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Western GOM Lease Sale Attracts Bids of $337 Million

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


Get Ready for Changes in Lease Reporting

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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


NOIA Supports DOI’s Mid- and South Atlantic G&G Impact Statement

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


Moore Stephens Recommends Exploring Leasing Solutions

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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


Continued Growth for Container Leasing Sector

Photo: Drewry

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


DOI Issues FSEIS for Chukchi Sea Lease Sale

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


Salazar Statement on Leasing Court Ruling

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


BOEM to Hold Public Meeting in New Orleans

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.


NOIA Optimism on Gulf of Mexico Oilfield Sales

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 Wednesday’s lease sale with cautious optimism.


US Intermodal Container Leasing Market Report

'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


Oakland Port Files for Bankruptcy after Tenant Ends Lease

Oakland's Outer Harbor Terminal filed for Chapter 11 protection on Monday, two weeks after one of its biggest tenants said it was terminating a 50-year lease with the northern California port.   Last month, Ports America, one of the largest marine cargo operators in the country


FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect for a cash consideration of approximately $10,800,000. Ever Radiant and Ever Respect are Japanese-built, 4


QP, Chevron Ink Offshore Moroccan Deal

Courtesy Qatar Petroleum

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from Chevron’s 75% share in three deep-water offshore leases in the Kingdom of Morocco.


Port of Oakland Plans for Terminal Closure

Port of Oakland sets plan to shift cargo when terminal closes; ships move to neighbor berths; Saturday and night gates to help cargo flow   The Port of Oakland has set its plan to move containerized cargo once a marine terminal closes March 31


LNG Bharat to Roll Out FLNG Terminal

Image: LNG Bharat Private Ltd

 LNG Bharat Private Ltd is setting up a floating LNG Floating Storage Unit (FSU) with a capacity of 5 million tonnes per annum at Krishnapatnam port in Nellore district the Hindu Businessline reports quoting J. Murthy, the Managing Director.  


COSCO, China Shipping Merger Will Creat New Firm

China Ocean Shipping Group Co (COSCO) and China Shipping Group Co will become a new entity after merging, led by the latter's current chairman, China's state-owned assets regulator said on Monday. The former rivals said in December they would merge through a series of asset swaps


Transhipment NSC Ports Down 1%

Location of canal in dark blue Courtesy Wikipedia

  The seaports in the North Sea Canal Area, which includes the ports of Amsterdam, IJmuiden, Beverwijk and Zaanstad, saw transhipment decrease in 2015 for the first time in years. The decrease amounted to 1%, with a total of 97 million tonnes in 2015 compared to 97.8 million tonnes in 2014


Ince & Co Advises Fugro on Vessels Sale

International law firm Ince & Co has announced that it has advised Fugro on a sale and lease back agreement with ICON Investments regarding two of its geotechnical drill ships Fugro Scout and Fugro Voyager. ICON financed the acquisition of the vessels by loan facilities from a syndicate of


USCG to Unveil Requirements for New Icebreaker

The U.S. Coast Guard will release a proposed acquisition timeline and requirements for a new U.S. icebreaker later on Wednesday, Admiral Paul Zukunft, commandant of the U.S. Coast Guard, said.   Zukunft told an event hosted by the Center for Strategic and International Studies that the


Maritime Faces New Lease Accounting Standards

Michael Simms (Photo: Moore Stephens)

 A new international accounting standard dealing with leases could have major implications for companies in the shipping and offshore maritime sectors, and particularly for time charterers, according to international accountant and shipping adviser Moore Stephens.  


Wartsila India Signs Pact with CSL

Pic: Cochin Shipyard Limited

 Wartsila India, the Indian arm of Finland-based Wartsila Corporation, has signed a Memorandum of Understanding (MoU) with Cochin Shipyard Ltd (CSL) for setting up a containerised self-sufficient workshop.   As per the MOU, Wartsila plans to locate a containerised self-sufficient


China: Rig Not Drilling in Disputed Waters

In mid-2014, rig caused worst breakdown in ties in decades. China's Foreign Ministry said on Wednesday that a $1-billion deepwater oil rig was not drilling in disputed territory in the South China Sea, in response to a warning from Vietnam against such activity.


Indian State Maharashtra Unveils New Port Policy

Chief Minister Devendra Fadnavis. Photo: Official FB Page

 The Maharashtra state government has given approval to its comprehensive Maharashtra Port Development Policy for creating better facilities around 720 km coastal region of the state.   A decision to constitute the Maharashtra Port Connectivity Corporation has been taken for


Redwood City to Boost Bauxite Ore Imports

The Port of Redwood City Commission Wednesday approved expanding acreage use by International Materials Incorporated (IMI) for its handling of bauxite ore imports.   IMI entered its initial lease agreement with the Port in 2010 for approximately a 2


Searching for a Better Way

Paine

Financing the Municipal, Tax-Exempt Workboat Sector. Poring over any of the many marine publications that seemingly arrive daily in your mailbox or inbox, you can get an idea of the depth and breadth of the current state of U.S. commercial marine vessel shipbuilding






 
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