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
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
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
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
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
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 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.
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.
'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
Following its bankruptcy filing, Hanjin Shipping Co.’s fleet has shrunk to about a tenth of its size after the South Korean container line returned most of its chartered vessels to owners, reports Bloomberg. All but three of the remaining 14 ships are either stranded or have
The Obama administration on Friday blocked new exploration for oil and gas in Arctic waters, in a win for environmental groups that had fought development of the ecologically fragile region. The Department of the Interior released a 2017 to 2022 leasing plan that blocked drilling in the
Randall Luthi, President of the National Ocean Industries Association (NOIA), does not pull any punches as he weighs in on the Obama administration’s release of the Final 2017-2022 Outer Continental Shelf (OCS) Oil and Gas Leasing Program.
International law firm, Watson Farley & Williams (“WFW”), advised CMB Financial Leasing Co. Ltd (“CMB”) in respect of: (i) the sale of eight container vessels by NOL Liner (Pte.) Ltd to certain Singapore incorporated SPVs wholly owned by CMB International Leasing
Trafigura has sold five oil vessels to a unit of China's Bank of Communications , ending the trading house's move into owning tankers, the company said on Friday. Under the deal, the five medium-range tankers, ordered by Trafigura in 2013 from a shipyard in China
Norwegian Cruise Line will commence a new era of Alaska cruising beginning June 2018, as the company announced today that its next new vessel, Norwegian Bliss, will be custom-built with features and amenities for Alaska cruising. Norwegian Bliss will cruise to America’s Last Frontier from
China’s COSCO Shipping Development Co Ltd announced a proposed nonpublic issuance of about 3.28 billion shares to specific investors, including its parent company, to raise up to 12 billion yuan ($1.79 billion), reports China Daily.
TraPac, LLC has reached agreement to nearly double its marine terminal size at the Port of Oakland. Wilmington, CA-based TraPac said today it plans to lease an additional 57 acres and two vessel berths on the Port’s Outer Harbor.
Last month, a large cruise ship completed its inaugural cruise through the Northwest Passage. The historic journey brought nearly 1,700 passengers from Seward, Alaska, past the rugged wilderness and isolated villages of the Arctic, to the concrete jungle of New York City
Russia has agreed to lease a second nuclear attack submarine (SSN) to to the Indian Navy, as part of enhanced bilateral defence cooperation, in a deal which will cost around $2 billion. A transfer agreement had been signed to lease a second nuclear submarine of project 971
Fugro has been awarded the contract by Vineyard Wind, formerly named OffshoreMW, to perform a marine geotechnical site investigation within its wind development lease, offshore Massachusetts. Fugro’s state-of-the-art, 105-meter drilling vessel M/V Fugro Synergy will perform the study
Hanjin Shipping's and Outer Harbor Terminal's (OHT) bankruptcies this year have raised questions about the legal separation of joint venture terminal operators that are often lease counterparties for U.S. ports, Fitch Ratings says. These events highlight potential risks that must be balanced
The Port of Long Beach is helping to clear a significant backlog of empty cargo containers from Southern California and free up the chassis they sit on, as part of an agreement with terminal operator Total Terminals International (TTI) to bring in a container ship to remove up to 4
NOIA President Randall Luthi today released the following statement on the election of Donald Trump as the next U.S. President: “On behalf of the National Ocean Industries Association (NOIA), I congratulate President-elect Trump on his victory at the polls
* Compared to the previous years period, revenues fall by 15 percent to € 373.6 million * Operating result (EBITDA) falls by 31.1 percent to € 136.8 million * Group result remains burdened by the increase in non-cash extraordinary impairments on vessels of