The Department of the Interior’s Bureau of Ocean Energy Management announced that its Western Gulf of Mexico Oil and Gas Lease Sale 218, held today in New Orleans, attracted $337,688,341 in high bids and included 20 companies submitting 241 bids on 191 tracts comprising over a million acres offshore Texas. The sum of all bids received totaled $712,725,998. This announcement is consistent with steps President Obama announced in May 2011 to expand domestic oil and gas production safely and responsibly. “Today’s lease sale, the first since the tragic events of Deepwater Horizon, continues the Obama administration’s commitment to a balanced and comprehensive energy plan,” said Secretary of the Interior Ken Salazar, who attended the sale and provided opening remarks. “Offshore drilling will never be risk free, but over the last 19 months we have moved quickly and aggressively with the most significant oil and gas reforms in U.S. history to make it safer and more environmentally responsible. Today’s sale is another step in ensuring the safe and responsible development of the nation’s offshore energy resources.” Sale 218, the last remaining Western Gulf Planning Area sale scheduled in the 2007-2012 Outer Continental Shelf (OCS) Oil and Natural Gas Leasing Program, made available 3,913 unleased blocks covering more than 21 million acres – equal to an area the size of South Carolina
International accountant and shipping adviser Moore Stephens said shipping companies should explore leasing opportunities as a way of adjusting their self-owned and chartered-in tonnage balance in response to the radical changes that have taken place in ship financing in recent years. Phil Cowan, the firm’s Head of Corporate Finance, said, “The traditional thinking of a company needing to own all the resources it uses to operate has been successfully challenged for many years
By Richard Paine, Sr., from the December 2010 edition of MarineNews Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB
The container leasing sector experienced another year of stellar growth in 2013 thanks to the continuing weakness of carrier financials, according to Drewry’s recently published Container Leasing report. And Drewry forecasts that this trend will continue. The leased container fleet (teu) expanded 7.3% in 2013, fast outpacing the 2% growth recorded by the fleet owned by transport operators, most of whom are shipping lines
The U.S. Department of the Interior (DOI) released a Final Supplemental Environmental Impact Statement (FSEIS) for Chukchi Sea Lease Sale 193, moving the DOI a step closer to resolving federal court concerns regarding the 2008 oil and gas leases offshore Alaska. The FSEIS updates the Bureau of Ocean Energy Management’s (BOEM) estimates of the full range of production levels from offshore oil fields that might be developed in the Chukchi Sea as well as the related potential environmental
Washington, D.C.– The National Ocean Industries Association (NOIA) appreciates that the Draft Programmatic Environmental Impact Statement (DPEIS) for the Mid- and South Atlantic G&G Activities announced by the Department of the Interior is an important first step toward potential energy exploration and development in the Atlantic Outer Continental Shelf (OCS). “Since the areas have been largely unexplored for over two decades, due to executive and Congressional bans
Trade Association NOIA, representing America's Offshore Energy Industry, sees a postive trend in the Gulf of Mexico offshore industry NOIA President Randall Luthi issued the following statement in advance of the forthcoming Central Gulf of Mexico Consolidated Lease Sale 216-222: Overall, compared to the last two years, we are seeing a positive trend for the offshore industry in the Gulf of Mexico, and we are looking forward to Wednesdays lease sale with cautious optimism.
BOEM Will Hold Public Hearing on December 8th in New Orleans on Proposed Oil and Gas Leasing Program. The Bureau of Ocean Energy Management (BOEM) will hold a public hearing in New Orleans on Dec. 8, 2011, to provide an opportunity to comment on the Draft Programmatic Environmental Impact Statement for the Proposed Outer Continental Shelf Oil and Gas Leasing Program for 2012 – 2017. This is one in a series of 13 public hearings.
