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Month High

Merger Talks In Singapore

Shares of Keppel Hitachi Zosen Ltd. and Keppel FELS Energy & Infrastructure Ltd. surged on market talk the two units of the Singapore conglomerate Keppel Corp. would be merged. Ship repair specialist Keppel Hitachi jumped as much as 47 percent to an eight-month high of S$0.575 before moving back to S$0.51, up 12 cents, in moderate trade of 3.7 million shares. KepFELS, which also has a marine business, rose eight cents to S$0.935 after surging as much as 17 percent earlier to S$1.00 -- a level not seen since the middle of March. Volume was high with more than 10 million shares traded. "The rumours are not new. It seems that day traders were riding the wave," said a senior trader at a local brokerage. A Keppel official said she was "not aware of any corporate development". Shares of Keppel-related companies, including the parent, have risen recently on talk of an impending restructuring within the conglomerate. - (Reuters)


SS&Y Capesize Indices Both Rise

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rose 76 points in the week ending Monday to 5,060. "The index rose back above the psychological 5,000 barrier despite a relatively quiet week," SS&Y said. "Japanese steel production was down on last month's highs but still remains a force to be reckoned with and South Africa is drawing tonnage away from the Pacific, giving further cause for optimism amongst owners


Brent Climbs Toward $115 on Iraq Crisis

Brent crude climbed to a nine-month high near $115 a barrel on Friday, as supply disruption fears took centre stage after the United States threatened military action in Iraq against Sunni Islamist militants who are pushing on towards Baghdad. The jihadists extended their lightning advance to towns only about an hour's drive from Baghdad while trucks carrying Shi'ite volunteers in uniform rumbled towards the front lines to defend the city, stoking concerns of prolonged unrest and bloodbath


China Stops Issuing Import Permits for US Distillers Grains

China has stopped issuing permits for imports of distillers dried grains (DDGs) from top exporter the United States on concerns they might contain an unapproved genetically-modified organism (GMO), traders said, sending U.S. prices tumbling. Quarantine authorities have also asked buyers to re-export earlier shipments that contained MIR 162, a GMO strain developed by Syngenta AG that has not been approved for import by China's agriculture ministry.


Oil falls below $110 as Ukraine worries ease

Putin orders troops in military exercise back to base. U.S., EU warn Russia could face sanctions over Crimea; U.S. crude inventory likely rose 1 mln bbls last week. Oil fell more than $1 on Tuesday to below $110 a barrel after President Vladimir Putin recalled troops to base from military exercises in western Russia near its borders with Ukraine. April Brent crude was down $1.47 at $109.73 a barrel by 0900 GMT. It closed the previous session at its highest since Dec. 27.


Mideast Crude Tanker Rates at One-Month High

According to an August 16 report from Reuters, crude oil freight rates on major routes were mixed on Monday with the Middle East Gulf market hitting its highest in a month due to better cargo activity and tighter vessel availability as owners held back ships. The world's benchmark Very Large Crude Carrier (VLCC) export route from the Middle East Gulf to Japan DFRT-ME-JAP was at $21,809 a day, up from $6,185 a day last week and at the highest since mid July. (Source: Reuters)


Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas, La Libertad or Punta Arenas ports, according to invitations seen by Reuters on Tuesday. Petroecuador has been this year ramping up purchases of fuels in anticipation of a major overhaul at the 110,000 barrel per day (bpd) Esmeraldas refinery, which this month started a 14-month upgrade.


Transocean Awarded Contracts

Transocean Inc announced that Statoil on behalf of a consortium consisting of Statoil, Eni, Norsk Hydro and Shell has awarded multi-year contracts valued at an estimated $700 million in revenues for the company's High-Specification semisubmersible rigs Transocean Arctic and Polar Pioneer. The Transocean Arctic has been awarded an estimated 50-month contract for drilling, completion and intervention work on the Norwegian Continental Shelf


Genco Shipping & Trading Q1 2010 Results

Genco Shipping & Trading Limited (NYSE:GNK) reported its financial results for the three months ended March 31, 2010. The following financial review discusses the results for the three months ended March 31, 2010 and March 31, 2009. First Quarter 2010 and Year-to-Date Highlights:   --  Recorded net income of $33.5 million, or $1.07 basic and $1.06 diluted earnings per share attributable to Genco's shareholders for the first quarter;


Austal Opens European Service Hub

Photo courtesy Austal

Austal announced an expansion of its European service presence with the establishment of a maintenance hub on the Strait of Gibraltar. Based in Southern Spain and Northern Morocco, the new operations will support the extensive fleet of Austal and non-Austal high speed craft currently operating on the Strait of Gibraltar. Austal Managing Director Bob Browning said “This strategic move positions Austal near a region with high demand for vessel maintenance and management services.”


