The Korea Times reported that shipbuilders who were enjoying solid sales have also secured an additional growth engine for further expansion rising oil prices. With oil prices hitting record highs, offshore oil exploration has picked up, leading to strong demand for drilling rigs and for the conversion of oil tankers into floating-production, storage and offloading (FPSO) vessels. The unit price of Dubai crude oil, South Korea’s benchmark, rose to a record high of $71.13 in August, an increase of $1.64 from a month earlier, according to data from the National Statistical Office (NSO). The statistics agency added that it is the first time for oil import prices to exceed $70 a barrel. Industry sources said oil prices have quadrupled since 2002. Samsung Heavy Industries has at least four LNG carriers on order, and is optimistic about more contracts for LNG carriers over the next three years on healthy demand Source: Korea Times
Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document submitted by the finance minister to a parliamentary committee. That figure, which takes into account the positive financial impact from lower oil prices, represents 0.4 percent of gross domestic product (GDP) and would push the budget deficit to 2.9 percent, close to the European Union's 3.0 percent cap.
Share prices in Oslo rose in August for the sixth consecutive month, and can thus show for positive share price movements for 7 out of 8 months so far this year. While the All Share Index gained another 2.4 percent in August, the Shipping Index was a little behind with a 1.4 percent increase. Shipping and Offshore shares are up 43.2 percent for the year. The oil price continued to rise in August. For the first time since October 1997 North Sea oil for immediate delivery (Brent spot) was
Share prices in Oslo rose in August for the sixth consecutive month, and can thus show for positive share price movements for seven out of eight months so far this year. While the All Share Index gained another 2.4 percent in August, the Shipping Index was a little behind with a 1.4 percent increase. Shipping and Offshore shares are up 43.2 percent for the year. The oil price continued to rise in August. For the first time since October 1997 North Sea oil for immediate delivery (Brent spot)
The Clinton administration said that oil prices have soared to "dangerously high" levels, and crude oil could be sold from the nation's emergency stockpile if already-tight supplies are disrupted by Y2K computer problems at the end of the year. Energy Secretary Bill Richardson sent to the White House contingency plans for selling oil from the Strategic Petroleum Reserve if necessary. The reserve, created after the 1970s Arab oil embargo
Iran's finance minister believes sanctions against his country could cause the oil price to reach US$ 160 per barrel "We must pay close attention when we speak of oil revenues and sanctions against oil sales, who are the winners and the losers of such sanctions?" Shamseddin Hosseini told CNN's "Fareed Zakaria GPS" in a recently broadcasted interview. Eighty percent of Iran's foreign revenues are derived from oil exports
Oil prices steadied as buyers returned to the market on Friday to take advantage of a five percent slump set off by speculative fund sell-off on Thursday. Brent crude futures in London were trading 18 cents stronger at $21.60 a barrel, clawing back some of the losses sustained in Thursday's dramatic $1.17 fall. The losses were caused by funds selling futures in response to technical indicators, denting OPEC's hopes of keeping prices firm while they hold a tight rein on production
U.S. oil prices rocketed almost two dollars Wednesday on word that Saudi Arabia would reduce February crude sales by five percent despite U.S. appeals to the OPEC cartel not to cut oil output too sharply, Reuters reported. February crude futures oil on the New York Mercantile Exchange (NYMEX) closed at $29.50, up $1.86 a barrel or some seven percent. This takes gains over the last eight trading sessions to more than $3.50 dollars a barrel.
Nordic American Offshore Ltd. (NAO) executive chairman, Herbjørn Hansson, has increased his ownership in the company, purchasing an additional 50,000 NAO shares with his son, Alexander, yesterday at about $7.83 per share. In a letter to NAO shareholders, Hansson shared thoughts on the progress the company has made since first being listed on the New York Stock Exchange (NYSE) in June 2014, entering the Platform Supply Vessel (PSV) market against high
The world's first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in the first quarter of 2016, senior officials from the Malaysian state-oil firm said on Tuesday. The 365-metre (1,200 ft) long Petronas Floating LNG 1 (PFLNG1), with a capacity of 1.2 million tonnes per annum, would be completed by March next year, the firm's Vice President and Venture Director LNG Projects (Domestic) Abdullah Karim told reporters.
“Weak market situation” prompts realignment of Wärtsilä’s Ship Power business Wärtsilä announced a realignment of its Ship Power business, now renamed Marine Solutions. The reorganization, triggered by “sluggish global marine market
After 10 years of diplomatic negotiation, the UN P5+1 countries (the U.S., the U.K., France, China, Russia and Germany) reached an agreement to unwind economic sanctions on Iran in return for significant international control and surveillance over its nuclear activities
In connection with the Nor-Shipping Conference and Exhibition held last month in Oslo, Remi Eriksen, the newly appointed Group President & CEO of DNV GL, took the opportunity to present himself to the international maritime media. Eriksen will take over on August 1, 2015, from retiring Henrik O
Struggling with technology and a plunge in oil prices that has discouraged exploration, Korean vessel makers are racking up debt and could show billions of dollars in losses, reports Bloomberg. The Big Three shipbuilders in South Korea ventured into offshore oil rigs starting around
Global shipping consultancy Drewry predicts the container ship industry will be "lucky to break even this year" as shipping rates slump due to catastrophic overcapacity. A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner
Venezuela's request to review a $46 million compensation claim it has been ordered to pay to oil service company Tidewater was rejected and the stay on the award's execution lifted, a World Bank tribunal said in a decision posted on its website on Wednesday.
Ezra Holdings saw its net profit for 9M15 grow 50.6 percent to US$51.5 million despite a net loss of US$3 million for the latest quarter, as sluggish oil prices weighed on activities of the oilfield service industry. For the first nine months of its financial year
Qatar Gas Transport Co (Nakilat), one of the world's largest shippers of liquefied natural gas, posted a 12.3 percent increase in second-quarter net profit on Tuesday, according to Reuters calculations. The company made a net profit of 267.8 million riyals ($73
Qatar Gas Transport Co (Nakilat), one of the world's largest shippers of liquefied natural gas, has registered a half yearly net profit of $135 million (QR490.2mn), up 10% on the same period last year. The healthy financial results reflect “Nakilat’s strategic development
Mexico auctioned only two of 14 blocks in a pivotal oil and gas tender on Wednesday, falling far short of the government's modest expectations as it begins to open up the long-nationalized industry to private investment. Both the shallow water exploration and production contracts were
Oslo-listed offshore shipowner Subsea 7 has signed an agreement with Houston-based company, KBR and its subsidiary Granherne, to form an alliance in the delivery of concept and front end engineering and design (FEED) services.
Rotterdam, Europe's largest port, said on Thursday that plans to build an oil storage terminal for 1 billion euros ($1.1 billion) had been cancelled after its Russian partner raised concerns over the project's feasibility. The project, intended to store Urals crude oil and oil products
Norwegian oil services firm Kvaerner posted forecast-beating second-quarter core profit and lifted its 2015 revenue outlook, but also trimmed its dividend policy to reflect the weak oil market's impact on future earnings. The Oslo-listed firm, which builds large structures like platforms
ConocoPhillips said on Thursday it will reduce future spending on deepwater drilling due to low crude oil prices while raising its dividend one cent. The largest spending reductions will come in the Gulf of Mexico, where the Houston-based company said it will terminate a three-year
Cosco Corporation has warned investors of an expected net loss for the second quarter ended 30 June 2015, as against a profit in the previous corresponding period. The company said the loss is mainly due to the low crude oil prices over recent months which have had an adverse impact