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08 April 2025
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Apr 08, 2025Splash247
Saudi oil and gas driller ADES has signed a contract renewal for one of its standard offshore jackup rigs previously suspended by Saudi Aramco.
The company renewed the contract for the yet undisclosed rig for a firm duration of ten years, which adds significant long-term revenue visibility and backlog sustainability. The deal is estimated to be worth around $290m.
The rig in question is currently fulfilling a medium-term contract in Egypt. In the country, ADES has seven jackup rigs in operation â Admarine VIII, Admarine V, Admarine IV, Admarine III, Admarine VI, Admarine 88, and Admarine 260 â so one of these will be moving back to Saudi Arabia upon completing its deal.
Last year, ADES mutually agreed to temporarily suspend operations on six of its 33 offshore jackups operating in the country for up to 12 months.
Although the company did not immediately reveal the customer, it came to light that it was Saudi giant Aramco. Currently, the offshore driller has 30 rigs on hire with the Saudi firm.
âWe are very pleased to have secured this renewal for our unit in Saudi Arabia, particularly as it was among the six previously suspended rigs in the Kingdom. The new award validates the Groupâs optimism regarding the outlook of our business in the Kingdom. The group also plans to continue focusing on securing further renewals and backlog additions in our key markets to boost long-term revenue visibility and to capitalize on the prevailing tightness in the global offshore jack-up market,â said Mohamed Farouk, CEO of ADES
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Adani Ports Revenue Hits $1.09 Billion In Q1 2025Revenue rose 21 per cent YoY to âč9,126 crore ($1.09 billion). EBITDA grew 13 per cent to âč5,495 crore ($659 million).
Net profit increased 7 per cent to âč3,311 crore ($397 million), excluding âč141 crore ($17 million) in dividend income booked in Q1 last year, now due in Q2.
Logistics revenue doubled YoY to âč1,169 crore ($140 million), driven by expansion in trucking and international freight services.
Marine revenue rose 2.9x YoY to âč541 crore ($65 million), supported by a fleet of 118 vessels.
READ: Adani Krishnapatnam Port logs highest ever dry cargo volume
APSEZ began operations at the fully automated Colombo West International Terminal (CWIT) and an export terminal at Dhamra Port.
CWIT, developed under a 35-year BOT agreement, is expected to handle around 3.2 million TEUs annually at full capacity.
Dhamra Port began building two new berths to boost capacity to 92 MMT and secured a liquid cargo contract.
Vizhinjam Port hit full capacity in its ninth month and has launched Phase 2 construction.
READ: Adani Gangavaram Port sets coastal cargo handling record
Container rail volume rose 15 per cent YoY to 179,479 TEUs. GPWIS cargo increased 9 per cent to 6.05 MMT.
Mundra Port set national records, handling 3,234 TEUs and loading 23 double-stack rakes in a single day.
Haifa Portâs cargo volume grew 29 per cent YoY, with containers up 25 per cent and other cargo up 38 per cent. It posted its highest quarterly revenue and EBITDA since acquisition.
Ashwani Gupta, CEO of Adani Ports and Special Economic Zone Ltd, said: âThis quarterâs 21 per cent revenue growth is anchored by extraordinary momentum in our Logistics and Marine businesses, which grew 2x and 2.9x respectively.
âThese are no longer ancillary verticals â they are reshaping the contours of our future-ready ports ecosystem. Coupled with cargo growth and market share gains in the domestic ports business, and higher revenue and improving EBITDA in international ports, we remain firmly on track to meet our FY26 guidance.â
Last month, Adani Krishnapatnam Port Limited (AKPL) handled 5.85 MMT of cargo in June 2025, its highest recorded monthly volume.
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Cosco Seeks At Least 20% Stake In $23 Billion Panama Canal Ports Deal, Ft Reports-Chinaâs state-owned shipping giant Cosco aims to secure at least 20%-30% stake in a $23 billion ports deal involving strategic assets in the Panama Canal, as Beijing moves to renegotiate the terms of a sale previously praised by U.S. President Donald Trump, the Financial Times reported on Friday.
