How are ships valued?

What is the value of a ship? It is a particularly difficult question, with the values of most types of ship fluctuating wildly depending on the demand for that vessel at any moment in time. A ship might be hugely in demand one week, with charterers screaming for such tonnage, but the next week, the...

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Tanker Accords May Be Costly Considering Fleet Size, Imarex Says

Freight derivatives used by traders to speculate on, or hedge, the cost of shipping oil may be overpriced for the first half of next year, taking into account the number of ships being built, a broker of the accords at Imarex Asia Pte said. Source: Bloomb...

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Smaller dry bulk vessels are looking up, larger ones fail to deliver

The dry bulk market lost further ground at the beginning of the week, in what could prove one of the slowest periods ship owners have been faced. Yesterday, the BDI (Baltic Dry Index) lost 0.91% to reach 2,076 points. The index, considered a benchmark for the market, has been hovering around the 2,000...

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Van Oord places order for jack-up installation vessel

Dutch marine contractor Van Oord has booked an order for an offshore wind jack-up vessel, underscoring its ambitions to become a major engineering, procurement and construction (EPC) contractor for the sector. Source: Recha...

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Contract to build shipyard in Azerbaijan signed in Singapore

The State Oil Company of the Azerbaijan Republic (SOCAR), Azerbaijan Investment Company (AIC) and Singapore's Keppel Offshore and Marine have signed a contract signed in Singapore to establish a joint venture under construction of a new shipbuilding and repair...

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Indian shipyards set for smooth sail

The Indian shipbuilding industry could witness good times once again following a significant rise in offshore activities and favourable policy changes. While the boom in the offshore segment is expected to pump up order-books, certain favourable policy changes could help the Indian players compete with...

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Hyundai Heavy wins $1.4 shipbuilding deal from Germany

South Korean shipbuilder and electric equipment maker Hyundai Heavy Industries Co Ltd (009540.KS) said on Tuesday that it has won a $1.4 billion order from German transport company Hapaq-Lloyd. Hyundai said in a statement that the order was to build ten 13,100 TEU container vessels to be delivered from...

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China overwhelms Korea in order volume

Korean shipbuilders fell behind Chinese shipyards again by a huge gap in new orders in November, with the total new orders secured by Korean yards for November standing at 20 vessels while that of Chinese yards during the same period recording 85 vessels, according to Clarkson Research Services. [Read...

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Beach takes over Impress Energy

OIL and gas producer Beach Energy Ltd has secured majority control of Impress Energy Ltd, after making a takeover offer earlier this month. Beach said its relevant interest in Impress was above 50 per cent and it was now highly unlikely a rival bidder would emerge.  Beach...

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Buccaneer Energy Limited Updates On Funding Jack-Up Rig Acquisition

Buccaneer Energy Limited advises that due diligence investigations by the Alaskan Industrial and Development Export Authority ("AIDEA") in respect to AIDEA making a direct equity participation with the Company's wholly owned subsidiary Kenai Offshore Ventures,...

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U.S. Interior Department issues guidance for drillers looking to work in Gulf's deep waters

Aiming to clear up confusion for offshore drillers over the agency's new policies for reviewing oil spill response plans, the U.S. Interior Department on Monday issued guidance that attempts to provide clarity on what information regulators are looking for.[Read...

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Ecuador May Pay $80 Million To Noble Assets -Deputy Oil Minister

Ecuador could pay Houston-based Noble Energy Inc. (NBL) about $80 million for its assets after the company failed to reach an agreement on changing its production-sharing contract to a service contract, said Deputy Oil Minister Carlos Pareja in an interview with Dow Jones Newswires. [Read more] Source:...

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Russia's Gazprom, Oil India in talks on joint Indian gas projects

Russian gas giant Gazprom is in talks with state-owned Oil India Ltd. on two potential gas projects in India, Gazprom's head for the country, Alexander Nikoforov, said Monday. [Read more] Source: Pla...

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Stone Energy sees flat 2011 capex, output

Stone Energy Corp set 2011 capital budget and production expectations almost flat with its current year estimates as the Gulf of Mexico-focused oil and gas explorer could be hurt by continuing delays in issuance of new permits in the region. [Read more] Source:...

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Brazil's Petrobras To Tap Credit Markets In 2011 - CFO

Brazilian state-run energy giant Petroleo Brasileiro, or Petrobras, plans to tap global credit markets next year, adding to the cash horde the company raised in the world's largest share offer earlier this year. "We are going to raise money from the market," Chief...

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Forest Oil's Lone Pine Resources Files For Up To $375 Mln IPO

Canadian oil and gas exploration company Lone Pine Resources Inc., a wholly-owned subsidiary of Forest Oil Corp., revealed in a regulatory filing on Monday that it intends to launch an up to $375 million initial public offering of its shares of common stock. Lone...

