Oct 31, 2010

France's Total keen on UAE Bab gas field development

Source: Reuters - French oil major Total plans to bid for the development of the United Arab Emirates' Bab gas field, a senior company executive said on Sunday.

The UAE holds the world's seventh-largest gas reserves, at around 227.1 trillion cubic feet, according to BP statistics. Much of the UAE's gas is sour.

The world's third-largest oil exporter launched in 2007 a tender to develop the Shah and Bab fields.
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Pirates riddle U-Ming VLCC

Source: Safety at Sea - PIRATES have fired shots at a VLCC west of India, while a products tanker has been attacked while in a convoy in the Gulf of Aden. 
The 317,970dwt Starlight Venture was attacked early today by armed pirates on two small vessels about 340 n-miles west of Mangalore, ReCAAP ISC reported. The pirates fired at the U-Ming VLCC, leaving about 50 bullet holes in its accommodation doors and breaking foremast light fixtures, the Singapore-based anti-piracy body said. 

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Yard workers occupy office

Source: Safety at Sea - SPANISH yard workers today stormed a Galicia regional government office in Vigo to underline the severe financial plight of the Vulcano shipyard. 
About 100 workers entered the public building about 0900 to demand finance from regional authorities after Pymar, Spain's public-private shipyard fund, decided this week not.......
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Operating costs set for moderate rise

Source: Tanker Operator - Crew costs will continue to rise particularly on the back of an undersupply of officers, a leading shipmanager predicted. This will impact primarily on specialist vessels, including some tanker types, said V Ships CEO Ship Management Capt Bob Bishop, speaking at the Moore Stephens’ annual Operating Cost seminar.
He said that increased vetting by various organisations now required competent people both ashore and afloat.
He analysed five areas of a 10-year old Suezmaxes opcosts, saying that there would be a modest increase in repair and maintenance and drydocking costs, but that stores’ costs were flat.
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Shipping industry sees 'depressed' freight markets to remain in 2011

Source: MB.com.ph -  Global oil tanker and dry bulk freight markets will likely be ''depressed'' next year because of an oversupply of vessels and slow economic growth in developed countries, senior maritime executives said.

The expansion of the world's fleet is expected to outpace global economic growth in 2011, a result of the industry's buying spree two years ago before the financial crisis severely slashed sea trade.
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WEEK43 - Dry Cargo Market "Highlights" 22-October-2010 until 29-October-2010

Source: Hellenic Shipping News - In contrast to last week, it was the Panamaxes that gave us a little green tint in what proved to be another red coloured downward moving dry bulk market. We had identified that the rates between Capes and Panamaxes were too......
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Feature: The good news for tanker owners?

Source: Bimco - Tanker owners must have thought the worst was over. With the global economy emerging from recession and upbeat GDP growth figures, they might for a while have believed that they would escape a double dip recession. In fact, tanker owners in most segments are only just understanding how painful the market will be. But curiously this has not stopped them from placing ever more orders. 

Like the dry bulk sector, the tanker industry was looking for a fourth quarter bounce after a summer in which VLCC and Suezmax rates collapsed to below break-even levels. In fact things have gone from bad to worse and seem unlikely to improve soon. 

Analysis from Lorentzen and Stemoco estimates that earnings in these segments are way below break-even - in broad terms between USD 20,000 - 30,000 per day - depending on gearing and operational efficiencies of the ship. Spot rates linger in the mid teens per day on average and in time charter equivalent earnings, the first half of October 2010 put in a performance worse than the comparable period of 2009. 
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Steady as she goes! The heartstopping moment £1bn cruise liner squeezes under bridge... with just '1.5 inches' to spare


Source: Mail Online - It required a steady hand... and nerves of steel. 
Fortunately for the captain, the world's newest superliner squeezed under this Danish bridge with ease, even though there was just an inch-and-a-half margin of error.
The Allure of the Seas - which cost a staggering £1billion ($1.5bn) - measures around four football fields and accommodates 8,300 people including crew members.
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Kobe Steel announces Q2 segment results

Source: Steel Guru - The sales volume of steel products (in terms of tonnes sold) increased in the first half of fiscal 2010 in comparison to the same period last year. Spurred by economic measures, demand was strong from domestic and overseas manufacturing industries. Sales prices were similar to the same period last year.