Reuters could not immediately verify the report.
Source: Reuters
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Rail Freight Traffic Moved More Than 1.2 Million Tonnes In The First Half Of The Year At Valenciaportin Port News
08/08/2025
So far this year, Valenciaport has recorded the movement of 1,221,014 tonnes of goods by rail, which translates into 131,795 TEUs handled by rail. These figures represent more than 8% of the total land traffic passing through the Port of Valencia.
According to figures for the last six months of the year, between January and June, Valenciaport trains transported 12% more containers than in the same period last year. This percentage rises to 18% if we take into account the number of tonnes. The number of direct entries and exits to the port facilities has also grown and now stands at 26,382 TEUs and 242,968 tonnes.
A total of ten companies manage rail traffic from the Port of Valencia to the logistics areas of Madrid, Valladolid, Bilbao and Zaragoza, where most of the goods arriving via rail-port traffic originate.
Source: Port Authority of Valencia
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08 August 20251 min readRail Freight Traffic Moved More Than 1.2 Million Tonnes In The First Half Of The Year At Valenciaport
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Cosco Eyes Stake In $2.3 Billion Panama Canal Port ProjectAccording to Reuters, the investment is linked to a plan by a local Panamanian firm, which aims to construct port facilities on both the Atlantic and Pacific sides of the canal.
The project reportedly includes a RoRo terminal, container handling infrastructure, and logistics services.
READ: Panama tightens shipping registry over âdark fleetâ concerns
Panamaâs maritime authority has allegedly approved the project, pending final government review.
Reuters revealed that a COSCO representative told the Financial Times (FT) the company is still evaluating the opportunity.
The development comes amid heightened US scrutiny of Chinese involvement in critical infrastructure in the Americas.
In April, COSCO Shipping rejected US allegations of misconduct in Chinaâs shipbuilding and logistics sectors, as well as the measures introduced to limit Chinaâs influence in the industry.
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Voc Port Handles 15 Million Tonnes Of Cargo This FiscalThe V.O. Chidambaranar Port crossed the 15-million tonne mark in cargo handling in this financial year on August 3. This milestone has been achieved 11 days ahead as compared to the previous financial year.
An official statement said the port had handled 2,98,107 TEUs of containers up to August 3 this financial year, registering a growth of 9.75% compared to the 2,71,620 TEUs handled during the corresponding period of the previous financial year.
The major commodities that contributed to this achievement include coal, limestone, salt, rock phosphate, edible oil, and construction material. The rapid growth in exports from Tiruppur, Coimbatore, and Karur has increased the container volumes.
The operationalisation of North Cargo Berth-III for handling bulk cargo, which was recently dedicated to the nation by Prime Minister Narendra Modi on July 26, is another major contributor to the portâs improved performance.
The portâs primary hinterland has been witnessing rapid industrialisation with the proposed man-made fiber factory by a Singapore-based firm, footwear manufacturing facility to be set up by a South Korean firm in Tirunelveli disrtict coupled with new investments in defence and space technology. Start-ups too augur well for VOC Portâs cargo handling.
âHence, the cargo handling of VOC Port in near future will scale greater heights,â said Port Chairman Susanta Kumar Purohit, who congratulated all stakeholders and trade partners for their continued support and contribution towards this significant achievement, the statement said.
Source: The Hindu Bureau
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07 August 20252 min readVoc Port Handles 15 Million Tonnes Of Cargo This Fiscal
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Rs 2,528 Crore Project: Cabinet Approves 104-Km Freight Corridor Connecting Vadhavan Port With Mumbai-Nagpur E-WayThe Maharashtra Cabinet on Tuesday gave its approval for the construction of a 104.8-kilometre high-speed freight corridor connecting the upcoming Vadhavan Port in Palghar district with Bharvir in Nashik district, linking it to the MumbaiâNagpur Expressway, officially named the Hindu Hridaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg.
