The International Energy Agency’s most recent monthly report estimates for 2005 that global demand will grow by 1.8 mb/d, or 2.2%. This projection is on par with the level of growth experienced in 2003, as the global economy was recovering from a steep, but short-lived, recession, but is conservative when comparing it to the record 2.5 mb/d -- or 3.2% -- projected for 2004. The 2005 demand estimate assumes: normal weather, a moderate slowdown in global GDP growth, an easing of crude oil and product prices and a modest reduction in Chinese oil consumption growth. Even so, Chinese oil demand is expected to grow by 510 kb/d, or 8.1% in 2005. The Middle East is also expected to contribute strong consumption growth in 2005 of 260 kb/d or 4.7%. These high growth rates contrast with substantially lower oil demand growth in the OECD of slightly less than 1% in 2005, holding flat in OECD Asia but rebounding slightly in OECD Eastern Europe. Non-OPEC supply, including non-crude production from OPEC, is expected to show robust growth of around 1.6 mb/d in 2005. Non-OPEC supply growth averages over 1.0 mb/d per year during 1995-2005. Russia has been the engine of non-OPEC supply growth over the last half of this period and has the capacity to maintain strong growth in the future. However, in light of recent developments in Russia, this Report takes a more conservative approach to supply growth in 2005
New data from The National Marine Manufacturers Association (NMMA) show 88 million Americans expected to take to U.S. waterways this summer. NMMA add that recreational boating in the U.S. has an annual economic value of $121-billion. The industry’s rising tide supports 964,000 American jobs and 34,833 businesses, generates $40 billion in annual labor income and drives $83 billion in annual spending.
Dr Matthias Reith, director of German bulk carrier owner Orion Schiffahrtsgesellschaft Reith & Co of Hamburg, helped the North of England P&I club celebrate 21 years of working with the German shipping industry today. Speaking a major industry reception organized by the club at the Zipplehaus restaurant in Hamburg, Dr Reith said 'In 1982 Orion became the first company from Germany to join the North of England. The club now insures 36 fleets in Germany and works with 11 of the German-based
Inmarsat Holdings Limited, a wholly-owned subsidiary of Inmarsat plc (LSE: ISAT), provider of global mobile satellite communications services, reported unaudited consolidated financial results for the 3 months ended 30 September 2008. Q3 2008 Highlights • Revenue up 16.4% to $162.5m (2007: $139.6m) • EBITDA up 15.4% to $112.3m (2007: $97.3m) • Profit after tax up 58.6% to $37.6m (2007: $23.7m)
Kingdom plans multi-billion dollar PPP investments to boost port capacities as imports and container numbers increase 18% and 20% respectively Recognising the vital role of the region’s ports in providing trade links between the Far East, Asia, Europe and the US, international shipping and cargo experts are set to gather in Abu Dhabi on 28-30 March, for the World Ports and Trade Summit 2011. Multi-billion dollar investment in port operations across the Middle East is again surging
PPG Industries (NYSE:PPG) reported record first quarter 2014 net sales from continuing operations of $3.6 billion, up $528 million, or 17 percent, versus the prior year. First quarter 2014 reported net income from continuing operations was $277 million, or $1.97 per diluted share. First quarter 2014 adjusted net income from continuing operations was $279 million, or $1.98 per diluted share, which excludes $2 million, or 1 cent per diluted share,for acquisition-related costs.
