The Virginia Port Authority has signed a Memorandum of Understanding (MOU) with the Cuban National Port Authority to evaluate commercial opportunities between the Port of Virginia and Cuba’s newly opened Port of Mariel Special Development Project. The MOU establishes a platform for cooperation and i
NOAA archaeologists have discovered the battered hulls of two 1800s whaling ships nearly 144 years after they and 31 others sank off the Arctic coast of Alaska in one of the planet’s most unexplored ocean regions. The shipwrecks, and parts of other ships, that were found are most likely the remains
By Henning Gloystein SINGAPORE (Reuters) – Brent crude prices tumbled over 4 percent to levels not seen since April 2004 on Thursday as a sliding yuan and a second emergency halt in China’s stock trading this week left Asian markets in turmoil. A huge supply overhang and near-record output levels al
Noble Energy, a U. S.-based independent oil and gas company, has announced a series of transactions, consisting of a new term loan and cash tender offers for certain outstanding notes, which, according to the company, collectively enhance its financial flexibility. Noble Energy has entered into a ne
Houston-based Noble Energy, the developer of the natural gas resources and LNG project in Israel, signed a three-year loan deal with seven lending institutions for up to US$1.4 billion.
The shipping industry is to remain volatile and indispensable in 2016, international accountant and shipping adviser Moore Stephens says. According to Moore Stephens shipping partner Richard Greiner, the dry bulk sector will probably have to reduce the newbuilding orderbook and increase ship recycli
U.S. LNG player Cheniere confirmed it will send the first cargo of chilled gas from its Sabine Pass liquefaction facility this month after the plant recently started producing the fuel.
Faroe Petroleum, the independent oil and gas company with assets in Norway and the UK, has announced its reserves grew almost a hundred percent in 2015, when compared to those reported in 2014. According to the company, LR Senergy has completed its independent technical report on Faroe’s reserves fo
The dockworkers’ union plans to extend its strike in the Port of Lisbon, Portugal until the end of January, claiming that they are yet to receive their December salaries, local media report. The dockworkers have been protesting since November 14th, the date when their previous collective agreement e
Debmarine Namibia’s diamond sampling and exploration vessel will be launched from the slipway at Kleven Verft in Ulsteinvik on Saturday January 09, 2016. Specialised for deep water mineral exploration, the vessel, of MT 6022 design, is scheduled to be delivered from the yard in June 2016. Upon deliv
Swiber Torunn, an anchor handler that ran aground in Mexico last week, has yet to be refloated. In an email sent to Offshore Energy Today, Swiber, the offshore services provider that owns the vessel has confirmed the incident happened on January 1, 2016. According to the company’s spokesperson, the
Ocean freight rates for cargo moving under contracts on the major East-West trade routes saw another reduction in the last quarter of 2015, according to Drewry’s Benchmarking Club. The Drewry Benchmarking Club Contract Rate Index, based on Trans Pacific and Asia-Europe contract freight rate data pro
Golar LNG, the owner and operator of liquefied natural gas carriers informed on Wednesday that it has acquired 500,000 shares reducing its exposure under the total return swap deal.
Marine seismic survey specialist Polarcus has received support from lenders for its proposed debt restructuring. The company, whose earnings have been negatively affected by the cuts in spending by the oil companies over the past 18 months, on Wednesday said that banks, lease providers and certain b
