Growth Continues

IEA: Oil Demand to Grow 2.2% in 2005

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

P&I Club Celebrates 21 Years in Germany

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 3Q Results

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)

Saudi Seaports Witness 10% Increase In Cargo To Q3 2010

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

CNOOC Growth Continues in 2009

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

Liebherr Werk-Nenzing's 2009 Results

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 9.4 Billion by 2014

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

Oil and Gas Job Growth in 2002-2003 to Bolster Louisiana Economy, Researchers Report At Hibernia

Oil-patch industries, shipbuilding and, to a lesser extent, business services, hotels and gaming will lead Louisiana's employment growth in 2002-2003, according to a report by Louisiana State University (LSU) economists and sponsored by Hibernia National Bank (NYSE:HIB). The researchers released their findings today at the fifth annual Hibernia Economic Outlook Conference at the Hibernia Tower. However, the researchers caution that it is difficult to determine the impact of the Sept

Conoco Sees Better Earnings Than Expected

Conoco Inc., the sixth-largest U.S. oil company, painted a bright picture of its third-quarter results, saying higher crude oil and natural gas prices should help it beat analysts' current earnings estimates. Chief Executive Archie Dunham told analysts that earnings would be about four to seven cents higher than the consensus of 33 cents a share given by analysts surveyed by First Call/Thomson Financial. "We are very pleased by these results that reflect continued improvement in the business

Adveto Expands to U.S. West Coast & Alaska

Adveto and Harris Electric in Seattle are partnering to give Adveto sales and service coverage in the North Pacific. Adveto is expanding its presence throughout the globe by partnering with companies within the field of Marine Electronics. This is a direct consequence of the rapid growth of Adveto’s ECDIS-4000 users. Magnus Karlsson, Marketing Manager of Adveto said, “The North Pacific is one of the most dense populated Fast Ferry regions in the world and with the IMO mandate to