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U.S. Senate Panel Votes to Lift Oil Export Ban

  By Timothy Gardner and Valerie Volcovici WASHINGTON, July 30 (Reuters) – The U.S. Senate Energy Committee on Thursday narrowly passed a bill to lift a 40-year old ban on the export of crude oil, but the measure faces an uphill battle in getting passed by the full Senate. The bill to allow the United […]




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CSCL Inks Shipbuilding Contracts for Eight 13,500 TEU Containerships

  China Shipping Container Lines (CSCL) has entered into agreements for the construction and purchase of eight 13,500 TEU capacity containerships. The shipbuilding contracts are valued at US $934,400,000 million and due in four installments of US $116,800,000 each, according to a CSCL announcement. Delivery of the first vessel is scheduled to begin in April […]

The MV YUAN SHI HAI, pictured here, is one of four Valemax ships sold to China Ore Shipping in May. Photo: Ian Edwards

Vale to Collect $448 Million from Sale of Four Giant ‘Valemax’ Ships to China

  RIO DE JANEIRO, July 30 (Reuters) – Brazilian mining company Vale SA said on Thursday that it expects to receive $448 million from the sale of four dry-bulk iron ore ships to China’s state-owned China Merchants Energy Shipping Co in September. The 400,000-deadweight-tonne ships, known as Very Large Ore Carriers (VLOC) or “Valemax” vessels, […]

Activists suspend themselves from Portland's St. Johns Bridge in an attempt to block Shell's icebreaker from returning to Alaska. Photo: Greenpeace

Greenpeace Protestors Still Hanging from Bridge Block Shell Icebreaker

  Update: Shell’s Fennica icebreaker tried to make a pass under the bridge Thursday morning but was turned around by the protestors. According to a Greenpeace update from just moments ago: 8:01am PDT: The Fennica has turned around and headed back to port, but our activists on the bridge are staying strong. Shell’s ship is […]

APL is a wholly-owned subsidiary of Singapore-based Neptune Orient Lines. Sheila Fitzgerald / Shutterstock.com

Neptune Orient Lines Swings to First Profit in Six Quarters

  SINGAPORE, July 30 (Reuters) – Singapore’s Neptune Orient Lines Ltd (NOL) swung to a tiny net profit in its second quarter after six straight quarters of losses but said it had seen severe freight rate erosion. “The group’s container shipping business continued to face a challenging environment characterized by over-capacity and weak market demand,” […]

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Shell to Cut 6,500 Jobs as Prolonged Market Downturn Looms

By Rakteem Katakey (Bloomberg) — Royal Dutch Shell Plc said it’s preparing for a “prolonged downturn” by cutting thousands of jobs and slashing billions of dollars in investments over the next two years. The shares gained the most in almost six months. The company, which in April said it was confident prices would return to […]

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Ship Photos of the Day – Inside Arendal Spirit, Teekay’s Giant Cylindrical Accommodation Rig

Arendal Spirit is Teekay’s newest big, round accommodation rig that is currently home to about 500 workers offshore Brazil. The unit is technically called a ‘Unit for Safety and Maintenance’ and was built based on Sevan Marine’s proprietary cylindrical hull design, which is supposed to enhance stability and motion characteristics. The vessel has 500 beds in 248 cabins with en-suite […]