The investment level in oil and gas projects will increase this year for the first time since 2014, and the number of new oil projects looks set to double this year compared to last, projects Wood Mackenzie.
A multiple year boom could be coming to an end for the colorful Norwegian shipping magnate John Fredriksen's crown jewel, Seadrill, as the company has turned out to be USD 14 billion in debt and at which a race against time and unsatisfied bond holders has begun.
Maersk Oil has, according to the Financial Tribune, submitted a plan for how to develop the oil reserves in Iranian field South Pars. The National Iranian Oil Company is now reviewing the plans, reports the usually well-informed media.
Norwegian shipping magnate John Fredriksen is spending every waking hour trying to settle a rescue plan for his ailing company Seadrill, he tells Norwegian daily Dagens Næringsliv. This Wednesday morning, the share price took a new steep dive of almost 30 percent.
Offshore carrier Topaz suffered a loss in the third quarter, where activities in the Middle East and West Africa in particular left a lot to be desired. The prospect of market improvement is unforeseeable, says CEO Rene Kofod-Olsen.
A Danish court has lifted its court-ordered anonymity in a protracted fraud case against Danish bunker company Monjasa, which was found guilty of perpetrating gross fraud against a Malaysian customer. Partner Jan Jacobsen was also found guilty and given a prison sentence of 3.5 years.
CEO of the Port of Gothenburg, Magnus Kårestedt, has spent much of his time in the last 18 months handling the port's labor conflict between APM Terminals and the dockworkers. "Many don't understand the core of the conflict," he says in the latest article in ShippingWatch's series on communication.
Rates have generally been higher in 2017, a year projected by many to be a year of beginning recovery – but a decline since the boom in the spring has curbed the budding optimism. And this could be a good thing, says J.P. Morgan.
Keppel's marine business, which covers several yards specializing in offshore, suffered a deficit in the first six months of the year, compared to a profit of USD 177 million in the same period last year. The offshore sector drags the business down.
Rotterdam's port booked a positive first half of the year with rising freight volumes. But if this development is to continue, the Dutch state must show more support, like in neighboring countries such as Germany, the port urges.