Japanese shipbuilders Mitsui E&S Shipbuilding Co., Ltd. (MES) and Tsuneishi Shipbuilding Co., Ltd. announced they have signed a business cooperation agreement to partner in areas of commercial shipbuilding.The compatriot shipbuilders had announced in February 2018 they were discussing plans to partner, becoming the latest in a string of Japanese yards to team up to combat the industry downturn.
The technology group Wärtsilä announces that its acquisition of Transas, a global company headquartered in the U.K., has now been finalized. Control of the company will be transferred to Wärtsilä effective from 4 May, 2018. The acquisition, which was announced in March 2018, has a transaction value of MEUR 210 (enterprise value).
Belgian tanker operator Euronav's average spot rates for its very large crude carriers (VLCCs) fell 53.8 percent to $18,725 per day in the first quarter, as challenging conditions continued in the freight market, the company said on Wednesday. Tanker companies have been suffering from a glut of excess capacity which has weighed on rates, while OPEC oil production cuts have added to the pressure.
In 2015, Bouchard Transportation Co. appointed Brendan J. Bouchard (son of President & CEO, Morton S. Bouchard III) as the company’s VP of Sales & Operations, firmly establishing the fifth generation of the Bouchard family as being an integral part of the Company. Also that same year, BTC christened ATB unit M/V Kim M. Bouchard and B. No. 270 in New Orleans.
The world’s first autonomous shipping company, Massterly, has appointed Tom Eystø as managing director and Per Brinchmann as chair of the Massterly board.Announced on April 3, 2018 as a new joint venture company between Norwegian ship owner Wilhelmsen and systems and solutions provider KONGSBERG, Massterly sets out to offer a complete value chain for autonomous vessels
Offshore oil services firm Subsea 7 has made an unsolicited offer worth about $2 billion for U.S. rival McDermott, potentially breaking up the U.S. company's agreed deal with onshore engineering firm Chicago Bridge & Iron (CB&I).The deal could make Oslo-listed Subsea 7 the market leader in supplying and installing subsea equipment for oil and gas firms with a combined market share of 24 percent
A U.S. judge said on Tuesday he would approve Seadrill Ltd's plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S. Bankruptcy Judge David Jones in Houston overruled two minor objections to the reorganization plan during a 90-minute hearing.
TT-Line Company and European shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) have signed a letter of intent (LoI) for the construction of two new ships to replace the current Spirit of Tasmania vessels. TT-Line chairman Mike Grainger said the companies would now commence contract negotiations and agree to final design specifications.
The world's northernmost oilfield was shut on Friday when a fire broke out in a sauna in the oil platform's living quarters, Eni, the Italian oil company that operates the field, said. The Arctic Goliat field is in the Barents Sea about 88 kilometers off the coast of Norway and inside the Arctic Circle.
Wilhelmsen and KONGSBERG establish world's first autonomous shipping company: Massterly The road toward autonomy has taken a major step with the announcement that Wilhelmsen and Kongsberg are collectively taking the next step in autonomous shipping by offering a complete value chain for autonomous ships, from design and development, to control systems, logistics services and vessel operations.
Rebranding would cost up to $32.5 mln but firm plans to ramp up renewables investment. Norway's Statoil plans to change its name to Equinor, reflecting its commitment to become a broad energy company rather than one focused only on oil, it said on Thursday. In a video posted on social media
A 223-foot cargo vessel that ran aground Tuesday morning near Charlotte Amalie Harbor in St. Thomas, U.S. Virgin Islands has been refloated, according to local responders. The Togo-flagged vessel Ocean Spirit I grounded just off of the entrance of the harbor’s East Gregory Channel while reportedly transporting more than $1 million of cargo from St.