Sales of steel castings and forgings decreased in comparison to the same period last year, mainly due to low demand from the shipbuilding industry. On the other hand, sales of titanium products rose in comparison to the same period last year, as customers made progress in reducing their inventories.

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Shipping Corp to buy seven new ships for Rs.2,942.78 crore

Source: Livemint.com - Shipping Corp. of India Ltd (SCI), India’s biggest ship owner by fleet size and revenue, will buy seven ships costing $661.3 million (Rs.2,942.78 crore) as part of a plan to expand capacity, two persons familiar with the plan said.
The purchase will include four oil super tankers, or so-called very large crude carriers, each with a capacity to carry as much as 318,000 tonnes of crude oil, and three container ships, each with a capacity to load 6,500 standard cargo containers.
The oil super tankers will be constructed by Jiangsu Rongsheng Heavy Industries Group Co. Ltd, one of China’s largest private shipbuilders, for $104.95 million each. The cost of constructing an oil super tanker from scratch had touched $160 million in early 2008, when the shipping market was at its peak.
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Yangfan wins Turkish order

Source: Seatrade Asia Online - China's privately-owned shipbuilder Yangfan Group won an order for four 57,000-dwt bulkers from Turkey's Ulusoy Denizyollari.
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Spain releases Russian cargo ship

Source: Shipgaz - Maritime authorities in Spain have released the Russian-flagged cargo ship Vysokogorsk, detained for an alleged oil spill, on a EUR 150,000 bail, the news agency Voice of Russia reports. The alleged oil spill is reported to have taken place some 190 nautical miles off La Coruña.
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Allure left the shipyard

Source: Shipgaz - Alllure of the Seas started her voayage towards Fort Lauderdale on October 29. Photo: Pär-Henrik Sjöström
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Bill of lading

Source: The Economic Times - Despite these difficult times, when world shipping is passing through doldrums, numerous research reports and studies keep coming up from time to time. Till recently, the shipping world seemed to be smaller place and only a few, handpicked companies published the research studies. Now every company worth its name seems to be at it.

There is no problem with that. But the problem arises when one report contradicts another, leaving the reader directionless and wondering what is happening. Given the precarious condition of many world economies, shipping becomes another investment area which needs to be dealt with a barge pole.

Though examples are too many to recount here, the saving grace is 'the so called public memory' which gets refurbished sooner than these reports. A few years ago when a prediction about oil price touching record levels came true, made the person an instant celebrity. But when his follow up prediction went phut, nobody really took note of it.
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Today's container ships slower than the great clippers

Source: Classic Boat - Mighty container ships are now steaming so slowly to save money that they take longer to cross the oceans than sailing ships of 150 years ago.
A report published this autumn estimates that most conatiner ships move more slowly on the great trading routes than the fast sailing ships of the late-19th and early-20th centuries.
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Shipping container company goes public

Source: NorthJersey - A North Jersey shipping container company raised $95 million in the equity markets as it went public Thursday and began trading on the New York Stock Exchange.

SeaCube Container Leasing Ltd. in Park Ridge is among the world’s largest lessors of shipping containers with more than 500,000 units used on trains, trucks and ships.