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Energees Investments,Regal Petroleum Reach Deal On Recommended Cash Offer Terms

Energees Investments Ltd., the principal holding company of the Smart Holding Group and Regal Petroleum PLC Monday said that they have reached deal on the terms of a recommended cash offer to be made by Energees Management Ltd., a wholly-owned subsidiary of Energees Investments, for the entire issued...

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Norway's Kaarstoe project hits tough final stretch

Operator Gassco said on Monday it faced a challenge to complete the final phase of a $1.3 billion upgrade of Norway's Kaarstoe gas processing plant. The company, which operates the gas transport system from Norway to other European countries, said 85 percent of...

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Wood Group acquires PSN for $955m

Scotland-based oilfield services provider John Wood Group has acquired PSN (Production Services Network) for a total enterprise value of US$955 million (£607 million). Under the arrangement, PSN will merge with Wood Group's Production Facilities business to create...

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EMG, Israel Corp in deal on 1.4 Bcm-2.9 Bcm/year gas supplies

East Mediterranean Gas Supply Corp has signed agreements to supply 1.4 billion cubic meters of natural gas to three companies controlled by the Israel Corp., according to a statement Monday by Ampal-American Israel Corp.  The statement said that the agreements are for a total of 1.4 Bcm a year...

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ONGC Videsh Sells Russian Sokol Crude for February to Statoil

ONGC Videsh Ltd., the overseas unit of India’s biggest explorer, sold a cargo of Russian Sokol crude oil for loading in February to Statoil ASA, said three traders who participate in the market. [Read more] Source: Bloomb...

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Ithaca Energy To Drill Second Production Well At Jacky Field In North Sea

Ithaca Energy , an oil and gas company with assets in the UK sector of the North Sea, said Monday that it plans to drill a second production well on the Jacky field in the first quarter of next year as a way to access additional reserves. The company said that...

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CAMAC Energy Inc. Finalizes Agreement to Acquire Two Offshore Nigerian Contract Rights

CAMAC Energy Inc., a U.S. based energy company engaged in the exploration, development and production of oil and gas, today announced that on December 10, 2010, CAMAC Energy finalized and executed a definitive Purchase and Continuation Agreement (the “Purchase...

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Shell and Schlumberger sign research technology cooperation agreement

Shell and Schlumberger have signed a multi-year research technology cooperation agreement focusing on improving the recovery factor of oil and gas reservoirs and extending the life of existing oil and natural gas fields. "This agreement marks another step towards...

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Abu Dhabi prequalifies firms for Zakum offshore development scheme

MEED reported that artificial islands housing production facilities at Zakum oil field already under construction Abu Dhabi’s Zakum Development Company has prequalified at least four international contractors to bid for a contract to build pipelines and early...

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Marathon Announces Bravo-1 Exploration Well Results in Deepwater Indonesia

Marathon Oil Corporation announced today the results of the deepwater Bravo-1 well drilled in the northeastern portion of the Pasangkayu production sharing contract (PSC) area offshore the island of Sulawesi in the Makassar Strait, Indonesia. Marathon, through...

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Indonesia: Inpex Gets Green Light for Masela FLNG Project

Indonesia has approved a development plan for a liquefied natural gas floating terminal project run by Japan’s biggest oil and gas explorer Inpex Corp , a senior energy official said on Monday. [Read more] Source: Offshore Energy To...

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NOK 700 Million Bond Completed

Reference is made to the announcement dated December 6, 2010, regarding a contemplated offering of a NOK 500-700 million senior unsecured bond by Sevan Marine ASA. The bond was completed on Friday December 10 with a placement of NOK 700 million subscribed by Norwegian...

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Oil India eyes Cauvery Basin for offshore plans

Oil India Ltd (OIL) has set its eyes on the Cauvery Basin to start its first offshore exploration activity as an operator under the NELP regime. OIL is making an entry into this area after almost two decades. The last time OIL had made an attempt in an offshore...

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Bounty Oil and Gas NL New Seaclem 1 Preparing to Spud

Bounty Oil and Gas NL is pleased to announce that the "Ocean Patriot" semi submersible drill rig reached the New Seaclem-1 drilling location, 55 km due east of Newcastle, NSW, and ran the first anchor at approximately 0700 AEDST. Once all anchors are run, the...

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Lundin Petroleum Completes Exploration Well In Norway

L3undin Petroleum AB (Lundin Petroleum) announces the completion of the exploration well 3/8-1 on the Barchan prospect located in Block 3/8, (PL400), in the southern part of the North Sea sector of the Norwegian Continental Shelf. The exploration well 3/8-1 was...

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GE Oil & Gas names Andrew Way VP Services

Andrew Way has been appointed vice president of services for GE Oil & Gas, a business within GE Energy. In this role, Way is responsible for leading continued growth of the business’ equipment repair, maintenance, upgrade and remote monitoring, and diagnostics...

