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ACP, Cheniere Focus on LNG's Potential

A boxship transits thePanama Canal (CREDIT CH2M)

Representatives from the Panama Canal, led by Administrator Jorge L. Quijano, hosted executives from U.S. LNG exporter Cheniere Energy, Inc. to discuss the waterway’s growing LNG vessel segment and opportunities for future growth.   With LNG emerging as its newest and fastest-growing segment, the

Subsea 7 to Invest in Xodus Group

SEVEN FALCON. Photo: Subsea 7

 Leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry Subsea 7 S.A. and Chiyoda Corporation announced that Subsea 7 has agreed to acquire a 60% holding in Xodus Group, a leading energy consultancy, from Chiyoda.   Yokohama-based Chiyoda,

Matson Reports Q4 Earnings Per Share $3.90

Photo: Matson

 Honolulu-based Matson Inc reported fourth-quarter net income of $166.9 million. On a per-share basis it has profit of $3.90.    The ocean transportation and logistics services company posted revenue of $516.1 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $503.

Maersk Energy: Uptick in Offshore Oil

(File photo: Maersk Oil)

COPENHAGEN, Feb 20 (Reuters) - Prospects for the offshore oil drilling market are improving but profits for drillers are still under pressure and rates will not rise before 2019, the head of A.P. Moller-Maersk's energy business said.   Oil firms have seen cash flow climb in 2017 a high since a three-year slump in crude prices,

Noble Energy Profit Beats Estimates

Photo: Nobel Energy

U.S. oil and gas producer Noble Energy Inc reported adjusted quarterly profit on Tuesday that easily beat analyst estimates due to cost cuts and higher crude prices, sending shares surging more than 7 percent in morning trading. The results came as Noble's U.S. shale oil production jumped in the fourth quarter through Dec.

Germany Awards Higher Prices in Onshore Wind Power Auction

© Daniela Strauch / Adobe Stock

Germany's network regulator agreed to pay higher prices for onshore wind power in its latest capacity auction, it said on Tuesday, reflecting a new set of rules that made it harder for citizens' co-operatives to compete.   The average price Bundesnetzagentur (BnetzA) awarded for onshore wind projects came in at 4.

Golden Ocean Boosts Dividend as Q4 Financials Beat Street

File Image (CREDIT: AdobeStock / (c) Lidian Neeleman)

Dry bulk shipper Golden Ocean proposed a bigger than expected dividend for the fourth quarter on the back of forecast-beating results on Tuesday, and reiterated the market was getting better.   The company, controlled by Norwegian-born billionaire John Fredriksen, returned to profit in the third quarter

Maersk to Compete with UPS, Fedex

File Image: The Madrid Maersk, a 20,000+ TEU Box ship (CREDIT: Maersk)

A.P. Moller-Maersk plans to expand its transport and logistics business to compete directly with package delivery companies UPS and Fedex as part of a major restructuring, its chief executive said Tuesday.   Maersk, the world's largest container shipping company, has sold off the majority of its energy

China, not Trump, Drives U.S. Coal Revival

A typical coal cargo underway on the inland rivers (CREDIT: Inland Marine)

If China does seek a way to retaliate against U.S. proposals to impose import curbs on steel and aluminium, then targeting President Donald Trump's favoured coal would be tempting.   One of Trump's key campaign promises in the 2016 election victory was to end the war on what he termed "beautiful, clean" coal.

EIB, ING Earmark USD 370.3 mln for Green Shipping

Photo: European Investment Bank

 The European Investment Bank (EIB) and Dutch multinational banking and financial services corporation ING signed an agreement to support green investments for the European shipping market for a total value of EUR 300m  (USD 372.5million).    ING and EIB will each contribute EUR 150m to the facility.

MOL Posts Highest Profit in Decade in 2017

 INA Offshore platform. Photo: MOL

 MOL Group announced its financial results for 2017. MOL increased its EBITDA by 14% comfortably outperforming its 2017 target on the back of a strong financial and operational delivery of all business segments.   Organic capex stood at USD 1.04 bln, in line with lowered guidance and slightly higher than in the previous year.

Skuld Says Joint Marine Insurance Has Legal Black Hole

 It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each other in respect of a co-insured loss. It is taken to be an implied term and the possibility of financial claims between co-assureds is irrelevant: the insurer will pay.   If there are only two,

Philly Shipyard Order Backlog Touches USD 187.7 mln

Philly Shipyard aerial view Photo: Philly Shipyard

 As of 31 December 2017, Philly Shipyard had an order backlog of USD 187.7 million. The contract with Matson (Hulls 029-030) provides for shipbuilding activity with delivery dates through Q1 2019.   On 20 November 2017, Philly Shipyard delivered Hull 028, the final product tanker in the four-ship order for Philly Tankers,

BP Plans No Azeri Platform Shutdowns in 2018

Photo: BP

British oil major BP, which operates a number of oil and gas fields in Azerbaijan, plans no maintenance shutdowns of platforms there this year and intends to advance with new projects, BP's regional president told Reuters.   "There aren't any turnarounds planned for this year. I think there are some planned for 2019,

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