The corridor, proposed as a strategic infrastructure link under the stateâs rapid logistics expansion plan, is expected to save nearly 79 km in travel distance and reduce commute time between the port and the expressway from 4â5 hours to just 1â1.5 hours.
The project will be developed by the Maharashtra State Road Development Corporation (MSRDC). The Cabinet has approved a total outlay of Rs 2,528.90 crore, including a Rs 1,500 crore loan from HUDCO (Housing and Urban Development Corporation). The corridor is to be completed within three years.
Currently, cargo from Vadhavan must travel via the VadodaraâMumbai Expressway, covering around 183.48 km to reach the Samruddhi corridor via BharvirâAmne. With the new expressway, the distance will be reduced to 104.898 km, saving 78.582 km, officials said.
The proposed expressway will pass through Dahanu, Vikramgad, Jawhar and Mokhada in Palghar district, and Trimbakeshwar and Igatpuri in Nashik district, offering a direct, fast-moving logistics link between the stateâs western coast and central and eastern Maharashtra.
The Vadhavan Transshipment Port, being developed under the Sagarmala initiative by Vadhavan Port Project Ltd, is expected to serve as a major international cargo hub. To complement this, the National Highways Authority of India (NHAI) is currently constructing a 32-km highway from the port to Tawa on National Highway 48, which will integrate into the larger freight corridor.
At present, heavy cargo vehicles must take a longer detour from BharvirâAmne to reach the VadodaraâMumbai Expressway, resulting in additional travel of nearly 82 km. The new corridor is expected to eliminate this inefficiency, enhancing fuel savings and turnaround times for goods transport.
Officials said the corridor is being planned with future traffic volumes in mind. With anticipated high-volume freight movement from Vadhavan Port, particularly toward Vidarbha, Marathwada, and North Maharashtra, the expressway will play a vital role in decongesting existing routes and facilitating regional economic development.
âThe expressway will benefit a wide range of stakeholders â from large and medium-scale industries to agricultural processing units, educational institutions, and IT parks in Palghar and Nashik. It will also help improve market access and generate local employment,â an MSRDC official said.
The Cabinet meeting was chaired by Chief Minister Devendra Fadnavis, who is overseeing major infrastructure and connectivity initiatives in the state. Officials noted that the new corridor will function as a key logistics backbone, enabling affordable, fast, and efficient cargo transport from Indiaâs western maritime gateway to its heartland.
Source: Express News Service
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07 August 20253 min readRs 2,528 Crore Project: Cabinet Approves 104-Km Freight Corridor Connecting Vadhavan Port With Mumbai-Nagpur E-Way
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$133 Million Integrated Ship Refuelling Centre To Be Established At Saudi Arabian PortThe Saudi Ports Authority (Mawani) and the National Petroleum & Petrochemical Tank & Pipelines Company (Petrotank) will develop an integrated ship refuelling centre at King Fahad Industrial Port in Yanbu.
It will be developed on a 110, 700 m2 site with a total investment value of $133 million over a period of 20 years.
The project aligns with Mawaniâs efforts to enhance the competitiveness of Saudi Arabian ports by developing fuel and oil infrastructure essential for delivering top-notch logistical services, handling increased ship traffic, and strengthening regional and global port competitiveness.
It is also in line with the aims of the National Transport and Logistics Strategy, which wants to invest over $266.7 billion by 2030 and establish Saudi Arabia as a major logistics hub in the world.
Given its partnership with Mawani, Petrotank operates a fuel station as well at the King Fahad Industrial Port in Yanbu, having 8 tanks and a total storage capacity of 114000 m3 and plays an important role in supporting ship operations.
