Baker Hughes Inc. (BHI), the world’s third-largest oilfield services provider, expects profit to fall by 4 cents to 7 cents in the first quarter because of disruptions from unrest in the Middle East and colder weather in North America.
Canadian Natural Resources Ltd reported Thursday a loss in its fourth quarter, compared to prior year's profit, hurt by significant charges. Adjusted earnings declined from last year and missed market projections, despite higher production. In addition, the company announced a 20 percent rise in quarterly dividend.
KOREA's Hanjin Shipping has announced Asia-Europe and transatlantic rate increases to take effect in April.
Beluga Shipping has responded to reports that its future ownership structure is in question with the announcement that the group is to undertake a comprehensive financial restructuring.
As part of the Shanghai local government’s plan for the city to become an international shipping centre by 2020, the local government has launched a RMB 50 billion ($7.6 billion) fund to invest in the city’s nascent shipping and shipbuilding industry.
Rates for crude oil tankers on key Asian freight routes are expected to rebound in the short term as Saudi Arabia pumps more oil to make up for a near halt in Libyan exports.
Contracts tied to the cost of shipping Middle East oil jumped 11 percent because of speculation Saudi Arabia will ship more crude to compensate for lost Libyan production and as fuel prices rose.
Singapore’s Pacific International Lines (PIL) continues to order new boxships.
China's Shanghai Shipyard has won this year's first boxship order from Germany's F.A. Vinnen & Co to build two 3,600TEU ships.
While new bulker orders have decreased in general, handsize bulkers of between 20,000 and 60,000 DWT are in increasing demand.
Korean and Japanese shipbuilders are competing to win a rare tanker newbuilding order, from Middle Eastern shipowner.
Total plans to launch 12 large oil and gas projects over the next two years, the oil major said on Thursday, noting its exploration budget may rise next year as it searches for more reserves.
Nigeria on Wednesday lost over N6.4 billion as the shutdown of 225, 000 barrels per day Bonga field entered the second day. 
Teekay Corp. Thursday said that it agreed to sell its remaining 49 percent interest in Teekay Offshore Operating L.P., or OPCO to Teekay Offshore Partners L.P., or Teekay Offshore for a total price of $390 million. The company expects this transaction to be completed during the week of March 7, 2011.
Apache Northwest has proposed to the Joint Venture to start drilling the first exploration well in WA-388-P offshore Western Australia in April 2011. The well will target the La Rocca prospect in the Intra Mungaroo channel zone. The well had been scheduled to start drilling as early as mid-February but has been delayed due to significant cyclone activity in the North West Shelf area during the first quarter of 2011.
Soco International reported an encouraging start to its latest drilling campaign in Vietnam.
French energy company GDF Suez SA Thursday reported higher profit for 2010, helped by the strong performance of its energy business in Europe and international markets. The company also projects higher earnings for fiscal 2011.
TSM, with its headquarters in Perth Australia and subsidiaries in Singapore, Labuan (Malaysia) and Aberdeen (UK), is a specialist provider of subsea construction, IRM (inspection, repair and maintenance) and light well intervention. The company operates ROV (Remotely Operated Vehicle) and diving services and has four high specification chartered vessels in its fleet. It is primarily focused in the Asia-Pacific region, where it will enhance Fugro's existing presence, but has also recently established an office in UK to develop services in Europe-Africa.
Container ship lines are poised to break a years-long pattern of vessel capacity expanding faster than cargo volume but only if they avoid another ship-ordering binge, Dynamar says in a report profiling the 25 largest global container lines.
The dry bulk market has been on the upside so far into the week, with the Baltic Dry Index (BDI) rising once more yesterday to reach 1,281 points, up by 1.51% on the day. The leader of the day, in terms of gains, was the “forgotten” Capesize market,which was up by 1.75%, but still lagging from both the Supramax and the Panamax segments. According to Fearnley’s latest report, commenting on the Capesize market, “two months into 2011 and we see the full effect of the sad reality describing the cape market. Last week bunker prices made a big jump, resulting in slightly improved rates but even more ships at anchor. West Australia round is presently between USD 6.50 and 7 pmt, whilst fronthaul remaining steady around low USD 18. A lack of cargoes around and more tonnage coming sugesting the present poor mkt to continue for some time” said the shipbroker.
Hyundai Mipo Dockyard has won more handysize newbuildings from Japanese shipowner.
Excavation work is under way at the site of the new Baku shipyard, southwest of Baku.
Euro Exchange Rate