Reduced CO2 bulker design launched

Computer generated image of
 Mitsui’s new bulk carrier design

Mitsui Engineering & Shipbuilding (MES) has developed a 66,000 dwt geared bulk carrier named ‘neo Supramax 66BC’ as the first type of ship developed to reduce CO2 emission by 30%.
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Source: MotorShip

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Ship emissions portal to aid ports

A new web-based tool to benchmark ship emissions has been launched to help ports improve their environmental standing. The Environmental Ship Index (ESI) portal asks ports to lay out their incentives for ships with lower air emissions, while asking ship owners for their existing classification certificates and fuel receipts for the vessels they wish to register.
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Source: Port Strategy

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Filipino crewmen outsmart Somali pirates

GMANILA, Philippines—The Department of Foreign Affairs has commended eight Filipino seafarers and eight other crew members of the M/V Beluga Fortune, a German-owned cargo ship, for outsmarting Somali pirates and successfully evading capture by the marauders near the Gulf of Aden.
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Source: Inquirer Global Nation

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Goldenport Holdings Inc. announcs Acquisition of One Sub-Panamax Container Vesse

Goldenport Holdings Inc. announcs Acquisition of One Sub-Panamax Container Vessel
Goldenport Holdings Inc., the international shipping company that owns and operates a fleet of container and dry bulk vessels announces that it has agreed to acquire the sub-panamax container vessel 'Clifton Bridge', with 47,539 MT deadweight and nominal intake of 3,720 TEU. The vessel was first delivered in 1988 to Kawasaki Heavy Industries Ltd., Japan and will be purchased from the unaffiliated third party Akashi Bridge Shipping S.A. of Panama, for an aggregate purchase price of US$ 8.1 million. The vessel will be delivered to Goldenport in April 2011, at which time further details of the charter contract to be entered into, will be announced.
The initial deposit of US$2.4 million was paid from cash reserves and the remaining balance is expected to be covered on delivery by the already agreed credit line held as restricted cash.
Captain Paris Dragnis, Chief Executive Officer of Goldenport, commented: "This acquisition strengthens further our position in our preferred segment of the container market. The 'Clifton Bridge' is a high spec, fuel efficient container vessel, with an excellent maintenance record and we expect the vessel to trade competitively for many more years under our management.
The vessel acquisition is in line with our strategy of enlarging our container fleet with well maintained second hand vessels. It is expected that the vessel will be accretive both to profitability and cash flow from delivery."
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Source: Press Release

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Dry bulk market lacking support to sustain current levels, but Panamax owners are more fortunate

Posting its fifth straight losing session, the dry bulk market benchmark, the BDI (Baltic Dry Index) was down yesterday by another 1.26% to 2510 points, as the market doesn’t seem able to find the necessary support to stay afloat. The Capesize segment of the market was down by 1.21%, while all other smaller ship markets were also on the decline. Analysts have highlighted the fact of waning China iron ore buying which is adding pressure to capesize rates, while all indications point to further downside in the medium term as is evident by the freight futures market. According to shiprboker Fearnley’s, capesize market sentiment for this week was definitely negative. The physical market started to drop, led by a lack of activity in the Atl. The lack of fresh demand on the T/A route combined with the absence of second half of November front haul business put an effective stopper on the market.
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Source: Hellenic Shipping News

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Two shipyard LCS award no big problem for Congress

Greenbay, Wis., TV station NBC26 reports Senator Herb Kohl (D.Wis) as saying today that it won't take additional funding - just approval by Congress to change the contract-awarding process - for the Navy to offer two contracts at once for construction of the Littoral Combat Ship (LCS).
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Source: MarineLog

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YoungBin Cho, General Manager of Dassault Systèmes Korea, Honored for Attracting Foreign Investment

Honored With the Commendation of Prime Minister for His Contribution in Fostering Local 3D Convergence Industry, Nurturing Talents and Economic Development in Korea.
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Source: Cad Cam News

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New officials for trouble shipbuilding group

Chairman and General Director of the Vietnam Shipbuilding Industry Group (Vinashin) has appointed four key Vinashin officials.  

They consist of Pham Thanh Son as  Deputy General Director, Tran Duc Chinh as Chief Accountant cum Chief of Finance and Accounting Department, Bui Thanh Binh as Vice Chief of Vinashin Office cum Assistant to Vinashin Chair and Ton Nhat Quang, Vice Chief of Vinashin Office cum Assistant to Vinashin General Director.
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Source: VietNamNet Bridge

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Norway Oil-Licensing Round Applications Drop 20%

Norway, the world’s seventh-biggest oil exporter, said 37 companies applied in the country’s 21st oil and gas licensing round, a decline of 20 percent from the previous round. 
Companies including Statoil ASA, Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp. and ConocoPhillips were among the companies that applied for the 51 whole and partial blocks in the Barents Sea and 43 in the Norwegian Sea, Norway’s Petroleum and Energy ministry said in an e-mailed statement today. Norway received applications from 46 companies in its previous licensing round, in which it awarded 79 blocks last year. 
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Source: Bloomberg

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U.S. offers help for Papua New Guinea LNG

PORT MORESBY, Papua New Guinea, Nov. 4 (UPI) -- Papua New Guinea could become a poorer nation if proceeds from its liquefied natural gas project aren't managed properly, U.S. Secretary of State Hillary Clinton said Wednesday in the capital city of Port Moresby.
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Source: UPI

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Gabon Cancels 10th Oil-Bid Round, May Hold Talks 2011