The new centre will offer fuel storage and bunkering services to attract more ships and boost traffic and the economy, supporting Saudi Vision 2030âs aim to strengthen the logistics sector.
King Fahad Industrial Port in Yanbu is a major industrial hub on Saudi Arabiaâs Red Sea coast and is known for its ability to manage diverse cargoes like petroleum and refined products.
It spans 6.8 km2 and includes 34 berths, 10 terminals with a total handling capacity of up to 210 million tonnes.
Saudi Arabiaâs logistics sector is attracting global investment, powered by incentive schemes and regulatory reforms, aligning with the Vision 2030 agenda.
It is pushing for economic diversification, and strengthening its transportation and logistics infrastructure has become a main pillar of the program.
Saudi Arabia also introduced 15 new incentives under the Authorised Economic Operator program to boost the competitiveness of its exports.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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07 August 20253 min read$133 Million Integrated Ship Refuelling Centre To Be Established At Saudi Arabian Port
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IsraelâS Leviathan Signs $35 Billion Natural Gas Supply Deal With EgyptIsraelâs Leviathan natural gas field has signed the largest export agreement in the countryâs history, worth up to $35 billion to supply gas to Egypt, NewMed (NMWDp.TA), one of the partners in the field, said on Thursday.
The deal should ease an energy crisis in Egypt, which has spent billions of dollars on importing liquefied natural gas since its own supplies fell short of demand.
Egyptâs production began declining in 2022, forcing it to abandon its ambitions to become a regional supply hub. It has increasingly turned to Israel to make up the shortfall.
Exports from Leviathan were halted during a 12-day war between Israel and Iran in June for security reasons, but have since resumed.
Under the deal announced on Thursday, Leviathan, off Israelâs Mediterranean coast, with reserves of some 600 billion cubic metres, will sell about 130 bcm of gas to Egypt through 2040, or until all of the contract quantities are fulfilled.
The gas is pumped via pipelines, which makes it cheaper than LNG, the cost of which is inflated by the super-cooling required to make it a liquid that can be transported by ship and regasifying it when it reaches its destination.
âItâs much, much, much, much better, like dramatically better, than any LNG alternative, and it will save billions of dollars to the Egyptian economy,â NewMed CEO Yossi Abu told Reuters in an interview on Thursday.
Egyptâs Ministry of Petroleum, which is also responsible for energy imports, did not immediately respond to a request for comment.
BIGGER AND BIGGER
Under Thursdayâs deal, Leviathan in a first stage will supply Egypt with 20 bcm of gas starting in early 2026 after the connection of additional pipelines.
It will export the remaining 110 bcm in a second phase that will begin after completion of the Leviathan expansion project and the construction of a new transmission pipeline from Israel to Egypt via Nitzana in Israel, NewMed said.
The initial volumes could lower Egyptâs LNG imports by roughly 1-2 bcm in 2026 and reduce the strain on global LNG markets, said Rabobank energy strategist Florence Schmit.
âIf the full 130 bcm promised under the agreement will ever materialise, Egypt will likely not have to rely on LNG imports anymore â although those volumes are still a long way off,â Schmit said.
Israeli gas accounts for about 15-20% of Egyptâs consumption, data from the Joint Organisations Data Initiative shows.
âWeâll increase the flow to Egypt practically early next year, from the 4.5 bcm to 6.5 bcm. Then once we finish in 2029 the second phase of Leviathan, we will increase that to 12 bcm a year,â Abu said.
Egypt has been struggling to get its gas production up. According to latest figures, production reached 3,545 million cubic meters in May, compared to 6,133 mcm in March 2021 â a decline of over 42% in less than five years â according to the Joint Organisations Data Initiative (JODI).
The Leviathan reservoir began supplying Egypt shortly after production began in 2020. The field, operated by Chevron CVX which also holds a 40% stake, also supplies Jordan.
Leviathanâs expansion, which would cost around $2.4 billion, should allow for production and supplies within Israel and to its neighbours through 2064, NewMed said.
