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Prices Soar

Shell Announces Strong Results

Oil giant Royal Dutch/Shell Group announced record fourth quarter profits, after a more than twofold jump in oil prices and as the benefits of its restructuring program continued to show through. Adjusted current cost net income soared by 173 percent to $2.235 billion in fourth quarter 1999, which was at the top end of analysts' forecasts, while net income of $2.582 billion compared with a loss of 3.739 billion the year before. Current cost net income for the full year rose 38 percent to $7.09 billion, after adjusting for special credits and charges. Exploration and production provided the main profit boost, hitting $1,507 million in the fourth quarter compared with a loss of $1,906 million in 1998 as crude prices soared. North Sea Brent crude prices averaged $17.95 per barrel in the fourth quarter, up from $11.15 in the same period of 1998.


Maritime Shares Make A Comeback

Share prices in Oslo continued to rise during June and in the first six months of 1999 the Shipping Index rocketed 30.6 percent. The All Share Index is not far behind with an increase of 23.7 percent during the same period. Trading at the Oslo Stock Exchange has never been more active than in 1999 so far with the daily average turnover for the first half of the year at NOK 1,640 million. This is 27.1 percent higher than the average for the whole of 1998


CMA CGM Reports Encouraging Outlook for 2012

CMA CGM, the world’s third largest container shipping group, reported revenue of U.S. $14.87 billion for the year ending December 31, 2011, a 4% increase on 2010. Volumes carried increased by 11%, outperforming the market’s 6.5% increase and reaching a record high of 10,016,000 teus. The market environment was challenging, shaped by overcapacity and the steep run-up in oil prices, with per-tonne bunker prices soaring 34% over the year


OPEC Strives For $22-$28 Barrel

Venezuelan Energy and Mines Minister Ali Rodriguez said that OPEC had agreed to defend a price band of $22 to $28 per barrel for its basket of crudes in a bid to stabilize prices. Rodriguez reportedly said the oil cartel would automatically raise or cut production by 500,000 barrels per day (bpd) if prices move outside of the band for more than 20 days. Nine members of OPEC agreed this week in Vienna to increase output by 1.45 million bpd from April 1, to curb soaring prices


Indonesia, CNOOC Talks End in Deadlock

Early renegotiation of gas selling price with China National Offshore Oil Company (CNOOC) has ended in deadlock as the ceiling price proposed by CNOOC was seen as too low, according to Asian Pulse. Indonesia has signed a long term contract to supply China's Fujian province with 2.6 million tons of liquefied natural gas (LNG) annually from Tangguh, Papua. Under the agreement in 1992 the LNG price was tide with crude oil price or around $2


Rising Bunker Prices To Push Worldscale Rates Up

Increasing bunker prices will push Worldscale tanker rates up by around 1.5 percent next year but prices on some routes will fall due to lower port dues and exchange rate fluctuations, the Worldscale Association said. The average bunker fuel price used for rate calculations would rise to $86.50 in 2000, from $82.75 in 1999, but varying port charges and currency exchange rates would mean some Worldscale route assessments fell.


China Oil Producer Sees Profits Soar

China's top offshore oil and gas producer, CNOOC, has posted a 38 percent jump in earnings for the first half of the year. The better-than-expected results were driven by soaring energy prices and higher output, according to a report on www.voanews.com. Oil and gas production at the state-owned company increased by more than seven percent in the first six months of 2006 compared to a year earlier. CNOOC's chairman Fu Chengyu says the company achieved breakthroughs in its overseas business


SPP Shipbuilding Considers $300M IPO

South Korea's SPP Shipbuilding is seeking to raise about $300m in an initial public offering in South Korea next year, a person familiar with the situation recently indicated. A company spokesperson confirmed that SPP is mulling a share float, but declined to give a time frame or value on the deal. The company had considered making a share offering at home and abroad, but now has no plan to list its shares outside the country, the spokesperson reportedly said.


As Gas Prices Fly Ever Higher, Why Do Energy Stocks Stay Grounded?

Energy shares drew little comfort Feb. 4 from rising oil prices lifted first by red hot heating oil, then gasoline soaring to nine-year highs. U.S. light crude for March delivery settled 79 cents higher at $28.82 a barrel on the New York Mercantile Exchange, about $1 away from post Gulf War highs reached in late January. Prompt heat oil barges delivered to the New York Harbor soared to a $1.00 premium to the futures, which closed up 0.88 cent at 78.78 cents gallon


Container Shipping, Oil & LNG Markets Forecasted to Grow

Global containerization market to reach 731 million TEU's in 5 years, soaring demand for oil & LNG across Asia also forecasted Global Industry Analysts Inc. (GIA) announce the release of a comprehensive global report on the maritime containerization market. The report indicates that the global market for maritime containerization is projected to reach 731 million TEUs by the year 2017. Growth will be primarily driven by increasing sea trade


POSH raises $311m in Singapore IPO

Image: POSH file photo

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business. PACC Offshore Services Holdings (POSH) could raise at least S$388


U.S. oil reserves highest since 1970s

Source: U.S. Energy Information Administration

U.S. exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published on Thursday. Proved reserves of crude stood at 30.5 billion barrels at the start of 2013.