Gabon canceled its 10th oil and gas licensing round and will enter into direct consultations with interested parties, a process that could start in the first quarter of next year, the country’s petroleum minister said. 
Gabon hasn’t entered into any talks for 42 blocks originally in the 10th round, Petroleum Minister Julien Nkoghe- Bekale said in a translated speech in Cape Town today. Oil production in the West African country is rising and is now at 250,000 to 260,000 barrels a day, he said. 
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Source: Bloomberg

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Suncor Energy up nearly 9 percent on 3Q results

Suncor Energy Inc.'s third-quarter earnings topped $1 billion, thanks to gains on asset sales and strong performance by its oilsands operations in northern Alberta.
Canada's largest oil and gas company said Thursday it earned 1.022 billion Canadian ($1.019 billion), up from 929 million Canadian a year ago. Suncor credited the growth to additional oil and natural gas production and higher crude prices, as well as $491 million in gains on the sale of non-core assets.
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Source: Bloomberg

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Canadian Natural Resources profit beats estimates

Canadian Natural Resources Ltd (CNQ.TO: Quote), reported a higher than expected third-quarter profit on Thursday and said it has launched the first C$1.25 billion ($1.25 billion) phase of its Kirby oil sands project.
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Source: Reuters Africa

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Big day for Apache Corp with huge 3Q profits and BP asset acquisition

Apache Corp announces a 74 percent spike in quarterly profits, the same day it finalizes the acquisition of BP assets in Egypt.
The same day Apache Corporation, the largest U.S. independent oil and gas producer, announces a 74 percent quarterly profit, the company finalizes its acquisition of BP Assets located in the Western Desert of Egypt. The transaction indicates the last step in a three-part acquisition process that includes gas operations, acreages and infrastructure.
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Source: Energy Digital

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BNK PETROLEUM INC. REPORTS THIRD QUARTER 2010 RESULTS

"Excellent progress has been made on our European concessions during the quarter. Six 2D seismic lines were acquired and interpreted on our Baltic Basin Project. The seismic lines were acquired to avoid encountering faults in our test wells so that all targeted intervals can be properly evaluated. Tendering for our first two wells is now nearly complete so that our 1st well, the Wytowno # 1 can be spudded near the end of November. In Germany our geologic work continued with our team making excellent progress towards further high-grading the concessions and achieving our goal of being able to pursue farm down opportunities in the second quarter of 2011. Our team has also been busy working on additional concessions in other basins within Europe that we hope to be awarded in the future which would further diversify our projects.
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Source: PRNewswire

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WorleyParsons secures two gas deals

WORLEYPARSONS says it has been awarded contracts relating to two large offshore gas projects.
Energy giant ConocoPhillips awarded the Sydney-based engineering firm a contract to provide detailed design and procurement services for parts of its Jasmine joint venture in the North Sea, WorleyParsons said yesterday.
The Jasmine gas-condensate discovery is said to be one of Britain's largest exploration discoveries since the mid-1990s.

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Source: The Sydney Morning Herald

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Cove Energy to raise £110m

ENERGY 
DAVID HELLIER 
COVE Energy, the AIM-listed energy group, yesterday said it was raising £110m via a placing of 145m new shares at 76p each.
The placing price is at a 4.1 per cent discount to the last closing price.
The net proceeds of the placing, together with Cove’s existing cash balances, will be used to fund the group’s share of anticipated costs relating to its existing assets in Mozambique, Tanzania and Kenya and potential new opportunities.
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Source: City A.M.

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Sembcorp Marine doubles Q3 net profit

SINGAPORE - Sembcorp Marine yesterday reported its third-quarter net profit doubled from the corresponding period a year earlier after the rig builder reached a settlement with Societe Generale on disputed foreign exchange transactions.
The company was also upbeat on its prospects, saying with the recent lifting of the US government's moratorium on drilling in the Gulf of Mexico, market sentiment for deepwater drilling has turned positive.
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Source: Todayonline

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Scottish oil giant Cairn quits Bangladesh

CAIRN Energy yesterday announced its final withdrawal from Bangladesh - the country where discoveries in the 1990s helped its transformation into one of the UK's biggest companies - as the Edinburgh group continues its search for black gold in Greenland.

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Source: The Scotsman

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UK company begins extraction of gas off Bulgaria

SOFIA, Bulgaria
British company Melrose Resources has started commercial production of natural gas from two Black Sea fields off the cost of Bulgaria.
A company statement Thursday said the combined field reserves total 74 billion cubic feet while the production rate is expected at 45 million cubic feet per day. Most of the gas will be sold to the state-owned gas utility company, and the balance to a local industrial user.
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Source: Bloomberg

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Hornbeck Offshore revenues get boost from GoM response activities

Hornbeck Offshore Services, Inc. (NYSE:HOS) results for the third quarter ended September 30, 2010 got a boost from its efforts in the Deepwater Horizon incident response. But as these efforts are wrapped up, Hornbeck is looking to stack some of the vessels involved. Third quarter revenues showed a 39 percent year-over-year increase, attributable to a larger fleet and oil spill relief efforts. Those response efforts accounted for 46 percent of third quarter consolidated revenue for the quarter. In terms of vessel days worked, spill response accounted for 96 percent of activity for Hornbeck's MPSV's, 54 percent of TTB activity and 22 percent of OSV activity. 

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Source: MARINELOG

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Oil giants eye onshore blocks in Oman-official

MUSCAT Nov 4 (Reuters) - France's Total (TOTF.PA: Quote), Britain's BP (BP.L: Quote) and Portugal's Partex (PETR4.SA: Quote) are among the bidders to develop three onshore blocks in Oman, an official said on Thursday.
"We have had a lot of interests from oil majors to sign two year exploration agreements. If oil or gas is found, then the government will sign a long-term production agreements with the successful companies," the oil and gas ministry official told Reuters on condition of anonymity.
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Source: Reuters Africa

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