U.K. North Sea Oil Decommissioning Costs Set to Rise, Group Says

Photo: Shutterstock/claffra

By Angelina Rascouet (Bloomberg) -- The cost of dismantling oil production facilities in the U.K. North Sea over the next decade will be higher than previously forecast as more fields are scheduled to halt production, according to a group representing the British industry. Decommissioning costs will rise to £16.9 billion ($25.7 billion) for the 10 years to 2024, compared … [Read more...]

With Piracy Threat Faded, Kenya Plans Cruise Ship Rebirth

Photo: Shutterstock/Olga Gavrilova

By Joseph Akwiri MOMBASA, Nov 18 (Reuters) - East Africa's biggest port of Mombasa will spend 100 million shillings ($980,392.16) to build a new cruise ship terminal aimed at boosting tourism, port management said on Wednesday. Piracy in the Gulf of Aden and the Indian Ocean struck a major dent into cruise tourism in the region, but the industry has rebounded since 2011, … [Read more...]

ClassNK Approves LNG-Fueled Bulk Carrier Design

bulk carrier

Tokyo-based international classification society ClassNK has granted Approval in Principle (AIP) to a 98,000 DWT bulk carrier fueled by LNG. The concept design was developed by Maritime Innovation Japan Corporation. The vessel will be fitted with a 2,000 M3 capacity IMO Type B LNG tank and fuel supply system, with main engine and main generator engines that will operate … [Read more...]

Italian Shipping Companies Called Out Over Beaching Practices


Responsible shipbreaking advocacy group NGO Shipbreaking Platform has called out three Italian shipping over their supposed continued use of South Asian beaching yards and is urging they take immediate action to ensure the sustainable recycling of their end-of-life fleet. The Platform has sent letters to the Italian ship owners Grimaldi Group, Ignazio Messina and Vittorio … [Read more...]

Maersk Oil Says it Has Several Billions to Spend on Acquisition Drive

Photo: Maersk Oil

By Karolin Schaps and Ron Bousso LONDON, Nov 17 (Reuters) - Danish oil company Maersk Oil has several billion dollars to buy new licences, oil-producing fields or even launch a corporate takeover, the company's Chief Operating Officer told Reuters. The oil producer, supported by the might of its shipping conglomerate parent A.P. Moller-Maersk, is in an unusually strong … [Read more...]

Investigation Into Petrojarl Knarr Fire Uncovers Defects

Teekay's Petrojarl Knarr FPSO is on charter to BG Group. Photo: BG Group

Norway's Petroleum Safety Authority has uncovered a number of defects and shortcomings in its investigation into the March 2015 fire onboard the Petrojarl Knarr floating production and storage unit (FPSO) at the Knarr field offshore Norway. The fire broke out early on March 24, 2014 - less than a week after the FPSO come online - in a ventilation system located beneath the … [Read more...]

Ship Operating Costs to Rise Over Next Two Years, Drewry Says

Photo: Shutterstock/mandritoiu

The cost of operating cargo ships is forecast to rise over the next two years after falling slightly in 2015, according to the latest Ship Operating Costs Annual Review and Forecast 2015/16 report published by global shipping consultancy Drewry. The average decline in ship operating costs across the sectors covered in the report in 2015 was 1.0%, but for ships that are big … [Read more...]