The offshore rig market recovery appears to have taken a pause, with demand tapering off and marketed utilization hitting the lowest levels recorded since recovery began in 2021. A variety of factors have contributed to this – including Saudi Aramco’s suspension of over 30 jackup contracts by up to one year, the entry of newbuild rigs into the market without work to go to
Spilled oil has washed up along "tens of kilometres" of the Russian Black Sea coast after two tankers were badly damaged in a storm at the weekend, a regional official said on Tuesday, and state media said a third vessel was now in trouble.TASS news agency said the third ship, also a tanker, had issued a distress signal off the port of Kavkaz, but its hull was still intact
One person has died and another is missing after a commercial tanker struck a recreation vessel near Port Aransas, Texas.The U.S. Coast Guard said it received a call from a good Samaritan via channel 16 at 5:28 a.m. reporting the collision between. The recreational vessel, reported to be a commercial pleasure boat, became partially submerged, and the four people on board went into the water.
The prices for newbuild vessels have risen to their highest level in 16 years, according to latest figures from shipping association BIMCO.“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2020 they are up 53%.
Norwegian offshore vessel owner Solstad Offshore has secured a contact with Subsea7 for its subsea construction support vessel (CSV) Normand Subsea.The duration of the contract is two-year firm and three yearly options, with the start on January 1, 2026.On contract with Sbusea7 since 2009, Normand Subsea is a 113-meter-long vessel, built in 2009, featuring VS 471 design.
SAAM (SM SAAM) reported net income from continuing operations of $59.2 million for 2024, EBITDA of $188 million (+17% vs. 2023) and revenue of $578 million (+7%). During the year it also completed the process of integrating the assets acquired from Starnav in Brazil and Pertraly in Ecuador.
The U.S. Army Corps of Engineers (USACE) has issued a permit for the rebuilding of the Francis Scott Key Bridge, granting Maryland Transportation Authority permission to construct the bridge, following the collapse of the original structure that claimed the lives of six Baltimoreans.
Corvus Energy has secured Type Approval from Lloyd’s Register (LR) for its Dolphin NxtGen marine battery system. The LR Type Approval confirms that the energy storage system (ESS) complies with the most stringent rules, regulations, and safety requirements in the industry, as defined by one of the leading maritime class societies.
2024 LSFO exports 18.33 mln tons, -1.6% vs 20232024 fuel oil imports +7.4% at record 24.1 mln tonsFuel oil imports to trend down in 2025 on new tariffs, tax policy China's exports of low-sulfur marine fuels dipped 1.6% in 2024 from the previous year, data from the General Administration of Customs showed.
Volunteers helping to clean up a major oil spill along Russia's Black Sea coast appealed in a video released on Monday for President Vladimir Putin to urgently send federal aid, saying that they and local authorities were overwhelmed.The pollution, which has coated sandy beaches at and around Anapa, a popular summer resort
Norwegian offshore vessel owner Solstad Offshore has secured contract extensions with Subsea7 for two of its subsea construction support vessels (CSVs) – Normand Subsea and Normand Energy.Subsea7 has exercised the 2025 optional charter period for the Normand Subsea.The contract is now firm until December 31, 2025, with no further options thereafter.
Capacity reduction on the Panama Canal have hurt dry bulk market, with dry bulk carrier transits down significantly (down 74% in the Q1 '24 vs. '23, with sailing distances up 31% and cargo volume down 25% year on year, according to BIMCO shipping analyst Filipe Gouveia.Low water levels in lake Gatun have caused restrictions in the number of transits through the Panama Canal at a maximum draft