SeaCube had sought to issue 7.5 million shares at $16 to $18 a share. Instead, the company sold 9.5 million shares Thursday at $10 apiece, raising $95 million in equity financing. The company trades under the ticker symbol BOX.
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CMA CGM adds a new call at Rotterdam on its FAL5 service between Asia and North Europe

Source: Press Release - With the arrival of 13,800 teu-vessels in its fleet and in order to provide its customers with optimum services and unique port coverage, CMA CGM is pleased to announce the strengthening of its FAL5 (French Asia Line) service.
This new service launched last July extended CMA CGM’s offer on the Asia-Europe trade. It deploys the most important market capacity, with a homogeneous fleet of 10 ships of 13,800 TEUs, of which 5 CMA CGM (CMA CGM CHRISTOPHE COLOMB, MAGELLAN, LAPEROUSE, CORTE REAL et AMERIGO VESPUCCI).With a new call in Rotterdam (Westbound), starting November 6th, the FAL5 will offer faster transit times between Asia and both Le Havre and Rotterdam with delivery times respectively improved by 2 and 5 days, linking Port Kelang to Le Havre in 17 days (instead of 19 previously) and Yantian to Rotterdam in only 25 days (instead of 30 days previously).
The new FAL5 70-day rotation will be as follows: Ningbo> Shanghai> Yantian> Tanjung Pelepas> Port Kelang> Le Havre> Rotterdam (import)> Hamburg> Rotterdam (export)> Zeebrugge> Port Kelang> Singapore > Ningbo.
"To meet a strong demand, we decided to add a call at Rotterdam for import cargo. This new improvement will reinforce this major service launched last July that deploys the largest vessels of the market", explains Nicolas Sartini, Senior Vice President Asia-Europe Lines.
As a reminder, CMA CGM offers between Asia and Northern Europe:
  • 10 weekly services
  • 26 direct ports of call in Asia
  • 10 ports of discharge in Europe
  • 260 direct port combinations
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Cosco's "big plans" for the port of Piraeus

Source: Hellenic Shipping News - Not more than a year back, the Port of Piraeus was plagued with an 18-strike that brought the country’s economy to a halt, seriously impacting ship agent companies and once more destroying the Mediterranean port’s reputation abroad. Today, it seems that a new wind is blowing, bringing with him a renewed container terminal, managed by the Piraeus Port Authority (OLP), while Chinese conglomerate has managed to settle in and seriously change the port’s landscape.
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U.S. natgas rig count climbs 2 to 967 - Baker Hughes

Source: Reuters - The number of rigs drilling for natural gas in the United States rose by two this week to 967, its first gain in three weeks, oil services firm Baker Hughes said on Friday.
Horizontal rigs -- the type most often used to extract gas from shale -- climbed by 12 to 919, still shy of a record-high 929 hit in early October.
The gas-directed rig count hit 992 in mid-August -- its highest since the 1,018 rigs logged in February 2009.
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Ensco reaches deal on new rig in Gulf of Mexico

Source: Press Release - Ensco plc(ESV 46.34, -0.06, -0.13%) announced that a subsidiary of the Company has reached an agreement with Nexen Petroleum U.S.A. Inc., a subsidiary of Nexen Inc. (nyse & tse:NXY), regarding the drilling contract for ENSCO 8502, an ultra-deepwater semisubmersible drilling rig in the U.S. Gulf of Mexico.

Under the agreement, a special rate applies from 13 August 2010 until the time the rig begins mobilizing to the first drilling location designated by Nexen. The two-year term under the original ENSCO 8502 drilling contract with Nexen will not be reduced by periods during which the special rate is effective.

The approximately $485,000 day rate applicable under the original drilling contract will apply once ENSCO 8502 begins mobilizing to Nexen's first drilling location.

As noted in the Company's third quarter 2010 earnings release, the Company did not recognize revenues related to ENSCO 8502 in the third quarter. Based on the agreement announced today, Ensco anticipates that revenues will be recognized for ENSCO 8502 in the fourth quarter of 2010, including revenues for the period 13 August to 30 September 2010.

The Company now believes fourth quarter 2010 revenues will be approximately $375 million to $400 million, compared to the original outlook of $345 million to $400 million provided on the third quarter 2010 earnings conference call.

Ensco plc (ESV 46.34, -0.06, -0.13%) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. With a fleet of ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco serves customers with high-quality equipment, a well-trained workforce and a strong record of safety and reliability. To learn more about Ensco, please visit our website at www.enscoplc.com. Ensco plc is an English limited company (England No. 7023598) with its registered office and global headquarters located at 6 Chesterfield Gardens, London, W1J 5BQ.

