Finance

  • PortMiami receives federal money for Pilot Shore...

    PortMiami is proceeding with a pilot program to develop shore power to permit cruise ships in the port to begin cold ironing. The port is receiving a $2 million allocation from the U.S. Environmental Protection Agency’s Diesel Emissions Reduction Act to help fund the Shore Power Pilot Program. 

     

  • ATI applies to raise cargo handling rates at Port...

    Listed port operator Asian Terminals, Inc. (ATI) and its unit ATI Batangas, Inc. (ATIBI) have filed applications with the Philippine Ports Authority (PPA) to increase cargo handling tariffs at the Phase I and Phase II terminals of the Port of Batangas.

     

  • AB Klaipėdos nafta unaudited financial...

    AB Klaipėdos nafta (hereinafter – KN, the Company) announces the unaudited consolidated (hereinafter – the Group) and separate financial results for the three months ended 31 March 2021.

     

  • $25 billion investment proposed for U.S. Navy...

    A bipartisan group of U.S. senators, supported by two Republican members from the House of Representatives, is proposing legislation to invest $25 billion to improve the U.S. Navy’s shipyard infrastructure. They said the proposed legislation would address the critical problems in the shipyard infrastructure by repairing, modernizing, and making critical capital equipment improvements at both the Navy’s public yards and the private shipyards and suppliers serving the Navy.

     

  • Strong market leads Maersk to double earnings...

    The boom in the shipping industry and the expectations for strong demand to continue through 2021 are driving the major carriers’ earnings to new highs. A.P. Moller – Maersk, the public parent company of the world’s largest container shipping company, raised its guidance to investors forecasting that its earnings and cash flow will more than double versus previous guidance for 2021.

     

  • Apapa traffic costs Nigeria N140bn weekly...

    Experts in the Maritime industry have said that Nigeria could save the N140 billion weekly economic losses and another $10 billion import/export products wasted annually if the stifling traffic is curtailed.

     

  • Petrobras orders subsea manifolds from TechnipFMC

    Oilfield services firm TechnipFMC has this week secured "a significant" subsea contract from Petrobras for the Marlim and Voador fields, located offshore Brazil. For TechnipFMC, a “significant” contract is between $75 million and $250 million.

     

  • Singapore and shipping industry establish $90M...

    The Maritime and Port Authority of Singapore is joining with six leading companies from the shipping industry to establish a maritime decarbonization center. The center, which will have an initial budget of US$90 million was one of the recommendations from the International Advisory Panel on Maritime Decarbonization representing industry, academia and government created last summer in Singapore. The MPA also announced a second program with the government’s investment fund to explore other opportunities in the decarbonization of the maritime industry.

     

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WFW advises BPER Banca, CDP, Banca Popolare di Sondrio and SACE on €31.5m Fratelli Cosulich financing

Watson Farley & Williams (“WFW”) has advised a consortium of banks comprising BPER Banca S.p.A., Cassa Depositi e Prestiti S.p.A. (”CDP”), Banca Popolare di Sondrio S.c.p.A. and SACE S.p.A., as lenders on a €31.5m loan to Fratelli Cosulich LNG S.r.l. (“Fratelli Cosulich”) to finance the construction of an 8,200mc gas carrier for the supply of LNG bunkering services.

 
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Belships ASA expects solid fundamentals to support dry bulk market moving forward

Time charter earnings per ship in the quarter were recorded at USD 12 162 net per day versus BSI index of USD 16 140 net per day for the same period. The inherent lag in our business means that when the spot markets fall, our outperformance will tend to be higher. Conversely, when the market rises rapidly our performance will tend to lag on a short-term basis.

 
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Nordic Shipholding: Excessive tonnage hurts first quarter earnings

The first quarter of this year saw the Group performed poorly as the Time Charter Equivalent (“TCE”) rates were largely depressed due to low tonnage demand caused by the COVID-19 pandemic coupled with excessive tonnage in the market. As a result, the average daily TCE rate earned in Q1 2021 by the five vessels was 61% lower than the average daily TCE rate earned in Q1 2020.

 
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ADNOC awards $744 million contract for full field development of the Belbazem Offshore Block

The Abu Dhabi National Oil Company (ADNOC) announced today, the award of a $744 million (AED2.73 billion) contract for the full field development of the Belbazem Offshore Block, underscoring its drive to unlock and maximize value from all of Abu Dhabi’s fields as it expands its oil production capacity to 5 million barrels per day (mmbpd) by 2030. Located 120 kilometers northwest of Abu Dhabi city, the Belbazem Block consists of three so-called marginal offshore fields; Belbazem, Umm Al Salsal, and Umm Al Dholou.
 

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ADNOC awards $744 million contract for full field development of the Belbazem Offshore Block

The Abu Dhabi National Oil Company (ADNOC) announced today, the award of a $744 million (AED2.73 billion) contract for the full field development of the Belbazem Offshore Block, underscoring its drive to unlock and maximize value from all of Abu Dhabi’s fields as it expands its oil production capacity to 5 million barrels per day (mmbpd) by 2030. Located 120 kilometers northwest of Abu Dhabi city, the Belbazem Block consists of three so-called marginal offshore fields; Belbazem, Umm Al Salsal, and Umm Al Dholou.
 

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