Source: Reuters
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07 August 20253 min readIsraelâS Leviathan Signs $35 Billion Natural Gas Supply Deal With Egypt
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Ades To Acquire Shelf Drilling In $380M DealSaudi oil and gas driller ADES has made a NOK 3.9bn ($380m) offer to buy all issued and outstanding shares of Dubai-based Shelf Drilling.
The two parties signed an agreement for a recommended offer, under which ADES will acquire the Shelf through a cash merger. It will be financed through ADESâs available credit facility.
At completion, all of Shelf shares will be cancelled for a consideration in cash of NOK 14.00 per share ($1.36) to its shareholders according to a plan of merger. The share price is a 62% premium to the Shelf Drilling share closing price of NOK 8.64 ($0.84) on August 4. The transaction is expected to close in the fourth quarter of 2025.
Following completion of the transaction, Shelf Drilling will be wholly owned by ADES, and the company will be delisted from the Oslo Stock Exchange. ADES will also settle Shelf Drillingâs existing debt obligations.
The transaction is approved and recommended by the board of directors of Shelf Drilling, who believe that the proposed cash consideration represents fair value for its shareholders.
The merger is also supported with irrevocable commitments to vote in favour of the transaction at an extraordinary general meeting of the company, provided by shareholders Castle Harlan, Perestroika, the companyâs CEO and CFO, and board members, together holding a 15% stake in the driller.
The merged company will have a fleet of 83 offshore jackups with a total combined backlog of $9.45bn as of June 30.
âThe transaction is supported by Shelf Drillingâs $1.5bn firm backlog and $40-50m of anticipated operational cost synergies, enhancing our global reach, providing access to key regions with solid growth prospects, and offering continuous value to our shareholders,â said Mohamed Farouk, CEO of ADES.
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05 August 20252 min readAdes To Acquire Shelf Drilling In $380M Deal
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Korean & Chinese Shipbuilders Battle For Container Ship Order Worth 4 Trillion WonChinese and Korean shipbuilders are competing for a 4 trillion won order comprising 12 container ships for France.
As orders for LNG carriers are declining in 2025, container vessels are filling the backlogs of shipyards, which has increased the competition between China and Korea.
The construction cost of container ships is more than that of LNG Carriers, and the market of the former is estimated to see rising competition.
Per reports, CMA CGM, the 3rd largest shipping company, is pursuing an order for 12 LNG dual-fuel container ships, each with a 21,000 to 24,000 TEU capacity.
The approximate price of each ship is $250 million, and the contract includes building six ships with an option for 6 extra.
The bidding process involves Koreaâs HD Hyundai Heavy Industries, Samsung Heavy Industries and Hanwha Ocean, along with Chinese Companies like China State Shipbuilding Corp, Hudong-Zhonghua Shipbuilding, and Jiangnan Shipyard.
China has an advantage in terms of price competitiveness as the Korean side maintains that a 21,000 TEU container ship would cost at least $250 million to build, though the Chinese side argues that $230 million is enough.
Some sources have said that Hudong-Zhonghua Shipbuilding proposed a price of just $207 million, and it represents major price disruption, given the present market price for container vessels, 20,000 TEU or more, is atleast $220 million.
Korean shipbuilders focused on their superior dual-fuel ship construction technology and high-on-time delivery rates compared to China.
They are also at an advantageous position from the U.S efforts to check Chinaâs shipbuilding and shipping industry.
The U.S Trump Administration plans to impose the port entry fees on vessels built in Beijing or operated by Chinese companies beginning in October.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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05 August 20253 min readKorean & Chinese Shipbuilders Battle For Container Ship Order Worth 4 Trillion Won
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Japan Clinches $6.5B Deal To Build Australian WarshipsJapan clinched a landmark A$10 billion ($6.5 billion) deal on Tuesday to build warships for Australia, marking Tokyo's most consequential defence sale since ending a military export ban in 2014 as it steps away from postwar pacifism to counter China.
