Borr Drilling scores $332m jackup hat-trick
Tor Olav Trøim-backed jackup rig player Borr Drilling has picked up new contracts worth $332m for three of its units. The fixtures involving the rigs Arabia I, Gunnlod and Norve cover a total commitment of 1,779 days. The Oslo and New York-listed offshore driller said the Arabia I, which had its contract suspended earlier this […]
KCA Deutag acquired by Helmerich & Payne in $2bn deal
Drilling and engineering contractor KCA Deutag has been acquired by US driller Helmerich & Payne (H&P) for around $1.972bn. The deal will increase H&P’s Middle East rig count to 88 from 12, making the combined company one of the largest rig providers in the region. The transaction, which will be funded with cash on hand […]
US calls off Gulf of Mexico offshore wind lease sale
The US Bureau of Ocean Energy Management (BOEM) has cancelled its proposed offshore wind lease sale in the Gulf of Mexico, citing lack of interest from developers. In March, BOEM offered about 1,660 sq km in four wind energy areas off the US Gulf states of Louisiana and Texas, with potential for around 5 GW […]
Macro problems on the horizon
Pierre Aury warns there is a financial crisis looming that would make 2008 look like ‘a seaside picnic on a beautiful spring day’ In our last column we said that shipping is not an adiabatic system: it is a derivative of the world economy/geopolitical situation which is affected by decisions of lunatic politicians that no […]
Pacific International Lines (PIL) enhances electronic bill of lading offering
Pacific International Lines (PIL), a major player in the global shipping industry, has announced a significant enhancement to its electronic Bill of Lading (eBL) solution through a new partnership with WaveBL, a renowned provider of digital trade solutions. As per a statement on the PIL website, effective July 24, 2024, PIL’s customers can enjoy the […]
International Maritime Organization completes port security training in Madagascar
Comorian and Malagasy national authorities gained essential skills and knowledge to help ensure the security of their ports, following a series of International Maritime Organization (IMO) training activities held in Antananarivo, Madagascar from 9 to 19 July. According to IMO, 24 personnel representing a range of government departments, ministries and agencies in Madagascar took part […]
DP World launches Senegal’s cashew export season
DP World has officially launched Senegal’s cashew export season with the arrival of the vessel Diogue, a massive shipment carrying 2,000 tonnes of cashews from neighbouring Guinea-Bissau. West Africa is rapidly emerging as a major global player in the cashew nut market, and Senegal is thriving as a crucial export gateway for this valuable agricultural […]
Logistics UK welcomes funding for green aviation projects
The UK government will make more than £100m in funding available for five research and development projects that aim to reduce the environmental impact of aviation. The Department for Business and Trade said the funding would be delivered through Aerospace Technology Institute Programme to help pioneer groundbreaking new tech, including zero emission hydrogen flight and […]
CMA CGM experiences 50% profit drop in Q2 2024
French shipping company CMA CGM Group reported a massive loss of over 50% in its second-quarter profits. The box carrier achieved a net income of US$661 million in 2024 Q2, down US$670 million from the profit levels in the same period last year. Conversely, Group revenue stood at US$13.1 billion in the second quarter, translating […]
King Abdul Aziz Port sees volume growth in 2024
In the first half of the year, King Abdul Aziz Port in Dammam, Saudi Arabia recorded a 37.4% increase in total container exports and imports, reaching 1,534,961 TEUs compared to 1,117,133 TEUs during the same period last year. Additionally, the total number of transshipments rose by 87.87%, reaching 37,806 TEUs. The number of exported containers at […]