US Approves More Exports from Major LNG Terminals
The Biden administration said on Wednesday it had authorized additional exports of liquefied natural gas from two major facilities on the U.S. Gulf Coast, in a move that could help Europe deal with an energy crunch worsened by Russia's invasion of Ukraine.The Department of Energy (DOE) issued approvals allowing major supplier Cheniere Energy to export the equivalent of 0.72 billion cubic feet per day (bcfpd) of the supercooled fuel from its Sabine Pass, Louisiana and Corpus Christi…
Singapore LNG Scouts for Spot Cargoes as Electricity Futures Surge
Singapore LNG Corp is making inquiries about buying LNG cargoes from the spot market, a rare move for the operator of the city-state's liquefied natural gas (LNG) terminal, industry sources said on Wednesday.The inquiries come on the back of surging prices globally of power generation fuels such as LNG and coal, amid power shortages from China and India to Europe.SLNG contributes to Singapore's energy security and its terminal supplies up to 30% of the city state's natural gas demand for power generation…
H-Line Orders LNG bulkers at Samho
Hyundai Samho Heavy Industries Co (HSHI), the Korea supplier of ship, tanker ship, bulk carriers ship, container ship, LNG ship, said it has clinched a deal to build two bulkers fueled by liquefied natural gas (LNG).According to a Yonhap report, under the deal with H-Line Shipping Co., a midsize South Korean shipper, Hyundai Samho will build two 180,000-ton vessels, which will be used on a route between South Korea and Australia starting in 2022.HSHI has not revealed the value of the deal, it said.According to the report, this is the second time that H-Line has placed an order for LNG-fueled vessels with Hyundai Samho Heavy, an affiliate of industry leader Hyundai Heavy Industries Co.
Maersk to Spin off Drilling, Hand Total Shares to Investors
A.P. Moller-Maersk said on Friday it would spin off its offshore drilling operation and list it in Copenhagen next year, the latest move by the Danish shipping company to focus entirely on transport and logistics.Maersk, which cut its full-year profit outlook this month, sold Maersk Oil to French oil major Total last year in a $7.5 billion deal as part of a restructuring under Soren Skou, who became chief executive in 2016.Skou used to head Maersk's container business and is a…
Total, Singapore's Pavilion Energy Sign LNG Ship Fuel Supply Chain Deal
Total and Singapore's Pavilion Energy have signed a non-binding deal through their subsidiaries to develop a liquefied natural gas (LNG) bunker supply chain in the port of Singapore, the companies said in a joint statement on Tuesday.Total Marine Fuels Global Solutions, the French oil major's affiliate in charge of worldwide ship fuelling, or bunkering, activities, and Pavilion Gas signed a heads of agreement which covers the shared long-term time charter of a new generation LNG bunker vessel to be commissioned by Pavilion Gas by 2020…
Dry Bulk Market Looks Up: J. Lauritzen
Both the dry bulk market and the market for small gas carriers are anticipated to benefit from the expected rise in economic activity in 2018, more so as supply growth will be rather limited in both segments, says J. Lauritzen, the Danish shipping company with worldwide operations. For dry bulk though, slow steaming and congestion are at levels where capacity releases could dent the rise. After strong rises in dry bulk rates in 2017, the outlook for 2018 is for continuation of this trend, but at a lower rate of change. Tonnage prices are forecast to continue increasing. The market for gas carriers is in general expected to be weak for most segments due to sustained demand-supply imbalances.