Statements contained in this press release that state the Company's or management's intentions, plans, hopes, beliefs, expectations, anticipations, projections, confidence, schedules, or predictions of the future are forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995.

Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," "should," "will" and words and phrases of similar import. The forward-looking statements include, but are not limited to, statements about the ENSCO 8502 agreement, the payments to be received thereunder and the related accounting treatment, and the revised fourth quarter 2010 outlook.

Forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including: (i) the impact of the BP Macondo well incident in the U.S. Gulf of Mexico upon future deepwater and other offshore drilling operations in general, and as respects current and future actual or de facto deepwater drilling permit and operations moratoria/suspensions, new and future regulatory, legislative or permitting requirements (including requirements related to equipment and operations), future lease sales and other governmental activities that may impact deepwater and other offshore operations in the U.S. Gulf of Mexico in particular, (ii) renegotiation, nullification, cancellation or breach of contracts or agreements with customers or other parties, (iii) the impact of current and future government laws and regulation affecting the oil and gas industry in general and our operations in particular, (iv) governmental action and political and economic uncertainties, which may create a force majeure situation, and (v) other risks as described from time to time as Risk Factors in the Company's SEC Filings.

Copies of such SEC filings may be obtained at no charge by contacting our Investor Relations Department at 214-397-3045 or by referring to our website atwww.enscoplc.com. All information in this press release is as of today. The Company undertakes no duty to update any forward-looking statement, to conform the statement to actual results, or reflect changes in the Company's expectations.
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GE Oil & Gas Awarded $113M Contract for CLOV Offshore Angola

Source: Press Release - GE has been awarded a $113 million contract to supply gas turbines and compressors for deployment in the CLOV offshore Angola oil and gas fields owned by Sonangol, Angola's national oil company, and operated by Total (40 percent share), ExxonMobil, BP and Statoil.

GE Oil & Gas will supply four LM2500+ G4 SAC aeroderivative gas turbines for power generation and five compressors for a floating production storage and off-loading (FPSO) platform that will play a critical role in CLOV, the fourth development pole in deepwater Block 17 after Girassol, Dalia and Pazflor.

Located around 140 kilometers from Luanda and 40 kilometers northwest of Dalia in water depths ranging from 1,100 to 1,400 meters, CLOV will bring on stream four fields: Cravo, Lirio, Orquidea and Violeta.

Consolidating GE's Role in Angolan Offshore Projects

The announcement coincides with GE Chairman and CEO Jeff Immelt's visit to GE's subsea tree manufacturing and test facility in Aberdeen, Scotland to inspect three GE subsea production trees pre-shipment to Angola. In line with GE's localization strategy, the equipment will undergo local fabrication and assembly in Angola, before deployment in the Block 15 Kizomba Satellites project off the West African coast. GE also is contracted to deliver long-term services to maintain the trees at peak performance levels to help optimize production.

Claudi Santiago, president and CEO, GE Oil & Gas said: "GE is committed to Scotland which serves as a global center of excellence for our drilling and production operations. The shipment of advanced technology subsea trees for Angola's Block 15 Kizomba Satellites project is typical of GE's business-wide 'company to country' localization strategy. This enables GE to support critical infrastructure projects in developing regions on a consistent and sustainable basis through high-end technology transfer, the creation of local jobs and the development of local skills and talent. Today's announcement of a $113 million equipment order for CLOV demonstrates the strength of our integrated oil and gas portfolio across all segments of the industry and reflects our continued commitment to Angola."

Immelt also met with GE Oil & Gas trainee fitters from Angola who are currently in Scotland to take part in an intensive six-month subsea assembly and testing familiarization program being delivered at GE's Aberdeen subsea tree manufacturing and Nailsea, Bristol, England subsea controls facilities.

GE Localization in Angola

GE Oil & Gas has been active in Angola since 1958, and today has more than 300 employees in the country, supporting all of the company's operations from dedicated state-of-the-art gas turbine and subsea equipment operations in Luanda and Cabinda.