On Jan. 20, CNOOC Limited announced its business strategy and development plan for year 2009. The total targeted net production of the company in 2009 is 225-231 million barrels of oil equivalent (BOE) (with WTI at $60/barrel), compared with the estimated net production of 194-196 million BOE (with WTI at $100.1/barrel) for 2008. During the year, ten new projects are expected to come on stream, eight of which are located in offshore China
In a highly volatile business environment, Liebherr’s Mobile Harbour Crane Division delivered satisfactory operational performance. In 2009, deliveries amounted to 74 Mobile Harbour Cranes and thus were 27% below those of the previous year’s period. In comparison the total MHC market including all manufacturers dropped ~40%. To complete the picture, this decrease has also to be put in relation with the figures of the previous years
UAE to generate logistics revenues in excess of USD 9.4 billion by 2014 to lead growth of regional logistics and supply chain sector. International cargo demand in Middle East to expand 4.9 per cent by 2016 Barloworld unveils growth plans focusing on strengthening presence in key markets such as UAE, Saudi and Qatar in 2013 Barloworld Logistics, a provider of logistics and supply chain management solutions
Matson, Inc., a U.S. carrier in the Pacific, announced its results for the third quarter of 2014, in which it reported a net income of $21.5 million, or $0.50 per diluted share, compared with $17.2 million or $0.40 per diluted share in 2013, while consolidated revenue for the third quarter 2014 was $441.8 million compared with $415 million in 2013. For the nine-month period ended September 30, 2014, Matson reported net income of $43 million, or $1 per diluted share compared with $46
Abu Dhabi’s RoRo volumes up 31 percent; general and bulk cargo increases 13 percent; container cargo edges up 5 percent Abu Dhabi Ports, the master developer, operator and manager of ports and Khalifa Industrial Zone (Kizad) in the Emirate
Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer and part of Adani Group, has announced the financial results for the fourth quarter and year ended March 31, 2016. Consolidated cargo across all ports handled by the company was 152 MMT
Greencarrier Freight Services has promoted Jarmo Halonen to the role of Chief Operating Officer, with combined responsibility for the company’s air, ocean, road and rail freight activities. This is the first time the four modes have been brought under the control of one director.
Bureau Veritas has acquired international consultancy TMC Marine Ltd. TMC has provided pre- and post-casualty advice and support to the marine industry since 1979. The business focuses on marine claims and accident investigations
Viega LLC announced that it will move its North American headquarters to Broomfield, Colorado, where it will build a new headquarters and educational training facility, with construction set to begin this summer. Relocation activities will begin immediately, to temporary office space
153rd meeting of the classification society highlights class-centric strategy and vision for the future of class ABS held its Annual Meeting on April 26, 2016 in New York, where Chairman, President & CEO Christopher J. Wiernicki reported that “2015 was a year of moving forward
The planned freight port, the Stockholm Norvik Port, just north of Nynäshamn, is extremely important for the establishment of an efficient, eco-friendly supply of goods to the Stockholm region. In accordance with the Swedish Environmental Code
Cosco Pacific Ltd.'s first-quarter ended 31 March 2016 net profit rose 31.4% from a year earlier on the back of a one-off gain. Turnover sank 2.27% yearly to US$129 million. On yearly basis, its net profit shot up 105 per cent to US$702
DP World Limited today held its Annual General Meeting for the year ended 31 December 2015. DP World Chairman, Sultan Ahmed Bin Sulayem, made the following statement regarding operational performance in the first quarter of 2016.
In 2015, seaborne steel products trade accounted for around a fifth of minor bulk trade, having grown on average by 6 percent per annum since 2010, according to Clarksons Research. Recent growth has largely been driven by Chinese exports, which reached a record 113mt in 2015
Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts. "Even as oil rallies, analysts have barely nudged up their price forecasts as they worry that crude's recent gains
Mercury Marine is adding a 53,000 square foot manufacturing capacity expansion to its global headquarters in Fond du Lac, Wisc. The expansion will consist of 45,000 square feet of manufacturing capacity and an additional 8,000 square feet of office space
The world’s oceans must be managed well to ensure the potential of an “ocean economy” that was worth US $ 1.5 trillion in 2010. "Calculations based on the OECD’s Ocean Economy Database value the ocean economy’s output (measured in terms of the
The African economy has become one of the most promising global growth markets. Shipping is taking care of the largest part of international trade and in Africa this is even more the case due to less developed land infrastructure.
International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed but that would depend on global economic growth. Asked if oil prices had reached a bottom, Birol told Reuters: "It may well be the case, but it depends on economic growth."