THE BIG ONE
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.
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 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
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
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
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.
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
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 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
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"
The Panama Canal expansion project is now expected to be finished “mid of 2016” says a report in Reuters quoting the waterway's administrator. "The new set of larger locks for the Panama Canal will be complete by the end of June
Global Forwarder GEODIS and Maersk Line deliver their share and partner on a 5-year strategic commitment to reduce their environmental footprint. This agreement integrates both companies’ sustainable commitments to reduce GEODIS’ CO2 emissions per container moved
Crystal Cruises reaches deal to restore the record-breaking and storied SS United States to a fully operational modern luxury cruise ship Crystal Cruises has come to the rescue of historic luxury liner SS United States, today announcing an exclusive purchase option agreement to begin work
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 8.1 percent to $431 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.
Marine Manufacturer Adds Talented Technical Sales Professional To Expand Key Big Boat Market Segment Presence IMTRA, the leading manufacturer and importer of quality marine products, announced today the addition of Prentice Weathers to its sales team.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 13.9 percent to $469 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.
A U.S. Navy commander charged with accepting paid travel, prostitutes and Lady Gaga concert tickets from a Malaysian defense contractor in exchange for classified information pleaded guilty on Thursday to federal corruption charges. Commander Michael Vannak Khem Misiewicz appeared in U.S
U.S. energy firms cut oil rigs for the sixth straight week, data showed on Friday, and were expected to shed more in coming weeks with three major U.S. shale oil companies slashing their spending plans after crude prices hit 12-year lows.
Cruise ship company MSC Cruises confirmed orders for four ships in a 3-billion-euro ($3.26 billion) deal that will secure thousands of jobs at the STX shipyard in St-Nazaire in the west of France. "These are the biggest cruise ships yet built by a European operator - each using
Virginia-based company Lumber Liquidators was sentenced today to $13.2 million in fines and forfeitures for importing illegal wood and submitting false declarations under the Lacey Act, a conservation law that makes it a crime to import plants and animals taken in violation of state and foreign law
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
MSC Cruises, the 4th largest cruise line, confirmed the existing STX France options to build an additional two ships in the Meraviglia class. The ships, valued by MSC at $1.7 billion, will be longer and bigger versions of the Meraviglia-class ship
Microsoft swims to ocean’s depth to test underwater data center as environmentally friendly cloud computing alternative. The software giant has dropped a data center into the Pacific Ocean off California. Microsoft gave details of its rationale for going underwater
BP shares slide 8 pct after results miss forecasts. BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade.
Strategically located Spain, linking countries in Europe, Africa and the Americas, along with a dynamic coast line dotted with number of highly proactive ports have bolstered its progress helping it to become a global leader in the ‘ship’ repairs and conversion