GE Oil & Gas expects to recruit an additional 30 local employees in Angola by the end of 2010, to support continued business growth in the region.
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Terra Seis Wins Lukoil Contract In Iraq

Source: The Wallstreet Journal - Russia's Lukoil OAO (LKOH.RS) said Friday it awarded a 3D seismic contract at Iraq's West Qurna Phase 2 oil field to Terra Seis Trading Ltd., Lukoil said in a statement seen by Dow Jones Newswires.

Lukoil, however, didn't release the cost of the deal, but said 3D seismic survey at the field, in southern Iraq, would start in December and continue for nine months.

The term of the contract is nine months and there are 540 square kilometers of seismic volume to acquire, Lukoil said, adding that the "test survey is planned in early December and in the middle of December seismic trucks will be entering the contract Area."
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Circle Oil confirms further gas discovery in Sebou Permit, Morocco

Source: Energy Business Review - Oil and gas explorer Circle Oil has confirmed a further gas discovery at the CGD-11 exploration well in the Sebou Permit in Morocco in both the main Guebbas target and the secondary Hoot zone.
The well first tested gas at a sustained rate of 7.07mmscf/d on a 30/64" choke from the Hoot.
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Agip says gunmen attack facilities in Nigeria's oil-rich Niger Delta

Source: Press Release - Two pipelines belonging to Italian oil firm Agip in the deep swamp of brass in Nigeria's oil-rich Niger Delta region have been attacked by unidentified gunmen, according to a company spokesperson.
The company said the production affected by the blast is 4,000 bpd, of which 800 bpd is Italian oil firm Eni's equity.
A company source told Xinhua that the second blast at the Osiama field and the attack on the Nigerian Agip Oil Company (NAOC) facility in the area were noticed by the company workers were on routine check on Friday morning.
Security sources told reporters that NAOC pipelines from the Osiama oil field to Brass were blown with explosives suspected to be dynamites.
The attack had caused the Italian firm to shut in about 60,000 barrels per day of production facility.
State police spokesperson Eguavoen Emokpai said he was not aware of the incident but promised to check with the police formations in the area.
A military spokesman in the oil rich region Timothy Antigha said the force had not been briefed on the incident.
Armed attacks in the oil rich region, which accounts for almost all of Nigeria's oil output, have cut more than 20 percent of the country's crude exports since 2006.
Militant groups has launched several attacks on international oil facilities in southern Nigeria as part of its campaign to get what it calls a fairer distribution of the region's oil wealth to local people.
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Lundin announces exploration well in PL400 spudded, offshore Norway

Source: Press Release - Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that drilling of exploration well 3/8-1 on the Barchan prospect has commenced. The well is located in licence PL400 in the Norwegian North Sea.


PL400 is located some 12 km east of the Trym Discovery in the Southern North Sea, close to the boundary between the Norwegian and Danish sectors. The well will target sandstones of Permian age in a four way dip and fault bounded structural closure. The Barchan prospect is estimated to contain gross unrisked prospective resources of 150 million barrels of oil equivalent (MMboe).


The planned total depth is approximately 4,000 metres below mean sea level. The well will be drilled from the jack-up drilling rig Maersk Guardian. Drilling is expected to take approximately 60 days.


Lundin Petroleum is the operator of PL400 with 50 percent interest. Partners are Norwegian Energy Company ASA (Noreco) with 30 percent and Petoro AS with 20 percent interest.
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Full utilization of Polarcus

Source: Stock Link - Seismic Polarcus company is about to secure the entire fleet working out the first quarter of 2011.
The company has signed two letters of intent for the acquisition of 3D seismic offshore South Africa. The agreements are at least 3,550 square miles, but can be extended to the 5,000 square kilometers.
Overall we are talking about three separate projects and will use the vessels Polarcus "Polarcus Naila" and "Polarcus Samur" to fill the contracts. The duration will be equal to the work of a vessel for up to five months.