Coast Guard Preps for Arctic Research

Coast Guard Cutter Healy (USCG photo)

A team of scientists from the U.S. Coast Guard (USCG) Research and Development Center (RDC) will depart from Seward, Alaska, for a technology evaluation in the Arctic aboard the Coast Guard Cutter Healy Aug. 8, the Coast Guard announced. According to the USCG


Scientific Team Arctic-bound Aboard Cutter 'Healy'

Ice measurement: Photo USCG

A team of scientists from the Coast Guard Research and Development Center (RDC) is to depart shortly from Seward, Alaska, for a technology evaluation in the Arctic aboard the Cutter 'Healy informs USCG. The RDC is leading a multi-agency team to support Arctic Shield 2014


Kirby Reports Record Q2 2014

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Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.   2014 third quarter earnings per share guidance range of $1.30 to $1.40 compared with $1


Redwood City Sees Cargo Movement Boost

CSL Tacoma (Photo courtesy of the Port of Redwood City)

Port of Redwood City reports 19% increase in cargo movement; highest since 2006 and third highest in modern history Reflecting a significant increase in construction in the Bay Area and the high quality of building materials from British Columbia


Montreal Could Become an Oil Export Hub

Montreal has emerged as an export base for Western Canadian heavy sour crudes as prospects to construct new pipelines to the British Columbia coast, Eastern Canada and U.S. fade. Suncor, owner and operator of the 137,000 b/d Montreal East refinery in Quebec, loaded 35


Piracy Activity Drifts Towards Southeast Asia

Since 2010, there has been a steadily increasing trend of piracy attacks in Southeast Asia, according to a report released by UNITAR (UN Institute for Training and Research), with 150 separate incidents just from last year alone. After significant strides in reducing the number of hijackings near


Vale Profit Falls Amidst Record Output

Brazilian miner Vale SA posted a sharp decline in profit from the previous quarter as lower iron ore prices undermined record production of the steel-making ingredient. Vale, the world's largest producer of iron ore, reported second-quarter net income of $1


ISC Profit Slip in Q2 2014 but Pay Dividend

Jones Act bulk carrier: Image courtesy of ISC

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,000 for the three months ended June 30, 2014. For the comparable three months ended June 30, 2013


US Crude Oil Exports Hit 15-year High

U.S. crude oil exports reached 288,000 barrels per day (bpd) in May, the highest levels since April 1999, data from the U.S. Energy Information Administration showed on Wednesday. The increase compares to April figures of 268,000 bpd, data showed.


Total E&P is First to Use FROG-XT4

Image courtesy of Reflex Marine

Total E&P is the first to use Reflex Marine’s newly developed FROG-XT4 on the Odudu field in Nigeria. The French operator purchased the crew transfer device primarily for carrying out inter-field transfers. They have already found the device to be an invaluable backup method for when


Family Finds Sunken Treasure Off Florida Coast

A Florida family scavenging for sunken treasure on a shipwreck has found the missing piece of a 300-year-old gold filigree necklace sacred to Spanish priests, officials said on Tuesday. Eric Schmitt, a professional salvager, was scavenging with his parents when he found the crumpled


New Standard gets Revised Program for Cooper Basin Approved

New Standard Energy Managing Director Phil Thick

  New Standard Energy Limited (New Standard) advises that it has received approval for amendments to its five year work program in PEL570 in the Cooper Basin. As part of the revised program, New Standard now has seismic and drilling to commence in Year Two before the new deadline of March


Better Coolant Recycling a Big Saving for Caterpillar

  The coolant collecting and recycling system is projected to save Caterpillar Undercarriage Xuzhou Ltd. (CUXL) nearly 600L of coolant each year and reduce hazardous waste disposal by 20 tonnes annually. What’s more, the facility could save more than $11,000 in the first year alone


Thome Awarded for Green Efforts in Long Beach

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Thome Ship Management has been awarded a Green Environmental Achievement Award by the Port of Long Beach, California, for high standards in performance during 2013. Yatin Gangla, Chief Operating Officer Bulk Division said, “This award is presented to operators whose vessels call at the


Floating Production: $1.2b Speculative FLNG Ordered

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The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.2 billion contract – as well as several regasification vessel contracts






 
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