U.S. Department of the Interior Secretary Ken Salazar issued the following statement regarding the U.S. Court of Appeals for the District of Columbia Circuit ruling on DOI’s request for clarification of the Court’s earlier decision to vacate the 2007-2012 Outer Continental Shelf oil and natural gas leasing program: “I am pleased with the Court’s decision. Consistent with the Department’s request
'Intermodal Container Leasing in the US Industry' market research report published by IBISWorld Excerpts from the report are as follows: The Intermodal Container Leasing industry is heavily dependent on large-scale domestic and international trade levels. Thus, as consumer spending fell during the recession and demand for goods across the economy dipped, fewer containers were needed for the transport of products. However, China's resilience and strong growth throughout the past five years
Cash from top shareholder, executives should cover offload costs. South Korea's government said cash held by Hanjin Shipping Co Ltd and funds pledged by its parent group should meet the costs of unloading some $14 billion in cargo stranded on vessels operated by the troubled container line.
Governor Terry R. McAuliffe on Wednesday announced that The Port of Virginia has signed a new, long-term lease for Virginia International Gateway (VIG) that clears the way for the port to begin work on doubling capacity at the deep-water container terminal.
Seaspan Corp chairman and ceo Gerry Wang has described the bankruptcy of South Korea’s biggest container line Hanjin Shipping Co as the industry’s equivalent of the Lehman Brothers collapse that triggered the global financial crisis, reports Bloomberg.
A new collaborative strategic plan has been published today which aims to continue accelerating the development of offshore wind energy in the United States. Announced by U.S. Secretary of Energy Ernest Moniz and U.S. Secretary of the Interior Sally Jewell, the plan
SBM Offshore stated that FPSO Turritella is formally on hire as of September 2, 2016 after achieving Commencement of Commercial Production (CoCP). The CoCP certificate was issued on September 8, 2016. The vessel is installed in Shell's Stones development located in 2,896 meters (9
Following markedly slow growth of just 3.5% in 2015 due to decreased rental demand, the global leased container equipment operating fleet is forecast to increase by little more than 1% in 2016, according to the latest edition of the Container Leasing Industry Annual Report 2016
Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper
Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time. MISC’s wholly-owned subsidiary, MISC Offshore Floating Terminals (L) Limited (MOFT) signed a contract for
The Oregon Department of Transportation has awarded a ConnectOregon grant of $2.6 million to the Port of Portland along with tenant Auto Warehousing Co. to fund part of a $7 million expansion of auto handling facilities in the Rivergate Industrial District near Terminal 6
Navig8 Product Tankers Inc. today announced that it has taken delivery of the Navig8 Providence, a 74,000 DWT LR1 tanker from SPP Shipbuilding Co., Ltd. (“SPP”). The Navig8 Providence is the second of four vessels contracted at SPP to be delivered to the Company and is the second
A new lease sale has been proposed for 122,405 acres for commercial wind energy leasing offshore North Carolina. The proposed lease, announced today by U.S. Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper as part of
Global Ship Lease (GSL) has extended the charters of the Marie Delmas and Kumasi, two 2,207-TEU vessels, for up to 3.25 years. Under the agreement, a revised rate of $13,000 per day will apply from August 1, 2016 until the charters' previous earliest expiry dates in September 2017
The UK-based trading arm of Beijing-backed Sinopec will give up the megatanker it booked to park crude in Asia at the onset of the drop in global prices two years ago, sources told Reuters. Unipec UK took over a lease on the TI Europe, one of just two Ultra Large Crude Carriers capable of
Dubai-based port operator DP World has signed a long-term lease agreement for the expansion and operation of the multi-purpose Rodney Container Terminal (RTC) at Saint John in New Brunswick, Canada. The global trade enabler will start running existing operations on 1 January 2017
DP World has signed a long-term lease agreement for the expansion and operation of the multi-purpose Rodney Container Terminal at Saint John, New Brunswick, Canada. The global trade enabler will start running existing operations on 1 January 2017 and work in partnership with the Saint John Port