Island Raider, the newest articulating tug in Island Tug and Barge’s (ITB) fleet, was christened September 28, during an afternoon ceremony at ITB’s headquarters in Burnaby, B.C.The new vessel is first of two in a series built by on-site at ITB’s Annacis Island facility along the Fraser River.
Ship technology and power plant maker Wartsila missed profit expectations on Thursday, citing postponed energy projects, but new orders beat forecasts with the help of rising demand for its marine sulphur scrubbers.Shares in the Finnish company dropped 4 percent by 0920 GMT after second-quarter core profit came in flat from a year ago at 123 million euros
The world's no. 3 container shipping line CMA CGM of France has made an exploratory approach to German rival Hapag-Lloyd over a possible merger as players in the sector hunt for tie-ups to beat depressed conditions, finance sources say.Three finance sources with knowledge of the matter, who declined to be named due to market sensitivity
The ownership of the Canadian firm Island Tug and Barge has changed with the purchase by the U.S. parent company Tidewater Inc. The firm is now known as Island Tug.The second tug, with the hull and superstructure completed and with the Cummins K38s installed still requires more work, was also launched in early May of 2018.The vessels were built in a warehouse on the Fraser River.
The world's largest liquid petroleum gas (LPG) shipper, Norway's BW LPG, is offering to buy competitor Dorian LPG in a $1.1 billion all-stock deal in an effort to boost its earnings in a weak market, it said in a statement on Tuesday.Dorian shareholders will receive 2.05 BW LPG shares for each Dorian share, equal to $7.
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
Libya's National Oil Corporation (NOC) is considering using a chemical marking system to help trace oil products smuggled out of the country, its chairman said on Wednesday. Mustafa Sanalla also called on a European Union naval mission to combat smugglers by seizing their ships in the Mediterranean, said the United Nations should consider sanctioning smugglers
Singapore's Maritime and Port Authority (MPA) said it is investigating a collision between two tankers in Singapore waters on Tuesday that led to a leak of liquefied petroleum gas (LPG) from one of the ships.An estimated 1,796 tonnes of butane gas leaked from the LPG tanker involved but this posed no danger to shipping and measures had been taken by the ship's crew to stop the leak
Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday. A plunge in oil prices in 2014 forced oil firms to cut back on offshore exploration
A cargo of U.S. soybeans shipped to China has become the first fully-fledged agricultural trade conducted using blockchain, participants said on Monday. Louis Dreyfus Co, Shandong Bohi Industry Co, ING, Societe Generale and ABN Amro took part in the trade where the sales contract, letter of credit and certificates were digitalised on the Easy Trading Connect (ETC) platform.
The European Union said it was delivering on a deal with U.S. President Donald Trump to buy more U.S. liquefied natural gas (LNG) on Thursday but called on Washington to do more to make its prices competitive.In talks to urge Trump to drop hefty new tariffs last month, the EU's chief executive Jean-Claude Juncker agreed to work to increase imports of U.S. soybeans and LNG to the bloc.
Abu Dhabi Ports has signed a 30-year concession agreement with Mediterranean Shipping Company (MSC) to build a new container terminal at its Khalifa Port.Abu Dhabi, the capital of the United Arab Emirates (UAE), has spent billions developing the port, which opened in 2012, as part of ongoing efforts to diversify its oil-rich economy.