New Suez Canal Dredging Helps Boskalis Sail Past First Half Profit Forecast

The Suez Canal expansion challenged Boskalis to dredge a 35-kilometers-long and 24-meters-deep shipping channel, an estimated 180 million cubic meters of material, in just one year. Photo: Boskalis

  By Toby Sterling AMSTERDAM, Aug 20 (Reuters) - Dutch marine engineering company Boskalis reported a 21 percent rise in first-half earnings, comfortably beating market expectations thanks to an exceptionally strong performance by its dredging business and an investment windfall. However the company warned on Thursday that earnings for the fall year would fall … [Read more...]

Hapag-Lloyd Shooting for September IPO – Sources

Photo: Hapag-LLoyd

  FRANKFURT, Aug 20 (Reuters) - German container shipping group Hapag-Lloyd aims to launch preparations for a stock market flotation in September, earlier than initially planned, four sources familiar with the transaction told Reuters on Thursday. That would permit the company's shares to trade on the Frankfurt stock exchange as early as October, the financial … [Read more...]

Gulf of Mexico Lease Sale Reflects Today’s Depressed Offshore Market

Photo: Shutterstock/Lukasz Z

  The Department of the Interior’s latest oil and gas lease sale covering nearly 22 million acres in the western Gulf of Mexico drew little interest from offshore companies on Wednesday, reflecting weakened market conditions driven by the plunge in oil prices. The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) Lease Sale 46 was held Wednesday … [Read more...]

China’s Huge (and Hard-to-Find) Canal on the Doorstep of America

HK Nicaragua Canal Development Investment Co Ltd (HKND Group) Chairman Wang Jing greets young people during the start of the first works of the Interoceanic Grand Canal in Brito town December 22, 2014. REUTERS/Jairo Cajina/Presidential Palace Nicaragua/Handout

  By Michael McDonald (Bloomberg Business) -- Deep on the southeastern side of Lake Nicaragua, along a bumpy dirt road that climbs gently through lush-green forest, sits the tiny town of El Tule. It is quintessential rural Central America: Chickens roam outside tin- roofed homes while pigs stand tied to trees, awaiting slaughter; the sound of drunk locals singing … [Read more...]

Full Steam Ahead: Shippers Risk Paying a Price for Cheaper Fuel

ship bunkering

  By Keith Wallis and Jane Xie SINGAPORE, Aug 20 (Reuters) - A slide in marine fuel prices to six-year lows should be a welcome break for global shipping - by slashing costs for an industry struggling to recover from its worst downturn in decades. But shippers say the benefits on some routes risk being short lived as cheap fuel is encouraging firms enjoying better … [Read more...]

Vantage Drilling Drillship Cancelled at DSME

Vantage Drillings 2013-built Tungsten Explorer. Photo: Vantage Drilling

  Daewoo Shipbuilding & Marine Engineering Co., the world's number two shipbuilder, says it has cancelled a 703.4 billion won ($595 million) drillship order from a U.S. customer after the customer failed to make an interim payment. The cancellation was announced by DSME in a stock filing on Wednesday, which did not specify the client or drillship. The … [Read more...]