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
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
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.
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
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
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
The U.S. Department of Transportation’s Maritime Administrator Paul ‘Chip’ Jaenichen today visited the future site of a marine cargo dock at the Port of Brownsville made possible, in part, through a $12 million Transportation Investment Generating Economic Recovery (TIGER)
Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production, storage and offloading (FPSO) unit for the Atlanta field located in the Santos Basin offshore
BMT Asia Pacific, a subsidiary of BMT Group Ltd, is pleased to announce the completion of The Strategic Development Plan for Hong Kong Port 2030 (HKP2030) on behalf of the Hong Kong Government. The Study is a key element in guiding local port development policy and planning investment for
Container volume up 13 percent at South Carolina Ports Authority; Charleston benefiting from federal appropriations The SC Ports Authority announced another month of double-digit container growth, with fiscal year-to-date volumes up 13 percent year over year.
Jan Westerhoud, President of Europe Container Terminals (ECT), will step down and retire from the company effective January 1, 2015, the company announced today in a press release. This decision was made in consultation with main shareholder Hutchison Port Holdings Limited (HPH), ECT noted
Leading classification society ClassNK announced that its register topped 230 million gross tons for the first time at the end November 2014. The announcement was made following a meeting of the Society’s Classification Committee, which certified that the NK Register listed 8
The oil price drop will hand tanker markets an unexpected bonus next year, boosting demand for oil storage at sea while distant eastern markets also bargain-hunt fuel and need shipping. Supertanker rates are already close to five-year highs of over $83
United Arab Shipping Company (UASC), a leading global shipping company based in the Middle East has announced that it will open a wholly-owned representation in the Swiss market as of 1st of January 2015. UASC’s new agency in Switzerland (UASAC Switzerland GmbH) will be a subsidiary of UASAC
Hempel has acquired Schaepman’s Lakfabrieken B.V, a Dutch supplier of specialized industrial, protective and decorative coatings. The acquisition is part of Hempel’s five-year growth strategy. Terms of the sale are undisclosed.
Leighton Holdings today announced it had entered a binding agreement for the sale of John Holland to CCCC International Holding Limited (CCCI). CCCI is a wholly-owned subsidiary of China Communications Construction Company (CCCC), the fourth largest construction company in the world by
BHP Billiton last night celebrated the shipment of its one billionth tonne of iron ore to China with customers, industrial associations, joint venture partners, suppliers and employees in Shanghai. BHP Billiton’s Chief Executive Officer Andrew Mackenzie was joined by President
Bigger boats for offshore wind and much more as company looks to sustainable growth CTruk held an informal launch event at its new Colne Estuary site on The Hythe, East Colchester yesterday, sharing its plans for expansion to guests and staff.
Houston’s Port Commission Chairman Janiece Longoria delivered the 2014 State of the port address in early November. Completing her second year, chairman Longoria reported to a capacity crowd of almost 500 people that the Port of Houston Authority (PHA) is enjoying business success
Overall confidence levels in the shipping industry fell during the three months to November 2014 to their lowest level for two years, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens
Port Everglades is experiencing a surge in international trade with a 11 percent increase in TEUs (20-foot equivalent units, the industry’s standard measurement for container volumes) and a 6.85 percent increase in the dollar value of all waterborne commerce during the first nine