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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.


Japan, Philippines Negotiate Coast Guard Ships Delivery

Japan and the Philippines have begun talks for the transfer of two large coast guard ships to Manila, to help patrol the disputed South China Sea, a Japanese foreign ministry official said on Friday, as part of a deal on defence equipment. The two brand-new 90-metre (295-ft) multi-role response vessels will be in addition to ten 44-metre (144-ft) mid-sized coast guard ships, worth 8.8 billion pesos ($188.52 million), that Japan is set to start delivering next week.


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


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


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.  


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.


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"


R.W. Fernstrum: Keeping Things Cool for 67 Years

Sean Fernstrum (Photo: R.W. Fernstrum & Company)

Founded by Robert W. Fernstrum 67 years ago, R.W. Fernstrum & Company is currently run by its third generation of Fernstrum. This long-tenured maritime staple has seen its fair share of maritime cycles, and in today’s challenging market it is not standing still


Japan to Overtake Korea in Global Shipbuilding

Photo: DSME

 Japanese shipyards are on the verge of overtaking Korean shipyards in remaining order backlogs and market share, reports Business Korea.   South Korean and Japanese shipbuilders recorded a backlog of 20.46 million CGT and 20.06 million CGT early this month, respectively


JERA Buys First-ever U.S. LNG Cargo

File Image: LNG carrier underway (Credit: Parker Bestobell)

Japan's JERA Co, the world's biggest importer of liquefied natural gas (LNG), on Thursday said it made its first-ever purchase of LNG from the lower 48 U.S. states, as part of its goal to diversify supplies. JERA, a fuel joint venture between Tokyo Electric Power and Chubu Electric Power


Ship-borne Internet to Benefit Marine OEMs

The data flow will be transmitted continuously to shore-based organisations allowing the authorities, shipowners and marine equipment manufacturers to use the information in real-time. Photo Danish Maritime Authority

In 2017, the Danish Maritime Authority will contribute to a pilot project on the development and testing of a system that collects real-time data from various components on board ships. The Aalborg-based company GateHouse is behind the pilot project


Hamburg Süd for Sale?

Photo: Hamburg Sud

 Speculations about an upcoming sale of Hamburg Süd have intensified in the market, says a report in WSJ.   Hamburg Sud, the seventh-largest container-shipping operator world-wide in terms of capacity, is part of the Oetker Group, a family-owned German conglomerate


DMCA, DNV Join forces to promote Maritime Innovation

Workshop in Progress Photo Dubai Maritime City Authority

In cooperation with Det Norske Veritas, one of the world's largest classification society of vessels, Dubai Maritime City Authority's (DMCA) 'Maritime Innovation' workshop recently concluded with high participation from maritime industry pioneers and other government entities such as DP World


Oetker Sells Hamburg Süd to Maersk

Photo: Hamburg Süd

 Dr. August Oetker KG announces that, after more than 80 years, it is divesting its shipping business and will be selling Hamburg Süd with all activities, subsidiaries and principal assets.   The world's seventh-biggest container operator, Hamburg Süd


AAL Wins Australia Shipping Excellence Awards

Frank Mueller, General Manager of AAL Australia Photo AAL

AAL, one of the world’s leading breakbulk, project cargo and heavy lift shipping operators, has been awarded the prize for ‘Excellence in Project Cargo, Breakbulk / Heavy Lift’ at the 21st Annual Australian Shipping & Maritime Industry Awards.


ExxonMobil Sees PNG LNG Producing at 16 pct Above Nameplate

Photo:  PNG LNG

 ExxonMobil expects to deliver 7.9 million tonnes of liquefied natural gas from Papua New Guinea this year, around 14 percent above nameplate capacity of its PNG LNG plant,  says a report in Reuter's quoting the company's PNG head.  


Hyundai Near Deal With Iran for 10 Ships

Photo: Hyundai Heavy Industries Co

 Hyundai Heavy Industries Co. (HHI), a major shipyard in South Korea, looks set to clinch a deal with Iran to supply 10 ships, says a report in Yonhap.   The contract, valued at USD650 million, will see Hyundai supply the Islamic Republic of Iran Shipping Lines, (IRISL) with four 14


Taiwan Shipping in Troubled Water?

Pic: EverGreen

 Taiwan's shipping lines aren't looking quite so young and fresh as they were earlier, reports Bloomberg.   While the global container industry has embarked on a spree of pairings and menages-a-trois over the past 12 months, Taiwan's shipping lines have remained proudly single.


[Op/Ed] WRDA: Dredging up Progress

© alexmma1 / Adobe Stock

Digging out the small ports and harbors that serve as the on-ramps to the maritime super highway is important work.   We support the WRDA language that makes our water commerce system work productively. The Presidentially-appointed Mississippi River Commission in its public meetings


Fuel Talk: Greener Ships 'Abandoned'

Push Back: Leaders citing limited returns for “green-fuels” investments include (from left): Håvard Ulstein, MD, Island Offshore; Karsten Sævik, CEO, Remøy Shipping; and Ståle Kyrkjedelen, Norway’s Operations Manager, Bourbon Offshore. (Photo: William Stoichevski)

In the immortal words of one Kermit the Frog, “it’s not easy being green.” Nor inexpensive. Offshore ship owners managing the demand “fallout” of the past year and navigating myriad environmental strictures say their leap of faith toward greener fuels has taken its


Interview: Morton S. Bouchard III Pulls No Punches

Morton S. Bouchard III (Photo: Coast Guard Foundation)

Morton S. Bouchard III pulls no punches discussing the maritime business and the spate of over-regulation infecting U.S. industry.   Morton S. Bouchard III has served as President of Bouchard Transportation Co., Inc., the nation’s largest independently-owned oceangoing petroleum barge


Refining Capacity Growth to Exceed Demand Until 2020 -Forecast

© katatonia / Adobe Stock

Until 2020, global refining will move toward lower utilization and margins as capacity growth exceeds demand, according to energy industry data and analytics specialist McKinsey Energy Insights (MEI). Post-2020, however, market conditions are expected to improve with higher demand for distillates






 
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