Box Prices Rise for the First Time in 2 Years

Photo: Drewry

Drewry’s latest Container Equipment Insight, exclusive to subscribers of Drewry’s Container Leasing and Container Census reports, saw prices for new dry freight containers increase in the opening months of 2014 for the first time in two years.


Vanishing Volatility Signals Oil Market Shift

Source: Reuters / J. Kemp

The oil market has rarely been so quiet. Benchmark Brent has traded in a narrow range of $5 either side of $110 per barrel since the summer of 2012. Price volatility has fallen to some of the lowest levels since crude futures markets were established in the early 1980s.  


Russia Sacrifices Gazprom Profit for Politics in Ukraine

Russia's top natural gas producer, Gazprom, will eventually lose more than it gains from raising the gas price for Ukraine by 80 percent, analysts said on Friday, predicting Kiev would cut purchases and fail to pay in full. Gazprom on Thursday announced a price rise for Ukraine to $485 per 1


MR Tankship Market Analysis: Second-Hand Price-Rise Outstrips Newbuild

MR2 Tanker Values: Image McQuilling Services

In their latest analysis, shipbrokers & marine transport consultants, McQuilling Services, in their latest analysis discuss observations, current and historical, for the clean tanker market, specifically MR tankers. The report concludes that they believe the current MR secondhand asset market


Sea Rescues on a Grand Scale off Coast of Italy

Boat migrants: Photo CCL credit Happolati

Italian authorities inform they have rescued more than 2,000 illegal migrants, many from North Africa, off Sicily's coast in the past 48 hours, reports BBC News. Every year, thousands of migrants try to reach Europe via Spain and Italy


Russia Could Fend off US LNG Plans for Europe

By Oleg Vukmanovic and Henning Gloystein, Reuters As Russia tightened its grip on Ukraine's Crimea region this month, U.S. and European Union officials were urging the Obama Administration to speed up approvals of more liquefied natural gas (LNG) export terminals.


Natural gas industry ready to rebuild depleted U.S. supply

U.S. utilities have withdrawn a record amount of natural gas from underground storage to meet heating and power needs during an extremely cold winter, but gas producers say they are confident they can rebuild inventory.   By Eileen O'Grady


U.S. DOJ: First Guilty Plea in RO-RO Price Fixing Scandal

DOJ.jpg

South American Company Agrees to Plead Guilty to Price Fixing on Ocean Shipping Services for Cars and Trucks. First Charges in the Department’s Antitrust Investigation Involving Ocean Shipping Services; Conspiracy Affected Global Cargo Shipments, Including at Port of Baltimore.


Petrobras rig evacuated after tilting, now stabilized

An offshore drilling platform, operated for Brazilian state-run oil company Petrobras , was partially evacuated after tilting on Friday, but there was no risk of it sinking, the company and the local oil workers' union said on Friday. Crew members were evacuated to another rig after the SS-53


Western Refining posts loss due to high-cost crude

Western Refining Inc reported a fourth-quarter loss as the cost of the crude oil it processes rose from the year-earlier period when they posted a profit. The U.S. refiner reported a net loss of $7.3 million, or 9 cents per share, in the quarter ended Dec. 31, compared with a net income of $207


Petrobras Cuts Spending, Quarter Profits Fall 19%

Photo: Petrobras

By Jeb Blount, Reuters Brazil's state-run oil company Petrobras moved to check years of missed targets, soaring costs and rising debt by scaling back near-term investments and setting a limit on long-term growth. Petroleo Brasileiro SA, as Petrobras is formally known


Alaska Marine Line Alters Fuel Surcharge

Beginning on February 2, 2014 Alaska Marine Lines (AML) said it will utilize a different method for calculating fuel surcharge related to pick up, delivery and trucking in the Lower 48 and Alaska.   Prior to this change AML has charged the same FSC for trucking and barge transportation


Suspect in Ferry Suicide Hoax Arrested in Georgia

USCG photo

A man suspected of faking his own death and costing the Coast Guard more than $173,000 was arrested Tuesday near Brunswick, Ga. Georgia law enforcement authorities say Aubrey Lee Price, 47, was pulled over by police in Brunswick for having illegally tinted windows on his vehicle


 
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