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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,

NYSHEX Adds New Members in its Council

From left: Bjorn Jensen, Jochen Gutschmidt and Nick Fafoutis. Photo: NYSHEX

 The New York Shipping Exchange (NYSHEX), the container shipping industry’s solution for digital and enforceable freight contracting,  has announces the appointment of new members to its board of directors and launch of the governing NYSHEX Member Council.   This announcement follows the Federal Maritime Commission’s (FMC) December 2,

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.

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

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.

Morch Elected to J. Lauritzen BoD

Kristian V. Mørch. Photo: Odfjell SE

Danish shipping company J. Lauritzen adds CEO of Norwegian Odfjell, Kristian V. Mørch, and CFO of the cleaning company ISS, Barbara Plucnar Jensen, into its board of directors.  "J. Lauritzen A/S in March 2018, Kristian V. Morch, CEO at Odfjell SE, Norway and Barbara Plucnar Jensen, CFO at ISS UK and

Emas Offshore Appeals Against Oslo Stock Exchange Delisting

Photo: Emas Offshore

 Oslo Stock Exchange has decided to delist the shares of Singapore-based Emas Offshore from trading. The offshore services provider considers this decision detrimental to its ongoing restructuring efforts.   The Oslo Stock Exchange released a statement on Monday, February 19 announcing its intention

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,

Petrobras Extends DOF Deal

Skandi Admiral. Photo: DOF Group

 Norwegian shipping company DOF has been awarded an extension of a contract for one of its anchor handlers working in Brazil.   "DOF and Petrobras have agreed an extension of approx. 265 days for the Skandi Admiral with start-up in 9 June 2018, hence the vessel is firm until 28 February 2019," said a press release from DOF.

Lebanon Rejects U.S. Proposal on Disputed Waters with Israel

Parliament Speaker Nabih Berri told a U.S. envoy on Friday that Lebanon rejects current proposals over the disputed marine borders with Israel, state media said.   U.S. diplomats have been mediating between Lebanon and Israel over tensions including an Israeli border wall and Lebanon's decision to

Philly Shipyard's Q4 Net Income Rises to 31.5 Million

File Image: A U.S. flag tanker just after its launch circa 2013 at Aker's Philly Shipyard. (CREDIT Aker)

Reuters reports that the Q4 net income for the Philly Shipyard was up, compared to income of USD 19.3 Million in Q4 2016.   The firm also reports an order backlog of USD 187.7 Million at the end of 2017. EBITDA for Q4 2017 was reported at USD 40.4 miilion, as compared to Q4 EBITDA of USD 34.0 million, one year ago. 

Goldman Sachs, Macquarie Front Runners in HES Terminal Sale

File Image: A rendering of the The HES Terminal in the Port of Rotterdam (CREDIT: HES)

A consortium of infrastructure funds at Goldman Sachs and Macquarie is seen as the front runner in the sale of European bulk port terminal operator HES International, worth around 2 billion euros ($2.5 billion), industry sources said.   Morgan Stanley is mandated to sell the asset, two sources, whose organisations had considered bidding for it,

Rotterdam Port CEO "preparing for the worst" with Brexit

File Image: The Shell Refinery in the Port of Rotterdam (CREDIT: PoR)

The Port of Rotterdam is bracing for a British exit from the European Union without any deal on customs, and looking at measures such as hiring 100 extra customs agents and dozens of fresh produce inspectors.   CEO Allard Castelein said he had had two meetings in the past week with "policy makers,

Domestic Maritime Policy: It's Not Business as Usual

(Photo: MARAD)

An hour with the new U.S. Maritime Administrator, Rear Adm. Mark H. Buzby, USN, Ret., is as informative as it is refreshing. Sworn in on August 8, 2017, Buzby served as president of the National Defense Transportation Association, a position he has held since retiring from the U.S. Navy in 2013 with over 34 years of service.

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