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

Screen Shot 2015-07-22 at 7.27.40 AM

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...]

LNG Seen Overtaking Iron Ore as Australia’s Main Export Driver

Photo: Shutterstock/Oleksandr Kalinichenko

By James Paton (Bloomberg) -- Liquefied natural gas will overtake iron ore as the main driver of Australia’s exports with annual shipments surging to more than A$50 billion ($37 billion) by 2020, according to Australia & New Zealand Banking Group Ltd. The contribution of LNG to Australia’s economic growth will surpass iron ore next year and peak at 0.75 percentage … [Read more...]

U.S. Regulator Approves Alliance Between Ports of Seattle and Tacoma

Port of Seattle, image (c) Stefan Wolczko

  The U.S. Federal Maritime Commission (FMC) has voted to unanimously to allow an alliance between the ports of Tacoma and Seattle that is to become effective as scheduled on Thursday, July 23, 2015. The Commission’s decision is based on a determination that the agreement is not likely, by a reduction in competition, to produce an unreasonable increase in … [Read more...]

China Says Japan’s East China Sea Pictures Provoke Confrontation

One of many photos released by Japan's Foreign Ministry showing Chinese oil and gas structures in the East China Sea. Photo: Japan Foreign Ministry

  BEIJING, July 23 (Reuters) - Japan's release of pictures of Chinese construction activity in the East China Sea will only provoke confrontation between the two countries and do nothing for efforts to promote dialog, China's Foreign Ministry said. In a defense review this week, Japan urged Beijing to stop building oil and gas exploration platforms close to disputed … [Read more...]

U.S. Arctic Drilling Permits for Shell Stop Shy of Oil Zone

MSV Fennica. Photo: Shell Alaska

  By Mark Drajem (Bloomberg) -- Royal Dutch Shell Plc received limited permits to drill two wells off Alaska’s Arctic coast, leaving the company still short of its desire to tap into the offshore oil reserves. The U.S. Interior Department approved Shell’s applications to drill in the Chukchi Sea, while saying the company may not reach the oil reserves until safety … [Read more...]

Freedom of the Seas Hit By Fire in Jamaica

Freedom of the Seas file photo: Creative Commons

  A fire hit Royal Caribbean's Freedom of the Seas Wednesday during on a seven-night cruise out of Cape Canaveral, Florida to the Caribbean.  Royal Caribbean International said in a statement that the fire broke in a mechanical area aboard the ship as it arrived in Falmouth, Jamaica. The ship's fire suppression system was immediately … [Read more...]