Under the agreement, Mitsubishi Heavy Industries 7011.T will supply the Royal Australian Navy with three, upgraded Mogami-class multi-role frigates built in Japan from 2029. Eight more frigates will be built in Australia.
Designed to hunt submarines, strike surface ships and provide air defence, the highly automated warships can be operated by just 90 sailors, half the crew of Australia's aging Anzac-class frigates.
Australia plans to deploy the ships to defend critical maritime trade routes and its northern approaches in the Indian and Pacific Oceans, where China's military footprint is expanding.
"It's going to be really important in terms of giving our navy the capability to project, and impactful projection is at the heart of the strategic challenge," Australian Deputy Prime Minister Richard Marles said at a briefing.
The Mogami, emblematic of a global shift toward versatile modular warships, offers more firepower and a 4,000 nautical miles more range than the current fleet.
"It takes our general purpose frigates from being able to fire 32 air defence missiles to 128," including "the most advanced", defence industry minister Pat Conroy said at the briefing with Marles.
The deal also anchors Japan's push to forge security ties beyond its alliance with the U.S. to counter China.
The defence industry partnership "makes it harder for China to play Japan and Australia off against each other and sends a concerted signal to Beijing that both countries are willing to make their quasi-alliance a functioning realityâ said Euan Graham, a senior analyst for defence strategy at the Australian Strategic Policy Institute.
The successful frigate bid eases the sting of 2016, when Australia rejected a Japanese submarine program, also led by MHI, in favour of a French design. Canberra scrapped that project in 2023, opting instead to build nuclear-powered submarines with the United States and Britain under the AUKUS pact.
"We took that lesson to heart. The Australian government recognized not only the technical strengths of our ships but also the unified commitment of both government and industry," Japan's Minister of Defence Gen Nakatani said at a briefing in Tokyo.
INITIAL CONTRACT
The initial order for three Japanese-built frigates will be Australiaâs largest naval purchase since the AUKUS agreement, while the remaining eight ships are expected to be constructed by Austal in Western Australia.
"We are currently focusing on establishing maintenance operations in Australia for the ships built here and are beginning communication with local companies," Hiroshi Nishio MHIâs chief financial officer, said after the company released its latest quarterly earnings.
However, with Japan's biggest defence contractor untested in managing overseas military projects, MHI will tap other business units to support the work, Nishio added.
Officials from both countriessaid pricing, sustainment, and the transfer of production to Australia remain key issues to settle before a finalized contract can be signed early next year.
MHI's Mogami frigate was selected over German company ThyssenÂKrupp Marine Systems' MEKO A-200 in a meeting of the Australian government's national security committee.
Shares in MHI jumped 5.7% in Tokyo. Austal closed up 7.94%, buoyed by assurances from Canberra of a pipeline of shipbuilding work, including the Mogami program.
($1 = 1.5456 Australian dollars)
(Reuters)
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05 August 20253 min readJapan Clinches $6.5B Deal To Build Australian Warships
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05 August 2025
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Solstad Bags $108M Csv DealNorwegian offshore vessel owner Solstad has won a new contract for one of its construction support vessels.
Brazilian state-owned oil and gas giant Petrobras hired the 2006-built CSV Normand Commander.
The vessel will be on a bareboat contract from Solstad Maritime to Solstad Offshore, which is the contract holder with Petrobras.
The contract, set to begin in the first quarter of 2026, has a duration of four years and a gross value of approximately $108m excluding ROV services.
This continues the Brazilian companyâs recent hiring flurry. It recently hired two AHTS vessels from DOF. The oil and gas firm hired the 2007-built Skandi Fluminense and the 2009-built Skandi Lifter under four-year contracts valued at more than $220m.
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04 August 20251 min readSolstad Bags $108M Csv Deal
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04 August 2025
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