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Saudi tanker company posts huge profit jump

DUBAI, Jan 17 (Reuters) – National Shipping Company of Saudi Arabia (Bahri) reported a huge jump in fourth-quarter net profit on Sunday, citing a rise in revenue after the completion of its merger with Vela Marine International and an increase...

18/01/2016 Read

Oil price falls below $28

The oil price has fallen below $28 a barrel amid fears the lifting of Western sanctions on Iran could worsen the existing oversupply problem. Brent crude, used as an international benchmark, fell as low as $27.67 a barrel, its lowest sin...

18/01/2016 Read

27 billion barrels worth of oil projects now cancelled

An estimated $380 billion worth of oil and gas projects have been cancelled since 2014, according to a new estimate from Wood Mackenzie. The downturn in oil prices have hit projects all around the world, and Wood Mackenzie says that 68 m...

15/01/2016 Read

Drewry: No Recovery in Sight for Dry Bulk Market

Share prices of dry bulk companies kept tumbling during 2015, and, according to Drewry Maritime Equity Research (DMER), the market is not expected to recover in 2016. “We see no recovery in sight over the next 12-18...

15/01/2016 Read

Seadrill defers drillship deliveries

Offshore drilling contractor Seadrill Ltd has reached an agreement with Daewoo Shipbuilding Marine Enigneering (DSME) to defer the delivery of two ultra-deepwater drillships. According to the new schedule, the West Aquila and West Libra drill...

15/01/2016 Read

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