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GERMANY ’S Wintershall has had a significant oil and gas strike on the Norwegian continental shelf, IHS Global Insight reported today. The well is the first one drilled in the Grosbeak prospect in Norway ’s North Sea , “so the hole-in-one is a positive and promising result”, added the report. Norway ’s large ...
A GOVERNMENT-linked financial institution has formed a sale and lease-back scheme for South Korean shipping companies facing a financial crunch. Korea Asset Management plans to acquire 62 ships through a specially created fund amounting to 4.3 trillion won ($3.3Bn). Shipping sources confirmed to Fairplay that applications for sale and leaseback of ...
PIRATES today hijacked a Turkish bulk carrier with 23 crew in the Gulf of Aden , the owner said. Horizon 1 was seized in the early hours of the morning after being surrounded by three pirate boats, Horizon Maritime & Trade told the Associated Press in Istanbul . A company spokesman said the vessel was continuing its course despite being hij...
MAN Diesel licensee Hangzhou ZhongGao Engine Co (ZGPT) recently celebrated both the delivery of its first license-built MAN Diesel 9L 32/40 engine and the official inauguration of production at the Hangzhou plant. ZGPT's Honoured President, Shi QingZhe, lead celebrations at the company's modern plant, located southwest of Shanghai in the pro...
The Stadt Kiel ferry boat has celebrated its 75th anniversary in Germany with a big "open ship" event at Kiel 's Seegartenbrücke jetty, close to the site where the ship was originally launched at the Friedrich Krupp Germaniawerft on May 26, 1934. At the same time, the 55th service anniversary of the MaK 8 MAu 423 marine diesel engine of 1954 was...
Det Norske Veritas reports that a new milestone has been reached in the offshore drilling industry. The first circular drilling rig prepared for drilling at a water depth of almost 4,200 metres was named at COSCO Shipyard Group's Qidong Shipyard on June 28. A grand naming ceremony was held at the site to celebrate the successful completion of the Sevan...
Container shipping lines serving the Asia-U.S. freight market say average rate levels achieved in the latest round of service contract negotiations are not sustainable over the typical 12-month 2009-10 contract term. As a result, lines in the Transpacific Stabilization Agreement (TSA) have adopted a voluntary guideline across-the-board increase of $500 pe...
Modern Commercial Navy (MCN) PLC and United Industrial Corporation JSC have signed a cooperation agreement, anticipating the developmental work of technical and commercial operation factors of the construction of multifunctional supply icebreaker and also tankers for transportation of liquefied natural gas. The tankers’ capacity total 75 000 m3. A s...
Port of Tallinn is the biggest port authority in Estonia and as far as both cargo and passenger traffic are taken into account, the biggest port on the shores of the Baltic Sea.
Qingdao Saint Voyage Logistics Inc. (SVL) is an Experienced International Shi
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