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Malaysia, Brunei ink 'significant' joint oil exploration deal

Malaysia and Brunei Darussalam took their political and diplomatic ties to a new level by signing an agreement between the national oil company of the two countries to jointly develop offshore block CA2 off Borneo. According to the New Strait Times, Malaysian...

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ABS & CCS Sign New Cooperation Agreement

ABS and the China Classification Society (CCS)  strengthened their collaborative efforts by entering into a new Cooperation Agreement  recently in Washington, DC. While the agreement is comprehensive, the offshore industry will be a priority area of...

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Wartsila to power technologically advanced UK research vessel

Wartsila, the marine industry's leading solutions provider, has been awarded the contract to supply the propulsion equipment for a new, state-of-the-art, research vessel. The vessel will be operated by the UK's Natural Environment Research Council (NERC), and...

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UK North Sea: Galaxy II heavy jack-up rig Route to Varadero Location

EnCore Oil plc announces that the Transocean Galaxy II heavy duty jack-up rig left the standby location in the UK North Sea on Sunday 12 December and is en route to the Varadero location on Block 28/9. Subject to weather and any operational delays, the rig is...

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Vale’s mega ships to stall maritime recovery for years

The rollout of the world’s largest dry bulk carriers by Brazilian mining giant Vale in 2011 will slash the cost of shipping commodities and choke off a recovery in the freight market for years. China’s ravenous appetite for iron ore and coal – the two main commodities shipped in the dry bulk market...

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ISS Tracks Ships At Sea

ESA’s experimental ship detector on the International Space Station has pinpointed more than 60,000 ocean-going vessels so far. It has been able to follow the routes of individual ships for months at a time. Hosted by Europe’s Columbus research module on the International...

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Container ships slow speed as demand slumps for Asian exports

Ninety per cent of the container ships heading to Northern Europe from Asia have been forced to slow to the speed of a “fresh breeze”. A sudden slump in demand has caused the slowdown. [Read More] Source: Maritime Sun N...

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Pirates take two ships, free bulker

PIRATES have seized a bulker and a box ship, while the Greek bulker Eleni P has been freed seven months after it was hijacked, according to EU NAVFOR. The 72,119dwt Eleni P and its 23 crew members were released on 11 December, the anti-piracy force said. The Euroseas vessel was hijacked on 12 May about...

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New World Alliance launching Vietnam - North Europe service

Tokyo: It has been a meteoric year for Vietnam’s container trades with the opening up of deepwater terminals and subsequent services linking the former French colony to the world, making the need for feedering to places such as Singapore increasingly redundant. [Read More] Source: Seatrade A...

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CSAV orders at Samsung

Seoul: Chilean liner CSAV has taken a two plus two option deal at Korea's Samsung Heavy Industries. The South American firm is paying $90m per 8,000 teu ship. The two firm orders are due for delivery in June and July of 2012. [Read More] Source: Seatrade A...

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Austal moves giant cat out of fabrication hall

Austal today moved its largest ever catamaran out of the fabrication hall at its Henderson, Western Australia, shipyard. The 113 m long vessel is being built for Denmark's Nordic Ferry Service [Read More] Source: Marine ...

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Gambol Shipyard Project Issues

A campaign by Gambol Industries to build a $50 million shipbuilding and repair business at the Port of Los Angeles may be torpedoed this week. The Board of Harbor Commissioners will decide on Thursday whether to terminate exclusive negotiations with the Long Beach-based...

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Japan looks to reverse shipbuilding decline

Japan: State support for the construction of offshore vessels was one of several measures outlined by Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT) at the New Shipbuilding Policy Examination Assembly. [Read More] Source: Baird Marit...

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OOCL plans to order mega-ships

Hong Kong-based OOCL intends to purchase very large-sized containerships with capacity between 8,000TEU and 13,000TEU, reported Hong Kong's South China Morning Post. [Read More] Source: Baird Marit...

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S. Korea ship sinks; 5 dead, 17 missing

A South Korean fishing ship sank off the Antarctic coast Monday, leaving five crew members dead and 17 missing, officials said. [Read More] Source: ...

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Fixed link connects Busan, Geoje Island

A large fixed link between Busan and Geoje Island, South Gyeongsang Province, will open today, connecting the southern port city and the island that requires less than an hour travel time. [Read More] Source: Korea Ti...

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Orient Overseas Says Four New Container Ships Delayed

Orient Overseas (International) Ltd., Hong Kong’s largest container line, said the delivery of four new ships had been postponed partly because of production delays. [Read More] Source: Bloomb...

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Governor bars fracking in New York until at least July 1, 2011

GOV. David Paterson on Saturday issued an executive order that prohibits the natural gas drilling process known as hydraulic fracturing in New York state until at least July 1, 2011. The state Legislature had adopted a moratorium on hydraulic fracturing (commonly...

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