Gulf Drilling International (GDI), a 60:40 joint venture between Qatar Petroleum and Japan Drilling Company, has secured a $130mn syndicated term loan from QNB and Standard Chartered Bank. The purpose of the term loan is to finance the purchase of GDI
Frontline has as reported in the Company’s First quarter report ordered four VLCC new buildings at Jignan Shipyard in China for delivery 2009 and onwards. Two of these originally newbuilding contracts have in the second quarter been sold to third party including an element of profit. Frontline has s
Moller-Maersk A/S, the world’s biggest container shipping company, cut its outlook for 2006 profits yesterday in part due to falling freight rates, sending its shares sharply lower. Moller-Maersk said it expected net profit this year to fall 20 per cent from its 2005 result of 20.2 billion kroner (e
Damen Shipyards Singapore (the specialist builder of fast aluminium vessels of the Damen Shipyards Group) has been awarded a contract by the Singapore Government for ten high speed patrol vessels. Designated ‘Damen Stan Patrol 3507’ the vessels will be operated by the Singapore Police Coast Guard. T
The United States Navy awarded a team led by Lockheed Martin a $198 million contract to build a combat ship, officials said Tuesday. The project will be headquartered in Middle River. This will be the Navy’s third Littoral Combat Ship, the second built by Lockheed Martin (NYSE: LMT). “We are excited
Secretary Angelo T. Reyes has cancelled a shipping vessel
THE Safmarine Agulhas, which ran aground in East London late on Monday, is still stranded and rescue teams are focusing mainly on the protection of the marine environment. National Ports Authority spokesman Terry Taylor said yesterday the bulk carrier had 662 tons of heavy fuel on board and 88 tons
At a public hearing on Gulf LNG’s proposed Jackson County liquefied natural gas terminal Tuesday night, many of the comments focused on the safety of the project and the fate of almost 3 million cubic yards of dredge material the company will need to remove to build the terminal. Tim Broussard, coun
The Safmarine Agulhas, grounded off the East London harbour breakwater, is stable and not leaking, the National Port Authorities (NPA) said on Wednesday. “The weather was fairly favourable last night (Tuesday), she didn’t move at all last night. She’s still in good condition,” said the NPA’s East Lo
The drag race up the eastern seaboard continues apace, with the fleet mostly strung out in an east to west group. The weather is being driven by clockwise rotation around the North Atlantic high, and this should stay with the fleet for the next few days. The US Navy
Emirates Team New Zealand knocked off Alinghi and BMW ORACLE Racing to run a perfect record in the round robin portion of Louis Vuitton Act 12. This earns the Kiwis the right to choose their opponent for the next stage of the competition. To complete its perfect run, Emirates Team New Zealand had to
The three division winning skippers have chosen their opponents for the semi-finals of Louis Vuitton Act 12, allowing a complete provisional pairing list to be drafted. At a press conference in the Port America
BP today joined its partners at a ceremony to mark the start of operations at China
Concordia Maritime has today signed two-year timecharter contracts for the V-MAX vessels Stena Vision and Stena Victory with Litasco, a subsidiary of the Russian oil company Lukoil. The new time charters will commence immediately upon expiration of the current charter contracts with the American oil
