vessels, … [Read more...]

U.S. Lawmakers Seek to Change Cuba Travel and Shipping Rules

Photo: Shutterstock/ffoto29

  By Patricia Zengerle and Matt Spetalnick WASHINGTON, July 23 (Reuters) - A U.S. Senate committee on Thursday approved amendments that would end restrictions on travel by Americans to Cuba and ease some trade barriers, advancing efforts to implement President Barack Obama's rapprochement with the communist island. By an 18-12 vote, the Republican-controlled … [Read more...]

Asia Capesize Rates to Hold Steady with All Eyes on Atlantic

capesize bulk carrier

  By Keith Wallis SINGAPORE, July 23 (Reuters) - Freight rates for capesize bulk carriers are likely to hold steady next week although a rush of cargo in the Atlantic would again provide the trigger for rates to move higher, ship brokers said. That came after a surge in Atlantic and transatlantic cargoes boosted capesize freight rates from Brazil to China by … [Read more...]

Keppel Profit Falls As Rig Business Falters

keppel offshore and marine shipyard

  SINGAPORE, July 23 (Reuters) - Singapore-based conglomerate Keppel Corp Ltd's second-quarter net profit fell 2 percent to S$396.7 million ($290.2 million) from a year earlier, weighed down by weak performance in the offshore and marine unit. Keppel, one of the world's largest offshore rig builders, also has business interest in real estate and infrastructure. The … [Read more...]

Panama Canal Expansion Project Nearing Completion – Project Update

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The Panama Canal Expansion Program is nearing completion with the construction of the Third Set of Locks reaching 90% completion this month. The Panama Canal Expansion Program will create a new lane of traffic along the Canal through the construction of a new set of locks, increasing the waterway’s capacity. The new locks will have three chambers, water-saving basins, … [Read more...]