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THE BIG ONE

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year lows on recovering equities markets, strong U.S. economic growth and news of low crude supplies from Nigeria. Oil saw its biggest one-day bounce since 2009 on Thursday, with North Sea Brent and U.S. light crude rising more than 10 percent. U.S. crude is on track for its first weekly gain in nine weeks, ending its longest losing streak since 1986. Brent was down 25 cents at $47.31 a barrel by 1200 GMT. It settled $4.42 higher at $47.56 on Thursday. U.S. crude was down 10 cents at $42.46 a barrel, after ending up $3.96. Global oil markets have fallen by a third since May and are still well under half their value a year ago thanks to a huge oversupply of fuel and sluggish demand. Worries over China's economy have compounded the falls in recent weeks. But analysts said oil markets fell too far, too fast and a rebound was overdue. A stock market rise, strong U.S. growth data and a pipeline outage in Nigeria provided excuses for a sharp rally on Thursday, they added. "A price recovery was on the cards at any time given that oil prices had slumped virtually continuously since the end of June by a total of more than 30 percent," said Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt.


Deep-Sea Tremors May Provide Early Warning

Predicting when large earthquakes might occur may be a step closer to reality, thanks to a new study of undersea earthquakes in the eastern Pacific Ocean. The study, reported in today’s Nature, is the first to suggest that small seismic shocks or foreshocks preceding a major earthquake can be used in some cases to predict the main tremors. Scientists from the Woods Hole Oceanographic Institution (WHOI) and the University of Southern California (USC) report that some types of large


Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals

Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals Iran announced its biggest oil find in 30 years last week, a 26-billion barrel field discovered just as the country drives to revive exploration activities and foreign firms compete for big deals. Oil Minister Bijan Zanganeh said the oilfield in the prolific southwest Khuzestan province has the potential to produce up to 400,000 bpd. He said that development on the field, which is close to the Iraqi border


SENESCO Performs Facelift on NOAA’s Albatross IV

Most research ships don’t live to see their 40’s, and to approach 50 is almost unheard-of. But the Albatross IV is quite an exception to this maritime rule. Today, thanks to a recent overhaul at SENESCO’s repair facility in Quonset Point, Rhode Island, she is back at her home base in Woods Hole, Massachusetts preparing to head back out to sea for another 5-7 years of ocean exploration. The Southeastern New England Shipbuilding Corporation (SENESCO) began its a major overhaul on the


New Chinese Shipbuilder Unveiled

A new, bigger shipbuilder was unveiled in Dalian recently, as part of the restructuring of the city's shipbuilding industry, ShanghaiDaily.com reported. Dalian Shipbuilding Industry Co was formed by the merger of Dalian Shipyard Co and Dalian New Shipbuilding Heavy Industry Co. Dalian Shipyard, with more than a 100-year history, used to be one of China's big military shipbuilders. Dalian New Shipbuilding, established 15 years ago, was one of the country's biggest shipbuilders


CMA CGM Enters Agreements with CSCL, UASC

The CMA CGM Group announced the signature of three major agreements on the biggest worldwide maritime trades with China Shipping Container Lines (CSCL) and United Arab Shipping Company (UASC). Under the name of Ocean Three, the agreements; which include a combination of vessel sharings, slot exchanges and slot charters; concern the following maritime trades:  Asia-Europe, Asia-Mediterranean, Transpacific and Asia-United States East Coast.


New Barges for Short Sea City

Tug Vivian L. Roehrig watches-over DBL 23, one of the companys new 28,000 BBL JAK-equipped barges. K-Sea has acquired two new tugs so far this year, but still calls-in independents when things get busy. (Photo: Don Sutherland.)

The term short-sea shipping comes up aplenty these days, as the powers-that-be rediscover the practicalities and the economies of waterborne transport. The thinking is renewed and the interest revitalized, but for a lot of harbors nationwide it's deja vu. Take the island city of New York, and the multitudes of communities near and far that are joined to it by inland waters—the rivers, sounds, creeks, streams—all the way up to Albany, to Waterford and the Canal system


Ship Rechristened to Honor Former Congressman Oberstar

Image courtesy The Interlake Steamship Company

In his 47-year Congressional career, former Congressman Jim Oberstar has received many honors. But few are as big – literally – as the announcement that The Interlake Steamship Company will rename and rechristen one of its massive ships the MV Hon. James L. Oberstar this spring. The vessel will sail from layup in March as the MV Hon. James L. Oberstar, and will be rechristened in a ceremony at Duluth later this spring.  