If it is entered into fixed contracts will be the first mission for the new building "Polarcus Samur." The vessel will travel to South Africa soon after it is delivered from the yard towards the end of the fourth quarter.010 are being drilled now and we expect to complete them before the end of the year."


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Dragon Oil announces the completion and initial testing of the Dzheitune (Lam) B/148 and 28/149 wells

Source: Press Release - Dragon Oil announces the completion and initial testing of the Dzheitune (Lam) B/148 and 28/149 wells.
Dragon Oil plc, an international oil and gas exploration and production company, announces the completion and initial testing of the Dzheitune (Lam) B/148 and 28/149 development wells.


The Dzheitune (Lam) B/148, the third well in a series of wells to be drilled from the Dzheitune (Lam) B platform, was drilled to a depth of 3,858 metres by the Iran Khazar rig and completed with dual strings. Testing of the short and long strings resulted in production rates of 1,556 barrels of oil per day ("bopd") and 1,083 bopd, respectively. As reported in the Interim Management Statement, the 


Iran Khazar rig is now drilling the Dzheitune (Lam) B/150 well.
The Dzheitune (Lam) 28/149 well, which was drilled to a depth of 3,295 metres by the NIS rig, was also completed with dual strings. The short string tested at 1,866 bopd with the long string testing at 2,513 bopd. The NIS rig has skidded to the next slot on the Dzheitune (Lam) 28 platform and spudded the 28/151 well.
We expect to put the last two wells into production before the end of the year and as such these wells will contribute to production growth in 2011.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:

"I am pleased to report the successful completion and initial testing of the Dzheitune (Lam) B/148 and 28/149 development wells. The solid results from both wells and the near-completion of the trunkline should provide a firm foundation for driving production growth. The last two wells of the 11 wells planned for 2010 are being drilled now and we expect to complete them before the end of the year."
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Pemex: Crude Output Increase for 2011 on New Contracts


Source: Market News - Mexico's state-owned oil company Pemex Friday said it expects a "slight" increase in crude oil output next year as new performance-based contracts will be launched within weeks and the unconventional Chicontepec field will substantially increase output in 2011.
Pemex officials predicted the slight increase in a conference call with investors after the company was able to stabilize production in 2010's third quarter at 2.567 million barrels per day (bpd), the same figure as 3Q 2009. Previously, crude output had dropped by close to one quarter between 2004 and 2010.
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Chevron’s Q3 income drops 1.6%

Source: Whatistherend.net - According to San Ramon Oil Company, Chevron’s income for its third quarter dropped 1.6 percent, or $1.87 a share.
The oil company said that the falling of Chevron’s income is due to the weakening of dollar and its growing expenses. Moreover, Chevron also not passed the expectations of Wall Street and helped push the stock of the company down to 2.2 percent.
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Senators call for Keystone analysis

Source: Calgaryherald.com - A group of influential American senators on Friday aired a laundry list of concerns with TransCanada Corp.' s proposed Keystone XL pipeline they said would undermine the United States' clean energy goals and increase its reliance on "dirty" oil from Canada.
In a letter to U.S. Secretary of State Hillary Clinton, a group of 11 Democratic senators, including appropriations head Patrick Leahy and other members of the powerful foreign relations committee, said Keystone "would significantly increase our dependence on this (oilsands) oil for decades . . . we believe the Department of State should not pre-judge the outcome of what should be a thorough, transparent analysis of the need for this oil and its impacts on our climate and clean energy goals."
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Brazil's Libra oil field may be biggest in Americas since 1976

The Libra oil field in Brazil may be the biggest discovered in the Americas for more than 30 years, according to the country's industry regulator.
Click here to read more at Telegraph.co.uk
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China: To pass tough time

Chairman Zhang Guangqin of China Association of the National Shipbuilding Industry (CANSI) expressed on Shiptec China 2010 that the tough time of ship industry hadn’t passed yet. During 2012 to 2013, the situation would become worse. 
Click here to read more at Asiasis.com
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Giant cruise liner handed over to buyer at Turku shipyard

The world’s largest cruise ship, the Allure of the Seas, was officially handed over by the STX Europe shipyard in Turku to the buyer Royal Caribbean International on Thursday evening. 
 The ship was to have set sail from Turku in the early hours of Friday morning, but a fault in the propeller system delayed the departure. 
      