Wartsila Order Intake Beats Forecast as Marine Market Revives
Finnish ship technology and power plant maker Wartsila reported on Thursday a bigger-than-expected rise in quarterly order intake, saying the market demand had improved for its marine solution business. * Bookings of new orders in the second quarter increased 14 percent from a year earlier to 1.36 billion euros ($1.57 billion), beating analysts' average expectation of 1.22 billion in a Reuters poll. * Adjusted operating profit rose 3 percent from a year ago to 126 million euros, roughly in line with the market consensus. * Revenue was up 8 percent at 1.29 billion euros, compared to 1.21 billion euros in the poll. * "The general marine market environment remains challenging…
US Oil Rig Count Lowest Since Dec 2009
The number of oil rigs in the United fell for a ninth straight week to the lowest level since December 2009, data showed on Friday, as energy firms continued to cut spending amid the collapse in crude prices. Drillers cut 26 rigs in the week ended Feb. 19, bringing the total rig oil count to 413, oil services company Baker Hughes Inc said in its closely followed report. The number of oil rigs in operation were less than a third of the 1,536 in service during the same week a year ago. Oil has shed 70 percent from highs above $100 a barrel in a selloff that has seen little pause over the past 20 months, forcing a collapse in the rig count as well. Since last Friday though, some traders believed the market had seen a bottom on talk that OPEC was on a plan to reign in production.
Teekay Tankers Misses 4Q Profit forecasts
Teekay Tankers Ltd. reported adjusted net income attributable to its shareholders of $48.5 million, or $0.31 per share, for the quarter ended December 31, 2015, compared to $18.6 million, or $0.21 per share, for the same period in the prior year. The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share. The increase is primarily due to stronger spot tanker rates in the fourth quarter of 2015 compared to the same period in the prior year and an increase in fleet size related to the acquisition of 17 modern, mid-size tankers during 2015 and the expansion of the Company's chartered-in tanker portfolio in 2014 and 2015.
Brent eases below $108 on Ukraine diplomacy
EU leaders set to warn, not sanction Russia; U.S. crude stocks rise more than expected. U.S. jobs data, services data point to lower oil demand. Brent crude reversed gains made earlier on Thursday after Crimea's parliament voted unanimously to join Russia, even as the West and Russia engaged in high-stakes diplomacy to cool the crisis in Ukraine. The announcement sets a referendum on the future of Crimea in 10 days, raising the stakes in the most serious East-West confrontation since the end of the Cold War. The North Sea benchmark has fallen $4 since reaching two-month highs on Monday, when worries of an armed conflict between Ukraine and Russia peaked.
HHI Profits Plummet 68%
Korea's Hyundai Heavy Industries expects to post a net profit of $39.8 million (44.4 billion won) in the first half, down 68.2 percent from the first half of 1999. The shipbuilding unit of the Hyundai Group expects the lower profits despite an expected rise in first-half sales to $2.69 billion (3 trillion won), up 8.9 percent. Net profits were shaved by investment losses stemming from the company's sale of stakes in Hyundai affiliates, even though its operating profits increased, he said.
Port Plans $105M Investment
Malaysia's Port of Tanjung Pelepas (PTP) intends to buy more than 400 million ringgit ($105 million) of equipment to handle an expected rise in container shipments. PTP's chief executive Mohd Sidik Shaik Osman was quoted by national Bernama news agency as saying he expected volume to triple to 150,000 TEUs by March after averaging 40,000 to 50,000 in the second-half of last year. PTP, a deep-sea port located at the south-western tip of Peninsular Malaysia, created a stir in the shipping world last year when it snatched away Maersk-Sealand, neighboring Singapore's prized client, as its anchor customer and shareholder. Maersk-Sealand, the world's largest shipping line, now owns 30 percent of PTP and is expected to channel some two million TEUs to the port.
Morocco to Upgrade Ports
Morocco's state port authority (ODEP) has drawn up a $268 million investment plan to upgrade ports infrastructure and equipment in the next five years, an official said. "The investment plan for 2001-2005 aims at meeting an expected rise in ports traffic in the next few years. It is the biggest investment budget ever allocated to developing ports," the ODEP official said. Development of infrastructure, such as extension of wharfs and containers storing areas, would be included in the project, as well as new equipment, including cranes, engines and trucks. The remainder of the budget will go toward the funding of studies, the official said. All Moroccan ports would benefit from the investment scheme, but Casablanca will get 44.4 percent of the total investment, the official said.