Shipbuilding – China Hopeful to Double Output

Shipbuilding industry in China has growth potential, may double in 4-years China's shipbuilding industry may double its scale in the next four years on growth potential in sea transport and marine economy, and Shanghai is expected to play a big role toward meeting the goal. By the end of 2015, the market size of shipbuilders and marine equipment makers may hit 1.2 trillion yuan (US$190 billion) with the value of exports touching US$80 billion


Ecopetrol Cartagena Oil Refinery to Restart by March

Colombian state-run oil producer Ecopetrol will fully restart its Cartagena refinery by March, Chief Executive Officer Juan Carlos Echeverry said on Thursday.   The action will make Colombia self-sufficient in refined oil products it has had to import in increasing quantities during the facility's refurbishment, which will more than double its capacity to 165,000 barrels per day.   "We expect that by March at the latest the refinery will be working one hundred percent"


Davie Begins First Resolve-Class AOR Conversion

Photo: Davie Shipbuilding

Davie Shipbuilding has cut first steel for the Resolve Class Auxiliary Oiler Replenishment vessel.   The project consists of converting a containership into an Auxiliary Oiler Replenishment (AOR) ship to support the operations of the Royal Canadian Navy


DONG Energy Listing to Value Group at up to $16 Bln

Photo: DONG Energy

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but also into a business heavily reliant on government subsidies.   State-controlled DONG Energy on Thursday set a price range for its


World’s Biggest LNG Buyer Becomes Seller

Photo:  JERA Co., Inc.

 EDF Trading, a wholly-owned subsidiary of French power giant EDF, has signed an LNG sales and purchase agreement with Japanese LNG aggregator Jera Co Inc, one of the world’s largest buyers of liquefied natural gas.   Jera, a joint venture between Tokyo Electric Power Co


Strike Idles 38 Oil Tankers at Fos-Lavera

Some 38 oil tankers have been held up at the Fos-Lavera oil port in southern France, the country's biggest, including 25 at harbour, up from 12 the previous day, a port authority spokeswoman said on Friday. She said 13 other tankers were waiting at quay


Batting In Hostile Conditions? Watch Deliveries Closely…

Graph: Clarksons Research

 The delivery run-rate is a vital supply-side lever. As part of the ‘market mechanism’, when the earnings environment gets tough deliveries will typically moderate to adjust, either in the long-run as a result of reduced ordering or in the short-term as scheduled deliveries are


First Cat Marine Hybrid Thruster Delivered

Cat Marine Hybrid Thruster system (Photo: Caterpillar Marine)

Engineering specialists at Caterpillar Marine’s new Marine Solutions Center are overseeing delivery of the first Cat Marine Hybrid Thruster system, being delivered this month to an undisclosed shipyard in Singapore and will be commissioned midyear.  


Navico Makes its Commercial Push

Halo Radar (Image: Navico)

Marine electronics group Navico, a literal ‘house of brands’ for the recreational, sail, power and commercial marine markets, is making a strong push in the commercial sector with its Simrad brand. Armed with a stockpile of new technology and a global network of sales and support


ABS: Sharpening its Global View

(Photo: ABS)

The American Bureau of Shipping (ABS), already one of the world’s well-regarded classification societies, recently restructured its ranks to meet the perpetually evolving needs of its customers. Kirsi Tikka, the global head of marine, and Howard Fireman, CTO, explain.  


BEST Sets Container Handling Record

Image: Barcelona Europe South Terminal (BEST)

 Hutchison Port Holdings Limited (HPH) subsidiary Barcelona Europe South Terminal (BEST) achieved a new record when it moved 7,760 TEU on the call of MSC Beatrice.    A total of eight ship-to-shore gantry cranes were deployed simultaneously for the operation


Fail-proof System Access and Easy Operation

Operation without distraction: The CrossDisplay switching from G&D doesn’t stop at unusual monitor configurations and multihead graphics cards. This means that the user can work intuitively, as the switching process simply follows the mouse pointer. For even greater control, the systems can also be operated easily via a graphically designed touch panel. (Image: G&D)

KVM redundancy concepts increase reliability of control room installations   German manufacturers G&D feel very much at home in especially safety-related control rooms. For decades, its products have been serving in these environments


Maritime Future Summit: Digital Shipping

Photo: SMM

Autonomous ships, smart on-board systems: At the Maritime Future Summit on September 5, industry leaders will discuss the future of shipping. For the first time SMM hosts a conference dedicated to digital shipping.   Cyber Ships: What may sound like a word from a science fiction novel to


Returning to the Scene of the Shipwrecks

 A participant in a diving field school last fall, graduate student Tori Kiefer is back to help a new set of students learn the joy of surveying shipwrecks.   Last fall, Tori Kiefer was part of a group of East Carolina University graduate students who came to the waters of Wisconsin to


CMA CGM Proceeds with NOL Takeover after China Okay

File Image: A CMA CGM boxship alongside during cargo operations (credit: Marad)

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China, the French group said. CMA CGM received on Wednesday confirmation of the deal's approval by the


Commodities Shipping Firms Struggle to Ride Out Worst Downturn

Shipping companies transporting coal, and iron ore and other commodities are urgently seeking ways to conserve cash and withstand the worst market downturn on record as too many ships chase shrinking business.   A shortage of financing - estimated at $30 billion and caused in part by banks


Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply, company officials said on Wednesday.  






 
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