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
Becker Marine Systems USA continues growth in North America. Becker Marine Systems, the leader in rudder technology and the inventor of the Becker Mewis Duct Energy-Saving Device has added Brian Rhoades and Adam Wood to their USA staff.
Last year PCC (Pure Car Carrier, including Pure Car & Truck Carrier) sector demand growth appeared to have stalled, and the indicators suggest that there hasn’t been a significant acceleration this year, says Clarksons Research.
The global breakbulk and heavy-lift markets have had to navigate choppy waters in recent years. Not necessarily due to a shortage of freight, but as a consequence of unsustainably low freight rates. The global economic recovery since 2009 has been slow
The Port Authority of New York and New Jersey sees consolidated debt issuance of $1.2 bln in 2016 compared with $1.5 bln this year, according to its $7.9 billion 2016 budget released on Monday. Although next year's debt issuance represents a decline from this year
Germany’s largest universal port reported the effects of weakened Chinese foreign trade plus the steep downturn in trade with Russia during the first nine months of the year. Totaling 104.6 million tons, seaborne cargo throughput in Hamburg was down 4
NOIA President Randall Luthi, issued a statement on Statoil’s decision to exit the Alaskan Arctic, calling the departure “disappointing” yet “understandable” due to a tough economic and regulatory climate.
The Georgia Ports Authority handled a total of 321,094 Twenty-foot Equivalent Unit (TEUs) containers in October 2015, an additional 9,335 units, or 3 percent increase over the same period last year. For the fiscal year to date (July-October), the GPA has moved 1
IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016
In third-quarter 2015, CMA CGM once again outperformed the market average in an industry shaped by a sharp fall in freight rates and overcapacity in certain markets. Freight rates were especially weak on certain lines, including Asia-Europe
At its meeting in New York on November 20, the American Club’s board resolved to levy a general premium increase of 2.5 percent for P&I cover, but no increase in the cost of FD and D for the 2016 policy year. The club’s board also reviewed release call requirements for open policy
The United Nations (UNFCCC) has published a Synthesis Report analyzing the impact of the pledges made by 146 nations to reduce CO2 emissions in advance of next week’s Climate Change Conference in Paris. The International Chamber of Shipping (ICS) says the mandatory CO2 reduction
IMA/World Energy Reports has just completed a comprehensiveassessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 -- provides our forecast of orders for floating production systems between 2016
The CMA CGM's move to buy Singapore’s Neptune Orient Lines (NOL), could lead to one of the biggest acquisitions in the shipping container industry in years. If it goes through, NOL and CMA's merger would be the biggest container shipping deal in years
Evoqua Water Technologies and maritime solutions and logistics expert, Drew Marine, have announced a partnership to provide a full compliance package for ballast water management. The collaboration brings together Evoqua’s technology and Drew Marine’s engineering
Edward P. Kelleher will be assuming the new role of Global Business Development Manager – Diesel, effective December 1st. In this role, Mr. Kelleher will be leading the effort in developing a global distribution network, growing the Windrock Inc business in the marine industry and