The 225,000 GRT vessel is almost identical to its sister ship Oasis of the Seas, which was delivered a year ago. 
The two vessels are the most expensive individual export products ever produced in Finland. 
Click here to see more at hs.fi
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Oct 30, 2010

Northrop Grumman 3Q profit rises, boosts forecast

Defense contractor Northrop Grumman Corp. said on Wednesday that its third–quarter profit edged up on contributions from its aerospace, electronics and technology businesses, and boosted its earnings guidance for the year.
Shipbuilding was the only operating segment where profit dropped in the latest quarter.
Defense companies are under pressure to cut costs from the Pentagon and other weapons buyers. That has forced most of them to shrink, and Northrop is looking at selling or spinning off the shipbuilding unit, although it hasn't made a decision yet.
Click here to see more at tmcnet.com
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Croatia: Government approves 17.5 million Euro guarantee for Rijeka´s shipyard

The Croatian government has approved a 17.5 million Euro guarantee for Rijeka’s '3. Maj' shipyard to finish the construction of four ships ordered by Swedish clients in June.
The warranties were given to Zagreb Bank, Hrvatska Postanska banka and the Croatian Bank for Reconstruction and Development (HBOR).
Click here to read at croatiantimes.com
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Nigeria, Korea explore new fields of economic partnership, bilateral relations



When the director general, Nigerian Maritime Administration and Safety Agency (NIMASA), Temisan Omatseye, led a delegation of Nigerians to South Korea, the infrastructure gaps identified in the Nigerian maritime sector were huge. They include inadequate modern shipyards, as the biggest shipyard facility in the country currently has 25,000 tons lifting capacity.
Also, there are no ship demolition and recycling facilities in the country despite the large number of wrecks and abandoned ships that litter the nation’s waters and lack of functional container freight stations in strict technical sense despite vast hinterland with cargo commercial metropolis.  
ICT enablers are yet to be fully developed in port, shipping and logistics operations in Nigeria; there are no distribution, logistics and maritime industrial parks.  Yet, most of the imported goods into West and Central African sub-region come through Nigerian ports.  Passenger ferry service is underdeveloped despite large populated communities with the creeks and coastal areas of the Niger Delta that can only be accessed through water mode.   While there is only one Maritime Academy in the country at present, therefore, the country is faced with acute shortage of qualified seafarers.
Click here to see more at independentngonline.com

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Daewoo sale 'all ready'

Concerning the sale of Daewoo Shipbuilding & Marine Engineering, the Korea Development Bank president Min Yoo-sung said on Thursday, "The preparations are enough and we are now just selecting the right timing." 
Click here to read more at Asiasis.com
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Russia: Shipbuilding industry needs USD 12.8 bln in order to continue

The commercial shipbuilding industry is suffering from a dwindling fleet and scant domestic manufacturing, while needing USD 12.8 billion in investment over the next decade to keep the fishing fleet afloat, the government informed.
At the first meeting ot the newly established subcommission on fishery and aquatic farming of the Union of Entrepreneurs and Industrialists, Igor Orlov, chief executive of the Yantar Baltic Shipbuilding Plant, stressed that the shipbuilding industry could make a comeback, reports The Moscow Times.

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Rig Report: Atwood Oceanics' CEO analyzes offshore rig trends


Focusing on both jackups and floaters, Atwood Oceanics (NYSE: ATW) CEO Rob Saltiel offers PennEnergy readers insight into emerging trends in the offshore drilling rig market.
With nine existing rigs – four shallow-water, two midwater and three deepwater – Atwood Oceanics is growing both on the ultra-deepwater front and in the shallow-water arena with four rigs currently under construction.
Click here to read more at Pennenergy.com

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